Good morning All,
Seems Discover is following suit - just received a mailer - APR is adjusting from 7.99% to 12.99% effective May 2, 2009. (APR for purchases=Prime Rate+9.74%) 
There was no change to the CL, thank goodness.
Reason: "....our decision to make this change was based on the higher cost of doing business due to the challenging economic environment. You can choose to not accept this change by closing your account, as we explain below."
Warning - it states if you have a special promo rate it will remain in effect until the promo end date. But, if you have a balance on regular purchases, the new rate will apply. So be careful.
I usually just toss these paper mailers in the file without reading. But during these times I am reading everything including postcards.... 
@ocheosa wrote:Good morning All,
Seems Discover is following suit - just received a mailer - APR is adjusting from 7.99% to 12.99% effective May 2, 2009. (APR for purchases=Prime Rate+9.74%)
Reason: "....our decision to make this change was based on the higher cost of doing business due to the challenging economic environment. You can choose to not accept this change by closing your account, as we explain below."
Warning - it states if you have a special promo rate it will remain in effect until the promo end date. But, if you have a balance on regular purchases, the new rate will apply. So be careful.
I usually just toss these paper mailers in the file without reading. But during these times I am reading everything including postcards....
Translated as: "Since all of us "Big Boys" in the banking biz have totally dropped the ball & screwed up everything financial....we have to recoup as best as we can.
You didn't really expect us to give up OUR bonuses, did you"?
shame.....
