Reply
Established Contributor
Posts: 536
Registered: ‎08-26-2008
0

Target Visa raising interest rate (again) for some of its members

[ Edited ]
My latest Target Visa statement arrived today along with a notice about a change in the purchase rate. Didn't they just get finished increasing the rate within the past twelve months ?

These changes will take effect on the first day of your billing period that begins on or after April 03, 2009 and will apply to any existing and future balances on your Account. Target is giving the customer a chance to opt out of these changes and close the account if you contact them in writing by April 02, 2009.

They're also adding language that I don't think I've seen before from Target -- a minimum APR for the upper tiers.

I don't remember if they ever charged a phone payment fee, but this notice also says that they will now have the right to maybe charge a fee for that service and that that fee will be disclosed to you before you authorize the Phone Payment transaction.

"We are changing the Annual Percentage Rate for your Purchase, Cash Advance and Penalty rates by adding a minimum APR [...] We are also changing the circumstances under which your APRs may increase to the Penalty APR.

The ANNUAL PERCENTAGE RATE for Purchases ... will in no event be less than 22.99%

Penalty APR -- If we do not receive at least the Minimum Payment Due by the Payment Due Date or if you make a payment to us that is not honored, the Penalty APR may apply to your outstanding balance and all new transactions beginning with the first day of the next billing period. [It] ... will in no event be less than 29.99%
"
Message Edited by MojaveMoon on 02-21-2009 08:46 PM
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007
0

Re: Target Visa raising interest rate (again) for some of its members

Interesting.  My APR is nuts, that's for sure. 

 

A few weeks ago I asked about IRs on this thread about Target Visa IRs.

 

I'll keep my eyes open for new acct info, too!

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Established Contributor
Posts: 536
Registered: ‎08-26-2008
0

Re: Target Visa raising interest rate (again) for some of its members

[ Edited ]

WhirledPeasPlease wrote:

Interesting.  My APR is nuts, that's for sure. 

 

A few weeks ago I asked about IRs on this thread about Target Visa IRs.

 

I'll keep my eyes open for new acct info, too!



I'm glad you mentioned that thread. When I get a chance, I'll go through my statements and share where my interest rate has been.

I wanted to clarify my earlier post. I've always been in the highest tier for the Target Visa. My interest rate right now is 20.99%. I haven't yet seen anyone else anywhere else talk about receiving a notice like this; therefore I don't know if Target is going to implement a minimum APR for the other tiers.

This Target Visa has evolved into a disappointment. At one time the Target Visa had great customer service. It's bad enough now that I'm apprehensive any time that I need to contact them about an issue.
Message Edited by MojaveMoon on 02-21-2009 09:39 PM
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007
0

Re: Target Visa raising interest rate (again) for some of its members

My Feb statement shows my APR at 20.99, but I don't see the info on the e-statement that you mentioned.  My statement dropped on the 8th, so maybe I'll see that stuff on the March statement.

 

Who knows -- I need to get this card PIF ASAP!  I'm planning a groc trip to SuperTarget tomorrow to use my 10% coupon before it expires.  I just need to remind myself that Target is the ONLY place to use this card, lol, otherwise I pay interest on stuff that I'd PIF on if I used another card.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Regular Contributor
Posts: 201
Registered: ‎01-16-2008
0

Re: Target Visa raising interest rate (again) for some of its members

I got the same notice in the mail yesterday raising my interest rate to 22.99%.  Interestingly enough, it was mailed separately from my statement which will cut on the 28th.   

 

I've had this account for 12 months in March, have never carried a balance and my previous rate was 17.99%.   Guess the increase in interest won't  make a big difference unless I get into some kind of jamb and have to carry a balance. 

Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Target Visa raising interest rate (again) for some of its members

Just receivved my notice in the mail today. My card is one year old also....rate going from 17.9% to 22.9%. I too would never dream of carrying a balance on this card! Only bring it out every other month to keep it active.
Senior Contributor
Posts: 3,017
Registered: ‎06-03-2008
0

Re: Target Visa raising interest rate (again) for some of its members

Got the same notice too but I have to the store card and have had it about over 3 years of perfect history.
Frequent Contributor
Posts: 265
Registered: ‎06-12-2007
0

Re: Target Visa raising interest rate (again) for some of its members

Yep, me too.  I got the notice yesterday that my interest is going up on my red card.  I just got this card 7 months ago and used it frequesntly but always paid off the balance.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.