- This topic has 7 replies, 8 voices, and was last updated 9 years, 11 months ago by Anonymous.
- May 14, 2011 at 1:28 pm #212842AnonymousInactive
Recently I received a letter stating that my interest would now be calculated at a percentage plus the prime rate.
We have had this fixed rate for a long time and never missed any payments.
Why would they all of the sudden change my interest rate? They stated that it was NOT because of a credit bureau.
- May 17, 2011 at 5:42 am #278532AnonymousInactive
it was probably in the small print when you opened the card, a lot of times they have an introductory fixed rate, and then go to variable after an amount of time.
A lot of companies out there will do a balance transfer at 05 for 12 months. Maybe change cards?
- May 30, 2011 at 10:07 pm #285156AnonymousInactive
just another way for them to make more money!!!
- June 1, 2011 at 1:36 am #285519AnonymousInactive
They are trying to make more money. I would guess they just raised your rate by several percentage points.
If you carry a balance on this credit card you should be able to contact the CC company and “freeze” the terms of the card until it is paid off. You won’t be able to use the card during the freeze but they won’t be able to jack your rate up and charge you more interest. After you pay off the balance at the fixed rate you can reactivate the card (or get another one) with the new terms.
- June 8, 2011 at 5:00 pm #287312AnonymousInactive
they do it to screw you out of the maximum amount of money that they can get.
- June 11, 2011 at 3:43 pm #288067AnonymousInactive
The answer is simple. They want to be able to charge you more interest. I suggest you pay it completely off and avoid paying them any interest.
- June 12, 2011 at 6:26 am #288568AnonymousInactive
Because credit card companies don’t have fixed rates.
You play with snakes long enough and you will get bit.
- June 12, 2011 at 2:26 pm #289002AnonymousInactive
it’s because the interest rates that they get their money on are always fluctuating. so they do want to be able to increase right along with the rates should they go up. you’ll be hard pressed to find on that ever lowers it.
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