Credit Cards

[Scuba]

I got a letter from Nationwide changing my interest rate from 7.24% to 15% and it changed due to economic conditions.

Gimmie a break - I got the card in the middle of the worst economic crisis in the last 40 years and 3 years later they want to increase the interest rate when times are better?     

It;s only a 6K CL and I rarely use the card because every time I want to make a larger ($3 to $4K) purchase they deny it.  Then I call in and they say "sorry" try now.   

What a tough company to get your hands around.  Its a card only good to go to McDonald's and I already have one for that  

[LS2982]

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Scuba wrote:

I got a letter from Nationwide changing my interest rate from 7.24% to 15% and it changed due to economic conditions.

Gimmie a break - I got the card in the middle of the worst economic crisis in the last 40 years and 3 years later they want to increase the interest rate when times are better?     

It;s only a 6K CL and I rarely use the card because every time I want to make a larger ($3 to $4K) purchase they deny it.  Then I call in and they say "sorry" try now.   

What a tough company to get your hands around.  Its a card only good to go to McDonald's and I already have one for that  

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Time for the sock drawer.............

[antae]

Yea, sock drawer for sure.  Since you don't use it that much anyway, you won't be missing much.

[SnackTrader]

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Scuba wrote:

I got a letter from Nationwide changing my interest rate from 7.24% to 15% and it changed due to economic conditions.

Gimmie a break - I got the card in the middle of the worst economic crisis in the last 40 years and 3 years later they want to increase the interest rate when times are better?     

It;s only a 6K CL and I rarely use the card because every time I want to make a larger ($3 to $4K) purchase they deny it.  Then I call in and they say "sorry" try now.   

What a tough company to get your hands around.  Its a card only good to go to McDonald's and I already have one for that  

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Do you have a letter that has the exact wording?  That wording doesn't strike me as something you would see in a notice to increase an APR and I think we could offer better insight with the exact wording.

[Scuba]

I will dig out the letter and type it in here tomorrow.  I don't have the skill set to have it scanned in.  Economic conditions, gimme a break.

[LS2982]

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Scuba wrote:

I will dig out the letter and type it in here tomorrow.  I don't have the skill set to have it scanned in.  Economic conditions, gimme a break.

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[MrShush]

I just got my letter today--increase from 7.24% to 13.24%. Chumps.

[SnackTrader]

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Scuba wrote:

I will dig out the letter and type it in here tomorrow.  I don't have the skill set to have it scanned in.  Economic conditions, gimme a break.

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At least you have a sense of humor about it!

If MrShush had the same problem, I'm interested to see if it happens to others. 

[ChesterPDexter]

Oh, I got one of those letters from Barclay.  I found it the other day when I was cleaning, and I could not believe the wording (it was from about 1.5 years ago).  They said that due to the economy and also as a result of reviewing my credit (I had high utilization), they were adding an annual fee to my card, but the consolation prize was that there was now a 1% cash-back feature.

(rolling eyes.)  Barclay is a weird, weird bank.