AT&T Universal Card - interest rate increased from 9.74% to 28% - paying finance charges of over $ 200 per month

# 12 for October 3, 2003

Complaints.com received the following on October 2, 2003:

From:

RE: AT&T Universal Card - interest rate increased from 9.74% to 28% - paying finance charges of over $ 200 per month

I have always had good credit but ever since I got the AT&T Universal Card, my credit has been less than satisfactory.

When I applied, I thought it was a fabulous rate on their card. I transferred all of my balances to consolidate and save on the interest rate. Within the last two years my interest rate has gone from the introductory rate of 9.74% to 28%. It has tripled and caused me to be unable to pay off the card unless I transfer it to another card.

The problem is that because I was two days late here and three days late there, they reported to the credit bureaus that I was late and that is why they say that they hiked up the interest rate. I thought that unless you were 15 days or more late they could not report you to the credit bureaus. I guess I was mistaken.

Now I cannot transfer to another card and I am stuck paying the ridiculous finance charges of over $200- a month.