Mike says Citibank boosted his interest rate to 20 percent, then said they’d knock off half of it as long as he paid on time and charged at least $750 a month.
interest rates
Chase Raises Interest Rate On Closed Account
By 11.13.09
David closed his Chase credit card account instead of accepting a rate increase earlier this year. That should have been the end of it, but it turned out Chase later went ahead and increased the interest rate anyway.
Is Bank Of America Of Trying To Skirt The CARD Act With New Annual Fees?
By 11.10.09
In a series of recent posts, WalletBlog has accused Bank of America of breaking the spirit of its “no new fees” promise and of potentially breaking the law next year, after it announced it will introduce annual fees on some existing credit card accounts in 2010.
Citibank Invents "Pretend Rate" For Credit Card
By 10.21.09
Citibank has changed the terms of Victor’s credit card agreement, and in the process they’ve created a bizarre rolling refund arrangement that will make his interest rate jump to 29.99 percent, except that actually it won’t, eventually. Maybe. Update: Another reader sent us a copy of the letter, and the arrangement is even less favorable than we first thought (see below).
Capital One Invents Its Own Christmas Creep, Raises Interest Rate On December 26th
By 10.20.09
When Wally first got his Capital One credit card, the interest rate was 12 percent. Then they raised it to 22.9 percent. Now they’re going to raise it again—the day after Christmas—to 25.9 percent.
BofA Pledges To Stop Raising Credit Card Interest Rates
By 10.7.09
The AP reports Bank of America has promised to stop jacking up interest rates on credit cards with fixed interest rates. But that doesn’t mean your rate won’t jump.
Fed Keeps Interest Rates At .25%
By 9.24.09
Interest rates will stay at at a low low .25%, the Fed announced today. For you this means…
Bank Of America Reaches Out To Angry YouTube Star
By 9.24.09
While we don’t recommend doing this on a large scale, one woman’s YouTube debt revolt has succeeded. Ann MInch, a YouTube sensation and then-unemployed credit card rebel, has been offered a lower interest rate on her card.
Is It Worth Taking A Lower Rate In Exchange For Closing Your Credit Card?
By 7.29.09
Amy and her husband are drowning in high-interest credit card debt. When she asked Chase to lower her nasty 28-percent APR, they offered her an indecent proposal. She doesn’t know what to do.
Ally Bank Delivers Lower CD Rates Than Promised; Also No Pony
By 6.22.09
A few weeks ago, we posted about the rebranding of and promising new start for Ally Bank, formerly GMAC. But one new customer isn’t very enthusiastic about their services.
Robocallers Cannot Magically Lower Your Credit Card Interest Rate
By 6.16.09
The Better Business Bureau and Senator Charles Schumer are warning the public to be skeptical of any calls promising to lower your credit card interest rate. While nowhere near at the public annoyance level of the recent car warranty robocaller scourge, they’re still out there, automatically dialing people and promising to lower your rate for a hefty up-front fee. The only problem is, they can’t do anything you can’t do on your own, and unless you’re crazy you’re probably not going to charge yourself a thousand bucks for the service.
By 6.10.09
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Bond traders say stock traders are wrong, the Fed will not increase interest rates this year. [Bloomberg]
Interest Rates Will Rise Within The Year, Markets Bet
By 6.8.09
As growing global economic optimism begins to build, the market is betting that the Fed will raise interest rates by the end of this year. This will mean mortgages will get more costly and credit card APRs will rise, but the interest you make off your savings account will go up. [Bloomberg] (Photo: Ben Popken)
Capital One Changes Everything But The Design On Customer's Card
By 5.21.09
We’re starting to think Capital One isn’t just hurting financially, but also throwing a temper tantrum about the new credit card legislation. Eric received notice that they’re converting his current fixed rate to a “promotional rate.” In January 2011 they’ll switch it over to an adjustable rate and hike it to 17.9% (it’s currently 9.9%). Erik has until July 28th to agree to the new terms or they’ll close the account on August 2nd, 2009.
Home Depot Credit Card Charges Perpetual Interest
By 5.14.09
Bryan was proud to pay off his $8500 Home Depot store credit card balance. Then received a bill the next month with $130 in finance charges. Finance charges on a $0 balance? Wait, what? How does that happen?
Tennessee Couple Gets $5,000 Loan, 59% Interest Rate
By 4.20.09
Kay and Lewis Brown wanted some quick cash so they could make a moderate addition to their home. They turned to CashCall, an online loan service, after seeing the ads on TV. The company lent them $5,000 — at 59% interest. Now the couple is on the hook for $20,830.
BoA Hikes Rates On Millions Of Credit Card Customers
By 4.13.09
Last week Bank of America decided to hike rates on millions of credit card customers. They said that if you carry a balance and have an interest rate below 10%, starting in June you’re likely to see it spike into the double-digit category. BoA said it had to do it because these customers were “underpriced relative to market conditions.” But according to at least one email, Bank of America might be underrepresenting the number of customers caught in its interest rate dragnet…
Hit With A Credit Card Rate Hike? Try Freezing The Account
By 4.9.09
Rosemary writes that Bank of America just increased the interest rates on her two credit cards by 12% and 15% because the balances were too high, after slashing the credit limits on both cards a month before. She’s frustrated, of course, but like everyone else who’s been hit with these increasing fees, she’s sort of stuck with their decision. But Mary Schwager at Examiner.com suggests you try placing your account on hold for six months or so, at which point your creditor may be less terrified of the economy and willing to work with you.
