I joined Fleet in the beginning of the year 2002. At the time they offered an introductory rate of 0% for six months, and I took advantage. Shortly after this rate ended, they began charging me over-the-limit fees on my card (a couple of months in a row), even though I was between $50 and $75 below my limit when the statement closed.
I would pay my bill on the 1st day it was posted on the internet, and in the NEXT billing statement, would get an over-the-limit fee for the PREVIOUS month. They explained finance charges put me over my limit---THEIR CHARGES PUT ME OVER THEIR LIMIT!!! After this happened twice, I broke, and paid $250-$300 per month on the account, to ensure they could not charge me such fees. I began to receive letters (after NEVER being late for a SINGLE payment and always paying over the minimum on ALL my accounts) that stated that after a review of my credit report (which has not changed in the last 4 years-upper mid, low risk, mid 700's), they were raising my interest rate 4%, to 15.99%, and then ANOTHER letter a month later stating the same, except raising it to 16.99%!! I called and inquired, and no one could tell me why. I mentioned I was in college--and they told me maybe that was why!! Huh??
I wrote a letter and cancelled the account, and also included some words of how I knew they had many legal actions against them at the time--even w/o the problems, I no longer wanted to deal with a company w/ so many class action lawsuits against them... Months later, I checked my credit report again, and it said that FLEET cancelled my account, not ME!!!! This is outrageous, and I even saved the letter they sent which varified that I cancelled the account!!!
I don't know if it makes much of a difference on my credit report, but I have my pride, and continue to have to pay 15.99% (since I didn't send the letter in time to stop the first rate increase)on the remaining balance.
I am starting law school in 2 months, and one of my major extracurricular goals while in school and thereafter is to go after this company and find EVERY single illegal action they have taken, and find ways to hold them liable.
I RECOMMEND CITIBANK, to anyone wondering with whom to get a credit card (if you must). They have always treated me very fairly, and are quite honest about their actions and policies.