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Pennys Complaint - Credit Card Holders Beware!!!!

Review by 111bob on 2009-08-24
CALIFORNIA -- Having been a Pennys credit customer for over 40 yrs and having always paid on time and usually over the minimum payment, I recently received a notice that my interest rate will be higher.....
The store is jumping before the new credit card laws take effect the first of next year.
If you refuse the increase, they will close your account and let you pay at the same interest rate - but your credit will be effected in a negative manner - regardless of past history!!!!
I have been a good customer/valued as they put it until now!!!
I realize everyone is hurting in our hard economic times - but to treat previous valued customers like this is not acceptable.....
I will no longer shop at Penny's and I think if they had really thought this through - they would of realized that with the Xmas season soon upon us - they will be losing more than just customers with this action/but shoppers during the most important season of the year.......
I will no longer shop at Pennys!!!!!!!
Comments:3 Replies - Latest reply on 2009-08-25
Posted by Anonymous on 2009-08-24:
The decision is from the bank that processes their credit card applications. Like all banks, they're sticking it to their customers.
Posted by saj80 on 2009-08-25:
I believe Penney's "normal" rate is 21.98%; why the outrage now?
Posted by PepperElf on 2009-08-25:
besides if you pay the full bill each time you won't be affected

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