Anybody else's credit card interest go up recently? (pay, rate, accounts)

[BearCounty]

One by one ALL 7 of my credit card companies have taken away my low fixed rates, changed them into variable APRs for no other reason than as a revenge to all the credit card law changes. I dont know who to thank, obama or the congress. My credit is immaculate, FICO in the low 800's, never made a late payment in my life, good income, etc., but somehow they are doing this to all their customers across the board from what their reps have told me. My Chase 6.99 fixed went to 14.94 variable, my fixed BofA 8.99 went to 15 variable as well, Discover was at 10.9 and it now at 16 variable, and it goes on. They are punishing good people for the mistakes of others. Now when the prime rate goes up I will be hitting interest in the 20's, which I've never had cards that high. I'm frustrated and there's nothing I can do about it. All the companies I've called said I can turn down their new terms but they would close the accounts! How are ya'll faring with this? I'm

[firstclassflyer]

Originally Posted by BearCounty

One by one ALL 7 of my credit card companies have taken away my low fixed rates, changed them into variable APRs for no other reason than as a revenge to all the credit card law changes. I dont know who to thank, obama or the congress. My credit is immaculate, FICO in the low 800's, never made a late payment in my life, good income, etc., but somehow they are doing this to all their customers across the board from what their reps have told me. My Chase 6.99 fixed went to 14.94 variable, my fixed BofA 8.99 went to 15 variable as well, Discover was at 10.9 and it now at 16 variable, and it goes on. They are punishing good people for the mistakes of others. Now when the prime rate goes up I will be hitting interest in the 20's, which I've never had cards that high. I'm frustrated and there's nothing I can do about it. All the companies I've called said I can turn down their new terms but they would close the accounts! How are ya'll faring with this? I'm

Pay in full every month and it won't matter if the interest is 50%. Use the cards for rewards and don't carry a balance. I don't believe in paying interest, and that has worked for me.
To answer your question yes, they have "rate-jacked" several of my cards. Score in the 800's as well. I could care less.

[TXtrkgrl]

Originally Posted by firstclassflyer

Pay in full every month and it won't matter if the interest is 50%. Use the cards for rewards and don't carry a balance. I don't believe in paying interest, and that has worked for me.
To answer your question yes, they have "rate-jacked" several of my cards. Score in the 800's as well. I could care less.

^^ yep, what he said. ^^

I do feel for people with high credit card debt. It is a vicous cycle.
I am grateful that I don't fall into that category. If I dont' have the cash to buy it, I do without.

[texdav]

Its just the reaction to new rules that will cahnge credit in this country. They basicaly are changing because of the risk to reward changing with rules.They want to carry less debt and risk.

[lchoro]

Cards were making most of their profit off of bad credit risks. Annual fees may come next for people who don't rack up interest payments.

[becwells]

Looking at these forums, I feel like my husband and I are the only people in the country whose rates haven't increased or credit lines decreased. It's very bizarre...

I'm holding my breath, waiting to see if and when our rates go up. I guess we've just been very lucky so far to not have seen any changes.

[Mjames]

I have 2 credit cards. An HSBC Mastercard and a Chase United Mileage Plus Visa. My interest rate has not changed at all this year on either card. I also do not carry a balance and pay the cards off in full each month. I wonder if the interest rates would have increased if I was carrying a balance?

[becwells]

Originally Posted by Mjames

I have 2 credit cards. An HSBC Mastercard and a Chase United Mileage Plus Visa. My interest rate has not changed at all this year on either card. I also do not carry a balance and pay the cards off in full each month. I wonder if the interest rates would have increased if I was carrying a balance?

We're carrying balances. We pay much more than the minimums, but do not pay it all off each month. I don't know. I guess it's just the luck of the draw.

[stan4]

Originally Posted by becwells

Looking at these forums, I feel like my husband and I are the only people in the country whose rates haven't increased or credit lines decreased. It's very bizarre...

I'm holding my breath, waiting to see if and when our rates go up. I guess we've just been very lucky so far to not have seen any changes.

No...nothing's changed for us, either. But we pay in full, so I don't really care what the interest rate is. Maybe we'll all go back to charge cards like Amex - no limit, small yearly fee, and you pay 'em in full every month. Americans need to get off of their credit habit anyway.

[texdav]

I have never had a interest charge ;paying each month and my rate has just recently gone up. 800+ cradit rating also. But in the end it doesn't matter to me.My guess is that it just depends on what your rate was and when they get to your name.