That's her side of the story. I agree you can get raped by easy credit, and it takes a lawyer to the read the CC contract you can sign without a witness present, but I doubt they jacked up the rate to 25% for no reason.
I had rates jump from 0.0 to 6.6 to 12.9 to 24.99 on a card, mostly because I chose to miss some payments when I was employed 8 years ago.
Doh! I mean unemployed! I have since paid off and closed that account since being employed again.
I have had rates climb from 11% to 29% with no history of late payments, etc, and usually with little to no warning.
It’s a scam. I’ve gone a month or so before noticing once or twice too.
I opened a new bank account not too long ago...Free checking, free checks, free everything...I asked the accounts lady what their business model was...How they could afford to do this.
Her reply was, “Eventually most customers will overdraw, or make some error, and the fees for doing so are criminal.”
Her words.
If this lady truly had a flawless payment history, I won’t be the one to throw the first stone at her for declaring war.
They had a reason. They thought they could get it.
My cc rates have been raised on most of my cards except the balance transfer I did a few years ago. My credit score is gold plated. I have never missed a payment in thirty years and pay off my payments each month.