Wamu Complaint

Credit Card Interest Rates

Reviewed by ivang
Please Improve

Okay, these are hard economic times. Fortunately, my credit has no negatives, however, I am leveraged. I reviewed my WAMU statement and was shocked to see that my interest rate had been increased to 31.99%, with the effective APR being 34.69%. My other credit cards charge an average of 16.5%. So, I call WAMU. The nice lady reviewed my account and tells me she had no idea why I was being charged such a high rate. So I playfully ask her if WAMU is now in the loan shark business. She responded by tellng me i will receive a letter from WAMU informing me why. Anyway, I received their letter which informed me that I am a risky customer so they raised my interest rate. Well, WAMU is now in the loan sharking industry. The bright side is that they will not break your legs if you don't pay.

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Comments - Consumers and Companies Connect by Commenting

wolfe18 says: (2 weeks ago)

I went to Wamu because of their Customer Service and Human Touch... Chase is the complete opposite. Why they even bother having a customer service for the life of me I don't know!!! A computer can tell me with more efficiency to pay my fee's shut up and were not going to listen to you anyway. It also saves me the indignities of having someone tell me "I’m sorry for the misunderstanding, but theirs nothing we can do about this"... and it was their fault!!! Their sending me a chase bill for a Washington Mutual Credit card. My wife thought it was Junk Mail!!! and best yet with my credit score at 767 they decided to reduce my credit line to just above what I owed!!! and raise my interest rate from 12% to 17.9%. I taught them... I know how banks work... I took all my money out of their banks. and as soon as I get my 7% credit card from Astoria Federal... their complete history!!!

Nancy94601 says: (3 months ago)

I hope everyone in America refuses to pay any of these Banks doing the "loan shark" scam on credit card holders. It is only if ALL Americans refuse to pay up that anything will be done. Even Congress' December Bill to regulate the rates won't take effect until July 2010 after billions of dollars have been given in bailout money. DEFAULT!!! DEFAULT!!! DEFAULT!!!

crazylady says: (4 months ago)

They raised my rate to 30% I think its bc Chase bought wamu out and Chase is an arrogant company - my other credit cards with cap one at 11% Chase sucks

thesailor says: (4 months ago)

same story here - 31.99% from 10% in one month... This is my only business credit card (personal I use for business) and the interest charged is horrible.. There must be something our legislaters can do to prevent this and force them back to our original terms... at 31.99% who in their right mind could afford this? They want to avoid high risk and mitigate their losses yet they force people into situations they can not afford any more. I pay - always - but this is just plain usary and fraud... do they expect to use these account to force them into a default status then beg for bailout monies? I wish someoen would sue them and do a class action on it I can be a part of.. I'm in Kansas and no one here seems to care.. they all tell me to pay it off and close the account... its been a good account... if I close it my credit score goes down.. if I pay it off what do I do when I need new credit? Doors are closing everywhere and I am not a bad person... this is horrible.. I am a disabled veteran, small business owner and I can not affort this rate.

amazakman says: (4 months ago)

WaMu raised my rate to 27.99 percent. Never late on payment, always pay at least twice my minimum sometimes more. What gives?

Tulipan7 says: (5 months ago)

Hoping their is a solution to all the problems we are in. Special Banks taking advantages of hard working people money.

Tulipan7 says: (5 months ago)

WaMU credit cards rates seems to steal money from peoples' pocket.
They don't try to help customers at
all. They are in the shark bussiness.

concernedforfuture says: (5 months ago)

Call all of your elected officials and give them your feelings at http://www.usa.gov/Agencies/Federal/Legislative.shtml. Banks are borrowing money at record low prices and we are paying record high interest rates. All this will kill what is left of our economy and some of us have the only choices of getting government to do something or stop paying which could mean more bailouts and highter taxes becuase you didn't think it would effect you. Bank of America and Chase are the two that have done me and my business the worst.

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