Did anyone else get the letter from Navy Fed stating that they're jacking up the interest rate?
I have a Navy Fed Visa NRewards card (have had the card / been a member since '96). Got a letter from them today saying that the interest rate was raising from 10.9 to 13.9 percent due to new legislation (they're moving to a 'variable rate' system, apparently).
Anyways, it doesn't bother me from a money standpoint (the card only has 50$ charged on it), but in principle it pisses me off. Raising an interest rate on long-term, good-standing customers (who have NEVER been late or over the limit) is just bad business.
One more reason to keep using USAA, I suppose.
I have a Navy Fed Visa NRewards card (have had the card / been a member since '96). Got a letter from them today saying that the interest rate was raising from 10.9 to 13.9 percent due to new legislation (they're moving to a 'variable rate' system, apparently).
Anyways, it doesn't bother me from a money standpoint (the card only has 50$ charged on it), but in principle it pisses me off. Raising an interest rate on long-term, good-standing customers (who have NEVER been late or over the limit) is just bad business.
One more reason to keep using USAA, I suppose.