Legal Question in Credit and Debt Law in New York

Credit Card company bait and switch

I have had a Visa card for years with an 9% apr. In the last year they told me I qualified for a low transfer balance of 3.99 so I switched over the balance from another card. Within a couple of months of accepting the transfer, they scuttled my old rate as well as the transfer rate and changed it to 16%. When I called I was told that I was an ''excellent'' and timely paying customer, but that in reviewing my credit report they felt I was over-extended. I had the exact same debt before I transferred the card so if I had been over-extended, why would I have qualified in the first plae?. They basically did a bait and switch. Now, I notice that they have raised it again, to a tad under 24%, which I didn't even know was a legal percentage. And, again, they claim they did a random check and found me to be over extended. They have continued to raise my credit limit, send me new cards and blank checks and offers throughout this time. And, I never, miss a payment. But this is usuary and criminal! What are my rights?


Asked on 6/28/04, 8:04 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Credit Card company bait and switch

Make a complaint with the New York State attorney general and the NYC department of Consumer affairs. Possible also to contact the NYS Banking Department and report the alleged irregularities. Suggest you write to the credit card company CERTIFIED MAIL RRR and demand justification for the acts...you may find that they can do what they are doing based on the agreement you either signed or accepted by use of the card. DO YOU HAVE YOUR AGREEMENT? It usually arrives with your new card...

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Answered on 6/29/04, 11:27 am


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