Predatory Practices of Wells Fargo Credit Card

Wells Fargo recently passed an across-the-board rate increase of 3% for all its existing credit card holders. If you opted not to accept the increase, the only option you were given, was to close your account and maintain your existing payback at its current rate. Seems reasonable, except for the fact that if you opt to close your account, the closure is reported to the credit bureaus, who generally reflect them as negatives on your credit report. That's right, basically accept the increase, or have your credit negatively impacted. Seriously people, what part of the game is this.?

It goes without saying that these practices are offensive and predatory, but they become downright criminal when you consider that in our current economic situation, many people are already maxed out on credit cards, with the less fortunate of those paying higher interests rates than is reasonable (anywhere from 15-25% interest). Logic tells me that essentially, Wells Fargo has no interest in seeing its customers (especially those who are financially compromised) pay back their debt. If they did, they would never choose to impose such an increase. Its simple, accept our increase, or have your credit ruined. And this differs from the housing scam how?

Its beyond insulting that banks can still get away with these predatory practices after the housing fiasco. And for you "wait a minute, let me defend Wells folks out there", maybe Wells Fargo shouldn't have bought Wachovia, with all its toxic debt. Now we, the loyal Wells customers, are forced to eat those same toxic assets, for the sake of Wells Fargo picking up a few "prized assets". Wow!!! And all of this from the same bank (Wells Fargo) that claimed no fiscal troubles, but still took "bail-out" money.

I'm beyond disgusted and offended. When is the government going to put some reins on these guys. How can companies get away with what amounts to extortion. What a shame.