First off.. if you get a credit card offer from Juniper run for the hills. I got a card from them a while ago and my account was always in good standing. A few months back they started to raise my APR and when I called to ask why the answer was pretty much because they can. So I said I want my account closed when my balance reaches zero and there is no activity on my account but finance charges and payments. Now I see that even though the account is closed they raised my APR again. I thought my account terms stay at what they were when the account was closed until balance reaches 0 (because I did this once before with providian- another run for the hills company) I have since read numerous horror stories on JUNIPER on some bad business bureau site and this seems to be a common practice (raising APR's for no reason..because the economy is bad..etc) - so anyways the main thing I want to know is can they do this? and to warn people...
2006-07-27 19:59:27 · 4 answers · asked by Jessica 5 in Business & Finance ➔ Credit
also I have never missed a payment, made a late payment or had a payment bounce in my entire credit card history
2006-07-27 20:10:37 · update #1
Same thing happened/is happening to me...
Credit card's suck.. They can keep raising APR, especially if you are making late payment.
2006-07-27 20:08:42 · answer #1 · answered by dedee 2 · 0⤊ 0⤋
The account technically isn't closed until the card is paid off. All depends on the terms of the agreement. Some have a lot of gimmicks trying to get you to use the card which could go against you if you stop using it. Any time you see an offer where "bad or no credit is no problem"...stay clear. They will have a means of making money on you. Don't bother with cards until you can walk in a bank and qualify for any one of your choice.
The time to research is before you get some card or loan..not after wards :)
2006-07-27 20:27:31 · answer #2 · answered by Dale P 6 · 0⤊ 0⤋
yea! they can pretty much do what they want. if ur account has reached a zero balance, then write a letter and close the account and keep a copy for your records. u can tell them on the phone to close the account when it reaches a zero balance, but until they get a letter stating u want the account closed, then it will continue.
2006-07-28 02:53:10 · answer #3 · answered by koifishlady 4 · 0⤊ 0⤋
Unfortunately most credit card companies increase the interest rate once you close your account.
2006-07-28 02:50:48 · answer #4 · answered by Crazy girl 2 · 0⤊ 0⤋