This is a (very) lightly modified version of a letter composed at my house this weekend. The only changes are the removal of my personal information and the name of the company.
FWIW — I thought very hard about going Galt with the whole credit card industry. Still thinking about it, in fact…
*****
August 15, 2009
To: My (former) Credit Card Services Company
Re: Your response to the Credit Cardholders’ Bill of Rights Act
Dear Sirs:
This weekend I received a document in the mail from you entitled “Notice of Change in Terms, Right to Opt Out and Information Update”. This document informed me that as of October 1st, you are increasing the interest rates charged for purchases to usurious rates–specifically to prime rate plus 21.99%. Using July 1, 2009’s figures, the rates to me will be 25.24% — an increase of nearly 10%.
I have no doubt that this notice was sent in response to the Credit Cardholders’ Bill of Rights Act recently signed into law, and to say that I am appalled and disappointed hardly begins to describe it.
Your company issued the first credit card I held as an adult, and I have stayed with you for over 30 years. In that time I have maintained my end of the relationship meticulously, never missing a payment, and never exceeding my limit. In recent years, as I have grown more prosperous, I have used the card less, preferring to keep the credit line available as a reserve against contingencies. Yet despite my long and excellent customer history, you have chosen to raise the interest rate charged to loan shark levels, as well as increasing the transaction fees for both cash advances and balance transfers to 5%.
I therefore must say “goodbye”.
Please cancel this card immediately and strike my name from your database. In particular, I am not interested in receiving solicitations to open a new credit card account. Over the years, I have become a much better credit risk than I was 30 years ago, having accumulated some assets, a track record, and a solid credit rating. I will take my excellent credit score and open a new credit card account with one of your competitors.
Sincerely,
Polimom
*****
So. Have you gotten your notice of government-enabled usury yet?
Cross-posted from Polimom Too.