"An Interest Slammer"
WaMu Platinum MasterCard® Review
Written by: rickm7811 on 2008-12-23
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rickm7811's review: 
I had a Visa account the was first providian (my first card)that was bought out by Washington Mutual and they immediately increased my rate to 24%. I left the card in a drawer for 2 years and only had a 1 reoccurring charge on it for my gym... Which I paid off every month. Then When taken over by chase they slammed me again. raising it to 42%. I have for 3 months been battling with them to lower it... Capital on and discover lowered theirs to keep me as a cardholder. I just closed both my accounts with them after they could not give me a good reason for lowering it... Just kept reading a script about them notifying me in one of my bills and I should have closed them out at that time. I just closed both my accounts with both having 10,000 credit limits. I'll take the hit on my FICO score not to be a victim anymore... So much for the bailout!!!
I had a Visa account the was first providian (my first card)that was bought out by Washington Mutual and they immediately increased my rate to 24%. I left the card in a drawer for 2 years and only had a 1 reoccurring charge on it for my gym... Which I paid off every month. Then When taken over by chase they slammed me again. raising it to 42%. I have for 3 months been battling with them to lower it... Capital on and discover lowered theirs to keep me as a cardholder. I just closed both my accounts with them after they could not give me a good reason for lowering it... Just kept reading a script about them notifying me in one of my bills and I should have closed them out at that time. I just closed both my accounts with both having 10,000 credit limits. I'll take the hit on my FICO score not to be a victim anymore... So much for the bailout!!!
4 Comments
Comment 1 by thomas1
WOW 
on 2008-12-23
That's a serious slam you took there. I did not think any bank could go over 30%? Am I missing something here? Maybe I need to do some more research about card rate maximums.
I personally don't blame you for what you did. These issuers are treating excellent cardholders like delinquents!
I might have done the same if I couldn't get anywhere with a supervisor or office of president.
Your score will rebound before you know it. Be sure to keep your utilization as low on any other cards as possible, pref under 30%. You just lost a lot of available credit, so just a reminder.
Way to stand up for yourself, as they will soon be begging for the business they chased off to begin with.
Have a great Christmas!
on 2008-12-23 That's a serious slam you took there. I did not think any bank could go over 30%? Am I missing something here? Maybe I need to do some more research about card rate maximums.I personally don't blame you for what you did. These issuers are treating excellent cardholders like delinquents!
I might have done the same if I couldn't get anywhere with a supervisor or office of president.
Your score will rebound before you know it. Be sure to keep your utilization as low on any other cards as possible, pref under 30%. You just lost a lot of available credit, so just a reminder.
Way to stand up for yourself, as they will soon be begging for the business they chased off to begin with.
Have a great Christmas!
Comment 2 by meya
Wait A Minute! on 2008-12-23
Are you telling me that if you was to make a purchase, this creditor would charge you nearly HALF if it is not paid before the statement closes? Seems like to me that they are filing a divorce or something. This is a divorce nightmare. You did right, that is just outrageous, I did not know prime rate can get that high. Jeeeesssuuuuss!
on 2008-12-23 Are you telling me that if you was to make a purchase, this creditor would charge you nearly HALF if it is not paid before the statement closes? Seems like to me that they are filing a divorce or something. This is a divorce nightmare. You did right, that is just outrageous, I did not know prime rate can get that high. Jeeeesssuuuuss!
Comment 3 by charonh
So Sorry! on 2008-12-23
I am a Wamu customer and am very pleased thus far. I don't have near the credit lines available that you had. Could you not just keep them open and buy a tank of gas once a month until the economy picks up? Surely they should be able to give you a better explanation as to why they would increase your rate that high. That is a substantial amount of credit you're loosing, but you are correct, your scores will eventually rebound. I personally probably would have thought it over before I closed accounts with limits that high.
on 2008-12-23 I am a Wamu customer and am very pleased thus far. I don't have near the credit lines available that you had. Could you not just keep them open and buy a tank of gas once a month until the economy picks up? Surely they should be able to give you a better explanation as to why they would increase your rate that high. That is a substantial amount of credit you're loosing, but you are correct, your scores will eventually rebound. I personally probably would have thought it over before I closed accounts with limits that high.
Comment 4 by rivasglo
RE: on 2008-12-24
Again, interest cannot go that high. You were probably looking at your EFFECTIVE and not CORRESPONDING APR. There is a difference u know.
on 2008-12-24 Again, interest cannot go that high. You were probably looking at your EFFECTIVE and not CORRESPONDING APR. There is a difference u know.
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Disclaimer: This content is not provided by Washington Mutual Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Washington Mutual Bank. Review content is powered by Finance Globe.
