wamu - You stink!

[Anonymous]

I have had a wamu plat. Visa for 2 years now.  I have a $2500 limit. 
Just got a lovely little note in my statement that says as of January 1, my new % is 27.99!!!!!!  This is after they already jacked me from a 9.9 to a 17.9 in March.
I never pay late, never go over limit, and (if balance) pay more than minimum!  PLUS my fico is 712.

I am livid.  I am a dang good customer, and in less than a year they up my % 20%?!?!

Any suggestions?

[marty56]

Dont close the card.  Use it sparingly and PIF if possible.  If you need to revolve a balance for a major purchase, look for store cards that offer 0%.

Message Edited by marty56 on 11-30-2008 05:53 AM

[cobaltnv]

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@Anonymous wrote:

I have had a wamu plat. Visa for 2 years now.  I have a $2500 limit. 
Just got a lovely little note in my statement that says as of January 1, my new % is 27.99!!!!!!  This is after they already jacked me from a 9.9 to a 17.9 in March.
I never pay late, never go over limit, and (if balance) pay more than minimum!  PLUS my fico is 712.

I am livid.  I am a dang good customer, and in less than a year they up my % 20%?!?!

Any suggestions?

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That is pretty ridiculous.

I guess the obvious first step is to call and speak with them. If that does not work I would put that card away (don't close it) and pull out another one. If you don't have a second card I would get one. With your scores you should be able to get a good limit BOA card for example.

Someone on here suggested a week or so ago that these rate hikes were taking place because the ccc are scared a credit card bill of rights is coming down the pike which may limit ccc ability to rase interest rates. Not very comforting, but it may at least provide some bit of rationalization to the situation. 

Message Edited by cobaltnv on 11-29-2008 09:10 AM

[haulingthescoreup]

In many cases, these rate hikes are happening to those who do carry balances. Banks are scrambling to loosen up and bring in cash any way that they can, and rate-jacking those with balances is one way to get some free money.

Anyone with balances, I'd say pay them off as quickly as you can, because right now, you're looking like a cash cow to your lenders, and they have their milking pails ready.

[Cleanmachine]

The credit card "Bill of Rights" will die when the Senate adjourns this session.

Besides, the Bill does not prevent rate increases. Congress is just mandating the Issuer as to how to legally increase the APR along with other issues.

[cobaltnv]

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@Cleanmachine wrote:

The credit card "Bill of Rights" will die when the Senate adjourns this session.

Besides, the Bill does not prevent rate increases. Congress is just mandating the Issuer as to how to legally increase the APR along with other issues.

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The bill in its current form passed by the House does prohibit rate increases if your account is in good standing. A card holder would have to be "beyond 30 days late" and would have to receive a 45 day notice of the rate hike. So if a card holder payed on-time each month the ccc would not be able to raise the rate on any balance. At least that is how I read the bill.

Of course, the bill is not law (yet) so major changes could be made before it made in out of the Senate. 

[Uniqua]

Yeah, to you, WaMu may stink. But, they're making some pretty good stinking money off of you as long as you continue to carry a balance. Your FICO scores don't matter. They don't make money off of your scores. They make money off of your carried balances.

My suggestion -- DON'T CARRY ANY BALANCES IF AT ALL POSSIBLE.

On a good note, if you don't carry balances, you do not have to worry about any RJs. Then WaMu will be saying you stink as they aren't making any money off of you. eh?!

[Anonymous]

Currently, the card has a $32 balance.  It's been paid off for a long time.

[Anonymous]

I'd wait it out Wamu will be rebranded to Chase in a few months. I'm sure changes will follow, changes like increased CLI better rewards, etc. 

[Takunda1]

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@Anonymous wrote:

I have had a wamu plat. Visa for 2 years now.  I have a $2500 limit. 
Just got a lovely little note in my statement that says as of January 1, my new % is 27.99!!!!!!  This is after they already jacked me from a 9.9 to a 17.9 in March.
I never pay late, never go over limit, and (if balance) pay more than minimum!  PLUS my fico is 712.

I am livid.  I am a dang good customer, and in less than a year they up my % 20%?!?!

Any suggestions?

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@Anonymous wrote:

I have had a wamu plat. Visa for 2 years now.  I have a $2500 limit. 
Just got a lovely little note in my statement that says as of January 1, my new % is 27.99!!!!!!  This is after they already jacked me from a 9.9 to a 17.9 in March.
I never pay late, never go over limit, and (if balance) pay more than minimum!  PLUS my fico is 712.

I am livid.  I am a dang good customer, and in less than a year they up my % 20%?!?!

Any suggestions?

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How has your relationship with Chase Bankbeen in the past? It could be all these new notices are becasue chase is reviewing acct, since they took over WAMU