Credit cards are nice to have until you have a problem with them. You are calling into what seems like the abyss. What should you do?
First, as in all complaints contact the company you have a dispute with. Stay the course with the financial institution to try and solve the problem. If phone calls don’t work, try sending a letter, stating your complaint and how you want it resolved. Document your different points, and make a copy of the letter.
Recently, this BBB has been receiving complaints from consumers concerning their credit cards, especially about their interest rates. If they have tried solving the problem with the financial institution and failed, we tell the consumers to go to the Federal Financial Institutions Examination Council (FFIEC) website at www.ffiec.gov. This website will guide you to the proper regulatory agency’s website.
The credit card industry is highly regulated. Be sure to go back and read the information the credit card company has sent you about your interest rates and payment rules. You might have overlooked facts such as you have no annual fee to use the card the first year and thereafter, the annual fee is $50. Not an uncommon enticement to get you to try the card.
Also, if you are upset about a late fee and you have always paid on time, give them a call and ask them to waive the late fee. They might just waive that fee. There might be a chance to negotiate the yearly usage fee, too. You never know what they will do until you ask.
Be a good consumer and know what the credit company is saying your interest charges will be before you use the card. Don’t assume it will remain the same, especially if you are not paying on time. Also, know your rights.