Discover Card Complaint - Good Riddance to Bad Rubbish....
I too was a loyal Discover Card user until recently. Back in Feb. 2009 I called Discover up and requested a lower interest rate. I cannot remember my original rate but my friend had a lower rate on his Discover Card and I have a good repayment history with them so I thought I would ask. My wish was granted, it was lowered to 13.49%, Not awesome but better than I had before. Then about 6 weeks later I received a letter from Discover that my rate was going to increase to 19.99% and unless I closed my account this was just how it was going to be. Their reason was the current economy and their increases in the cost of doing business. I reviewed my records and thought this must be a mistake, I have never been late or missed a payment and I used my card frequently, so I called them up. I asked the representative how doing this could be good for their business because I will be closing my account and I would imagine chasing the good customers away would not improve their profitability.
I got some canned response and she did not even try and get me to change my mind, or talk to a supervisor to see if they could reconsider, nothing. It was very clear to me that this is not the type of company I care to give my business to so I promptly wrote a letter to them requesting they close my account and I transferred my balance to another credit card.
I realize I may have just hurt my credit score by doing that but I was angry and not willing to put up with their bullying ways. Consumers need to fight back, those of us that still have a home and a decent credit score have to fight even harder today to keep it. I am tired of our government and our creditors trying to force us to pay for the mistakes of others. Spread the word, save your friends and relatives from predatory companies.