Friday, April 17, 2009
Attention all mil wives...
8:29 AM | 
Posted by
Heather Warren
I heard about this on the news this week, and the Jetplanes experienced last week.
Credit card companies are sending notices to their customers that due to the nature of the economy they are raising rates. We received a notice from BoA about our card. Actually, it was Mr. Jetplane's card that he got right after college and secured a lifetime 4.9% interest, yes LIFETIME. Well, obviously BoA and the Jetplanes have a different opinion on what LIFETIME is.
We received a notice in the mail that they would be increasing our rate to over 11%, yes more than doubling it.
Mr. Jetplane called and reamed the person out, but that didn't matter they didn't care we had a lifetime rate, and Mr. Jetplane said we'd drop our card with them. But then, he pulled the card that all military should be aware of The Soldiers and Sailors Act. This act allows you to do several things... 1st break a lease and another one of interest is that your interest rates can be capped at 6%.
You have to discuss that with the credit card company and you'll have to provide a copy of your orders. As a result, our card was on hold for a few days, but now we're locked in at a little over 5% interest on the card.
I wanted to put this information out there for those of you that might not know about this act. And with people receiving these notices, you need to act NOW and get this situation handled immediately. The rates will take place in the next few months, and by then it could be too late.
Credit card companies are sending notices to their customers that due to the nature of the economy they are raising rates. We received a notice from BoA about our card. Actually, it was Mr. Jetplane's card that he got right after college and secured a lifetime 4.9% interest, yes LIFETIME. Well, obviously BoA and the Jetplanes have a different opinion on what LIFETIME is.
We received a notice in the mail that they would be increasing our rate to over 11%, yes more than doubling it.
Mr. Jetplane called and reamed the person out, but that didn't matter they didn't care we had a lifetime rate, and Mr. Jetplane said we'd drop our card with them. But then, he pulled the card that all military should be aware of The Soldiers and Sailors Act. This act allows you to do several things... 1st break a lease and another one of interest is that your interest rates can be capped at 6%.
You have to discuss that with the credit card company and you'll have to provide a copy of your orders. As a result, our card was on hold for a few days, but now we're locked in at a little over 5% interest on the card.
I wanted to put this information out there for those of you that might not know about this act. And with people receiving these notices, you need to act NOW and get this situation handled immediately. The rates will take place in the next few months, and by then it could be too late.
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7 comments:
Thank you for putting this out there! Sean and I only have our Military Star card, but this is great info to have.
Thanks for this. My boyf is in the Navy.. I'll let him know ASAP!
Awesome! I didn't know about the act! Fortunately B banks only with USAA, and has a very, very low rate. Although if it were to grow, we'd be rather annoyed :)
I had no idea about this either. thanks for sharing. Always nice to know that stuff. I love my fellow mil wives!
:)
Thanks for getting this information out there. Credit Card companies certainly aren't going to tell anyone. Hope you have a great weekend :)
Thanks for the info...I never knew. The hubby opened a credit card a while back that is ridiculous. Every month I beg him to cancel it but of course he doesn't...if he had a better interest rate though I might be able to live with it.
Thanks for this info! I didn't know that cc companies were also doing this. I've only heard of some (like Citibank) reducing your credit limit, so if you carry a balance, it makes it seem like you've almost used up all your available credit.
Btw, I just found your blog and it's a great read. I'm an Air Force wife too, and oddly enough, hubby and I also have a dog named Milo!