How is an interest rate both non-variable and not fixed? FIA Card services?

I got a pre-approved offer from FIA Card Services (now affiliated with Bank of America) They offered me a line of credit with a %26quot;non-variable rate%26quot;, that sounds like a fixed rate, right? WRONG! After reading the %26quot;fine print%26quot; I found the following statement: %26quot;For approved accounts, we reserve the right to change your APR, fees, or other credit terms at our discretion.%26quot; YIKES! I called to see if they were for real with this and was told a lot of mumbo jumbo about the industry and late payments, etc. Sure, if I pay my account late all the time, I would expect an interest rate hike. Unfortuately for the borrower, even if you maintain a great credit score and perfect payment history every month, they can still raise your rate %26quot;at their discretion%26quot;. I told them (in a nice way) where they could stick their loan... Anyone fell into this trap? Share your story so others might learn!

How is an interest rate both non-variable and not fixed? FIA Card services?yes loans

I have quite a few credit cards and not ONE guarantees that my rate will never change.

In credit card terminology, %26quot;fixed%26quot; only means that the rate isn%26#039;t based on some market rate like the prime rate. It%26#039;s only %26quot;fixed%26quot; until the credit card issuer decides to change it. It%26#039;s quite common for the account agreement to specify that the rate WILL change in the event of a late payment, a check that bounces, etc. and in addition they can choose to change it whenever they want as long as they notify you with as little as 15 days notice.

%26quot;Variable%26quot; means the rate can change month-to-month, depending on changes in the prime rate (or whatever market rate they use).

Bottom line, there is no credit card that will offer a fixed rate which will never, ever change.

How is an interest rate both non-variable and not fixed? FIA Card services?

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Credit cards are for suckers , I have never needed them , I have worked my @ss off over the years , I am 38 now , my home is paid off , I just bought more land to build my kids a home for their self , I got my mortgage before the greedy investors flooded the market ,and paid double payments to pay off early , I did not need a credit check , on the land I just bought I paid cash , and saved tons of money , the one acre lot was selling in that area for 25-50 grand per acre , I offered 6 grand cash money and it was a done deal , if you buy a 25 grand car , use credit you pay what ? 35 grand for the car , you lose money as soon as you sign the paper work and drive off , by the time to pay it off the 35 grand you have shelled out with your credit , the car is worth 9 maybe 10 grand , if that , ...I just bought one for my son the sticker was 23,500 .00 , I offered them 15 grand cash , it was mine , better credit means bigger sucker , I am building houses for my kids without the sucker score put on me by a finance consulting firm started by some engineer named Bill Fair and a mathematician named Earl Isaac . (FICO) Before the credit score in in 56 , up through modern day , many people got loans based on who they were , back then only 2 % of America had credit loans and mortgages , now it is 90% ,debt is not growth ..30% of all bankruptsy%26#039;s are under 25 years old , why , because credit is being pushed in to society as a way of life , credit card companies go to colleges and offer free dinners etc , to get kids in the credit trap , they say it is safer than cash , ..If you were paying me 9-19% interest I would tell you that too , you actually save more by using cash than you do paying some bank who does not know you , care about you , or even likes you , tons of money , to let you borrow , people all the time brag about credit , how much you can borrow is nothing , how much you got ? most with lots of credit , have no cash , ...Credit is borrowing power , Cash is Buying Power , I am going to retire soon in the next ten years , while all of the ones with %26quot;Good Credit%26quot; keep on working until 65 or longer , and they are the ones with college degrees , I am just a painter with a GED.... I have the nice house just as they do , and I have 5 cars all paid for with a lot less money than they used , and they are the ones with this so called %26quot; Higher eduaction %26quot; ....go figure