topic Re: USAA AmEx - added to the list of RATE JACKERS!!! in Credit Cards

USAA AmEx - added to the list of RATE JACKERS!!!

deskjockey101 — Tue, 23 Dec 2008 18:51:51 GMT

Just got of the phone with a senior customer service rep from USAA bank in re my AmEx.

I called yesterday asking (worth a shot, no?) for a CLI and interest rate decrease, she told me that due the times I don't qualify for a CLI but am going to get an interest rate decrease from my current 9.99 to 8.99 then in January it will go down to 8.4. I asked when it would take effect, she told me immediately.

So I check online... and check.... and check... and check and now it's today. Nothing changed. So I called back and asked why it hasn't changed. The new CSR told me that I don't qualify and that my rate is going to increase to 11.9 in February!! WTF So from one day to the next I go from getting a rate decrease to a rate increase?!? So she put me on hold and told me that I never talked to anyone yesterday (what a lie!!). I have never had this foul of service at USAA! Then she put me on hold again then it hung up.

I called back and asked to speak to a supervisor immediately and got some lip service. She said everyone is getting a rate increase in February (i thought the Fed decrease would help with lowering our rates, i could be wrong). I asked her how someone like me who has early every month and has never paid just min's but really over paid per month (the last two month payments totaled to $2300 and I only have a $3800 balance!). She stated it was just the times.

What a crock. Heads up everyone, I have been searching on USAA being naughty or nice - looks like they are just like the rest of the CCC crooks.

I'm pissed, sorry if i offended anyone and yes I have been a HUGE USAA supporter (I live in San Antonio).

Re: USAA AmEx - added to the list of RATE JACKERS!!!

haulingthescoreup — Tue, 23 Dec 2008 19:33:03 GMT

I got the letter about the rate increase a couple of weeks ago. Again, mine said that it will be for everyone, regardless of scores or history, etc. (I haven't carried balances on USAA cards for several years, since I had to use them to pay tuition.)

They just converted my plat MC to a World MC, dropping the interest from 9.9% to 8.9%. I assume that's just temporary.

Banks need their money back. Unfortunately, it's those with balances who will need to go into scramble mode. Otherwise, an APR change is kind of a moot point.

I do wish that USAA had not started outsourcing their CS.

Message Edited by haulingthescoreup on 12-23-2008 11:33 AM

Re: USAA AmEx - added to the list of RATE JACKERS!!!

score_building — Tue, 23 Dec 2008 19:46:37 GMT

@deskjockey101 wrote:
Just got of the phone with a senior customer service rep from USAA bank in re my AmEx.

I called yesterday asking (worth a shot, no?) for a CLI and interest rate decrease, she told me that due the times I don't qualify for a CLI but am going to get an interest rate decrease from my current 9.99 to 8.99 then in January it will go down to 8.4. I asked when it would take effect, she told me immediately.

So I check online... and check.... and check... and check and now it's today. Nothing changed. So I called back and asked why it hasn't changed. The new CSR told me that I don't qualify and that my rate is going to increase to 11.9 in February!! WTF So from one day to the next I go from getting a rate decrease to a rate increase?!? So she put me on hold and told me that I never talked to anyone yesterday (what a lie!!). I have never had this foul of service at USAA! Then she put me on hold again then it hung up.

I called back and asked to speak to a supervisor immediately and got some lip service. She said everyone is getting a rate increase in February (i thought the Fed decrease would help with lowering our rates, i could be wrong). I asked her how someone like me who has early every month and has never paid just min's but really over paid per month (the last two month payments totaled to $2300 and I only have a $3800 balance!). She stated it was just the times.

What a crock. Heads up everyone, I have been searching on USAA being naughty or nice - looks like they are just like the rest of the CCC crooks.

I'm pissed, sorry if i offended anyone and yes I have been a HUGE USAA supporter (I live in San Antonio).

sorry to hear this has adversely affected you.

news of the USAA rate hike was posted here several days ago, and if i rememeber correctly it will apparently be a global hike across certain cards (not based on your credit profile necessarily). still a better choice than Advanta for example where creditaddict posted a hike close to 40% yesterday but not good news for USAA card holders who carry balances. yet another reason to pif in this climate.

from the looks of it, however, the USAA climate changes will not be as harsh or as enduring as with some other issuers- though only time will tell... 11.9% is still considered (the high end of) "low rate" and requires v. good to excellent credit to qualify for (at application) by many lenders.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Tue, 23 Dec 2008 21:37:46 GMT

I feel bad that this rate increase is going to affect people unevenly -- based on some other discussions, it looks like this increase is an even 2% increase for everyone. However, that's an additional 2% on top of what your current rate is. So those people whose credit history and/or customer history with USAA had earlier qualified them for a low interest rate are going to wind up with a lower minimum rate than others.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Tue, 23 Dec 2008 21:42:21 GMT

@deskjockey101 wrote:
So she put me on hold and told me that I never talked to anyone yesterday (what a lie!!). I have never had this foul of service at USAA! Then she put me on hold again then it hung up.

I'm surprised that you were told that. My understanding is that the only time an agent can't determine when or if you were previously contacted is when the two agents are in different departments. For example, the banking department couldn't access any notes to tell me that a call that I missed was insurance-related. But when I called the insurance department, that agent was immediately able to see what the missed phone call was in regards to.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Wed, 24 Dec 2008 04:34:56 GMT

I got this letter too and it clearly states that it has nothing to do with me, or my credit. Just that everyone is going through hard times. It is still not that much of an increase and of ALL the banks I have, this is the one I would gladly pay for the raise in APR and not complain.

I was on the phone for probably 2 hrs yesterday applying for property insurance. The CSR was so helpful and let me know of all of the extra things that they are willing to help me with when my husband does deploy. If she had not mentioned it, I would not have known. It's a good feeling to know I have financial institution to turn to for support when the time comes. This bank is there for their military members and I am thankful for that. They have saved me in times of need previously and I cannot say enough for their service to my family.

ALL of the banks are in trouble and they are only doing what they need to do to try to stay afloat. This crisis will not last forever and I am sure when things settle down, USAA will be one of the first to lower the APR's that I am sure they didn't want to have to raise in the first place. It's just business. But it is one that does have compassion for it's members. They didn't just go jack your APR with no explanation or surprise or lie and say they found something on your credit reports, like some other well known talked about CCC we constantly speak of here. They sent a rather pleasant letter, IMO.

Message Edited by stef37 on 12-23-2008 08:34 PM

Re: USAA AmEx - added to the list of RATE JACKERS!!!

marty56 — Wed, 24 Dec 2008 14:13:12 GMT

@haulingthescoreup wrote:
I do wish that USAA had not started outsourcing their CS.

Off topic a bit but USAA years ago outsourced most of their data processing services and many people lost their jobs. I almost went to work for them but I had inside info on that issue.

Back on topic but in these times, ad rate jacking on your list of why it is a good idea to pay CC down as fast as possible and PIF even better.

Need to revolve a balance for a major purchase - use a store card at 0% interest as long as you can PIF ebfore the time period is up.

Message Edited by marty56 on 12-24-2008 06:13 AM

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Wed, 24 Dec 2008 13:30:24 GMT

Re: USAA AmEx - added to the list of RATE JACKERS!!!

rubaty — Wed, 24 Dec 2008 15:46:05 GMT

When did everybody receive this letter?

I haven't received one and my APR was just lowered as of my 20 Dec statement to 5.75% on my AMEX & MC.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

deskjockey101 — Wed, 24 Dec 2008 15:56:49 GMT

I NEVER got a letter, nor has one shown up on my internal USAA banking page...

I'm just going to pay this card off and sock drawer it, I just hope they don't resort to what the other CCC's are doing: lowering you CL as you pay it off, that would really suck.

For those of you that seem to be supporting the banks/CCC's with all of their "honesty", read again how i stated from one day I was told that I was getting two interest rate reductions to the next day stating i'm getting a rate increase. The CS even told me that I never talked to someone the day before... it was funny how I caught her lying on that one, she was speechless when I nicely called her on it.

It hasn't been the same since they moved CS calls away from SA.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Wed, 24 Dec 2008 18:15:05 GMT

@deskjockey101 wrote:
I NEVER got a letter, nor has one shown up on my internal USAA banking page...

The first report of this new interest rate increase that I read was from someone who received a letter on December 10. My letter didn't arrive until December 22. The "letter" is about the size of a business envelope, but it's a sheet of paper folded in on itself 3 times. Above the address are the words "Important Changes to Credit Card Terms Enclosed"

Perhaps USAA's computers are programmed to send out the letters x-number of days after the end of someone's billing cycle ?

I only log in to USAA's website about once a month, so I don't know if USAA has been informing people of this rate change online. But so far no one else on other sites has reported being informed by a means other than by mail.

Message Edited by MojaveMoon on 12-24-2008 10:15 AM

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Wed, 24 Dec 2008 18:40:44 GMT

@deskjockey101 wrote:
I'm just going to pay this card off and sock drawer it

Be careful. I have no idea if USAA would ever close an account for inactivity. But I'm seeing more reports of other banks closing accounts for inactivity. On two other sites it's being reported that Capital One is the latest company to close accounts for this reason. One customer was told that Capital One is closing 1.5 million accounts with >6mo no activity.

Also, here's another reason that it'd be worthwhile to keep the credit card open. The checking account has a feature called deposit at home where you can deposit checks and money orders into your checking account by scanning them at home. You apparently need to have at least a credit card account in addition to the checking account in order to be allowed to use this deposit at home feature.

Message Edited by MojaveMoon on 12-24-2008 10:40 AM

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Thu, 25 Dec 2008 02:50:03 GMT

No RJ thus far.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Thu, 25 Dec 2008 04:20:15 GMT

@rubaty wrote:
When did everybody receive this letter?

I haven't received one and my APR was just lowered as of my 20 Dec statement to 5.75% on my AMEX & MC.

I believed I received my letter about 4 days ago. It was only referencing my MC. The CSR said my Amex was too new and it may not be affected just yet. But, just how many post have we read here on this forum where one CSR will say one thing and if you call back another CSR will give a totally different answer?

Personally I am not carrying a balance on my MC, so I don't really care.

Sorry that you didn't get the pamphlet in the mail OP. Maybe you just haven't received it yet? IMO, the APR increase is not that major to me and I said I wouldn't mind paying it, if I did have to revolve a balance.

OP- Are you military associated or do you qualify by living in the county they are located in?

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Thu, 25 Dec 2008 04:24:52 GMT

@Anonymous wrote:
No RJ thus far.

My letter states it takes affect Feb 1, 2009.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

deskjockey101 — Tue, 27 Jan 2009 22:33:21 GMT

i finally got the letter...

so now this happens:

http://www.mysanantonio.com/business/USAA_rewards_employees_with_135_bonus.html

i guess that's where my 8.9 rate to 11.9 rate is going? not really sure..

after all this, i still love USAA, but this doesn't seem right.. oh, well.. there's nothing i can do about it..

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Wed, 28 Jan 2009 21:18:39 GMT

No letter to date about any increase in my APR.

Re: USAA AmEx - added to the list of RATE JACKERS!!!

deskjockey101 — Wed, 28 Jan 2009 21:21:45 GMT

maybe i should save it to photobucket and paste a link here..

Re: USAA AmEx - added to the list of RATE JACKERS!!!

Anonymous — Wed, 28 Jan 2009 21:56:07 GMT

I have very little doubt customers are being repriced. Thus far, I have not.