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Just an FYI for those with Target credit products. I got notice of my very first ratejack! I'm so excited... Okay, I don't think it really counts as a ratejack if the rate was already somewhere in the ballpark of ridiculous. I think it was already 19.99% or something like that-- I'll have to go look. Doesn't matter one iota to me, as this has been & will always be a PIF card. But, this is a heads up for anyone who may be impacted. This was an independent notice, not in a statement, and is clearly indicating (on the outside back of the fold-out), in big bold print, that there is a change in terms.
Revised terms as of 1/23/10
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Purchases APR will be the Prime Rate plust 21.99%. So, the APR for purchases on 1/23/10 will be 25.24%. They've eliminated the Penalty APR. There's an opt-out date noted, and a blurb about the changes being due to new gov't regulations and adverse economic conditions that affect their ability & cost to extend credit.
Poor schmucks... still aren't getting a dime out of me.
I got my notice yesterday, too. Same reaction, I PIF and don't use it much anyways, so no matter.
Got a kick out of the fact that there's no longer that Penalty APR...just the outrageously high, standard APR! I notice they'll still charge a late fee, though.
Well I guess congratulations are in order???!!!
@Anonymous wrote:Just an FYI for those with Target credit products. I got notice of my very first ratejack! I'm so excited... Okay, I don't think it really counts as a ratejack if the rate was already somewhere in the ballpark of ridiculous. I think it was already 19.99% or something like that-- I'll have to go look. Doesn't matter one iota to me, as this has been & will always be a PIF card. But, this is a heads up for anyone who may be impacted. This was an independent notice, not in a statement, and is clearly indicating (on the outside back of the fold-out), in big bold print, that there is a change in terms.
First it was the ridiculous $100-$200 credit limits on the cards, but even with a super-high APR you can't make a lot of profit out of teeny balances that are easy to PIF off.
So, let's finally give out those CLIs (2 months ago they sweep the whole portfolio and bump a ton of people up $1,000) so there's some breathing room to get people to revolve.
Then voila... ratejack.
I know their computers in Minneapolis know I hold back on the Target Visa/Redcard and just run the transaction on a different credit card (which I PIF that one, too). - edited to scale back the tone. - llecs, myFICO moderator
I've purposely bought $100 worth of stuff at Target, ring it up and charge it on other plastic, then take a pack of Trident from the checkout and ring it up separately on the RedCard and PIF it online the next day. Probably ticks them off to no end.
And I always insist on having my statements mailed. I like the personal touch.