CIT Bank - Dell Financial Services CIT Bank Got a letter this week to inform me that they were going to be jacking my rate to 28.24% Denver, Pennsylvania

Last week I received a letter from CIT C/O Dell Financial Services

I have a right to reject the changes and I will be doing so.  

I had emailed DFS about this Rate jacking and had told them I will NEVER buy another Dell computer and the reply I got was.......

"Thank you for contacting us about your account. We apologize for any inconvenience.

Please be informed that your new APR was based both on your account history and credit information. As explained in our letter, this was a business decision in response to current market conditions.

You have the prerogative to accept or decline the change. Your rejection of the rate increase would mean closure of your Dell Preferred Account. This would be reported to the Credit Bureau reporting agencies as closed at customers request.

To reject the change in your APR and to close your account, kindly follow the instructions on the  letter sent to you.

However, you will continue to make payments on the balance that remains under the terms of your current Agreement. 

Additionally, the Terms and Conditions on your Dell Preferred Account remain in effect and all fees and charges still apply."

So in other words they don't care what anyone thinks of the Rate Jacking.  it's just a "business decision"