Hey Darlene, (sorry for the delayed response.)

You need to look at your agreement.
Usually credit card companies can change their interest rates charged, when and as they choose. They can also close accounts when and as they choose.

If you read the agreement you signed, you'll probaby see that they included these rights for themselves. If they didn't, then you should complain to their regulators...

If you don't have a copy of the agreement, contact them and ask for it.

This is good for other people to know what Wells Fargo is upto.

yes me again RE: wells I do the 3rd part for wells. They own them till they are sold and they only sell a portion. They add the interest till sold

Thank you for the information. I will continue to pay on it until it is paid off. Thanks, a million. I appreciate it!

If your debt went to collections; the collection agency has the right to continue adding interest and in most cases they do. If your credit is good, then I would keep paying on it till it’s paid off. I believe the credit card industry is taking a beating with the rate of delinquency being on the rise and maybe Wells Fargo might be losing money on the credit card part of their business. When a credit card company issues a credit card to someone; the creditor has to put up a certain amount of funds towards your credit limit for security. Here is an article that that came out this week listed below.

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Hi,

I was just wondering if someone could give me some advice on the letter I received from Wells Fargo Financial today. The letter states that the credit card industry is going to be upgrading their regular credit cards with micro chips for additional security. Wells Fargo will not be upgrading as it is costly. So, they will no longer be able to extend further credit advances on my old credit card that I have now. Just received it last year. They will also not be issuing new cards. This will come into effect June 15, 2009, they then tell me to destroy my card with my account number on it. Unfortunately for me I carry a balance on this card and they still expect me to pay the regular interest rate and still require me to pay the monthly payment as said in the letter I received today. Now I have some credit left on this card and I am paying on it but, why do I still have to pay the interest? I think this is unfair as they are not going to be giving out any new credit cards anymore, and they still expect me to pay the interest. If I never paid on it and it went to collections I would be making payments without any interest and it would be paid off faster, now I have to pay the interest. Can Monty or anyone tell me what to do about this or is there anything I can do about it? Any help would be appreciated. Thanking you in advance.