Do you read all the literature that is included in your credit card bill? If not, you could be in for an unpleasant surprise.
Mike recently opened his credit card statement and was shocked to discover that the interest rate had increased from 7.99% to 29.99%.
He spoke with a company representative and was told that he had been declared a credit risk even though he had never been late on a payment. He was informed that a notice had been sent months ago warning that his rates were going to be increased. Mike maintains he never received the notice.
He was concerned about his credit rating but was able to get a new credit card from another company at the same rate he had been paying. A pretty good deal for a “credit risk.” The moral of this story: read all the material in your credit card statement and shop for another card if you aren’t happy with the way you are treated.