Like a Contract with the Devil
Written: Jul 18 '01 (Updated Jul 26 '01)
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Pros: None
Cons: unfair interest rate hikes on fixed rates, "bait and switch" practices, poor customer service
The Bottom Line: Avoid First USA card like the plague. Their agreement is like signing a contract with the devil!
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| cslaughter1's Full Review: First USA |
UPDATE 7/27/01: I was finally transferred to a Manager upon my third phone call to First USA. The Manager is crediting half of my July payment because of the rate hike without notification. I have closed out the account and payment is being sent to FUSA in full as they still refuse to lower the rate back to the fixed 15.99%.
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I obtained a GE Platinum Card with the promise of an intro rate of 3.9% with a FIXED rate of 15.99% for the life of my balance transfers after the intro. This was still pretty high but lower than a few of our "poor college days" debts so I went for it. I was disappointed to see that the GE Card is actually run by First USA as I was aware of their unscrupulous practices but made the mistake of thinking that maybe First USA was straightening out its practices despite the Class-Action Lawsuits against them. Ha ha ha!
Well imagine my shock, when I received my July 2001 statement to see that my percentage rate had jumped to a ridiculous 22.49%!! That also meant that only .51 of my $93.00 payment went towards the balance! EEK! And for the record, I NEVER made a late payment with First USA nor any of my other creditors. My credit history is blemish-free and I verified this by receiving copies from all three credit companies.
So I contacted First USA to point out that I was supposed to have a fixed rate of 15.99% for the life of my balance transfers and the response I got was that they could not change it, a Supervisor also could not change it and that the increase was due to my credit history. I responded that my credit history remains in good standing with the exception of a new car purchase, a bigger house purchase AND the fact that my household income has DOUBLED since I first obtained their card. In other words, my credit history is in better shape than it was when I obtained the card! The representative also told me that I had been sent a new CardMember Agreement 60 days ago .... not true. I keep all of my monthly statement and creditor correspondence and I never received a new CardMember agreement not that it would matter as it would be contrary to the original agreement.
First USA's agreement is like signing a contract with the Devil!
I ended up closing my First USA account and have mailed them out the balance in full. Many people would be trapped by this 22.49% rate and unable to pay off the balance. This company is a disgrace and its no wonder so many people are trapped in credit card debt. See below for important contact information if you are scammed by FirstUSA.
Today I read an article at http://www.wfaa.com/printerarticle/1,2359,13052,00.html about First USA. A Dallas attorney who is going after this credit card giant is specifically suing the company for "fraud" over its promises of a "fixed Annual Percentage Rate." Sound familiar?! This attorney goes on to say, "They were offering 6.9% or 3.9% introductory rate for let's say six months. Followed by a low fixed rate of 12.99 percent thereafter. The problem is that fixed thereafter to them meant one month, two months, maybe three months. Then for whatever reason they jacked these people up in their interest rate to 21%, 29% and in some cases over 30%." This article goes on to say that News 8 of Dallas had a interview with First USA Senior Vice President who had trouble defining the term "fixed rate".
There is a great website from other First USA customers who have had similar issues here: http://fusa1.tripod.com/intro.htm
REGISTER COMPLAINTS HERE:
Mr. Dick Vague (First USA CEO)
First USA Bank N.A.
201 N. Walnut Street
Wilmington, DE 19801
Better Business Bureau (Delaware)
1010 Concord Avenue
Wilmington, DE 19802
MasterCard International Incorporated
2000 Purchase Street
Purchase, NY 10577
Office of the Comptroller of the Currency (OCC)
(Regulates national banks)
Telephoning 1-800-613-6743, toll-free (business days 9:00 a.m. to 3:30 p.m. CST);
E-mailing - E-mail to Customer.Assistance@occ.treas.gov;
Fax - Faxing to - 1-713-336-4301 or;
Sending mail to -
Customer Assistance Group
1301 McKinney Street
Suite 3710
Houston, TX 77010
Recommended:
No
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Epinions.com ID:
cslaughter1
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Location: Utah
Reviews written: 49
Trusted by: 53 members
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