So somebody at the Chicago Tribune finally got one of those letters from the credit card companies saying their rates were going to be jacked up.
That's the only explanation I can find for this article "Cardholders stunned by huge rate hikes, slashed credit limits" making its appearance so late in the game.
But the truly unbelievable thing is the focus on Bank of America and Discovery without nary a mention of JP Morgan Chase which is one of the largest credit card issuers and whose track record on first enticing customers in with guaranteed low rates "for the life of the loan" and then jacking the rates up is so notorious that a class action lawsuit has been filed:
Last November, Chase notified about 400,000 people with these low interest cards their minimum monthly payment would more than double and a $10 monthly service fee would be added.
“I have never seen a credit card practice this abusive,” says Joe Ridout with Consumer Action, the San Francisco-based advocacy group. “The people who accepted this offer were those who really read the fine print. They understood the fine print. Then Chase went and erased the fine print and wrote some new fine print that was very advantageous to the bank and lets them gouge their cardholders.”
