Money, Credit Cards - People's Bank, Visa high interest rate charges

People's Bank

Visa, Other

From: Anonymous

Date: Thursday, February 01, 2001 11:38 AM Peoples Bank lures you in with a high limit- low interest platinum card. If you run it up, they look for an excuse (you are using too much of your credit available...a single late payment) to raise your interest rate.

Raise it...from 14.99% to 27.99% (and that's not a typo..almost 28%). Fortunately, I am able to pay off the balance of over $8,000 from savings (and cancel the card)...but if I couldn't it would cost me a small fortune in interest. Only the Mob charges this much interest. I cannot believe that is even legal. What a low life bank.