watchout for CC fee increase

17 years ago

Got notified Today, that Sears was raising fees APR is prime PLUS 21 % as of July 1, 2009. Little late informing us. But I pay mine in full. Also raising APR for cash advances (big NO NO) buy money orders, traveler's checks, lottery tickeys, casino chips etc Other raises listed. Today new restrictions went into effect (some), so do watch your interest rates and balance transfers etc. Just using it for anything other that purchases could cost you big bucks.

By the way, Sears is managed by citibank.

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Comments (9)

kayjones
17 years ago
I pay mine off every month.
socks
17 years ago
Me too, Kay. Have never carried a balance in my life. But I noticed that the APR on one of my cards is 47 percent. Is that legal?!
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Chemocurl zn5b/6a Indiana
17 years ago
Hmmm...according to the info at the link below, that can't do that without 45 days notice.

From the article:The first phase of the landmark Credit Card Accountability Responsibility and Disclosure Act of 2009 went into effect Thursday, requiring credit card companies to make several changes on consumer credit cards.

Credit card issuers are now required to give consumers at least 45 days warning before rate increases, instead of 15 days.

So did they notify you yesterday, or today? I wonder if they just had to have it postmarked before today. That doesn't sound right that they could have increased it a month and 3 weeks ago without notification until now.

I to never carry a balance...too frugal to 'give' interest money away.

Here is a link that might be useful: New credit card law goes into effect
pattico_gw
17 years ago
We don't use a charge card. I'm not even sure we have one anymore.

Used to have one to use for gas and motels on vacation, but we haven't gone on a vacation since our money crash.

patti
sue_va
17 years ago
AArrgggg!

Got a letter last week from my Bank. There was a new Credit Card enclosed with a phone # to call to activate it. I didn't want a new card, hadn't asked for a new card, so I did not call and I cut the card up and threw it away.

Then I looked at my online account and saw where, after I had paid in full there was an interest charge due. How can that be since I paid the full amount due and the charge was dated a week later. I went to the Bank to get that straightened out and Surprise! they had activated the account with the new card! They were talking in circles about the interest charge and suggested I could pay it right then and they would clear it all up. How nice! Nope, I came home and printed off the last several Statements and will go back and get it taken care of.

I've been with this bank Forever. I also have accounts at 2 others. Sometimes I feel like closing them all and going to the Credit Union!

How can they activate a card that I didn't want, and without my permission?

Sue
mariend
Original Author
17 years ago
Banks seem to do what they want to now days.Sue, be sure and talk to the manager and get everything in writing. Banking sure have changed since I work there. At that time customers were always right--or so they thought. Make sure they remove the charge and if you want the account closed, you do it in writing and ask them to notify all three credit bureaus that the account was closed by customer.
cindyb_va
17 years ago
Sue, did you check the expiration date on your current credit card? If it is about to expire in a month or so, they may have just sent you a replacement in advance.

If this is not the case, then something is seriously wrong. I don't mean to alarm you but is it possible someone is trying to steal your credit card on the inside? This could mean identity theft, so I would get on the phone Monday with a bank executive (not someone in the branch) to discuss the situation immediately. As Mariend said, be sure to document everything, including asking the bank executive to send you a response in writing. If they do not give you satisfactory answers, you need to contact your credit card vendor (Visa/Master Card) directly and file a complaint with them about the bank's lack of service.

Good luck.
sue_va
17 years ago
Cindyb, the expiration date on my card was for October, 2011, so it wouldn't have been that. And when I went to the bank they had already canceled it and activated the new one.

The letter that came with the new card said in big red letters Congratulations on your upgrade to a Visa Signature account and went on to tell me about the wonderful rewards and benefits, etc. I have to laugh at that. I mostly shop at Krogers and the $Stores, and don't travel or go to fancy restaurants. Signature? I didn't sign anything to get that card!!

Yesterday I got a letter from the bank thanking me for my continued use of the card and including a new card. (Remember I had cut the first one up and trashed it.) So now I have this new card, which by now I guess they have activated (I haven't and won't.) And the card is UGLY! Dreary black and faded silver.

I would doubt that this is Identity Theft, but I also got this email yesterday:

Bank of America Higher Standards

Dear Valued Customer

During our regularly scheduled account maintenance and verification procedures, we have detected a slight error in your account information.

This might be due to either of the following reasons:

1. A recent change in your personal information ( i.e.change of address).
2. Submiting invalid information during the initial sign up process.
3. An inability to accurately verify your selected option of payment due to an internal error within our processors.

As a result, we require you to click the link below and confirm your account information.

Click here to continue

However, If your account information is not confirmed and verified within a certain period of time then your ability to access your account would become restricted.

Thank you

Because your reply will not be transmitted via secure e-mail, the e-mail address that generated this alert will not accept replies. If you would like to contact Bank of America with questions or comments, please sign in to Online Banking and visit the customer service section.

Bank of America, N.A. Member FDIC. Equal Housing Lender
2009 Bank of America Corporation. All rights reserved

"Submiting"?? And they are requiring me to click, and do that in a certain period of time?
Hmmm.

Can't wait to get to the bank.

Sue
mariend
Original Author
17 years ago
Be carefull, as Bank of America usually does not do this, as anything I get from them has my name and account on it. Earthlink just posted some scam items and this letter you got from them (BofA) almost matches the scam. I would immediatly close this account and report it to the fraud division of your bank. Yes you can go to the bank and yes I would with a COPY of this letter. If they cannot answer you next to the police and file a fraud complaint, and then watch the bank act. Banks do not like anyone reporting anything to law enforcement.
Check your accounts for activity.
marie

watchout for CC fee increase

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