- Report: #27213
Complaint Review: Fleet Credit Card Services - Wilmington Delaware
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Author Not Confirmed
Why?
Fleet Credit Card Services
P.O. Box 15480 Wilmington, 19850-5480 Delaware, U.S.A.
Phone:
800-492-2500
Web:
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Fleet Credit Card Services ripoff, dishonest, very bad business operations Wilmington Delaware
I applied for a Fleet card based on their offer of "0% Introductory APR until March 2002 and after March 2002, 10.99% Fixed APR on purchases (included balance transfers). Well now Fleet is charging me a 14.99% APR.
When I called them, they said that because of a credit report, that my rate went up. Apparently I've become a risk, reason unknown to me, Fleet didn't explain. I've made all payments on time to Fleet and all other creditors. I think they are scamming people big time.
I am currently waiting for the credit report to arrive that Fleet used in their decision to raise my APR.
Does anyone know, is this legal?
Susan
King William, Virginia
When I called them, they said that because of a credit report, that my rate went up. Apparently I've become a risk, reason unknown to me, Fleet didn't explain. I've made all payments on time to Fleet and all other creditors. I think they are scamming people big time.
I am currently waiting for the credit report to arrive that Fleet used in their decision to raise my APR.
Does anyone know, is this legal?
Susan
King William, Virginia
3 Updates & Rebuttals
Mike
Radford,Virginia,
U.S.A.
It should be illegal to say "Fixed APR" when it isn't.
#2Consumer Suggestion
Mon, June 16, 2003
Nearly all credit card agreements have such a clause that allows the APR to be increased at any time, for any reason or for no reason. Yet they advertise these cards as having a "fixed APR" which suggests to the consumer that there is a long-term stability. The consumer's only defense is to "vote with their feet," which many are not in a position to do. It's time for major reform of credit card laws. Penalty APR's, late charges, and "over the limit fees" (which are total nonsense when you think about them, it used to be impossible to go over the limit but now they encourage it.) are now the bread and butter of credit card issuer's profits. They draw in consumers with deceptive advertising and offering seemingly good terms at first, which they fully intend to change once the consumer is obligated to them for a certain level of debt.
Andrew
Colorado Springs,Colorado,
U.S.A.
It is very legal...
#3UPDATE Employee
Sun, June 15, 2003
I just wanted to say that changes to the terms of your account are very legal. In the card holder agreement it states in paragraph 26. 26.Change In Terms We have the right to change any of the terms of this Agreement, including but not limited to rates and fees, at any time. You will be given notice of a change as required by applicable law. Any change in terms governs your Account as of the effective date, and will, as permitted by law and at our option, apply both to transactions made on or after such date and to any outstanding Account balance. Laments terms:"You are using our money and we can change the terms of the account at any time." Since a credit card is an unsecured loan it is based off of information obtained on your credit report at the time of the application. Therefore, credit information changes, and the bank has to check your information to ensure that you still qualify for the account under the original terms. Hence paragraph 31. 31.Credit Reporting, Information Exchange You authorize us and/or others acting on our behalf to obtain reports from credit bureaus in connection with your Account, including for extensions of credit, reviews and collection of amounts owed on your Account... I took these off of my Fleet card holder agreement, they may be slightly different on yours but I assure that this is a standard industry practice and that you should always read the cardholder agreement and be sure that you understand it before you use your card.
George
Bolivar,Ohio,
U.S.A.
They did this same thing to me.
#4Consumer Comment
Sun, February 09, 2003
After having an account for a little over a year, I find my rate going from 14.99% to 25.99%!! When contacted as to why, they told me it was too many inquiries into my credit history. Surprised with this as I had not requested any new credit cards, I checked my credit report. The last 3 inquiries into my credit report were none other than Fleet! I paid off the account and closed it, thank God!
