Credit Card "ammendments to your aggreement"

[spidey07]

WTF! Changes to my account my arse...

"If the total of the Periodic Rate Finance Charges for all balance categories is less than $1.50, then a minimum FINANCE CHARGE of $1.50 will be assed on the account in lieu of any Periodic Rate Finance Charges.

We added a Minimum Finance Charge to your account primarily due to a change in our business practices."

So in other words if I use the card (or don't use the card) and pay my balance in full each month I'm still getting hit with a finance charge. It gives instructions on how to reject the change in writing but I don't want to lose this account. It is my oldest and highest limit (30k). These credit card companies are really getting out of hand.

 

[jdoggg12]

Shop around for another card - i just got a AAA Visa Platinum Plus - 6% fixed, 10k limit, 5% cashback on gas, 2% on everything else. No annual fee either

 

[spidey07]

The thing is this account is 7 years old with a 30k limit. Losing or closing this account could really impact my score. Feel like I'm being penny squeezed.

 

[FoBoT]

it is a $1.50 per month fee to keep that card

keep it or don't

 

[ShotgunSteven]

What company?

 

[jdoggg12]

Originally posted by: spidey07
The thing is this account is 7 years old with a 30k limit. Losing or closing this account could really impact my score. Feel like I'm being penny squeezed.

Call them and tell them that if they don't waive that fee, you will cancel the card and look elsewhere. 7/10 they will try to keep you

 

[mercanucaribe]

If $1.50 even matters to you, you shouldn't have a 30k limit, should you?

 

[Ronin]

I still have one of my OLD cards that even though there's no balance on the card, the annual fee comes in installaments...pretty much ready to tell em to shove it (I don't *need* the card, as I have others, but it's one of my oldest accounts).

 

[DaveSimmons]

This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

 

[imported_cheapdude]

The only card that I am willing to give them something is my amex.

 

[mugs]

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

:thumbsup:

I've seen the same thing on cards I have, and they never charge me a finance charge.

 

[ungsunghero]

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

Agreed.

 

[Greenman]

I had to stop using credit cards because I don't want to spend the time it takes to manage them. And I can't stand the rape pillage and burn attitude. They don't care how long you have been with them, they don't care how good your credit is, they just want to squeeze every penny possible out of you. I think it's all gone to far, and for the first time in my life I actually hope that Congress does something, and I hope it's a pile of regulations about two feet deep.

 

[Golgatha]

Originally posted by: ungsunghero

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

Agreed.

Hmm, this could be interesting. There was another thread recently about a finance charge on a cash advance that kept compounding interest daily so that you could never have a zero balance. So the minimum interest they could charge would be $0.01 on any balance you had, which would get bumped to $1.50 automatically....I'm in the wrong business.

 

[ttown]

Originally posted by: ungsunghero

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

Agreed.

I triple this. I think I've received similar notices -- and have never seen a charge.
(don't carry a balance)

 

[KK]

Originally posted by: mugs

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

:thumbsup:

I've seen the same thing on cards I have, and they never charge me a finance charge.

yep, same here.

 

[Golgatha]

Originally posted by: Greenman
I had to stop using credit cards because I don't want to spend the time it takes to manage them. And I can't stand the rape pillage and burn attitude. They don't care how long you have been with them, they don't care how good your credit is, they just want to squeeze every penny possible out of you. I think it's all gone to far, and for the first time in my life I actually hope that Congress does something, and I hope it's a pile of regulations about two feet deep.

They'll just tag on a Federal cost recovery fee a la AT&T and charge interest on the monthly recurring balance, which they will of course bump up to a minimum of $1.50.

 

[mugs]

Originally posted by: Golgatha

Originally posted by: ungsunghero

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

Agreed.

Hmm, this could be interesting. There was another thread recently about a finance charge on a cash advance that kept compounding interest daily so that you could never have a zero balance. So the minimum interest they could charge would be $0.01 on any balance you had, which would get bumped to $1.50 automatically....I'm in the wrong business.

What business are you in where screwing people out of $1.49 a month would be a step up?

 

[jdoggg12]

Originally posted by: Greenman
I had to stop using credit cards because I don't want to spend the time it takes to manage them. And I can't stand the rape pillage and burn attitude. They don't care how long you have been with them, they don't care how good your credit is, they just want to squeeze every penny possible out of you. I think it's all gone to far, and for the first time in my life I actually hope that Congress does something, and I hope it's a pile of regulations about two feet deep.

How else can they afford to send everyone in america 5 offers in the mail every day? Postage aint cheap for snail mail man!!

 

[spidey07]

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

As this change is worded it specifically states "Less than 1.50".

$0 is less than $1.50.

 

[spidey07]

Originally posted by: mercanucaribe
If $1.50 even matters to you, you shouldn't have a 30k limit, should you?

One of the quickest ways to wealth is to eliminate expenses that shouldn't exist. Add up all these 1.50 a month, look at the intereset/wealth it will generate in 10 years.

 

[DaveSimmons]

Originally posted by: spidey07

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

As this change is worded it specifically states "Less than 1.50".

$0 is less than $1.50.

See the horde of people agreeing with me, but go ahead and cancel your card if you want

 

[mugs]

Originally posted by: spidey07

Originally posted by: DaveSimmons
This usually means for a finance charge OVER $0, i.e. between 0.01 - 1.49.

If you pay in full each month your finance charge should still be $0.

As this change is worded it specifically states "Less than 1.50".

$0 is less than $1.50.

$0 isn't a finance charge. If you pay within the grace period there is no finance charge, not a $0 finance charge.

Put stuff on the card, pay it off, and let us know how it goes.

 

[spidey07]

Originally posted by: DaveSimmons
See the horde of people agreeing with me, but go ahead and cancel your card if you want

I see that. And you guys are probably right. But as worded I could get hit with a $1.50 finance charge. I'm not closing the account as that would not be in my best interest.

It's the Principle of the matter. Pun intended.

 

[mugs]

Originally posted by: spidey07

Originally posted by: DaveSimmons
See the horde of people agreeing with me, but go ahead and cancel your card if you want

I see that. And you guys are probably right. But as worded I could get hit with a $1.50 finance charge. I'm not closing the account as that would not be in my best interest.

It's the Principle of the matter. Pun intended.

You're right that it is poorly worded.