Rate jack for Saks store cards

bakalao2k · ‎09-24-2009

I just received an email from Saks saying there is a change of terms with my account. I called customer service and they informed me about a change with payment due dates, late fees and a change of APR. I didn't pay attention to the details about the payment due dates and late fees because I pay my bills on time. I wanted to know how much they are going to rate jack me. My current APR is 22.9% which has a 7.5% prime rate...WTF? It is going up to 20.74% + prime = ~28%

I thought the prime rate was 3.25%

Message Edited by bakalao2k on 09-24-2009 04:12 PM

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10

bakalao2k · ‎09-24-2009

I'm not suprised about any of this...BTW.

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10

Anonymous · ‎09-25-2009

I apologize but our associate gave you some bad info and I would be happy to explain if you would like to contact me privately and I am sorry for the confusion.

Sincerely,

[name removed]

Sr. Coordinator, Customer Service

Saks Fifth Avenue

1 888 327 3313

[email address removed]

[Sorry, I know you're trying to be helpful, but posting of real names, email addresses, and telephone numbers is not permitted on the FICO forums.

If any member would like to contact this person, you may do so via the Private Message function. The phone number left in place is to a Customer Service center for Saks. The poster of this message appears to be legitimate, but just be forewarned that Fair Isaac and myFICO.com cannot be responsible for any personal information that you choose to disclose via Private Messages or other communication. Thank you for your understanding. - Lel]

Message Edited by Lel on 09-25-2009 04:06 PM

Anonymous · ‎09-25-2009

I contacted Saks customer service today, and was informed that I should be receiving a letter regarding this issue sometime next week. The representative told me that this change of terms will affect all accounts. I've had a Saks account since 1978.

Anonymous · ‎09-25-2009

i think prime is based on the Libor. look up what the libor is and then add to that base

Anonymous · ‎10-10-2009

I just received my letter today. My rate will also be 20.74% + Prime, or 23.99%.