Discover Card Rate Hike Scam

This is a new attempt by a credit card company to increase rates with minimal notification to a customer. Received a post card from Discover card in late September of 2007 indicating a change in financial terms on your account. Body of the message states your rate on your card is being increased from (14.7%) to 22.99% effective November 1, 2007. Letter goes on to state that rate increase decision was NOT based on credit information or reports obtained from any credit bureau. When you call the number and I was planning on just closing the account, they immediately tell you that they will keep the rate at the same 14.7%.

When asked for a reason that the increase was proposed the answer is "an internal review of accounts indicated that some had to be increased." (Probably because our rate was too low)

This is a conscious attempt by this credit card company to "weed out" low interest rates on cards. Our account with Discover is 17 years old.

Notification was by post card tent folded together. Most people would probably just throw out the card.