"An Interest Slammer": WaMu Platinum MasterCard® Review

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Written by: rickm7811 on 2008-12-23

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I had a Visa account the was first providian (my first card)that was bought out by Washington Mutual and they immediately increased my rate to 24%. I left the card in a drawer for 2 years and only had a 1 reoccurring charge on it for my gym... Which I paid off every month. Then When taken over by chase they slammed me again. raising it to 42%. I have for 3 months been battling with them to lower it... Capital on and discover lowered theirs to keep me as a cardholder. I just closed both my accounts with them after they could not give me a good reason for lowering it... Just kept reading a script about them notifying me in one of my bills and I should have closed them out at that time. I just closed both my accounts with both having 10,000 credit limits. I'll take the hit on my FICO score not to be a victim anymore... So much for the bailout!!!





4 Comments

Comment 1 by thomas1
WOW on 2008-12-23

That's a serious slam you took there. I did not think any bank could go over 30%? Am I missing something here? Maybe I need to do some more research about card rate maximums.

I personally don't blame you for what you did. These issuers are treating excellent cardholders like delinquents!

I might have done the same if I couldn't get anywhere with a supervisor or office of president.

Your score will rebound before you know it. Be sure to keep your utilization as low on any other cards as possible, pref under 30%. You just lost a lot of available credit, so just a reminder.

Way to stand up for yourself, as they will soon be begging for the business they chased off to begin with.

Have a great Christmas!
Comment 2 by meya
Wait A Minute! on 2008-12-23

Are you telling me that if you was to make a purchase, this creditor would charge you nearly HALF if it is not paid before the statement closes? Seems like to me that they are filing a divorce or something. This is a divorce nightmare. You did right, that is just outrageous, I did not know prime rate can get that high. Jeeeesssuuuuss!
Comment 3 by charonh
So Sorry! on 2008-12-23

I am a Wamu customer and am very pleased thus far. I don't have near the credit lines available that you had. Could you not just keep them open and buy a tank of gas once a month until the economy picks up? Surely they should be able to give you a better explanation as to why they would increase your rate that high. That is a substantial amount of credit you're loosing, but you are correct, your scores will eventually rebound. I personally probably would have thought it over before I closed accounts with limits that high.
Comment 4 by rivasglo
RE: on 2008-12-24

Again, interest cannot go that high. You were probably looking at your EFFECTIVE and not CORRESPONDING APR. There is a difference u know.
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