Las Vegas Sun

March 28, 2024

Letter to the Editor:

Just as predicted, credit card rate rises

On Wednesday morning, I was going through the editorials in the Las Vegas Sun. One headline was particularly interesting, “Good credit? Too bad.” The subheadline read, “If forced to be transparent, credit card issuers expected to ding their best customers.”

A few hours later, I brought in the mail. Two envelopes were from a credit card company. I consider myself one of the company’s best customers. I always pay much more than the minimum, and I’m never late.

I receive many of its promotional letters, like the one I just opened. “Dear Philip and June, You’re one of our most valuable customers. You deserve MORE. So here you go ...” Included were three blank checks to use any way we wanted. Our interest rate for some time now has been 7.9 percent.

I then opened the second letter from the same company. Here are the only quotes of significance. “The following changes to your annual percentage rates will be effective for all billing periods that begin after July 2. Your new rate for all balances subject to the Purchase and Balance Transfer rate is 17.9%.”

So because I “deserve MORE” for being a good customer, my interest rate is being increased by a whopping 10 percentage points. It’s still hard to believe the company could be so two-faced and send such contradictory information on the same day!

As the Sun editorial implied, this is probably just the tip of the iceberg, and I would call the company’s move a real ding!

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