i received one of those "Important Notice of Change in Terms" papers in my credit card bill.
i must admit that sort of thing is usually filed without reading. What compelled me to read it this time i don't know. But what i now realize is that had i known how amusing these titillatingly titled missives could be i would have been reading them all along.
Paragraph 1 included many Boldfaced and Capitalized words along with this friendly statement: "Please see below for the Summary of Changes and your right to not accept the changes to your APRs." Oh! A choice! How very American of them.
Paragraph 2 gave the rundown of rediculously high rate changes for Overdraft Advances and Cash Advances. This included the invitation to accept their graciously offered rediculously high new Default APR with its new variable rate. Hmm. Such an offer.
Paragraph 3 told me of my "Right to Opt Out (not accept) the changes in the APRs." Very decent of them! All i need do is write them a letter politely declining: "As tempting as your offer for unbelievably higher and unpredictable rates sounds, I think I'll stick with your previously merely laughable rates."
Paragraph 4 clarified "What it means if you choose not to accept these APR changes." Ah! Let us see what provision has been made for this: "These APR changes will not apply." Cool. My letter changes everything. i'm pleased. Next sentence: "Your account will be closed and your card will no longer be available for use."
Huh. So much for "Options."
Skimmer's recap: When a credit card says you have options, it really means you have none.