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FIA Card Services / Interest Rates

1 United States Review updated:

The Credit Union of Texas recently sold their MasterCard business to FIA services. I recently received a letter from FIA stating they were raising my interest rates to 19.99%, a 7% increase. I have an excellent credit score and have been with this credit card since 1983. FIA stated in their letter that, "As part of the Annual Percentage Rate Increase Amendment decision, we obtained consumer report information..." When I called, I was told that they were raising rates for everyone regardless of credit scores. When I asked how that could be they said that the cost of money had risen. When I suggested that the Federal Discount Rate was at 0.5% whereas a year ago it was at 2.50% when it wasn't seen fit to raise the card rate, I was told that I didn't know what I was talking about. I then suggested that they might be trying to cover off on bad loans by maximizing their income on the backs of others. Run away from this draconian company as fast as you can and tell everyone what they're doing. I cancelled my card and will pay it off at the lower rate. What are they thinking?

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Comments

  • Ro
      29th of Apr, 2009
    0 Votes

    I found out they raised my APR to 24.99% without even notifying me about it. When I called them they hang up on me after hearing my complains. I have decided to transfer the balance to my other credit cards and just close this one forever.

  • Go
      9th of May, 2009
    0 Votes

    I am in total agreement. My husband and I had a similar situation where our credit union transferred our cards and management to FIA. We both have had our cards with FIA for 6 years and prior to that 18 years with our credit union. We both received notice that our rate would increase 5% even though we have not had one late payment and we are making double payments. I was also told EVERYBODY's rate was increasing. I was also informed that I could call back in a couple of months to see if the rate would come back down. Doubtful. Seems like those who pay above the scheduled amount and on time are getting penalized for FIA's poor business ethics and customer service. We closed both accounts and obtained a card elsewhere.

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