I have had a Fleet bank credit card for about 2 years now at a fixed rate 8.99%.
Last week they sent me a letter stating that they are going up to 11.5% AND tacking on a $35.00 annual fee due to the increase in federal reserve rate.
I would tell them what they can do with thier card but I still owe $5K.
Can they still charge the annual fee if i close the account and just pay the balance?
I NEVER use cards that charge an annual fee so I don't know how this works.
Also, is there a breach of contract issue with them upping the rate on a fixed rate card?
I'm reallty pissed with them for doing me like this after I have never made a single late payment.
I could even live with the 11.5% (still a decent rate IMHO) but the $35.00 annual fee has got me steammed.

 

Sounds like you should jump to one of those special promo offers that allow you to transfer your existing balance and only pay like 5.9% for the first year. I guess some people jump from promo to promo.

 

No they will not charge you the annual fee if you close the account, but to close the account you have to pay off the remaining balance.

You basically have 3 options:
1. Pay off the card & close the account if you have 5 grand laying around.
2. Call them & tell them you are going to close the account unless they lower the rate back to where it was, and remove the annual fee.
3. Just transfer it to another card. Or get a load from the bank to pay it off.

Having always made your payments on time they are actually less likely to lower your APR. They are very willing to lower APR, cut the amount you owe, etc. if you aren't making your payments & tell them you might have to file for bankrupcy.

------------------
quzax@my-f150.com My-F150.com/quzax
My-F150.com (now up & running)
My-F250.com (coming soon)
------------------
On Order (4-12-00):
:: MM F-150 XLT SC SS 4x4 SB ORP 3.55LS 5.4L :: Deep Wedgewood Blue / Silver / Dark Graphite :: Cab Steps :: Elec. 4x4 :: Keyless :: 6-disc :: Power Seat :: Capt. Chairs :: Soft Tonneau :: Slider :: Tow pkg. :: Splash Guards :: Hood Deflector :: Basically every option except Block Heater

 

Hey...How can they raise a fixed rate?I always assumed(like a mortgage,or auto loan) that a fixed rate is just that until the balance is paid or you violate the agreement by being late on a payment,especially credit cards,(which you say you haven't).Knowing those sneaky folks at Fleet,all that tiny print in the back of your original credit card agreement might have said its a fixed rate for 2 years,then they give you a goose!!I'd call them and asked what gives and see what their explanation is.Good luck,you'll probably need it...

------------------
2000 F-150,4x2,supercab,4.2,5 speed,Amazon Green.

Current Mods:
K&N Filter
Pendaliner
Tinted Windows
Lund Bugdeflector

Future mods:
Step Rails
Soft "snapless" Tonneau
Superchip

Oh and these aren't in any particular order...

 

54regcab,

First of all, Fleet sucks! I had a card with them for a few years and it was constant billing nightmares. Most low rate credit cards have a clause somewhere in them for "prime plus". When the interest rates go up, thanks to Greenspan, some of these cards and other offers are affected this way. I would go with the 11.5 and call them back and tell them another card company is offering the same rate with no annual fee. You are carrrying a balance anyway so the fee is BS. I would also look for other offers for balance transfers etc. BTW, after my card was paid off, Fleet reported an over 30 day late payment on my credit report. That was fun trying to take care of that. However, one of my mortgages is with Fleet and I have never had a problem. Go figure. Call them and scream a little, you'll probably get the fee waived.

------------------
seacrow a.k.a. Jason
Sarasota/Bradenton, Florida
'99 XLT S/C 4.6Romeo, Auto, 3.55 LS, Oxford White, Dark Graphite int., Tow Package, Orlando appearance package (Body color honeycomb grill, mirrors, and Lariat wheels), keyless entry ARE Hard tonneau cover, Ventvisors and bug guard all painted to match. Back Country black nerfs, Dynamax dual exhaust.

98 Explorer XLT SOHC 4.0 V-6, moonroof, 3in1 Stereo, leather

71 GMC 350 4bbl. automatic, PS, chrome package, under restoration

89 Dodge Van, fancy steering wheel cover, radio works half the time now???

www.geocities.com/seacrow_too/seacrow_too.html

GO BUCS!!!!!!!!!

 

I believe you can "close" your acct. by informing them, and not making any further charges. Your available credit on the card will be zero, but the interest won't change on the unpaid balance. If you don't clos the acct in writing, or you make any more charges, you are agreeing to the new terms. You really should look into transferring to another card though.

 

The rate they are raising you to is still better that most cards. The fee is negotiable, drop it or I drop you! My Credit Union Platinum card account rate is %11.3.

 

i work for a major credit card issuer, and unforunately fixed rates in cards are different...mosy issuers have the fine print stating that these fixed rates are actually adjustable ....i recently cancelled a card i carried for over 5 years because they bumped my interest as well...i would suggest ( as other have ) to either transfer the balance to a lower card or pay it off in full..there are card companies that will negotiate interest rates so it never hurts to call and ask,,, good luck

------------------
97 f150 xlt sc 4.2, magnum bug deflector, gts headlight covers,
AVS window covers, air deflectors

"Just FORD It"

 

You can call and ask them to change the rate and drop the annual fee. Mention to them you have another offer in front of you from the mail that offers lower rate and no fee for balance transfers. If they won't do it you shouldn't have much trouble finding a card to do this. Go to priceline.com or AOL offers a card at 2.9% for six months and no fee. I get these from different people nearly everyday in junk mail. Take a look around on the net you can do better.

 

This info was on a page posted by someone here:

You can save as much as a thousand dollars or more each year in lower credit card interest charges by paying off your entire bill each month.
If you are unable to pay off a large balance, pay as much as you can and switch to a credit card with a low annual percentage rate (APR). For a modest fee, RAM Research Corp. (800-344-7714) will send you a list of low-rate cards. You can obtain a list of low-rate cards by accessing "www.ramresearch.com.cardtrack" on the Internet.


Good Luck...

 

As far as I know, there's no such thing as a fixed interest rate for life credit card. If anything, it's actually a fixed introductory rate for a limited period of time. It's unusual to see one that's fixed for 2 years.

Like others have said, find a lower interest card elsewhere and transfer the balance. When you pay it off, do what I do these days. I just use a Visa check card and keep a low interest gold card for traveling.

BTW, got a Titanium card application in the mail a while back. I'm waiting for the Plutonium card before I even think about upgrading. :-)

 

BTW, when I first saw this topic, I thought Fleet had to do with fleet sales. Didn't realize there was a Fleet credit card/bank company.

Now, I'm wondering why Raoul hasn't said anything on this topic? Half expected him to say something like, "This card is just the thing to get a constipated economy moving again."

 

I just saw the Fleet building in TImes Square in NY.

I have a Visa with the periodic table of the elements on it, does that count?

I'm such a nerd.....

------------------
all4chem@aol.com
Y2K XLT Supercab Flareside, Oxford White, Medium Graphite, Captains Chairs, 6-Disc, 5.4L, 3.55LS, Tow Pkg, Block Heater, Sliding Glass, Keyless Entry, 5-Spoke Al Wheels, P235/70R-16 OWL Tires, Clear Corner Lenses, Blue Headlights, Al Striker Plates for the rear door.
Ordered: 01-17-00
Built: 02-23-00
Delivered: 03-13-00

 

Just got a transfer offer on my Bank of America card for Prime (currently 9.0%) for the lifetime of the transfer.
I currently have no balance on it and I called Bank Of America and they raised my credit limit enough to transfer the whole thing.
BYE BYE FLEET !!!!!!
Account Closed !!!!!!

 

Hey Dennis, I'm just not up on this subject.
I'm more interested in credit limits than interest rates, since I use other people's cards.

Let's see, this week I'm Mrs Johnson...