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|Subject: Re: Fleet Platinum changing from fixed to variab||Date: 6/30/2002 10:34 PM|
|Author: znestler||Number: 132307 of 311495|
[Sorry, got a little trigger happy]
I was just looking though my lastest Fleet Platinum Mastercard statement and saw a "IMPORTANT NOTICE ABOUT CHANGES TO YOUR AGREEMENT" insert. The card, currently FIXED at 8.99, will switch to a VARIABLE rate effective 8/1/2002; The higher of the two:
-- 8.61% or
-- 6.56% plus LIBOR (the highest rate in the past 90 days)
If I don't agree to the terms, I can cancel the account before 7/22.
According to Customer service, Fleet is "trying to stay competitive" and this will actually lower my rate. OK, so that is true for this month, but what about in the coming months/years.
Where can I get access to a 5 yr LIBOR chart? Does LIBOR usually hover below 2.43 (will I really be saving money)?
Does this seem shady? I highly value customer service, honesty, and accountability... this seems a little deceptive/shifty to me? When I applied for this card, I agreed to a fixed rate card, that is the ONLY reason I picked up this card 3 years ago.
Anyone else have this card and/or thoughts on this new agreement?
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