At & T Universal Credit Card - AT & T Universal Card loan sharking tactics

Posted on Wednesday, March 5th, 2008 at 12:30pm CST by 910adbcf

Company: At & T Universal Credit Card

Location: Cardmember Services P.O. Box 44167
Jacksonville, FL, 32231-4167, US

URL: http://www.universalcard.com/

Category: Other

I received my credit card statement and saw that my APR of 3.9% until the loan was paid increased to 30% because I was one day late making my payment. My computer was down and I paid it as soon as I could which was one day later. I was never late on this account before. I transferred balances to this account on August 17, 2007, and I have paid on time since the transfer. The fine print states that a default on the account may increase your default rate to 32.31%. I guess one day late results in a default for me. These are loan sharking rates. My balance is over $11,000.00. I intended to pay off the loan as soon as I sold some properties but now I will default on this credit card account because of their actions. I really learned a big lesson. I have no intention of ever paying on this account unless it is negotiated down. As for having any credit cards with citibank, forget about it. I will cut up any other credit cards with them. Shame on them for forcing middle income consumers into bankruptcy. A big part of the credit crisis is because of the banks and namely credit card companies. They need to be regulated more or consumers need to fight against their heavy handed and strong arm tactics. However, I do know my rights and I will fight their collection efforts every step of the way.


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