National Geographic Society Credit Card

National Geographic Society Credit Card

March 5, 2006

Over two years ago I subscribed to a Master Charge through National Geographic Society which was sponsored by First Bank. It is now sponsored by Chase bank.

The interest rate was 0% for the first six months or year and then went up to 7%. Transferred balances were 3%, so of course, they didn't have a hard time convincing me to transfer my retail store account to them. With a credit limit of $5,000 I have never even used half of the amount on that card and have always paid more than the minimum amount due to pay it down.

I have also always been on time.

This month they claimed not to have received my payment which was sent by mail. This is the first time I would ever be late. So I went on line and paid it. I was completely in shock when I saw the interest rate listed as 26% per year.

I called them and they transferred me to a credit evaluator. The credit evaluator tried to tell me that I was using too much credit with them (with nothing to back that up) and I called to her attention that I didn't come anywhere near using up the to the max (I have never owed more than 1/2 of the allowed balance) and had always paid on time and over the minimum. She insisted she had to have my permission to look at my Equifax and then questioned me about my income, sources of income, debts, etc.

Since I am almost paid off on my mortgage and my home has appreciated about 8 times it's original value since it was purchased, there is no reason they should have questioned any of this. I have a good credit rating for being responsible in paying up any debts for the past 15 years! They said they will let me know if they approve.

This appears to be a bait and switch tactic on their part although they claim they can change the interest rate on the card at any time. As a matter of fact, they tried to convince me to use their card to pay off other cards when they sent me a set of checks in November. That was the same time this interest rate was upped! I take responsibility for not understanding the terms of contract (written in tiny, tiny print) but it still looks pretty sneaky to me.

I would like to hear from anyone else who has had this experience because I want to draft a letter to my local and national lawmakers to prevent this kind of rip off! Credit card providers should not be able to up the interest rate on amounts already owed. If they are allowed to do this, then it should be written in large print when the card is issued.

As far as National Geographic goes, it's too bad their name is now associated with consumer rips off.

Linda

Rancho Cucamonga, California

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