08-10-2009 07:38 PM
Got 2 "Notice of Change in Terms...." today.
Citi MasterCard (through Sears Credit) raised my APR for purchases to Prime + 21.99%. That makes today's rate 25.24%. They also raised the rate for cash advances plus numerous fees (cash advance fee, BT fee, etc.).
AMEX (mine is a Delta Skymiles) raised the APR on cash advances and balances that have a penalty rate because of a late payment. Their new APR for late payment balances is Prime + 23.99%. That makes the new rate 27.24% right now. They also raised their late fees...but, hey...they are deleting the over-limit fee...but "Don't forget, it's still important to keep your balance under your credit limit."
We don't pay interest on our credit cards, so these changes don't affect us, but...what is the credit card industry trying to do? Make it so no one can afford to carry a balance? We've had times in the past that we had to carry balances, but they were nowhere where these interest rates.
Now I can see why the check-cashing places are so popular. And, if CC rates keep jumping, these places will seem like a bargain.
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