First USA Management Services offered 1.99% fixed APR until paid in full then uped to 18.24% Wilmington DE

Eleven months ago I recieved a set of checks from my credit card company encouraging me to transfer balances from my other credit cards. They offered two check at 0% fixed APR for a limited duration and one check at 1.99% fixed APR until the balance is paid in full. I asked my banker if she saw anything wrong with this "too good to be real offer". We read all the fine print in the glossy marketing advertisement that came with the checks but no bank identification could be found on it. Yet the check cleared and I have been dutifully paying the minimum payment along with a 1.99% finance charge now for 10 months. This month I open my statement to find a finance charge of $461.77 which represents a 18.24% APR. When I called the credit card company to determine what the mistake was they said that the 1.99% was only for the first year and they never offered a fixed low APR until balance is paid in full. They seem to have a short memory. With these convenience checks there is no contract to sign so you have to take them at their word.

This time they lied or at least changed the rules without letting me know first. In the mail recently they sent me another set of convienence checks. The same deal a year later, one check for 0% fixed APR for a limited duration and two checks for 3.99% fixed APR (interest rates have gone up I guess) fixed until balance is paid in full. I though they just said they don't offer low fixed APR until balance is paid in full. I guess they lied again. The principal amount we are dealing with is $33,282 that at 1.99% yeild a finance charge of around $57. At 18.24% that becomes $462. Good scam that needs to be stopped. I think it is called bait and switch after the deal is done. Best I can do is pay off the principal and interest at 1.99% APR.

I wonder how much damage this will cause my credit rating? Yes this is bad business. Thank you in advance if you can do something with this, so other consumers don't get hurt this way.

John
Springfield, Illinois
U.S.A.