topic Re: JCP Store Card APR Jump! in Credit Cards

JCP Store Card APR Jump!

sterl1002 — Tue, 08 Apr 2014 16:07:14 GMT

Hi All,

So I have this JCP store card that I havent used since Septermber 2012 and I decided to make a purchase on it a few weeks ago to keep it active. When the staement was cut, I got a myFICO alert that a previously inactive card went active, the balacne was properly reported. I then decided to hit the luv button for fun and got a $500 CLI on my $1000 card (mind you, as said, this is a card I havent used in years. Meanwhile I try the luv button several times on my $700 Amazon store card I use regularly and get rejected every time).

So I go online to view the statement and there's a notice that my already high APR of 23.99% was being increased to 26.99%! The reason given was "These changes are being made to realign pricing in light of the Credit CARD Act of 2009."

I'm just curious to hear if anyone recieved a similar notice in their statement last month. I already PIF'd the one purchase and dont plan on using the card for awhile, but it just has me miffed that they're using the CARD act to justify a intrest rate increase 5 years after the law passed!

Re: JCP Store Card APR Jump!

Creditaddict — Tue, 08 Apr 2014 16:18:11 GMT

@sterl1002 wrote:
Hi All,

So I have this JCP store card that I havent used since Septermber 2012 and I decided to make a purchase on it a few weeks ago to keep it active. When the staement was cut, I got a myFICO alert that a previously inactive card went active, the balacne was properly reported. I then decided to hit the luv button for fun and got a $500 CLI on my $1000 card (mind you, as said, this is a card I havent used in years. Meanwhile I try the luv button several times on my $700 Amazon store card I use regularly and get rejected every time).

So I go online to view the statement and there's a notice that my already high APR of 23.99% was being increased to 26.99%! The reason given was "These changes are being made to realign pricing in light of the Credit CARD Act of 2009."

I'm just curious to hear if anyone recieved a similar notice in their statement last month. I already PIF'd the one purchase and dont plan on using the card for awhile, but it just has me miffed that they're using the CARD act to justify a intrest rate increase 5 years after the law passed!

pretty much all of the GE store cards are now 26.99% so it's not just you and another reason not to carry balance!

Re: JCP Store Card APR Jump!

daybreakgonesXe — Tue, 08 Apr 2014 18:51:27 GMT

@Creditaddict wrote:
@sterl1002 wrote:
Hi All,

So I have this JCP store card that I havent used since Septermber 2012 and I decided to make a purchase on it a few weeks ago to keep it active. When the staement was cut, I got a myFICO alert that a previously inactive card went active, the balacne was properly reported. I then decided to hit the luv button for fun and got a $500 CLI on my $1000 card (mind you, as said, this is a card I havent used in years. Meanwhile I try the luv button several times on my $700 Amazon store card I use regularly and get rejected every time).

So I go online to view the statement and there's a notice that my already high APR of 23.99% was being increased to 26.99%! The reason given was "These changes are being made to realign pricing in light of the Credit CARD Act of 2009."

I'm just curious to hear if anyone recieved a similar notice in their statement last month. I already PIF'd the one purchase and dont plan on using the card for awhile, but it just has me miffed that they're using the CARD act to justify a intrest rate increase 5 years after the law passed!
pretty much all of the GE store cards are now 26.99% so it's not just you and another reason not to carry balance!

Yeah, this change went into affect maybe two years ago? So understandable you likely haven't seen anything until now!!

Re: JCP Store Card APR Jump!

sterl1002 — Tue, 08 Apr 2014 19:36:22 GMT

Thanks Creditaddict and Daybreak. I guess I've managed to hide from the Eye of Sauron until now since my card was inactive.

Oh well, back to the SD it goes along with its twin sister Macy's

Re: JCP Store Card APR Jump!

Shogun — Tue, 08 Apr 2014 21:08:06 GMT

@sterl1002 wrote:
Thanks Creditaddict and Daybreak. I guess I've managed to hide from the Eye of Sauron until now since my card was inactive.

Oh well, back to the SD it goes along with its twin sister Macy's

OK... that was funny!

Re: JCP Store Card APR Jump!

sterl1002 — Tue, 08 Apr 2014 21:24:59 GMT

Thanks Shogun, I try. One card to rule them all...