This is my follow-up to my March posting here. I just called and cancelled my card. No way I was going to pay the 30% they want to charge, so I do feel relieved about that. Any time you cancel an account, it shows up negatively on your credit report.
Bottom line, no matter how good of a customer I may have been with this company, now my credit report will be marred because I chose not to pay an outrageous interest rate. This just doesn't seem right to me
Richard of Canandaigua, NY April 14, 2009
I am another Emerge customer who received one of their infamous letters letting us know they are going to raise our rates unless we opt-out by 4/20/09. The original rate for my cards is 12.24% and will be going to 29.99%. My original rate was not an introductory offers and I have chosen to repay at the rate higher than the minimum requested, no late payments and not in default. This seems to be happening all over. I know of several people who are going through the same thing. If you chose to not opt-out, Americans are facing astronomical increases. The credit card companies learned their lesson well from the bailout for the banks. The banks raised the minimum payments for mortgage holders causing massive defaults and economic crisis.
The Government stepped in to buy the toxic debt from the banks. The credit card companies seeing this are following suit. They are raising their rates to create their own toxic debt for bailout. This is wrong. Its a triple whammy for the American public because if you choose to keep the credit cards you will pay the higher interest rate; if you chose to opt-out youre immediately at your credit limit which could adversely affect your credit score; and finally through income tax payments to cover the repayment of the toxic debt bail out. Why in the world during these economic times, would banks choose to more than double current interest rates on credit cards? The answer is simple greed. Isnt there something that can be done to help people now.
Rita of Beckley, WV March 31, 2009
I have received the Notice of Change of Terms mailed 03/17/09. I have until 04/20/09 to agree and pay 29.9 % as opposed to my current interest rate of 9.9. According to Samuel this is a across the board management decision and not geared to any individual card holders. I asked Samuel what was Emerge's scheme? Why do they want to have customer's default on their card or close their card due to this decision. Samuel would not explain. My take on this is that the card is going to be sold again and if they can get customers to default on the terms they will earn more interest, also they will get rid of the customers who will pay their accounts in full each month which is free money.
I will have to close the card out and pay my payments with my 9.9 interest rate. As I told Samuel who tried to tell me the change would not be that great I told him you are begging people to fail so that you may increase the interest rate. People wake up this is what is wrong with our current financial situation. The housing market is one part but when you applied for your card and you were shown the terms you agreed because the payment would fit in your budget. However who would suspect or expect a change of more than 20.9% increase, when you know you have not been late on your payment and you try to pay more than the minimum payment.
As all the finacial experts have adviced cut up our cards and use cash. Maybe if we as a country rose up and went to D.Cc and protested these credit card companies and demanded the companies stick to the original terms people will be able to make their payments and their house payments and we will not need to have financial bailouts. Ask your self why have the credit card companies not been addressed? Anyone interested in a Protest march against credit cards?
If I do not sign this change of terms annd close the card I will not be able to make the payment.
Debbie of Sedro Woolley, WA March 25, 2009
Yesterday in the mail I received a Change of Terms to my Visa Account. They say they are going to take my 8.9% interest rate and jack it up to 29.99%, effective April 20, 2009! While I am very angry about this as I am a good customer and always pay on time and more than the minimum, from all my research on this issue has lead me to believe I am one of the lucky ones as I ACTUALLY got a notice before they actually did it! I believe this to be terrible and it should be illegal. I can understand an increase of a pecentage or 2, but over 20% !? This is crazy to me. They do say that if I cancel before the date of April 20, 2009, I can continue to pay at my current rate, so I will either do that or just pay it off, as I have seen where some people have been told the same thing only to be charged thier balance at the 29.99% anyway, and then they have a even harder time resolving this issue.
I kept this one credit card for times I didn't have actual cash in hand, my medications, doctor visits, or if I was on the road traveling.....just in case, it was nice to know it was there if I needed it. And now with work slowing down in my family, I personally will be missing out on my medications and healthcare I need. I already have a great deal of stress because of the way things are....now it is worse!
Terms of Use Your use of this site constitutes acceptance of the Terms of Use
Advertisements on this site are placed and controlled by outside advertising networks. ConsumerAffairs.com does not evaluate or endorse the products and services advertised. See the FAQ for more information.
Company Response Welcome If complaints about your company appear on our site, we welcome your response. Please see the Response Form for more information.
For more information, see the FAQ and privacy policy. The information on this Web site is general in nature and is not intended as a substitute for competent legal advice. ConsumerAffairs.com Inc. makes no representation as to the accuracy of the information herein provided and assumes no liability for any damages or loss arising from the use thereof.
Print This 
Email This
