Credit card question about fixed rates

[spidey07]

Why in the world do these offers come into my home with a stated rate of "6.99% APR FIXED!"

Join now and enjoy a FIXED rate of 6.99% on all purchases!*

*We can change your APR under any (blah, blah, blah, didn't pay the lawn guy, blah, any agreement you hold with anybody, etc, I understand, blah, or at our descretion at any time for any reason

Now what the hell is up with that! Since when did FIXED RATE mean "change rate at any time for any reason"?

The exact verbage was "at any time, for any reason"

That's what you call an "out" and thank goodness I read the fine print. Read the dang terms and conditions. "at any time, for any reason" my arse.

-edit-
rebates!
rebates!
rebates!

RossMan?

 

[cchen]

A credit card issuer can change your rates at any time for any reason. That is for almost every credit card.

 

[chambersc]

Originally posted by: cchen
A credit card issuer can change your rates at any time for any reason. That is for almost every credit card.

they are also required to notify you in writing that they are changing your rates and, this is the part im unsure about, you have the chance to appeal it

 

[RossMAN]

I can only think of 2 reasons why your rate would change:

1) Fed rate goes up.
2) You miss a payment, go over your limit, etc.

Otherwise stop worrying.

 

[spidey07]

Originally posted by: RossMAN
I can only think of 2 reasons why your rate would change:

1) Fed rate goes up.
2) You miss a payment, go over your limit, etc.

Otherwise stop worrying.

Yeah, but I remember when fixed meant fixed. Now this "we can change at anytime, for any reason" crap.

I understand your point #2 and preach it often.

But I'm starting to see a lot of this verbage come through my mail. Fixed is no longer fixed. Fixed means to me "a rate FIXED" at the offer and you agree to these terms and conditions. -edit- never mind, I just slapped myself with a wet trout. The T&C are bull crap and I ain't buying. It just concerns me that CC companies are spouting off "FIXED" rates when they are not - they are "FIXED" until the CC companies decide they want a different rate. I can understand other tactics, but I don't accept "at anytime, for any reason." Therefore I reject your offer. jebus, read the fine print.

Seems the definition of "FIXED" rate has changed. I don't recall such verbage of "anytime, for any reason" on "FIXED" rate cards. I guess this serves as a warning to me and to others - read any agreement you sign.

Thanks for the reply, master of the rebate/deal.

 

[RossMAN]

AFAIK that legal loophole has always existed.

People either don't read the fine print or don't worry about it.