Consumer complaint received 2024-03-10
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Unexpected increase in interest rate
Company: WELLS FARGO & COMPANY (FL)

In XXXX I opened a new checking account at Wells Fargo and received a XXXX  card and XXXX card. The XXXXt card was described as interest-free. I do not recall whether I was specifically told that the interest-free period was for a limited time. 
I used the XXXX card to acquire inventory for my new business. Later in XXXX, When my debt level reached around {$4000.00} or {$5000.00} XXXX visited my local Wells Fargo branch to verify that my debt totals were accurate and to determine how much interest I was paying, at which time I was reminded that my XXXX card was interest-free. Again, I have no memory of being told or reminded that the interest-free period was for a limited time on that occasion either, but I can not swear ( or prove ) that it didn't happen. 
In the summer of XXXX I began to receive from Wells Fargo offers to increase my credit limit. Wells Fargo must have contacted me XXXX XXXX XXXX times encouraging me to take action to raise my credit limit, which I ignored, as I did not want my debt to spiral out of control. Then I was sent notice that my credit limit had been raised unilaterally by Wells Fargo. All of these notices came in the form of either text messages or specific emails from Wells Fargo. 
In XXXX of XXXX the interest-free period expired and I was charged about {$350.00} interest on a balance of around {$18000.00}. I did not receive any text message or email from XXXX XXXX bringing my attention to the fact that the introductory interest-free period had expired, or that I was incurring what I would call major interest fees. ( {$350.00} might be a small matter to some, but I currently work in shipping at {$15.00} an hour, so to me that {$350.00} represents about 3 days of labor. ) I did not check my account statements in XXXX and missed this charge. Around this time, I began to receive unsolicited text message offers from unkown debt consolidation providers, which I thought were just junk mail. 
On XX/XX/XXXX, I first became aware that I was paying interest on this XXXX card, {$350.00} in XXXX and {$350.00} in XXXX, and that about {$700.00} in interest charges had been withdrawn from my account. I immediately called the number on the back of my credit card, explained the situation, was told that my case would be escalated and that I would receive a call back within XXXX  business days. On XXXX  XX/XX/XXXX in the late afternoon, having received no communication from Visa, I visited my local branch to attempt to stop the continuing accumulation of interest charges and to discuss ways to address the situation. One of the bank employees was very helpful in assisting me in communicating with Visa. This is when I discovered a few unpleasant facts : 1 ) I was told that while I could put a stop on one-time purchases, that stop would not apply to any subscriptions or other recurring payments I had put on the card. ( To me this is nightmarish, and still find it hard to believe that under the laws of our country, even if I as a consumer say enough or stop or no mas, I can't put the full brakes on the relationship, like a runaway train or a monster that can not be killed. ) So to stop falling further behind in interest payments, I felt I had no choice but to lean on a family member to pay off the account completely, which we did. In the process of doing so, we discovered 2 ) that Visa was charging another {$300.00} for XXXX interest, for a total of about {$1000.00} in interest charges. 
{$50.00} was immediately credited on XXXX XXXX. Between XXXX XXXX and XXXX XXXX, there was another credit balance refund of {$280.00}. 
Since this did represent some compromise and accommodation from Visa, perhaps beyond legal requirement, I was seriously tempted to let this matter rest. But I find that I just can't. 
Why? 
Because I got scammed. I allowed myself to fall victim to a legal scam, and it galls. What is the purpose of the XXXX interest-free period? To get consumers to behave exactly as I did. It's bait and switch, it's a predatory lending practice, and it's the exact same shenanigans that caused thousands of my fellow Americans to walk away from their homes in XXXX. It's as if we as a country learn nothing, and keep encouraging, as XXXX XXXX put it years ago, one man with a briefcase to XXXX more than XXXX men with XXXX 
My argument is based on Visa and Wells Fargo 's PATTERN OF COMMUNICATION. When they wanted to increase my credit limit, they had no trouble getting my attention through text messages and emails that ( like most people ) I check daily. And when the hammer fell and interest began accruing, somehow the debt consolidators out there knew more about my needs than I did, and their messages and offers were right in my face. How did they know I had a debt problem? How did they acquire that information I wonder? Does Visa make my personal financial information readily available? On the other hand, when it comes to Terms and Conditions describing the expiration dates of promotional rates, or notifications that interest charges have begun, there are NO text messages or emails ; rather, these are much less visible in lengthy documents in monthly statements, like the fine print in the contract in the recent movie XXXX. Except this isn't a movie, this is our reality. 
I acknowledge that I am not 100 % blameless in this matter, that I bear some responsibility, and that caveat emptor applies. Nevertheless, I'd like my {$700.00} back. Getting scammed sticks in my craw.