cc terms change notice numero dos received 2 days ago...
PNC credit card, which used to be National City. I read every single line, twice, thrice...
Effective Oct 15, APR will be indexed to Prime rate plus 22.99%, or whatever based on payment history, credit scores, blah blah blah. Default rate will never fall below 28.99% yadda yadda yadda.
No annual fee changes nor change/removal of 4-3-2-1 cash back terms, both of which were a surprise. The 4% is for gas and automotive charges.
Default can include your bank not executing the payment transaction.
So if you have automatic payments set up in your bank account, and something goes kerplunk ELECTRONICALLY (the cynic emerges
), hmmmmm guess what?
I smell a rat
if your credit card issuer and your bank are one and the same. Mine are not.
Inactivity (1 year) can also trigger the default rate. Huh?
Anybody else have this in their notices?
I'm going to retain it because I have a zero balance and make payments manually at least 2x per month, every other Friday, with email confirmation.
Nice try, PNC. You haven't shaken this "deadbeat" off yet.