BMO CashBack Mastercard Low Interest Rate Option Cancelled
The letter reads:
"Unfortunately, the Low Interest Rate Option is no longer available and your current interest rate of 11.9% will change to the standard rate of 19.9% effective the first day following your April 2015 statement date." The full annual fee will be refunded on your April 2015 statement. "We realize that the Low Interest Rate Option may be important to you and understand that you may have questions about this change." You can call one of BMO representatives. If you would like more details on other credit card products that might be more appropriate you can visit BMO website or go to your local branch.
I've been a loyal BMO Mastercard customer for 20+ years. I have never missed any payments. During those years, unfortunate for me, I have received and/or accepted the credit limit increase offers. At the moment, I am carrying a high credit balance so this substantial increase in interest rate adds up to a lot of money in interest to be paid.
Is this normally something BMO Mastercard does to it's credit card customers?