Applied for a Walmart credit card in December 2008. Charged approximately $600. in merchandise. Throughout spring and summer have paid 2 to 3 times the minimum payment on a card that was above 19 percent.
I wanted to pay off as quickly as possible at such a high rate. Down to about $200. at this time. Two months ago I recieved a letter stating since I was such a great credit customer they were raising my credit limit. I did not request nor desire this. Last month I received a letter stating Walmart was raising my interest rate to 22.9%. How they justified this when I called to inquire why? They couldn't.
I told the representative I have always paid all my bills on time, always paid 2 or 3 times the minimum balance. They did not care and told me this was the new rate. I am paying off the last $220. this month and already told them to close my account. This is an outrageous way to do business. The largest company in America and they are robbing the people who can least afford it. The arrogance of the company not to offer an explaination or justification for raising the A.P.R. to loan shark status is disgusting.
I don't shop at Walmart often and they have convinced me along with hundreds of thousands of others not to do business with them at all. America consider your choices carefully who you have credit with. We do not have to put up with such treatment.
Product or Service Mentioned: Walmart Credit Card.
Monetary Loss: $22.