Banks = Stupid.

[Hayabusa Rider]

About a month ago, Citibank decided it was going to raise my 6% fixed APR to a variable rate about triple that. Oh, if I miss or had a late payment, it goes to 30%

I dropped them like a hot potato. This week I just got a letter from Capital One saying they were doing likewise. So I called just now and did the same.

So these geniuses are chasing away people like me who pay them regularly but are going to rape those who need them, but cannot afford to pay such a hike (which will not be enough because I won't use them any more).

Effectively the policy for ensuring recovery is

1: Blame the economy for their bad choices

2: Force the costs onto their customers

3: Antagonize their best customers who will drop them.

4: Pass that cost onto those who are less able to absorb the costs.

5: More people default as a result.

6: Interest rates rise as a result

7: GOTO 5

8: Give you execs bonuses.

9: Profit!!!! (or not most likely)


What a bunch of losers. I'm opting out.

 

[imported_Mike]

Except the will profit. If you pay your bill on time every month in full, they were never making any money lending you money.

 

[mugs]

Consumers = stupid. So many people are dropping credit cards out of spite when the banks change the terms, even if the change in terms has no effect on them at all.

 

[Engineer]

Originally posted by: Mike
Except the will profit. If you pay your bill on time every month in full, they were never making any money lending you money.

I would bet that the 1.5 to 2.5% fee per transaction (to the retailer) makes them a profit regardless if you pay a dime of interest or not.

 

[gsethi]

Originally posted by: Mike
Except the will profit. If you pay your bill on time every month in full, they were never making any money lending you money.

Wrong. Credit card companies/Banks/processors etc. make money every time you swipe your card (it doesn't matter if you pay the bill on time or not).

Paying interest/late charges/other fees is just extra on top but with extremely high profit margins.

 

[mugs]

Originally posted by: gsethi

Originally posted by: Mike
Except the will profit. If you pay your bill on time every month in full, they were never making any money lending you money.

Wrong. Credit card companies/Banks/processors etc. make money every time you swipe your card (it doesn't matter if you pay the bill on time or not).

Paying interest/late charges/other fees is just extra on top but with extremely high profit margins.

Not that high when you factor in defaults.

 

[Baked]

I don't see what the problem is. If you can't afford to buy something, don't buy it. Oh wait, you're American, you always buy shit you can't afford and jump from one zero interest CC to the next. And when the shit hits the wall, you blame everybody else but yourself. /golfclap

 

[Hayabusa Rider]

Originally posted by: Mike
Except the will profit. If you pay your bill on time every month in full, they were never making any money lending you money.

I have a balance I'm paying off because of health issues. So they are getting something from me, however I don't need to use them any longer. If they left me alone they could have potentially benefited from future purchases. Since they decided that this would apply to my current and new purchases, I have a great incentive to toss them, which I did.

I'm the perfect customer, one who has a balance but has the means to pay with little risk of defaulting. I'm the Golden Goose, and they killed me.

 

[mugs]

Originally posted by: Baked
I don't see what the problem is. If you can't afford to buy something, don't buy it. Oh wait, you're American, you always buy shit you can't afford and jump from one zero interest CC to the next. And when the shit hits the wall, you blame everybody else but yourself. /golfclap

You're an ignorant piece of shit.

 

[Bignate603]

Citibank tried that on me, I called and they changed it back to my previous rate.

I've got a cheaper card from my credit union (8% APR) so that will be used if I ever can't pay anything off in a month (car repair or other emergency) but I still use my citibank card for most things because I get a few hundred in cash back every year.

 

[FelixDeCat]

Credit card defaults are at record highs, thus these sweeping moves have been undertaken by the nations major banks. This is one of those "lets treat everybody like a deadbeat" moves that will leave a bad taste in consumers mouths for years to come. But they would rather risk losing you now than not even being around to entice you back later.

 

[Engineer]

Originally posted by: Baked
I don't see what the problem is. If you can't afford to buy something, don't buy it. Oh wait, you're American, you always buy shit you can't afford and jump from one zero interest CC to the next. And when the shit hits the wall, you blame everybody else but yourself. /golfclap

Originally posted by: Hayabusa Rider


I have a balance I'm paying off because of health issues.

Nice (not directed to Hayabusa Rider)....

Originally posted by: mugs

Originally posted by: Baked
I don't see what the problem is. If you can't afford to buy something, don't buy it. Oh wait, you're American, you always buy shit you can't afford and jump from one zero interest CC to the next. And when the shit hits the wall, you blame everybody else but yourself. /golfclap

You're an ignorant piece of shit.

LOL.

 

[Hayabusa Rider]

Originally posted by: Baked
I don't see what the problem is. If you can't afford to buy something, don't buy it. Oh wait, you're American, you always buy shit you can't afford and jump from one zero interest CC to the next. And when the shit hits the wall, you blame everybody else but yourself. /golfclap

So is this your day to be stupid, or is this a 24/7 thing?

 

[miketheidiot]

if you actually physically cancel your credit card, your credit score gets hit, just pay them off a chop them up. Once they get around to canceling it for you, you won't take the hit.

 

[AlienCraft]

Originally posted by: Hayabusa Rider
About a month ago, Citibank decided it was going to raise my 6% fixed APR to a variable rate about triple that. Oh, if I miss or had a late payment, it goes to 30%

I dropped them like a hot potato. This week I just got a letter from Capital One saying they were doing likewise. So I called just now and did the same.

So these geniuses are chasing away people like me who pay them regularly but are going to rape those who need them, but cannot afford to pay such a hike (which will not be enough because I won't use them any more).

Effectively the policy for ensuring recovery is

1: Blame the economy for their bad choices

2: Force the costs onto their customers

3: Antagonize their best customers who will drop them.

4: Pass that cost onto those who are less able to absorb the costs.

5: More people default as a result.

6: Interest rates rise as a result

7: GOTO 5

8: Give you execs bonuses.

9: Profit!!!! (or not most likely)


What a bunch of losers. I'm opting out.

Welcome to the Jungle, Baby! Now that they've got you hooked on Plastic, Who you gonna score from? :evil:


This is the most blatant example of Hegel's Dialectic being played out as forewarned.

The problem is that it's not personal, it's business, and corporations exist only to see to the needs and benefits of it's owners, at the expense of all else. That mindset would be deemed sociopathic in a person.
It has only been through the fabrication out of thin air the notion that a Corporation is the moral and ethical equivalent of a singular person that this has been aloowed to persist in our society. If a Corporation wants to accept the benefits of a person, it should not be allowed to shield it's real humans from the responsibilty of their actions.
People do what's "right" more often than a Corporation does. It takes the combined force of will of many people to cause a corporation to do what is socially responsible more often than not, thus proving my point.

This Sociopathic Corporatism has supplanted what was once Capitalism aka The Free Market in the minds of the masses. Our "Elected" Officials aka The Corporate Whores in Washington do the bidding, in lockstep, to a select few Corporate and Social Elite show the corruption of our Governmental Process and our society as a whole. When the final local newspaper shuts down in your town and all you get is Murdoch Inc. approved news, you get back to me about how wrong it is.
IF a person were to have carried out action that lead to the economic damage to a town or neighborhood, we would call that person a terrorist.
Why then should we not call a terrorist those Corporations ( Juristic Persona) that did such damage to the WHOLE Economy?

#1. Vote out all Incumbents.
#2. Pay Cash for whatever you need.
#3. Buy from local merchants whenever possible.
#4. Pay your taxes.

That's all from me, go back to chewing your cud! :evil: :roll:


< steps down off soap box... is lead away to a waiting car by 3 men in black trenchcoats and shiny,tinfoil-like baseball caps, with large almond shaped eyes and very long thin fingers :shocked: .....
:laugh: