Anyways, today I got a little envelope in the mail from them. I was confused when I saw as I know I haven't used the card. Inside was a nice little note and brochure informing me that a change in terms is enclosed in the envelope. Hence the little brochure.
I love how credit card companies send out those 'terms' and they are brochures in super small font that no one in their right mind wants to sit down and read. Plus most of it is written in legal speak so even if you do read it chances are slim that you will leave it with any new knowledge.
This little brochure actually has a 'summary of changes' though, which I checked out. Change number one is that the rate is going up to 22.85%! Oh, and the late fee is going up. And, by the way, we are changing your month to be only 23 days instead of 30 so your payment will be due sooner. And if all of that is not insulting enough, they are changing from interest being compounded on a monthly basis to compounding on a daily basis.
And the changes go into effect 28 days after the date of this notice, which suspiciously is October 9th - it just arrived in the mail today. Hrm.
So, if you have a JCPenney card you might wanna check on this to see if it applies to you too!