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Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?

Dinosaur
Moderator Emeritus

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?


@sarge12 wrote:

@TiggerDat wrote:

@sarge

 

I think it is a bit weird they give you a $15,000 starting limit but don't give you the Signature card.


You think that is weird, the credit report they themselves oulled was equifax which they claimed reports scores from 300-850....my score is 830. My interest rate is determined by that score and can range from 13.74 - 25.74...so what is mine with an 830 score pull with the best possible score being 850....wait for it......21.74%.....Thats right, my credit pull which was only 20 points shy of perfect was only good enough to give me a 21.74% interest rate when it could be between 13.74 and 25.74 based on credit worthiness **bleep**!!!


If I said what I really feel short of a rant, I would get bleeped! Sure logic is in all this somewhere ... I just can't see it ;(

Message 11 of 20
sarge12
Valued Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?


@Dinosaur wrote:

@sarge12 wrote:

@TiggerDat wrote:

@sarge

 

I think it is a bit weird they give you a $15,000 starting limit but don't give you the Signature card.


You think that is weird, the credit report they themselves oulled was equifax which they claimed reports scores from 300-850....my score is 830. My interest rate is determined by that score and can range from 13.74 - 25.74...so what is mine with an 830 score pull with the best possible score being 850....wait for it......21.74%.....Thats right, my credit pull which was only 20 points shy of perfect was only good enough to give me a 21.74% interest rate when it could be between 13.74 and 25.74 based on credit worthiness **bleep**!!!


If I said what I really feel short of a rant, I would get bleeped! Sure logic is in all this somewhere ... I just can't see it ;(


I am currently on hold for the cra underwriter...registering a complaint. EDIT::: I have now registered a dispute on the high interest rate with them and their upper level dispute resolution team will call me within 24 hours...they got some xplainin tu do!!! This should be fun!

TU fico08=842 04/29/21
EX fico08=830 05/08/21
EQ fico09=827 05/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 04/27/21
TU Fico Bankcard 08=881 04/23/21
EQ NG1 fico=802 01/21/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 12 of 20
sarge12
Valued Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?

Considering I always PIF, I probably should not care about the high interest rate....but it is just the principal of the thing...having a 21.74% interest rate , when their own credit pull shows my score as 830 with highest being 850. What kind of score do you have to get to get the best interest rate on this card which advertises interest between 13.74 and 25.74 based on credit worthiness. I'm at a loss. 

TU fico08=842 04/29/21
EX fico08=830 05/08/21
EQ fico09=827 05/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 04/27/21
TU Fico Bankcard 08=881 04/23/21
EQ NG1 fico=802 01/21/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 13 of 20
heyryan
Frequent Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?

I have the Visa Cash Wise w/ a $15K limit, and it's a "Platinum", not "Signature"

 

I called to ask them to make it a Signature card, and they told me it wasn't eligible, but couldn't/wouldn't tell me why.

 

It does still earn cash back, just doesn't have the "Signature perks"

Personal:

Business:



(TU Split File - FIXED!)
Message 14 of 20
ABCD2199
Senior Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?


@sarge12 wrote:

Considering I always PIF, I probably should not care about the high interest rate....but it is just the principal of the thing...having a 21.74% interest rate , when their own credit pull shows my score as 830 with highest being 850. What kind of score do you have to get to get the best interest rate on this card which advertises interest between 13.74 and 25.74 based on credit worthiness. I'm at a loss. 


In some ways this makes sense to me.  Do they know you always PIF your accounts, never pay interest, etc?

 

Banks sort their customers by profitability, risk, etc.  Maybe you're in a group called "low profit, no risk" and instead of bundling you into the group with 13.74 APR, they figure they're not going to make anything anyway so toss you in the high APR group.

 

Maybe the way they allocate credit lines is based on their assets designated for each group.  "High profit, low risk" customers who run a balance might get 13.74 to entice them to carry a balance, while "low profit, nor risk" customers go into the crap group.

Message 15 of 20
sarge12
Valued Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?


@ABCD2199 wrote:

@sarge12 wrote:

Considering I always PIF, I probably should not care about the high interest rate....but it is just the principal of the thing...having a 21.74% interest rate , when their own credit pull shows my score as 830 with highest being 850. What kind of score do you have to get to get the best interest rate on this card which advertises interest between 13.74 and 25.74 based on credit worthiness. I'm at a loss. 


In some ways this makes sense to me.  Do they know you always PIF your accounts, never pay interest, etc?

 

Banks sort their customers by profitability, risk, etc.  Maybe you're in a group called "low profit, no risk" and instead of bundling you into the group with 13.74 APR, they figure they're not going to make anything anyway so toss you in the high APR group.

 

Maybe the way they allocate credit lines is based on their assets designated for each group.  "High profit, low risk" customers who run a balance might get 13.74 to entice them to carry a balance, while "low profit, nor risk" customers go into the crap group.


ABCD2199...are you a lawyer or a car salesman? That is a very convincing argument to convince me of why this rate is that high. it kind of adds logic to this action that is otherwise wrong on so many levels. If you are not selling something, you missed your calling, because you are good!

TU fico08=842 04/29/21
EX fico08=830 05/08/21
EQ fico09=827 05/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 04/27/21
TU Fico Bankcard 08=881 04/23/21
EQ NG1 fico=802 01/21/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 16 of 20
ABCD2199
Senior Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?

Lol.  Actually a few years ago I had talked to a friend whose family actuall owns a small local bank chain and discussed working on a credit rebuilder card with him and he showed me how they operate the credit buckets based on the assets they use as "security" themselves to back up their credit lines.  What a nightmare, once I saw what they have to jump through to make those tasty profits, I quit my quest, haha!

 

The worst thing that he told me about without violating confidentiality is that the customers with the biggest credit lines who don't spend a lot but call CSRs all the time actually can cost them hundreds of dollars a year in negative profits ("losses") because of the CSR fees, and that their telephone banking front end actually sorts phone calls based on customer support burden thanks to inbound caller ID.  So if you have a $30,000 limit, spend $12.36 a year in total spending, and call customer service every month looking for a CLI, they probably have a "specialist" who makes sure to help you waste your time.

 

On the flip side, if you're one of those AWESOME customers who always pays the $35 late fee and rolls balances over at 23%, you're probably considered high value, haha.

Message 17 of 20
jdmorlando
Established Member

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?


@sarge12 wrote:

@TiggerDat wrote:

@sarge

 

I think it is a bit weird they give you a $15,000 starting limit but don't give you the Signature card.


You think that is weird, the credit report they themselves oulled was equifax which they claimed reports scores from 300-850....my score is 830. My interest rate is determined by that score and can range from 13.74 - 25.74...so what is mine with an 830 score pull with the best possible score being 850....wait for it......21.74%.....Thats right, my credit pull which was only 20 points shy of perfect was only good enough to give me a 21.74% interest rate when it could be between 13.74 and 25.74 based on credit worthiness **bleep**!!!


DANG! With 830 you get that lovely 13.74, how gratuitous of them, if you're lucky. I pray they deny me, BIG TIME!!

Message 18 of 20
Backwoods
Senior Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?

If you know how to read a banks p and l statements you will see some several of the banks big ones that earn most of their profits from little $10 checking account fees, $35 over drafts $2 atm fees.   

Message 19 of 20
Eric958
Frequent Contributor

Re: Wells Fargo bait & Switch Rewards visa to Platinum visa! Did I miss something?

Received card today.... It's a Rewards Visa !! $2000 cl
June 2017= EQ 658 TU 684 EXP 688
Never Give Up!!
Message 20 of 20
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