Report: #101423

Complaint Review: Direct Merchants Bank

  • Submitted: Fri, July 30, 2004
  • Updated: Fri, July 30, 2004
  • Reported By: Rochester New York
  • Direct Merchants Bank
    P.O. Box 17036
    Baltimore, Maryland

Direct Merchants Bank Doubled Interest Rate to "Increase Revenue on Account" Baltimore Maryland

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I got my mastercard from Direct Merchants bank I believe in 2002. The interest rate was 14.99%. Recently they decided to raise it to 28.99%!!! Almost doubling it! I was not aware they were going to do this so it was a shock and as a result I went over my limit and they added a $39 overlimit fee just for good measure. When I called up and asked why they had done this they said they had put a slip in my May statement saying this was going to happen. I asked why and was told they did not know but could have another letter sent explaining the rate hike sent out, that I probably had been late or over the limit in the past. This is not true because I checked my statements to see if that was the case. They removed the late fee and I sent them $1000.00 so that I could get my old rate back.

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
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