AAA Complaint - Interest Rate Hike For No Reason
My husband & I have had a AAA Visa Platinum Plus card with 7.9% fixed interest rate for over 2 years now. I just opened my July statement and my new rate is 19.98%! I called immediately to let them know there must be a mistake. Nope! Their reply to me was that I am only making my minimum payments every month so they consider it an unsecured loan. Is this legal??? I have never been late on a payment and sometimes send them 2-3 times the minumum reguired payment. What is going on with these credit card companies? My only option is to transfer it to another lower interest rate card. Does anyone have any suggestions or had this happen to them??
Frustrated in Michigan