U.S. Bancorp Credit Card Complaint

U.S. Bancorp Credit card department,

APR or interest rate Wisconsin

I received a letter from US Bank, the issuer of my VISA credit card. US Bank is raising the interest rate on the card to almost double what it was. Not because we were late with a payment. We have NEVER missed or been late with a payment since we 've had this card which is over a decade. No. They are grossly raising the interest rate because our balance is too high in proportion to our credit limit. Now here 's where the complaint comes in. The only and I mean only reason the balance is this high is because US Bank promoted it! How so you ask? US Bank sent us a few Balance Transfer Checks in the mail. They asked us to please transfer other balances from other credit cards/banks to our US Bank credit card account. This was for a fee of course. So we did this. We transferred - other balances that had a higher interest rate to the US Bank credit card account. Following the sales pitch that US Bank sent us. This essentially doubled our balance on the US Bank VISA card, but it was still well below our credit limit. So now they are raising ( almost doubling ) our interest rate to a level that 's higher than the interest rates were on the original accounts we transferred from. This seems like a " bait and switch '' routine. To sum it up US Bank asked us to transfer balances from credit card accounts that had double digit interest rates to the VISA card we have with them that was single digit. We did this. It was a good deal. It doubled our balance but did not put us over any limit. Now after we 've done this US Bank is going to raise our interest rate to double digits that 's higher than the accounts we transferred, and they say it 's because of our high balance ; which they encouraged!!