Nextcard Visa - APR was increased from 9.99% to 18.99% with no notification - Credit Card Interest Rate Deception, wrong advertisement

Complaints.com received the following consumer message on March 11, 2002:

From: Anita Gross [Email User]

Nextcard Visa - APR was increased from 9.99% to 18.99% with no notification - Credit Card Interest Rate Deception, wrong advertisement

I applied through www.nextcard.com for a credit card to transfer $12,000 from two of my other credit cards with higher annual interest percentage rates. The interest rate offered was and still is either 2.99% intro or 9.99% on-going. I chose the 9.99% on-going rate rather than the intro rate of 2.99% and Nextcard did honor the rate for 4 months (through 2001).

Suddenly withough prior notification the APR was increased from 9.99% to 18.99%. I never was late with my payments, paid double the a,ount of the minimum payment due and never charged over the credit limit.

I called the customer service representative and was told that this was the best rate they can offer without any further explanations. I followed-up with a letter on January 29, 2002 which was ignored.

On 2/23/02 I paid the credit card off and send a letter cancelling my account noting the reason, that the company is apparently not interested in resolving this issue and I cannot do any business with a company using such deceptive methods.

Sincerely, Anita R. Gross