Hooters Change in Terms

[Romeoo47]

Today, I just received a Notice of Change in Terms for my Hooters Mastercard.  They are increasing my APR from 16.20 to 21.70.  I could care less about the APR change because I PIF.  However, the salt to my wound is that now they are charging me an annual fee. I received the card 2 years ago with a 5000CL and no AF.  I usually charge about $200/mth on the card and of course PIF.  Now they want to charge me an AF of $48 a year that is billed monthly in the amount of $4.  I'm debating canceling the card.  That is absolutely ridiculous!  Has anyone else received this notice?

[stefanc]

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@Romeoo47 wrote:

Today, I just received a Notice of Change in Terms for my Hooters Mastercard. They are increasing my APR from 16.20 to 21.70. I could care less about the APR change because I PIF. However, the salt to my wound is that now they are charging me an annual fee. I received the card 2 years ago with a 5000CL and no AF. I usually charge about $200/mth on the card and of course PIF. Now they want to charge me an AF of $48 a year that is billed monthly in the amount of $4. I'm debating canceling the card. That is absolutely ridiculous! Has anyone else received this notice?

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I got my letter from Hooters yesterday, I have exactly the same APR change but there is no mention of an annual fee. Your addition of the annual fee to a previously no annual fee account was in the same letter as the APR change?

I did get an annual fee increase letter on my regular Merrick card however ($3 - $4 per month), It was a seperate letter in a different envelope.

Message Edited by stefanc on 11-07-2009 12:18 PM

[Romeoo47]

stefanc, yes the addition of the AF on my account was on the same letter as my APR increase. It was actually on the back of the letter.  I called customer service to clarify.  According to this agent, on December 14 my account will have an AF that is billed monthly.  I asked her twice if this was correct since I currently don't have an AF.  And she said yes.  I'm in the process of switching some of my auto-bill from this card

[stefanc]

Hi Romeoo, I just re-read my letter a couple hundred times - no AF.

It sounds like we had similar approvals in APR etc. when we initially got the cards. The only difference I can figure out on why they hit yours and not mine is that I put $1,000 + per month through it - I do carry a balance some months but mostly PIF as well. 

[Romeoo47]

Well I guess I wasn't running enough money through the card.  Oh well, I will be canceling it once my cylce ends this month and I redeem my Hooters points.  Thanks stefanc!

[Anonymous]

Same thing happened to me, including the annual fee, I will be canceling my card shortly.

[creditwherecreditisdue]

Call and ask the CSR for an AF waiver. If they say no or it cannot be done ask to speak with a retention specialist. Ask the retention specialist the same question. Never mention closing the account. If the answer is still no get off the phone - then repeat the entire process on a subsequent day. If the answer is still no go ahead and cancel the card if that is what you want to do.

[Anonymous]

That might work, but I use it so little the only money they make would be with an annual fee

[dallasjetfan]

I got mine yesterday and I said "Bye Bye" today!!!  I only have 3 cards out of an original (too many) 11 cards.  I have cancelled 8 accounts that all decided to rate jack me.  Don't need them!!  My GEMB Care Credit rate jacked me, but they have 0% for certain periods so I didn't close them.  Capital One is the only CC that hasn't rate jacked so they will stay in the mix.  I'm sick of them and it didn't affect my credit score one bit by cancelling them.

[iwantbettercredit]

I received my letter from Hooters today.  Still no AF, but they did raise my interest rate, which of course, I am not happy about.  I am undecided on what to do at this point.  However, I think if one more card rate jacks me, I am going to give up on credit altogether and pay cash for everything here on out. This is getting old and tiresome and I for one am sick of being taken advantage of by creditors.  They have done nothing nice for us and what they have done we all pay dearly for, plus some. Too bad we can't all live on love because they would be screwed.: smileyvery-happy: