How Will The Interest Rate Hike On Credit Cards Affect Me?

[Claire de Lune]

I have ALWAYS paid my card in full and on time(I know this does not make me a valued customer but I got the card to establish a credit rating, not make them rich). My company sent a letter telling me they're raising the interest rate but they didn't make it clear if that applies to people like me. I have been calling them every day and all I get is a menu trying to sell me more services. Could somebody give me the bottom line: are customers who pay in full and on time going to be charged interest?

 

[Sheila]

It very well could happen to you. My husband and I had two credit cards, with balances, that were with WaMu, now with Chase. Chase tripled our interest rate this month, mine from 7.9 to 29.9 and my husband's from 9.9 to 31.2 ! We have now moved those cards to the front of the paying off line. We are trying to pay off cards anyway. I know people that belong to Bank of America and Citi now that had the same thing happen. I have also heard that companies can now begin charging interest the day of purchase, so when you get the bill you've paid that high interest for however many days the charge is on the bill and now statement, so even though you want to pay off each month, you were assessed interest already by statement time. Call them again and stay on the line for a rep, even if it takes a while and hopefully you'll get a straight answer. I spent the weekend on the phone with Chase and still only found that yes, they have skyrocketed our interest and there's nothing we can do, except pay it off, which will take us a few months.