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US Bank / increase in interest rate

1 United States Review updated:

I opened my statement today and found an increase in the APR to 15.24%. It was 5.25%!

My situation is similar to others that have posted. I pay on time and i've paid more than the balance due. I called twice today and ended up with a supervisor that treated me like I was an idiot. Where can I go to find out what the justification would be for banks to do this? That's all I was asking. What's going on? Things are happening every month - reducing limits on cards, changing terms, raising rates.

If there is nothing the banks can do, what can consumers do? Anything consumers try to do sometimes create more problems that affect the credit score. This whole thing is getting ridiculous!

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  • Jl
      19th of May, 2009
    0 Votes

    They did the same thing to me. I just called and they told me that they check my credit score every 90 days. Since they noticed a change in my credit score they increased my interest rate from 5.15% to 15.24%. I told them they had no right checking my credit scores as long as I pay my payment on time (which I do every month). They also told me that I should have received a letter indicating that my interest rate was increasing. I told them I never received the letter. I am waiting for a supervisor to call me back. The lady told me that this sort of thing won't be happening when the new law goes into affect next year - in the meantime the consumers are getting screwed!!! Something needs to happen now - not next year!!!

  • Hi
      3rd of Jun, 2009
    0 Votes

    06/03/2009 - Guess what! Same thing happened to us. We NEVER received any letter, (which they claimed to have sent). I have already filed a complaint with the Federal Trade Commission and considered filing one with the BBB and whomever else I can think of! But then the thought occurred to me that if they can increase our rates like this, then they can probably close out our accounts for any reason whatsoever, so then I "backed down" because IF they would close our account it would again damage our credit. What a crock!!! Our interest rate was also increased to 15.24% - that seems to be the amount across the board. But you know what "still" worries me is that they made it a VARIABLE rate which leaves it open for them to increase IT EVEN MORE!!! YIKES - WHERE WILL IT END? I agree something does need to happen now - not next year. What good does 2010 do us - that only gives them more time to think of ways to screw us. Unhappy in Wyoming...

  • Us
      23rd of Jan, 2010
    0 Votes

    yup, happened to me too. I`ve been paying my dues loyally ever since i got a US Bank card. I started off at 0% promotional rate till November 2009, then once that expired they jacked the rate to 9.15% in December 2009. Heres the problem, in January 2010, they jacked up the rate again to 13.99% without notifying me or sending me any letter!!!
    i`ve had it with these idiots playing us like fools and here we are bailing banks out with our taxpayer money while their CEO's still rake in their millions in bonuses.
    I think its about time we get together and sue these criminals!

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