Legal Question in Credit and Debt Law in Texas
Taken for a Ride
I have a 3+ year old account w/Providian. I am never late/pay more than min. due. One yr. ago @ my request they reduced APR to 16.99%. Two mo. ago they raised it to 28.99% saying if I paid on time + the min.amt. due, they would review acct.& consider reducing rate. I have written 2 letters contesting their decision to no avail. A rep. w/ their co. called last night saying they reviewed my acct. & I have such a good record with them they wanted to offer 20% disc. on purchases. They admit that I have a good record, yet refuse to reduce rate. Can they do this?
1 Answer from Attorneys
Re: Taken for a Ride
Most likely they can. You have to carefully read all the terms and conditions they send with their card initially, and all the modifications they send as flyers with their monthly statement.
Some card issuers will even jack their rates up sky-high if you are late in paying a bill that isn't theirs.
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