Credit Card Bull S%!T

-
kzcountry

kzcountry

Well-Known Member
Joined
Jul 28, 2007
Messages
192
Reaction score
4
Location
Prattsville, AR
I just got a notice in the mail from my credit card company were jacking my rate from 8% to 17.8%!!!! :angry5::angry5::angry4:They said it was due to the price of loaning money is higher, that is crap it has not changed the last three quarters. The options are pay 17.8% or close the account and pay it off at 8%. That is looking like a good option. Sorry for the Rant but looks like where ever you are companies are trying to screw you and then put their hand out for our tax money. Ok I am off the soap box. :pottytra:
 
get a 0% interest card for 12 months and pay it off! though you will probably have to pay a 3% transfer fee of the total amount. Which is still better then 8% and a lot cheaper then 17%.

Good Luck.
 
Most likly will do that or buckle down a couple of months. I was late 1 day 9 months ago, because it took 4 days to process my payment. I will just find a better company to deal with. I travel 95% of the time, so have to have one to survive.
 
The credit card companies are a piece of work (feel free to substitute any other word you like for "work"). Either find another card with better terms or if possible, pay off your current balance and after that only charge up what you can pay off each month to avoid the finance charge. I know ... easier said than done. Good luck.
 
Yep, piece of "shyat" would be my term.

Chase is my current fave... absolute tools!
 
Credit cards are easy money, but the cost is high for the loans. You could always try getting a personal loan from a bank - much more difficult to get, however. Or you could go to the corner loan shark.

Or, you could pay with cash or debit cards.

I believe you should be given the opportunity to pay off a balance before such a hike in credit card rates takes place, i.e. give old loans a specific number of months to allow payoff at the original rate.
 
They're now talking about charging interest, from the day you charge something. Doing away the grace period totally. Debit cards may be the only way to avoid interest.
 
I had a problem with mine going up also, so what I did is pay the min. payment for 2 or 3 months then call and tell them that you are having trouble paying at the higher rate and see if they will lower it. They lowered mine by almost 4% from the original rate. Most of the time they would rather get a lower interest rate then nothin at all. See if that helps.
 
Cool thread.....I've been doing massive overtime the past 3 months just to pay my cards off. My hatred of these credit card companies easily overrides any feelings of fatigue I may have.
 
There is legislation pending to keep card companies from doing this. My guess is they will all try to soak us while they still can. This is to punish their customers for electing an administration that challenges their predatory business practices.

Aside from my Government Travel Card, Sears is my only credit card, and I am in the process of paying those bastards off ASAP. It will be a long time indeed before I open another credit account.
 
kzcountry said:
I just got a notice in the mail from my credit card company were jacking my rate from 8% to 17.8%!!!! :angry5::angry5::angry4:They said it was due to the price of loaning money is higher, that is crap it has not changed the last three quarters. The options are pay 17.8% or close the account and pay it off at 8%. That is looking like a good option. Sorry for the Rant but looks like where ever you are companies are trying to screw you and then put their hand out for our tax money. Ok I am off the soap box. :pottytra:
Click to expand...

I got a notice like that from my Capitol One card back in March. Close the account and continue the 8% or keep it open and pay 21.99%. Needless to say, I closed the account and kept record of the SOB I talked to on the phone. Lo and behold, in April I get a new card and my statement with the 21.99% interest tacked on. I went ballistic and called them, went around and around for over an hour. May's statement was correct, just got June's and its back to the 21.99% again!!!! They are a rip-off and I can see myself being on the phone with them every month until its paid off. Bad thing is, this is my business card too!!!
 
C130 Chief said:
There is legislation pending to keep card companies from doing this. My guess is they will all try to soak us while they still can. This is to punish their customers for electing an administration that challenges their predatory business practices.

Aside from my Government Travel Card, Sears is my only credit card, and I am in the process of paying those bastards off ASAP. It will be a long time indeed before I open another credit account.
Click to expand...

The proposed legislation doesn't keep them from screwing us. It just makes them give us 60 days notice before they do. Great help that is!!!!!
 
My Sears card, out of the blue, went from (Give or take here) 13 - 29 percent, I was never late and credit rating is in the mid 700's.

Go figure.
 
Mostly all credit card companies suck these days .I think we all have had our problems with credit card companies over the years.Try the interest rate @ Lowe's & Sears.....What Rip Off's !!!!!

I like my ol' American Express Blue Card or Green.I have never had a problem with American Express.....Just my 2$ worth......
 
Thank God I don't owe them a penny with this coming about. I have always kept them paid off each month. Sears and Discover is the only ones I have. I'm waiting for them to send me something to tick me off.... they are going to try to get in my pocket believe me. Which one that is going through the shredder I don't know yet. I got to keep at least one for emergencies.
 
Bank of America dropped my limit by 75% and told me I was going to have to pay $10 a month fee because I never pay interest because I rarely used it (the past few years--before that....) and have paid off the balance. I called and closed it, the dude on the other end tried to get me to keep the account open, said he could waive the $10 monthly fee but my interest rate would be up near 18%. Now I don't have any credit cards. I'm getting myself in position to retire in 6 years, after my daughter finishes college.
 
What if you stop paying?
I have never not paid, and if they raised yours to a ridiculous rate and you couldn't pay, how does that affect you? (other than save you a monthly payment, lol)

Hey, just remember, if you cancel a credit card, they will leave it open for a long period of time, and not just a few months, its in your contract.
A cancelled card can be reactivated if you use it months later, and it will be an open line of credit that could prevent a loan.
Follow-up with a credit check.
 
I also got a letter from cap one raising my rates from 10 to 18%. Never a late payment and most payments are 5 to 10 times the minimum. When I called about the letter I was told they were raising all rates to 18%. Mine won't go up until next year.
On another note... A few weeks ago I received a check for $4000 from them with no explanation. I thought it was weird but I ignored it. Then last Week I was checking my statement online and my balance went up $4120. I thought someone had scammed me somehow. It turned out that cap one said I had asked for this check with a $120 fee and 20% interest.They finally removed it all...Dean
 
I have a couple cards, mostly to keep my work/personal charges seperate.
I got the increased intrest notices too.

Some of it is economy driven but...
I fully expect that we will find out that they are yanking us for the bucks before the new credit card restrictions that the Govt is going to impose go into effect.

I hope it backfires on them and most of us cancel our unnecessary accounts.
 
You must log in or register to reply here.
-

Back
Top