I received a letter from Card Member Service informing me of a change in my credit card account. My APR was being "revised" from 8.99% to 12.99%. Naturally, I wondered why since I pay the minimum required or more and am not late.. I read further and was astonished at the blatancy of the following statement: "The change in the APR on your credit card Account was made as a result of a review of your Account and our decision was based on the net level of profitability on the Account."
Banks can borrow money at 0%. My savings account earns .15%. The bank uses my money and offers me a credit card at 12.99%. Do the math - who is being served here? Have you noticed similar changes in your account?
Do you know the profits of the "poor" banks that we bailed out? Here is one example: Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. The question we all have to ask is: Why do we put up with a banking system that is so clearly "taking us to the cleaners"? What are your ideas for change? I'm looking at my credit card habit.