Thursday, April 30, 2009

Credit Cards Busted

I had a personal experience recently with credit cards ripping me off. I had a 0% credit card supposedly until the end of the year. The company was respectable, I cannot mention the name (it's one of the big ones), so I thought I had nothing to worry about. BAD IDEA! When I got it about 6 months ago, they claimed 0% until november 2009 with no minimum payments. So I used the card and tried to pay at least a little every month not to get a huge surprise come november. However I had some financial troubles a couple months ago and did not pay anything to that card. It is 0% percent until november with no minimum payment (stated on the balance $0 due), so I decided not to pay anything on it that month.

I usually don't look at the paper statements and just pay my cards and bills online. However this time, the bill for this 0% card came in and I opened it just to get a glimpse at my debt just for the hell of it. Well, what do you know.....everything seems normal, and then I notice that my APR(annual percentage rate) is a whopping 23%!!!!! I am thinking WTF!!! They did not send me a letter warning me of the rate hike or any warning whatsoever. They just decided to charge me more and did not inform me.

So I call the credit card company and they explain that they put me on the default rate because I skipped a payment and did not pay anything for a month (the month I was talking about before with financial troubles). Well no shit assholes, the card is 0% and the payment due said $0, so how in the world can you hike up the rate like that??? The reply was it was in the fine print of our terms and conditions and refused to put the rate back down....

At this point, 2 things come to mind, they are assholes and WTF. I say class action lawsuit (I am sure I'm not the only one that this happened to).... and the card mentioned is CAPITOL ONE mastercard.

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