Credit Card Poll - The bleeding has begun.

[DrPizza]

Originally posted by: boomerang
My wife and I have talked about it and when they decide to put a fee on our cards, we're just going to cancel them and use our debit cards or cash. Back to the tried and true method of paying in cash.

but, but, but... That's unAmerican!!

 

[imported_Imp]

I have two, and haven't noticed any increase in rates. However, I pay mine well before the due date, so never notice, and couldn't give two shits if they did.

 

[amdhunter]

Both my WaMu (Chase) and Discover cards jumped. I don't care. If you had asked me a year ago, I would have had a heart attack.

 

[XZeroII]

Originally posted by: alkemyst

Originally posted by: Syringer

Originally posted by: jpeyton

Originally posted by: Newbian

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

Oh God, NOT MY CREDIT SCORE!

Please, please, take my job, my house, my car...take anything, just don't hurt my precious FICO!!!

With a poor credit score you can be in a position where you have no house or car to begin with..

plus many things like insurance policy rate is tied to it.

We have gotten spoiled with those with lower 600's being allowed to borrow to the hilt and those over 700 but with no true history as well.

It's funny hearing a mid-20's person talking about their close to 800 FICO...they usually get a rude awakening when they go for a mortgage or major financing and learn about tradeline history.

I am 27 and my score is 810. I know because I'm refinancing my mortgage right now. What is tradeline history?

 

[hellfreeze]

No interest rate hikes here

 

[Special K]

Originally posted by: XZeroII

Originally posted by: alkemyst

Originally posted by: Syringer

Originally posted by: jpeyton

Originally posted by: Newbian

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

Oh God, NOT MY CREDIT SCORE!

Please, please, take my job, my house, my car...take anything, just don't hurt my precious FICO!!!

With a poor credit score you can be in a position where you have no house or car to begin with..

plus many things like insurance policy rate is tied to it.

We have gotten spoiled with those with lower 600's being allowed to borrow to the hilt and those over 700 but with no true history as well.

It's funny hearing a mid-20's person talking about their close to 800 FICO...they usually get a rude awakening when they go for a mortgage or major financing and learn about tradeline history.

I am 27 and my score is 810. I know because I'm refinancing my mortgage right now. What is tradeline history?

It's basically the average age of all the accounts that show up on your credit report.

 

[boomerang]

Originally posted by: DrPizza

Originally posted by: boomerang
My wife and I have talked about it and when they decide to put a fee on our cards, we're just going to cancel them and use our debit cards or cash. Back to the tried and true method of paying in cash.

but, but, but... That's unAmerican!!

I feel that we as consumers have more power than we think. CC companies are making a percentage of every purchase we make. They're making plenty. As some of the posters are saying here, a lot of these rate increases and fee implementations are not much more than a game of chicken. Make them flinch first. If you can get by without the card, call their bluff. They need us far more than we need them.

We each had a card through USBank. Worldperks Visa cards. I called to have the fees removed and was told that it was not possible. So, I canceled both cards. Did it make a difference to them? Of course not. But if a hundred people a month did that they'd start taking notice.

It all starts and ends with us - the consumer. We have a lot of power. They'd like us to think that we don't.

 

[Peelback79]

My one and only never late, always paid in full Visa went from I think it was 6-ish to 13.99%. It won't affect me much since I rarely carry a balance on it, but still it's kinda aggravating...

 

[edro]

I despise asshats who smugly remark "I pay my balance in full, so I don't care."

 

[amdhunter]

Originally posted by: edro
I despise asshats who smugly remark "I pay my balance in full, so I don't care."

But it's true.

 

[imported_Lothar]

Originally posted by: edro
I despise asshats who smugly remark "I pay my balance in full, so I don't care."

I pay my balance in full, so I don't care.

 

[ja1484]

You're asking like I'd notice if they did.


Also:

Originally posted by: edro
I despise asshats who smugly remark "I pay my balance in full, so I don't care."

This:

Originally posted by: Lothar
I pay my balance in full, so I don't care.

 

[MrMatt]

from my thread I started :
So I was paying some bills today and logged on to pay my Master Card bill (I have a citi platinum Select as you can probably guess from the thread title) and I see my APR has shot up to 25.99% It's actually higher than the one on my shitty Macy's visa that I only use AT macy's so I can get the various coupons they send out if you use it. I pay my bill monthly, and rarely have a balance forward, what gives??


I didn't even get a letter The whole reason I signed up for this card was that I had a balance on a macy's card from when I was job searching for 4 months. The Macy's had a 21.99% APR, and this Cit one had a much lower APR, especially for balance transfers. Now it's actually the worse of the two.