Why you should always read even the boring mail....

[lagilman]

Got a letter today from a credit card I've had for over a decade: "We are changing your Card Agreement....All your APRs (including promotional APRs) on all balances may automatically increase to the default APR if you default under any Card Agreement you have with us because you:

* do not make the minimum payment when due
* go over the credit line, or
* make a payment to us that is not honored."

All this is perfectly within their rights -- legal, if not moral -- and although I-as-Consumer want to spit at the sheer ursury of their rates (up to 29.9%), it's their card, their rules, and I'm not of a mind to give this account up, for reasons of credit rating and I doubt anyone's NOT tightening the screws anyway.*

However. What made this worth posting about (other than a reminder to READ MAIL SENT TO YOU BY YOUR CREDIT CARD COMPANY!) is the last line of the letter, which is just...beautiful.

"We hope you choose to take full advantage of your [card name] revolving line of credit and all the benefits and services we offer you."

I want to test for the invisible ink afterward that says "because just one screw-up, and we own your soul and your body as well."


Credit cards: Marvelous tools. Evil masters.



*EtA: I don't run afoul of any of those three changes, so I can afford to stay. If you do, and you get one of these... bail as soon as possible.

Comments

[jperceval.livejournal.com]

Sounds like an email I got at work today, from one of the big wigs. After saying "there will be decisions that may not be popular..." big wig proceeded to wish us all happy holidays.

*snerk*

[lagilman]

"buh-bye!"
said my jailer
as he led me to the stair;
"Have a nice day" said the executioner
"and thank you for flying with us today."

(there's more there, but I haven't quite found it yet...)

[ilvack.livejournal.com]

I used to take credit card applications over the phone, and I heard terms and conditions like that all the time.

By far the worst terms I've ever heard come from banks who will raise your interest rates if you default on cards that aren't even affiliated with the bank. Worse, if you miss a payment on your car, house, or utilities, they reserved the right to bump you to the 40% APR. It's utter madness.

[irismoonlight.livejournal.com]

Caught one of those last year, when my credit card co. was bought by another bank. I looked at it and my jaw dropped. 29 percent? That's INSANE. Tore the card up and closed my account... which required a signed-by-me letter sent to a separate address it took me half a day to find.

[fakefrenchie.livejournal.com]

"Credit cards: Marvelous tools. Evil masters."
You said it, sista!

[vincam.livejournal.com]

My J.C. Penney card just got yanked because I wasn't carrying a balance on it. Ask me if I'm ever going to shop there again.

[kalligraphy.livejournal.com]

Yeah, I've seen other card applications that have that type of wording in the agreement. Some even include bills not associated with the credit card company. God forbid your phone bill get's lost in the mail and suddenly your credit card APR doesn't go to 29%, it goes to 29% OVER prime. You could easily be looking at 35-40%. There was a time when interest rates like that were called usury and were declared illegal. You can thank he republicans for selling our souls to the credit card companies, add the changes to bankruptcy laws and you now have something that used to be called loan sharking. Only now, Tony the Fish isn't breaking your knee caps, it's Cheatem, Heartless and Blackheart Attorneys at Law doing the dead with the help of the local magistrate and a sheriff's deputy.