CRRAAAAP Missed CC payment... bumped my interest rate!

[Zysoclaplem]

Call them and ask them as a customer curtisy if they will return your interest rate to it's previous state. If they refuse, let them know you mailed the payment and it will be postmarked and that it's not your fault the USPS is late.
If they still refuse, tell the CSR that you are going to balance transfer the entire amount and that you are very unhappy with their service.
They will receive no more interest from you.

 

[waggy]

sheesh.

 

[waggy]

sheesh.

 

[purbeast0]

So you came to ATOT to ask us if you call them will you be able to explain it to them and it make a difference, before you actually called them?

lmao ...

 

[Homerboy]

Originally posted by: Zysoclaplem
Call them and ask them as a customer curtisy if they will return your interest rate to it's previous state. If they refuse, let them know you mailed the payment and it will be postmarked and that it's not your fault the USPS is late.
If they still refuse, tell the CSR that you are going to balance transfer the entire amount and that you are very unhappy with their service.
They will receive no more interest from you.

Exactly the plan, however that check was sent out ~3 weeks ago. So I'm betting that if its not there by now, its never going to get there.

Regardless, this is my only avenue to take at this point. This and prayer that they will forgive me and return me to my rate.

Sadly I've been looking at my other existing cards, and none have any decent transfer rates. I guess I can open a new and close this one.

 

[MikeyIs4Dcats]

Senate looks into CC practices

 

[MikeyIs4Dcats]

Originally posted by: Zysoclaplem
Call them and ask them as a customer curtisy if they will return your interest rate to it's previous state. If they refuse, let them know you mailed the payment and it will be postmarked and that it's not your fault the USPS is late.
If they still refuse, tell the CSR that you are going to balance transfer the entire amount and that you are very unhappy with their service.
They will receive no more interest from you.

they won't care. "Late" is determined by when it arrives, not when you mail it. It is the cardholder's responsibility to make the payment arrive on time.

 

[dullard]

I thought in your previous CC threads that we convinced you to get rid of your credit cards. In your 2004 thread, you said "FYI Most the CC's are already burned/cut/destoyed and forgotten at this point. Future CC debt is not going to be a issue ever again." And I thought you were getting a HELOC to avoid ever having CC debt again. Then in 2005, I urged you again to never ever do anything but pay off your CC in full each month.

I realize you had a hardship with your lost job and that you have many obligations (family). But, I thought I had you convinced to never use a CC as a loan. Don't fall for their calls. Those mermaids beckoning you to sail your boat in their direction are not mermaids, they are treacherous rocks poised to slash your boat and drown you and everything you've worked hard for. Those siren calls are tempting, but they NEVER work out. Even 0% CC loans are usually more costly than any bank loan if you look at the big picture.

Dump this debt back into your HELOC, and shred the CCs.

 

[preslove]

Originally posted by: waggy

Originally posted by: MikeyIs4Dcats

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

YES. it's the new trend.

yeah but on the first missed payment? i have a 6% card that i have been late a few times and they have not done a thing. and i have had the card for 12 years now.

There ya go. All the offers I get have the first-payment-jack-up in the fine print. Maybe I just need to improve my credit :/

 

[KoopaTroopa]

Originally posted by: dullard


I thought in your previous CC threads that we convinced you to get rid of your credit cards. In your 2004 thread, you said "FYI Most the CC's are already burned/cut/destoyed and forgotten at this point. Future CC debt is not going to be a issue ever again." And I thought you were getting a HELOC to avoid ever having CC debt again. Then in 2005, I urged you again to never ever do anything but pay off your CC in full each month.

I realize you had a hardship with your lost job and that you have many obligations (family). But, I thought I had you convinced to never use a CC as a loan. Don't fall for their calls. Those mermaids beckoning you to sail your boat in their direction are not mermaids, they are treacherous rocks poised to slash your boat and drown you and everything you've worked hard for. Those siren calls are tempting, but they NEVER work out. Even 0% CC loans are usually more costly than any bank loan if you look at the big picture.

Dump this debt back into your HELOC, and shred the CCs.

hellz ya

 

[Saulbadguy]

My first suggestion would be don't spend money you don't have.

 

[Homerboy]

Originally posted by: dullard


I thought in your previous CC threads that we convinced you to get rid of your credit cards. In your 2004 thread, you said "FYI Most the CC's are already burned/cut/destoyed and forgotten at this point. Future CC debt is not going to be a issue ever again." And I thought you were getting a HELOC to avoid ever having CC debt again. Then in 2005, I urged you again to never ever do anything but pay off your CC in full each month.

I realize you had a hardship with your lost job and that you have many obligations (family). But, I thought I had you convinced to never use a CC as a loan. Don't fall for their calls. Those mermaids beckoning you to sail your boat in their direction are not mermaids, they are treacherous rocks poised to slash your boat and drown you and everything you've worked hard for. Those siren calls are tempting, but they NEVER work out. Even 0% CC loans are usually more costly than any bank loan if you look at the big picture.

Dump this debt back into your HELOC, and shred the CCs.

haha well I did dump all the CCs technically accept for this one that carried a sole balance at the 2.9% rate. And thats only for the past 4-6 months. If this isn't resolved with a phone call it will likely be washed with a transfer from the HELOC loan. Trust me there is "want" or "need" for the CCs and yeah I should have just used the HELOC from the ground up rather than doing the 2.9% game. Yeah I lost that game, no question.

 

[homercles337]

Originally posted by: Homerboy
I will obviously call once I have the card in my hand so I have info etc. I guess my "threat" is "Fine... if you won't float me this one time, I wil be transferring enter balance to AMEX tonight." 32.9% of $0 is $0

When/if you do this. Make sure to tell them to freeze the interest and tell you verbally the pay off amount. I have done this a handful of times when some CC company pisses me off with sh!t like what youre going through. If you dont tell them to freeze the interest they will just keep charging as long as they can. Fscking blood suckers will suck you for every last CENT they can. Man i hate the way CC companies work these days.

Another thing to look out for after the money grubbing repugs were in power, they allow that CC company you defaulted with to notify ALL your other creditors. 32.9% is just flat out robbery. File for bankruptcy, oh wait, the repugs in conjunction with CC company campaing contributors put a stop to that too...

 

[homercles337]

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

This is now standard operating procedure for CC companies, thanks to the repugs and their 6 year reign of terror.

 

[Garet Jax]

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

Very normal and it is much worse than that. They can bump it if you miss a payment on any of your credit lines regardless of who holds it.

$@%^@! sharks.

 

[Garet Jax]

Originally posted by: waggy

Originally posted by: MikeyIs4Dcats

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

YES. it's the new trend.

yeah but on the first missed payment? i have a 6% card that i have been late a few times and they have not done a thing. and i have had the card for 12 years now.

If you were carrying a large balance, then they probably would have dealt with it differently. 1 month's interest at 30%+ is huge when you are dealing with tens of thousands.

 

[Vic]

You haven't missed the payment, you're only 5 days late. You should call them and tell them to fix the issue and reduce your rate. They probably have your payment and were just late on posting it.

And yes, this is common with CC providers and is written into your agreement with them. A quick check of the markets would show anyone who cares to educate themselves that 2.9% is a loss-leader interest rate (who here doesn't have their own money in some FDIC-insured online savings account at about 5%?). As the OP said, he couldn't even get a HELOC at that rate. So as a condition of the below-market interest rate, the CC provider expects you to make the payments on time. This is hardly unreasonable. If you don't like it, then don't sign up for that kind of deal and get a normal CC interest rate.

 

[Nyati13]

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

Not only is this very common in the USA, but all of the OP's other credit accounts might also bump their interest rates to the 29 to 32% range, just because he was 'late' paying this CC.

 

[Zysoclaplem]

Originally posted by: MikeyIs4Dcats

Originally posted by: Zysoclaplem
Call them and ask them as a customer curtisy if they will return your interest rate to it's previous state. If they refuse, let them know you mailed the payment and it will be postmarked and that it's not your fault the USPS is late.
If they still refuse, tell the CSR that you are going to balance transfer the entire amount and that you are very unhappy with their service.
They will receive no more interest from you.

they won't care. "Late" is determined by when it arrives, not when you mail it. It is the cardholder's responsibility to make the payment arrive on time.

Well care is a strong word. They want you to continue to pay them interest.
I have called CC companies and gotten things changed by giving them excuses.
It works sometimes. Right now it's not how you do it it's if you can. Try everything.

 

[Vic]

Originally posted by: homercles337

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

This is now standard operating procedure for CC companies, thanks to the repugs and their 6 year reign of terror.

Oh yes, the reign of terror of being able to borrow unsecured money for less than what FDIC-insured savings accounts pay out, and all you have to do to keep that ridiculous low interest rate is pay it back on time!! Oh the humanity!!

:roll:

And like Bush and his repugs have anything to do with this... moron.

 

[LS20]

online payment rocks

 

[halik]

Sorry, but you're a dumbass for using your CC to finance sh!t you can't afford.

1) dislodge head from anus
2) take a loan against 401K
3) pay off cc
4) profit

 

[markgm]

I love that credit card companies think there is nothing wrong with this policy. I wonder if any bank would give you a savings account with a 3% interest rate and agree to pay you a 30% interest rate on the account if a statement ever gets lost in the mail (or they have a security breach and your personal information is exposed.) The problem with the link that was posted above is it doesn't matter if credit cards are for 1 year or 5 years. As individuals, we have no power to change these practices unless we all leave one of the big banks. With the amount of debt in this country, that'll never happen.

You already got berated enough about not using online payments, but it amazes me that their are people out there who won't use credit cards or pay things online, not that you're one of them.

 

[Vic]

Originally posted by: Zysoclaplem

Originally posted by: MikeyIs4Dcats

Originally posted by: Zysoclaplem
Call them and ask them as a customer curtisy if they will return your interest rate to it's previous state. If they refuse, let them know you mailed the payment and it will be postmarked and that it's not your fault the USPS is late.
If they still refuse, tell the CSR that you are going to balance transfer the entire amount and that you are very unhappy with their service.
They will receive no more interest from you.

they won't care. "Late" is determined by when it arrives, not when you mail it. It is the cardholder's responsibility to make the payment arrive on time.

Well care is a strong word. They want you to continue to pay them interest.
I have called CC companies and gotten things changed by giving them excuses.
It works sometimes. Right now it's not how you do it it's if you can. Try everything.

Of course they care. If the OP's credit is good (and a few days late won't show on his credit), then they know that he can just balance transfer over to another CC provider's promotional interest rate deal and they'll lose the account. And if it's "sizable," like the OP said, then they'll care even more.
He might have to get past a level or 2 of bottom-dwelling CSR's, but eventually he'll find a supervisor or manager who will care. My tactic when dealing with these type of issues is just to ask for someone capable of making decisions upfront.

 

[waggy]

Originally posted by: preslove

Originally posted by: waggy

Originally posted by: MikeyIs4Dcats

Originally posted by: MercenaryForHire
WTF? What kind of CC holder bumps the rate on a missed payment? Is this normal with US banks?

- M4H

YES. it's the new trend.

yeah but on the first missed payment? i have a 6% card that i have been late a few times and they have not done a thing. and i have had the card for 12 years now.

There ya go. All the offers I get have the first-payment-jack-up in the fine print. Maybe I just need to improve my credit :/

I was thinking of killing the card and getting a diffrent one. guess i wont.

oh and looked at the papers. its 9% not 6 heh