Discover Card Complaint - Rate Increases On A 22 Year Customer
TULSA -- I just received a 10 advance notice of a rate increase from fixed 10.00% to 16.7% adjustable.
I charge 15K per year or more. Never have been late on a payment. I have a credit score of 798. You cannot get much better. Most of the time pay I the account full. This month I a had $7K balance. I had bought a lot of home products. Then they sent the notice.
I called customer service and the only answer was this is our new policy. Good way to keep a paying customer. I just went ahead and paid the account in full and placed my card in the safe. You can bet I will not use it in the near term. I will not cancel the card as it will effect the credit score of available credit to credit used.
It is not my fault they are losing money on non paying accounts. But I sure should not have to bear the cost. When Wall Street prime is 3.25% you can see what is going on here. I remember one of their commercials. Your good credit deserves better rates. Right.