Apparently, over 15 years of good history doesn't count.
Written: Nov 17 '07
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Pros: None.
Cons: They penalize reliable payers with ridiculous jumps in interest...and no warning.
The Bottom Line: Beware! Don't hesitate to cancel your card the SECOND they change terms with no warning or apparent reason! Always have a backup plan for when they DO mess with you!
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| k-k-k-katie's Full Review: Discover Card |
I have been a Discovercard customer for over 15 years. Recently, I have been trying to streamline my finances so that I don't have to deal with overblown interest rates in a time of transition (relocation cross-country).
Although we have less disposable income and haven't been doing our traditional ritual of always paying at least double the minimum payments on credit cards, we have never missed a payment on ANYTHING and still have a credit score of 690 despite having higher balances after our move. We have accrued NO additional debt during this time.
So, in the interest of paying LESS interest, I called Discovercard last month and requested a lower rate. So far so good. They said they couldn't go below 13-something percent. Instead of trying to fight my way through a web of clueless phone operators whose primary job is to run interference and prevent us talking to anybody high-up enough to do something substantial for us, we declined the 13-something percent and opted to have them send a form by mail for requesting a rate we felt that we should be getting - somewhere between 10.99 and 12.99%.
They never sent the form. Getting annoyed on this end.
Today, I logged in to my discovercard account to pay my bill. The minimum payment looked a bit high, so I clicked around to see the breakdown. IMAGINE my surprise to see that I am apparently now paying above 20% interest on a balance that was, as of last month, being assigned less than 17% interest per year. 17 was too much...over 20 is RIDICULOUS. I can only assume it is a result of my having the nerve to actually call and ask for an interest rate that better reflects our credit history and loyalty as customers.
Each time I tried to contact them via their contact form online, it kept either timing out or *not* going to the promised next page where I could supposedly review my entry before submitting. It appears to be a nice little text-entry box that conveniently goes NOWHERE. Why am I getting the feeling that they just want me to shut up and pay the ransom?
I'm going to move my $6500 debt from Discovercard to another card that has never screwed me. After I cancel my Discovercard account, I will also do my best to badmouth them to friends and family. Hopefully, the results of a long-term badmouthing from one permanently disgruntled customer will lose them a *lot* more in the end than if they had just honored their relationship with a long-time customer and not charged me the extra $650 a year.
Recommended:
No
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Epinions.com ID:
k-k-k-katie
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Reviews written: 1
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