APR Jack up

by Tina B.
(Brown Summit, NC)

I have this credit card for 3 years. The APR have been between 9 to 11% for the whole 3 years. I have $2200.00 on the card now and have been paying about $30 to $45 more then the payment each month plus it is paid about a week before due.. In Oct of 2008, my husband and I had to refinanced our house because we where in a fixed morgage for 3 years then starting in 2009 it would go into a float APR.. But in Nov 2008 after we refinanced, I get a letter from the credit card company that my APR% will be going up to 17.75%. And then I find out that Chase Bank has bought out the cards company.. I have tried to talk to the company about it all but I do not get straight answers to why??

My question is can they do they by law and what can I do about it? I pay the same amount but now the balance is not going anywhere.. I do not use this card...

Thank you..

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Mar 06, 2009
Chase raised credit card rate
by: Gerri

I am so sorry this has happened to you. A number of major credit card issuers -- Chase, Bank of America, Discover, American Express, among them -- and some smaller issuers are raising rates for consumers. They are trying to make up for rising loan losses by charging those who can and will pay more. I wrote about this more card issuers raising rates recently on my blog.

I would recommend you complain at CreditCardReform.org. Our representatives in Congress need to know that the some companies accepting financial bailout money from taxpayers are turning around and charging us more -- and making it nearly impossible to dig out.

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