GoFuckYourself.com - Adult Webmaster Forum - View Single Post - NEWS- Capital one is raising the default APR on ALL of their CC cardholders

dyna mo · 02-10-2009, 04:58 PM

not just cap one, here's the lowdown i've found on other cc banks raising rates

Citigroup
Citing a “difficult market environment,” Citigroup recently raised interest rates by an average of 3 percentage points for many customers. Citigroup says cardholders can write a letter or call the company to continue using their cards at the previous rate until their cards expire. After that, the accounts will be closed. Customers have about 60 days after receiving notification to decline the new rate.

American Express
American Express announced in November that it would increase the interest rates on many credit-card accounts — including standard purchase rates, default rates and cash advance rates — by 2 to 3 percentage points. The changes are being made “in response to the challenging economic environment and the increasing costs of doing business,” says spokeswoman Desiree Fish. Cardholders cannot opt out of the new rates and must pay their balances in full if they want to avoid the new interest rate.

Discover
Discover plans to raise interest rates for 1.5 million of its 50 million card holders who have APRs roughly between 4 and 11 percent. The company sent out notification letters last month, and the new rates will take effect March 1. Consumers have 45 days after getting notice of the new terms to opt out of the higher rate, close their accounts and pay off their balances at the previous rate.

Bank of America
If Bank of America raises your interest rate after reassessing your credit risk — which could be dinged if you miss a payment, take out numerous loans or default on loans to other lenders — you have 25 days after receiving notification to reject the rate. They’ll still give you this option if you speak up after receiving your first statement with the new rate. If you take this route, you can continue to pay off the balance at the original rate but you must stop using your card immediately.

Chase
Chase is taking “borrower risk, market conditions and the costs … of making loans” into account when deciding whether to change a customer’s credit line or interest rate, says spokeswoman Gail Hurdis. Customers who’ve been notified of increased interest rates have up to 45 days to close their accounts and pay off their balance at the original rate.

02-10-2009, 04:58 PM
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,000	not just cap one, here's the lowdown i've found on other cc banks raising rates Citigroup Citing a “difficult market environment,” Citigroup recently raised interest rates by an average of 3 percentage points for many customers. Citigroup says cardholders can write a letter or call the company to continue using their cards at the previous rate until their cards expire. After that, the accounts will be closed. Customers have about 60 days after receiving notification to decline the new rate. American Express American Express announced in November that it would increase the interest rates on many credit-card accounts — including standard purchase rates, default rates and cash advance rates — by 2 to 3 percentage points. The changes are being made “in response to the challenging economic environment and the increasing costs of doing business,” says spokeswoman Desiree Fish. Cardholders cannot opt out of the new rates and must pay their balances in full if they want to avoid the new interest rate. Discover Discover plans to raise interest rates for 1.5 million of its 50 million card holders who have APRs roughly between 4 and 11 percent. The company sent out notification letters last month, and the new rates will take effect March 1. Consumers have 45 days after getting notice of the new terms to opt out of the higher rate, close their accounts and pay off their balances at the previous rate. Bank of America If Bank of America raises your interest rate after reassessing your credit risk — which could be dinged if you miss a payment, take out numerous loans or default on loans to other lenders — you have 25 days after receiving notification to reject the rate. They’ll still give you this option if you speak up after receiving your first statement with the new rate. If you take this route, you can continue to pay off the balance at the original rate but you must stop using your card immediately. Chase Chase is taking “borrower risk, market conditions and the costs … of making loans” into account when deciding whether to change a customer’s credit line or interest rate, says spokeswoman Gail Hurdis. Customers who’ve been notified of increased interest rates have up to 45 days to close their accounts and pay off their balance at the original rate.