Target review: lowering credit limits, raising rates 22

They just lowered my limit again - the second time in 3 months. It amazes me how their rationale is that after reviewing my credit reports EACH MONTH they feel my debt to income ratio is too high for such a high limit. How am I to improve my debt to income ratio if they keep lowering my limit after there is significant improvement of my balance. I have not used the card in over 8 months and have paid nothing but finance charges. My minimum balances exceed $450/month. I am filing a complaint with the BBB, but who knows what that will resolve.

Just closed my target account tonight due to APR increase coming jan 2010, ive had enough, been with target national bank 13 years since 1996, they have lowered my credit amount by $300 few years back, they started charging members $10.00 to pay bill over phone was free, APR hikes, seems like the longer you arewith them the more they mess with you, so good bye Target and I hope you lose many more customers and be forced to close down thats what your company deserves. S. Walters

I used to have over $9K in credit limit but is now at $1K. I do not carry any balances whatsoever and pay my acct in full every month. @#$%!& WTF, initially their customer svc rep from India told me that I have a bad credit score which is not true as I have over 700 in my score (which I monitor regularly). So I asked to be transferred and connected to someone from Target NB in the US. Then their reasoning was that it was being done across the board without prior notice. This is BS and so lame. Target NB might be in financial trouble that's why. Hope they go down flat out and broke for doing this to us consumers that have been honest, diligent, and loyal. They can just go to hell and burn.

My wife's Target Visa never had a credit line decrease, but it has had APR increases that seemed out of whack with reality. Why should my wife have to pay 23.24% (starting in January 2010) if she has paid her account on time and paid more than the minimum?

Actually, she won't pay 23.24%. She told them she rejected the new APR and also told them to close the account.

I too received a letter stating that the interest was being raised to 20.24%. However, I called to see if they would negotiate the rate with me. Initially, I was told no. I then said I was opting out to close the acct because I was not going to pay a default rate. They then tried to tell me I was going to lose all of my benefits. Really, what benefits I said? He told me I would lose my 10% off shopping day - really, I sure hate to lose that! NOT! I said close it any way because I was not going to pay that rate. The operator then told me that I was in luck and they were going to keep my interest rate the same. No increase - interesting. I asked if they could send a letter to verify that and was told "no" but that the operator would give me his name and ID#. Now I am worried - what if they were jacking with me and the interest goes up any way?

Target raised my interest to 29.99%! I have had my card for ten years and have never been late and always paid off my balances. I had a zero balance and then put 1900.00 on it for x-mas. I figured it would not be a problem I would pay 100.00 a month as I always do and have it paid off in a year. Turns out in December they raised my interest! I just called today to try and get them to lower it back as I have great credit and am a great customer/card holder but the woman was incredibly rude. She said because I can afford my minimum payment and she can see on my history that I pay even more than the minimum that they can't do anything for me! I said so what you are telling me is that I need to skip my payment or only make the minimum in order for you to help me? I said the minimum barely covers my interest charge- I would never get it paid off~! She then said that she did not recommend me missing a payment because there would be an additional 30.00 late fee charge and it would affect my credit. This company should have consequences! The way it is treating people should be illegal! I am so upset. I will transfer the amount to my us bank card and NEVER shop at target again. Too bad. I will also be sharing this will all my friends and family! Don't shop at target! They treat people like poop! Horrible company!

My wife and I lost our daughter. She left behind a number of credit cards and a student loan. When I talked to the credit card Co and the student loan people they were understanding and closed the accounts without question. However Target felt it would be curl by placing a guilt trip on my wife and myself to pay the account off. They have continued to send letters asking me to pay them off, as the right thing to do.
This is the most despicably think in the world to do to someone who has lost a child. This is the bottom of the ### barrel. My wife and I have stop all shopping at target because ever time we walked in to the store we became angry with the methods used to collect a debt from a dead person.
We are still paying back people who were kind enough to help pay the cost the funeral.
I’m asking people to send letter and let Target know how they feel about their practices.

I agree with many of the complaints I see on this forum. I too have been a long time Customer of Target Visa, and have never been late and usually don't have any large balances. I also as others have stated was informed that my APR will now be 23.24 percent. I called and inquired why they increased my APR since I had not been late or had any other issues with them. The call went to a Customer Service person not in the States, and after she informed me that my interest rate had increased starting this month, I ask to speak to a Supervisor. Of course she told me even if I speak to a supervisor they would not lower the APR. She stated that the APR was raised across the board for all Target Customers, and my interest was not as high as some Customers that had been raised? She stated since my balance was just over a hundred, it would only amount to a few dollars?
She gave me the impression that was ok? Wow I can imagine how the person I read felt when they used their Target Card for Christmas and used 1900.00 and then they raised the Apr on them to 29 percent...
I am glad I didn't use it at Christmas, I was lucky, because I had my Target Card and was going to use it, and notice the card expiration date was Nov 2009, Target Visa hadn't sent me a renewed card as they had done in the past years, I called for a new card with an updated expiration date. Maybe they didn't send cards out for a reason...it appears from all the complaints this is a organized plan to elimate and have the Customers called and close their accounts. I believe the credit card people had until Feb 2010 before the new laws go into effect about raising APr's, so I guess that may be why Target did this for January 2010.

Target sucks! I just got my 3rd APR raise to 25.24% in less than a year and NEVER have missed a payment and they lowered my limit to 500USD. WHY. I got a guy who could not even speak English and could not speak to me and give me a good answer! They are losers. I just yesterday paid my last balance and when its posted I will call and cancel them, the card is DESTROYED already! I will NEVER shop there again.

Target just raises APR to much and doesnt care about customers at all!

aaaaaa

We called before 1/4/10 date to state that if they were going to raise our rates, we wanted to close our account. The person my husband talked said, they would keep the apr at the current rate -- like 22%, vs. the 26% they were going to raise it per letter sent in December. I happened to look at the paper bill on 3/9/10, and low & behold the interest rate had been increased. They had no records that we had called to cancel our account and opt out of the increase of rate. We told them today to close our account. We have no faith in the honesty of this organization. If anyone has had this same problem, I would encourage everyone to contact their state Attorney General. We are in the state of Minnesota. Unbelievable that they would not document that we called, and unfortunately I cannot find any data that my husband wrote when he called. Makes me not even want to shop at Target. Shame on the corporation that at one time was honorable.

I am so ANGRY I could SPIT! We just sent Target over 6, 500 earlier this month to pay the Visa balance in full. Tried to use it today and it was rejected. after some investigation, found out they had lowered the limit to 500! What in the world? I called & of course got the automated selection, which informed me that there had been a recent change to my account-first I've heard! Then when I was finally was able to speak to a real human, was told that a letter was sent out 2 days ago & it would explain the reason- she really didn't know the particulars... I told her I thought it sure was interestesting that the limit wasnt lowered until after they recieved our money & that I wanted to close my account! She then connected me to somebody higher up and boy did I give her a piece of my mind! I told her Target did DIRTY BUSINESS & that I wouldnt be shopping there anymore & I would tell everyone I knew about the way they transact thier affairs & I also am on facebook & that I will spread the news there! They hook you in with a fairly decent interest rate and then steadily raise your credit limit to intice you to use their card & once you do they hike up the interest rate and then BAM, your a DEAD duck when you try to get yourself out of debt so you can retire in a few years. Anyways the bottom line is I HATE Target!

I was 2 days late on a payment and was raised to 29.99 for 6 months, a slap on the hand after not missing a payment for over 10 years. I played their game, and after 6 months they only lowered it to 24.25%. I called and asked if they could lower it to a more acceptable rate, and was told that because of the the federal government putting restrictions on their fees they froze everyone's interest rates. Then she said if it was a hardship to pay off my $2, 000.00 balance, she suggested that I borrow on one of my other credit cards with an cash advance and pay them off. I asked her if I was hearing her correctly, that she wanted me to charge on another institute's card in order to pay them. She said that is what she was saying, so I put it on speaker phone for my husband to hear, sure enough, they are only interested in their money. I use to run our business with this card and have paid it off several times over the years. NO THANKS TARGET! I don't need you that bad. I called back and asked her to close my account, I was transfered immediately to a supervisor who proceeded to tell me that the company will give me 5% off each of my purchases with my card at Target if I keep the card open. I was told to consider the ramifications of closing my account, that I wouldn't be able to just open it again. I told her to turn around at her desk and get on her computer and close my account and send me a closing statement. She argued back for about 7 more minutes, and I directed her again to close the account and finally she did. They are relentless, rude and impossible to work with.

This company has opened two Super Targets in the High Desert of California in the last 3 years, bringing to the total number of Target stores to 3 now. During a recession, the greed continues with big money, and this company is the perfect example of gouging the consumer. July 2010.

I have had a target visa card for 9 years and last year they lowered my credit limit from 10, 000 to 2, 600 at that time i had a balance of 2, 500 dollars. So pretty much they are ruinning my credit they made it look like i live off my credit card, which i dont. They blame everything on the economic hardship blah, blah..however they are the only credit card that i carry that has done this.I haven't shopped at target since they screwed me over and NEVER will again! I cant wait unTIL the "economic hardship " is over, and they sinked because they dont back up there GOOD customers! I DISLIKE TARGET... BAD BUSINESS! SO ANYONE OUT THERE WHO IS CONSIDERING GETTING A TARGET VISA YOU'VE BEEN WARNED!

Wow. I wish I would have found this complaint board awhile ago. I didn't realize until too late they had raised our interest rates. I too have been a long time card holder that has always paid my bills. Anything we can do about this or are we just out of luck? I'm going to have to figure out a way to transfer our balance to something else. Lots of 0% offers being sent our ways these days. I might just have to do that.

Target is a loan shark company now. I called got my payoff amount, sent in the amount they gave me over the phone, and sent it certified mail. They then had the nerve to send me a bill for .11. My husband thought he paid that .11 over the internet as usual, same way as always and it was rejected, thus they sent me a bill for 25.11. Can you believe this? I talked to a representative and he said they had a write off of 5.00 and under and saw where they gave me the wrong payout amount. He said they were taking all of this off my account and to look at next statement should be 0.00 amount. I hope so, I would really hate to go to court over 25.11. This bank is in definite trouble and is trying to get cash flow through scamming the public, loyal customer's to boot! Shame on you, we the public are tired of being sucked dry from all of you BANKS.

I agree with everyone. I tried last year to lower my interest rate. (Pay on time and have been with them for years.) They refused. Said that they no longer can lower customer interest rates. Now this year they raise my rate without cause. I don't shop there anymore either. How can you support a company that is trying to bleed you to death? There is a difference between making a profit and a killing!

I just appiled for a target store credit card. Wow with all these complants, I hope I am denied.

People...
Don't worry about your "credit scores" anymore. They are becoming an irrelevant joke, a joke perpetrated by greedy banks on a trusting populace...Use cash, or ATM cards from a local bank...Screw the large amerikan banks. They are sucking this country dry

My Target payment was processed on line and returned twice. I had moved from the state my local bank covers and switched my payments to a state wide account we have had for years. Using that debit card I made an online payment. Upon checking my Target statement I saw that the payment had been returned. I then called Target and I was told was the bank would not authorize payment so I paid by check (over the phone). Next month I scheduled my payment online and the same thing happened. I was then told by Target the bank did not allow ACH payments via this card but did allow check payments over the phone. Again I made the payment and before I could contact the bank Target closed the account for returned payments, I have never been late on payments and always paid this account in full. I could care less about having a Target card but care very much about my credit rating. Target has no regard or concern for customer issues! Do Not Open An Account With Target. I have now heard of this happening to many people.