The company increased my business credit card interest rate over 300% without notice and without any reasonable explanation as to why? I called to find out why. I was told that the initial credit card terms which I accepted (for me, it was issued 4 yrs ago and I could not find ), gives them the right to change the rate, without notification.
Reason given was my account balance was $1, 000 higher than last year (still well below my credit limit) and I had one late payment. I asked for a written explanation, which I have yet to receive. I have Fico Credit score in the low 800's, an outstanding credit card balance that amounts to only 15% of the total credit limit on my card.
I think this increase is at the least, Outrageous! and a perfect example of a 'predatory lending' practice, particularly in the recessionary downturn in our present Economy.
I plan on filing a complaint with my congressman and also writing a letter to the Los Angeles Times for publication. I'd be happy to join in with others in filing a law suit - if there is a legal basis for doing so.