FIA Card Services / Usurious rates
Company raised rates to 28.99%. Escalation is apparently covered in change of terms. Try reading those documents. How on earth can it be legal to charge that type of rate. I inquired about late fee charges - had we been late, the charge would have been an additional $39. Account was immediately closed. Another account, on which there was a $900 credit balance is being eliminated as well. I will not do business with this type of company.
Cost of funds maybe 5% at the worst. Pretty good money if you can get it. I doubt bad debt expense comes close to justifying that.
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