JC Penny GE Capital Retail Bank Effective 12/02/12, without merit, raised their interest rate for all customers to 26.99% Orlando, Florida

Today, October 22,2012, I received a letter from from the JC Penny Charge Card Management Company known as GE Capital Retail Bank.  The letter indicated that the interest rate for JC Penny customers who do not pay pff their total balance within 23 days of the closing statement date will be increased to 26.99% on the balance--up from the current excessively high rate of 21%.  Although I have always been able to avoid the finanace charge by paying off my balance within the stated terms, the thought that there are people who are unable to pay off their balance each month will now be ripped off by this new, disgusting and unacceptable high rate is a major concern to me.

I handled it by calling 800/543-0800 and advised the company that I didn't care to continue to do business with a company that charges such a high rate of interest.  I was told that all their customers would be paying the higher rate if they carried a balance or did not close out their account.

I then closed out my account which I had for well over 20 years.  I suggest that other people call the number above to express their opinion of this extremely unwise business decision, as well.