Consumer complaint received 2017-07-31
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Fees or interest — Problem with fees
Company: U.S. BANCORP (CT)

I filed this complaint against the U.S. Bank National Association for problems with my annual percentage rate ( APR ) interest on my general purpose credit card, U.S. Bank Platinum Visa, which credit account I have held with U.S. Bank National Association for approximately ten years.
I am asking the Consumer Financial Protection Bureau to investigate predatory lending practices and collusion amid banks that provide consumer credit and mortgage financing products to low- and middle-income debtors.
For five years or more, U.S. Bank National Association has charged me annual percentage interest rates in excess of 21 percent on my principal balance. During the past six months, my APR rate has varied between 23.47 and 23.99 percent.
To the best of my recollection, I called U.S. Bank Customer Service on XXXX XXXX, 2017, to request a lower APR rate on purchases on my U.S. Bank Platinum Card. As I recall, I spoke with Customer Service Representative XXXX.
During our call, I asked XXXX if my APR interest rate on purchases could be adjusted from its current level ( in excess of 23 percent ) to a more manageable rate of 12.99 percent. XXXX and I argued that the current APR rate on purchases, based on the Prime Rate, made it impossible for me, at my income level, to pay off my balance owed to U.S. Bank National Association. I asked XXXX why he was charging me such a high balance when I had a good payment history, having made payments in excess of the minimum almost every month for at least two years. I told XXXX that I felt U.S. Bank National Association 's object was not to help me build good credit, but to keep me indebted to the bank for life.
I told XXXX that another creditor had given me an APR interest rate of 3.25 percent, enabling me to pay off my balance during the course of several years. I asked XXXX why my request for a 12.99 percent APR rate was not considered reasonable. I told XXXX I refused to pay the minimum payment of {$340.00}, owed to U.S. Bank National Association for the billing period from XX/XX/XXXXto XXXX XXXX, 2017 ( i.e., the XXXX 2017 billing period ). I told XXXX I refused to pay U.S. Bank if they continued to charge me " usurious '' interest.
At that point, XXXX  put me on a brief hold. When he returned to our call, he stated that I could have a four percent APR interest rate if I agreed to allow U.S. Bank Nationwide nail Association to cancel my U.S. Bank Platinum Visa Card and send it into collections. I told XXXX that I did not want the card sent to collections, as such action would damage my credit rating.
XXXX called me from XXXX ( XXXX, Kansas ) on Saturday, XXXX XXXX, 2017, at XXXX XXXX EST. Not recognizing the phone number, I did not answer the call. XXXX left a voicemail for me, directing me to call him back at a DIFFERENT number, XXXX  than the one from which he called me. I did not respond to his voicemail.
U.S. Bank called me again on Tuesday, XXXX XXXX 2017, at XXXX XXXX EST. I was working during that time and did not answer the call. The call came from XXXX.
U.S. Bank called me again on Friday, XXXX XXXX, 2017, at XXXX XXXX EST. As I had a medical appointment on my calendar, I did not answer the call. The call came from XXXX.
XXXX called me again today, Monday, XXXX XXXX, 2017, at XXXX XXXX EST. He called me from a third number, XXXX ( XXXX XXXX, Kansas ). Having no scheduling conflict, I took his call.
XXXX informed me that he could not honor my request to have my APR interest rate lowered from 23.99 percent to 12.99 percent. He told me he would offer me a 4.99 percent APR ( so, an APR increased by 0.99 percent since our previous conversation of XXXX XXXX, 2017 ) if I agreed to allow U.S. Bank National Association to cancel my card and enter my account into collections.
I told XXXX that I wanted the low interest rate but would like to see the Terms and Conditions of the hardship plan to know how the card cancelation might affect my credit rating. I asked XXXX if he could email me the Terms and Conditions. XXXX said he could not. I then told him I would refrain from making a decision about payment until I had contacted my credit bureau ( which bureau I found out can not give financial advice ).