American Express and Chase Raise My Interest Rates!
It’s been a while since I’ve posted up on here, but I got some great news! (or not so great…)
Looks like American Express and Chase decided to bump up my APRs after being locked in at the same low rate for so many years! I pay my cards in full every month and there are some times I keep a balance on them and this is what I’m repaid with? Super LAME!
It looks like the Credit Card industry applied their changes before the Credit CARD act that kicked in recently.
The new act allows us, the Consumers, to have more protection when it comes to Credit Card companies trying to take advantage of us by undisclosed fees, rate increases, and unfair fee traps.
The act also requires full disclosure of all credit card contracts to be in “plain language” so the consumer understands what they’re signing up for. (Pretty much remove the legal complex jargon and replace it with plain English!)
Looks like the Credit Card companies are trying to save their asses from future penalties. Anyhow.. just had to vent.