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.
I don't disagree. That is why I use a debit card and have an "emergency" credit card with zero balance. Loosing a well paying job in 2001 brought me back to revolving credit reality.