Merrick Bank took over NextCard Visa a few months back. When I received my first statement from them, my interest rate not only shot up from 18% to 29.7%, but this also added almost $200 on top of my balance. They also include a $10 monthley fee on each statement as well.
This is not only a rip-off, but it keeps people from being able to actually pay off their debt. There are unneccessary charges that they're attaching for the benefit of themselves.
I called twice and asked if there was any way they could lower my interest rate so that I may pay off my debt much sooner, but I was informed that Merrick Bank took over quite a few Nextcard accounts and that there were too many for them to sift through to determine who gets what interest rate.
They told me to call back, which I did and they still aren't able to lower my rates. Isn't there some law that this is breaking? I can't imagine a credit card company just raising your APR when you've been good on payments. I can understand maybe raising it a little, but adding all types of fees and raising the interest to a ridiculous amount is not only overwhelming, but it makes me feel like I've been taken advantage of.
Does anyone know if there are some legal issues at hand, and if so, what are they and what rights do I, as a consumer, have? Please help!