BMO CashBack Mastercard Low Interest Rate Option Cancelled

matha wrote: ↑Today I received a letter in the mail from BMO telling me that the Mastercard I've had for years has a range of features and benefits, including a Low Interest Rate Option which I currently have. The letter goes on to say that unfortunately, the Low Interest Rate Option is no longer available and that my current interest rate of 11.9% will change to the standard rate of 19.9% effective the first day following my April 2015 statement date. Oh yes! [Bonus] also says that my full annual fee that I paid will be refunded on my April 2015 statement.

The letter also goes on to say: "We realize that the Low Interest Rate Option may be important to you and understand that you may have questions about this change." Further I am told that I can call one of BMO representatives. If I would like more details on other credit card products that might be more appropriate I can visit BMO website or go to my local branch.

I've had my BMO Mastercard for 20+ years. 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 huge increase in interest rate is going to effect me and can't deny it won't. I have never missed any payments.

Is this normally something BMO Mastercard does to it's credit card customers? I'm sorry, after I read this letter, I'm just sitting here in shock. It feels personal, almost like some kind of punishment but for what.

matha wrote: ↑Received a letter in the mail today from BMO telling me that the Mastercard I've had for years has a range of features and benefits, including a Low Interest Rate Option.

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?

Cerium398 wrote: ↑Here's an even better idea! Put in an application for Capital One Smartline MasterCard right now:

http://www.capitalone.ca/credit-cards/s ... %2Fcompare

0% interest on balance transfers until January 2016 - and then 9.9% after that. You might as well - complaining to BMO isn't going to get you anywhere.

kocoman wrote: ↑Can bmo switch you to the non cashback low interest rate card?