Wells Fargo Raising Credit Card Interest Rates
Published October 19, 2009
Wells Fucko Stagecoach
Wells Fucko is fucking me once again. Just got a notice today that they increasing the margin on purchases to 13.35% for a grand total of 19.10% APR. Why? Interest rates are at their all-time low.
Here’s the part that I really love: “These changes are not a reflection of how you have managed your account with us or your credit score.”
Well, maybe they should be. Last I checked my FICO was over 900. Forget the fact that I’m prolly your best paying customer while you foreclose on and repossed everything else around you.
How is it that Chase (they can be assholes, too so don’t let them fool you) can give me a fixed rate of 3.25% (NOT a promo rate), but you pricks want to charge me 19.10%? You’re already ass raping me for 16.10% and you want more? Fuck you.
Hang on folks. Give me a few minutes here. I’m going to give these dick heads a call right now…
I told the chick if she can match Chase I’ll stay…She’s getting a banker on the line.
She lied. It was Lisa, a new account rep in Reno. She said she doesn’t have the ability to lower rates on an existing account. (Hmmm, me thinking to myself. Every other fucking bank in the world does.) She asked if she could go over some other products that may help me. (Hmmm, thinking to myself again. They want to get their claws deeper into me.)
I flat out told her, “All I have left with Wells Fargo is a checking account and a credit card. I’ve already closed the savings account and another checking account. Wells Fargo simply cannot compete with the other banks and I had no choice but to close them.”
She said if I don’t want to sign up for additional services, then she can’t help me. I said, “Ok, I’ll listen to see what you can do.”
Do I have upcoming large bills or a mortgage? No and No. (Hmmm, thinking to myself, she’s going to want me to take out a loan.) Will I be buying a house? No, I am unemployed. (What I really meant to say was “Oh HELL no!”) Do I want a line of credit even though I can’t match that 3.25% rate from Chase? No. She say’s, “Sorry, I can’t do anything for you at this time then.”
Me, “Ok, transfer me back to customer service again so I can close out the account.”
Now I’ve got Nicole on the line. She said they have nothing available at this time. So I told her to close the account. Fuck them. All three ladies I talked to were nice, but there was no way they were going to budge.
Have I lost anything? Yes. I lost my overdraft protection and I was a credit card customer for 12 years so I lost having that “credit card account opened for a long period of time” thing that creditors like to see on your history. That hurt.
Let me tell you something about that overdraft protection. They fuck you over on that, too. I don’t know what their overdraft fees are, but they are expensive just like any other bank, prolly at least $30. However, overdraft protection isn’t such a prince of a deal, itself. I got dinged by them earlier this year because I got lazy and wasn’t watching my balance and got slapped with an “interest fee” for overdraft protection. It was something crazy like $10!!! Wells Fucko is not your friend.
In summary, I have never, ever, fucking ever not had a bank not willing to work with me. I don’t like Chase, but they will bend over backwards to lower interest rates to keep me when I threaten to close accounts. They value their customers. Wells Fargo doesn’t. If they want to play hardball at the expense of losing customers, then so be it.
So now all I have left with them is a checking account. Unbeknownst to them I have a checking account at the Chase bank across the street from them. It has $1 in it. I opened the account right before Washington Mutual bit the dust, then Chase bought them out. But I’m a creature of habit so I keep driving to Wells Fucko. Maybe I should shorten the trip by a block and start using Chase. If they fuck with me again and I will.
UPDATE – October 21, 2009: Something occurred to me in the middle of the night. I got an absolutely fantastic deal on a balance transfer offer a couple of weeks ago from another credit card. Even with the transfer fee, the transaction was less than the interest fees I was paying with Wells Fucko. So I wrote the balance transfer check and paid off the Wells Fucko card. And now a few days later I get this interest increase?? Coincidence? I think not. Retaliation? I think so. They know when something is paid with a balance transfer check. Maybe that’s why they wouldn’t budge on the interest rate giving me that “nothing is available at this time” bullshit. My account’s been flag. If it’s not punishment, then fucking prove me wrong.
Anyone in the banking industry out there reading this? Give me the inside scoop. Let’s have some whistleblowing. Tell me, do credit card/banks retaliate on their customers? Any other dirty secrets you want to share?
9 Responses to Wells Fargo Raising Credit Card Interest Rates
I don’t fully understand the last post. Which bank made the interest rate increase? If it was Wells, weren’t you closing the account anyways? Has (Chase, I think) been treating you well since you transferred to them? How is it possible to get a 3.25% APR?
I’m trying to do something to get out of my Wells credit situation. Those bastards are making an across-the-board 3% rate increase on all credit cards on November 30. This will give me a 13.9% rate even though my credit score is almost perfect, I’ve never missed one payment in the 7-8 years since I’ve had the card and they won’t budge on the rate when I call them. I guess I should just close but what’s a person to do if it isn’t any better with some other company?
@Marc, it was Wells Fucko that raised my rate. I wasn’t going to close the account *if* they would lower the rate, but they wouldn’t. I have no clue how I got that 3.25% rate and it’s not an introductory rate, either, plus it never varies. Oh, I found out why credit card companies are raising rates. A couple of other cards have done it to me too, but not to the extent that WF has. It’s because of the new credit cards laws that will go into effect mid-2010. CC companies are raising their rates now because they’ll be restricted later on. So even though consumers get protection then, there is nothing to prevent the cc companies from screwing us now so they’re fucking extra hard while they can. Is that bullshit or what? My credit score is over 900, but it doesn’t mean a damn thing to them.
We got the same letter, while a week later they increased our credit line to $16k. We thought we’d call Wells and pull the ol’ “we’ll move our money somewhere else.” line…considering we’ve paid them $2k in finance charges in 2 years, pay over $600 a year in IRA fees for managing that account, at any given time have over $15k in our join accounts…never been late, never missed a payment, and been customers for over 10 years.
“Sorry…we can’t help you…everyone is getting the same raise…what you can do is simply pay your balance each month.” We’ve done that in the past only to be penalized for not using a card enough. You can’t win with these people.
So we did the same thing…paid off $2.5k in cash and moved another $2k to Citi where we have a great interest rate. I’ll pay that off before end of the year and never put another penny on the Wells card. In addition, as soon as possible…we’re moving to a local bank and leaving Wells.
Like you, I’ve never known a company not willing to work with a good customer or willing to lose a good customer.
BTW…Wells was always the highest interest rate of any of our cards and we move a lot of money through that bank. Their loss.
Yes they do suck. I tried to get a “Streamlined”? home refinance starting Sept 2009. They told me that no expense to me and minimal paperwork they would have me refinanced in 6 to 8 weeks. Well, lie lie lie. After 8 weeks they demanded I pay for an appraisal (so much for no cost to me). Then, when they didn’t like the appraisal (too high) they demanded ANOTHER appraisal, (also at my expense), and road maintenance agreement with all my neighbors. Where is the class action suit! Thomas R Palmer, Milwaukie, Oregon
Let me tell you about Wells really shortly. I worked for Wells Fargo as a teller and holy crap does this bank suck ass. I feel bad for people that bank here. This place is run on sales goals so no matter what you ask they try to figure a product that will match what your asking…but no reason needed really for it. Every time a customer came through drive through or lobby You’d have to ask them if they’d be interested in online banking(even if they’re 75) push direct deposits of payroll checks(even if they said no 3 times before….just ask again) Also push cd’s and or teen checking accounts or college credit cards. I hated doing this, you would see the same people over and over obviously but the managers would always push and push for you to keep asking. It’s all about sales goals of the employee which is a really horrible thing to do. Tellers are forced to do these things even phone reps and bankers..its all the same boat. The employee is more focused on his sales goal then really helping the customer out. I’ve seen numerous customers close accounts with wells fargo due to the harrasing of all of this. Wells Fargo goes through so many bank tellers..it’s a seriously high number. If you dont meet your sales goals of 90 (solutions) as they call it, you will be terminated. This bank isn’t like the regular come on in deposit your check/how are things going..no..it’s what can we do with this customer here. I left Wells Fargo willingly, I hated pushing products on customers. Oh for anyone thinking about banking here run away!!!! they will offer you accounts with hidden fees for usage that most will not disclose to you..why??? because that would shy you away from signing into it..which- in turn shoots down the banker or teller sales goal(solutions). Note if you sign for the overdraft protection..they’ll tell you to open a wells fargo credit card to use as your protection..but they will not disclose that if you go over and use your cc or lets say savings account to keep you clear they will charge you 10$ for each overdraft you use from your protection account. So lets say you say yes I want to have an overdraft protection from my savings account!! Great! well lets say you go over 3 seperate transactions for a total of 30$ they will charge you 30$ Also beaware of service charges for these accounts. You cant just have a basic savings account here at the w..you need a checking account and be able to transfer 25$ from that account to a savings account monthly to have a “savings account” if you dont…well…good’ol fees will start dropping in. Trust me when you have to call phone bankers to help…They can’t or they won’t or they’ll offer you a stupid perk for something you don’t need. So in the long run..run away from this place!!!!!!! I’m so glad I left here.
That overdraft protection is a fucking joke. I rarely ever had an overdraft and if I did, it was from my own stupidity of not paying attention to my balance. But when I did, BAMM! The $10 fee was salt on a raw cut. Then they have the balls to call it an “interest fee”. Who the hell calls a per transaction fee “interest”? Well Fucko does.
Something in the paper a couple of weeks ago caught my eye. WF was one of the banks that received bailout money. I never knew that. I thought they were solvent.
I think they were but they merged with wachovia so now they’re a new tag team duo of crap
What you fuckers need to do is stop carrying balances on credit cards.
How stupid can you people be?
“BTW…Wells was always the highest interest rate of any of our cards and we move a lot of money through that bank. Their loss.”
It is a lot of money to you, but to WF, it is chump change, so they treat you like a chump. Sad, but true.