Holy cow! That will be the highest APR I have heard of. That's OVER 3% monthly on balances! I would find a BT somewhere fast!
Prior to this 31.99% was the highest I had seen.
Let us know if this is really the rate.
I'm not understanding. Were you told by a rep that it would be increased? did you receive something written in the mail or electronically that it would be increased to near 40%? did you just read something online and think you would be affected by that increase?
You're a super contributor, so you already know: Never trust the verbal word of Customer Service Reps. Did the rep offer to send you this assurance by postal service in writing? (I had to make requests like that with two different banks, over the years. One bank gave me the information I was looking for; the other didn't.)