Bmwcca Credit Card Interest Rates Raised For All!!! Cancel accounts in protest. Is anyone else disapointed by the letter Partners First ( BMWCCA Credit Card) sent notifying us the rates for everyone are being raised because of increasing costs in doing business? Give me a break! They fooled everyone into getting their card with attractive rates and a year after we are being hit with rate increases. My credit is great, I never made a late payment, why are they tring to ripp me off. The options they give us is to either close the account to keep the current interest rate or be forced to accept the new higher rate. We should all close our accounts to teach them a lesson and show them we are not idiots.
Everyone is doing this. It's not just PF. OTOH, I didn't get a letter because I didn't get a credit card. I did, however, get the same letter from my bank/credit card issuer saying the same thing. This simply strengthens my resolve to pay it in full every month. Then, I don't have to care what the interest rate is.
Not everyone, my USAA and Navy Federal Credit Union cards have not changed, 9.9% and 7.9% respectively! I did however have a Costco AMX and they raised their rates on Costco members. When I spoke with Costco about it they said that thousands of members did what I did, paid in full and cancelled the cards!
I just rejected the new terms thereby cancelling the card. Since it was a newer card and the new rate was higher then my other cards, seemed logical to do this.
