- Report: #101423
Report - Rebuttal - Arbitrate
Complaint Review: Direct Merchants Bank
Direct Merchants BankP.O. Box 17036 Baltimore, Maryland U.S.A.
Direct Merchants Bank Doubled Interest Rate to "Increase Revenue on Account" Baltimore Maryland
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I rec'd the letter today, this is the reason:
"This increase was based on our decision to increase the revenue on your account. The change in your annual percentage rate was not based on individual characteristics or account performance"
So they admit they wanted to stick it to me! In todays economy this is disgraceful to do, especially to someone who is paying there bills on time! How can they with good conscience double the interest rate? I was told they could lower it to 25%, gee thanks Direct Merchants! I would NEVER suggest anyone get a card from them. And if you have one, pay it off and close it before they decide to "increase the revenue" on your account too!
Rochester, New York
This report was posted on Ripoff Report on 07/30/2004 04:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/Direct-Merchants-Bank/Baltimore-Maryland-21297-0448/Direct-Merchants-Bank-Doubled-Interest-Rate-to-Increase-Revenue-on-Account-Baltimore-Mar-101423. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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