Holy mackeral! Credit Card bending me over

[WiseOldDude]

Big bank corporate greed and they have the whores (sometimes called politicians) in their pocket.

Which is kind of funny as many of those in the House and Senate have such poor credit ratings

If you think that the current hearings about this in Washington are going to change anything I got a bridge for sale, you can put it on your 30% platimum card.

Long term find a credit union you can join, they provide all the services, with the exception you don't have to bend over and spread 'em

 

[WiseOldDude]

Originally posted by: pulse8
Can anyone explain to me the purpose of having a credit card and not carrying some kind of balance? Why not just pay it in cash?

You CANNOT rent a car with cash, no rental company will do it.

purchase your plane ticket with cash, well if you can, you have just signed yourself up for a body cavity search every time you fly for the rest of your life.

 

[WiseOldDude]

Originally posted by: Plasdom
why close it? Just cut up the card and don't use it

WRONG:frown: you are still subject to annual fees, and fraud.
Call them and cancel and DEMAND THEY INDICATE THAT ACCOUNT CLOSED AT REQUEST OF THE CUSTOMER. If you cancel and they just say account closed, it is a black mark on your credit. Demand they send a letter to you stating the account was closed and at your request, and keep the letter.

 

[Plasdom]

^Did you miss this post?

Originally posted by: Plasdom

Originally posted by: astroview
Well if you cut up the card you still have an account...

So how does that get rid of the annual fee?

Missed the part about the annual fee. Surprised that credit cards charge that these days

 

[JEDI]

Originally posted by: spidey07
Got something in the mail from a card I've had a few years.

"amendments to your agreement"
Raising rate to 30%
no grace period on purchases
5% charge for all international purchases
late fee changed to $75
Can change rate at anytime without notice

And its a platinum visa.

Getting on the horn now ready to tell them to shove the card where it doesn't shine. Just gotta pay it off real quick. I can see the conversation now.

"sir you have quite a balance with us"
spidey - "do you want eletronic transfer, personal check or money order so that I can pay in full?"

I love the part about "you can reject this change in writting, but if you do we can close your account at anytime without notice"
:|

WTF?! no grace period even if you pay it in full every month?!

that aint a credit card, it's loan sharking.

can't believe a big name company like mbna is pulling a stunt like this.

 

[bret]

thats when you pull your pants back up and bend them over with a nice big "cancel membership" dildo

thats outrageous man.. at least you read the notice.. most people might throw it away and not read it.

 

[WiseOldDude]

Find a credit union you can join! Some only require you live or work in a specific county. Does anyone in your family belong to a credit union? Almost all credit unions allow family members to join.

Typical credit union has all the services anyone needs, credit cards, loans, mortages, checking (almost always free and without a minimum balance) online banking, FREE ATM's and more

 

[aluehrs]

There are lots of reasons to have a credit card such as miles etc... But the biggest one is if you get your debit card stolen and its used you will run into lots of problems and will have to fight to get your money back, possibly screwing up transactions in progress, its not worth it, I have credit cards and traded my debit card for an atm card only...

 

[Pacfanweb]

My wife had 2 different experiences with credit cards that jacked up the interest rate suddenly.
One: Jacked up the interest rate because she did a balance transfer (that they sent her info saying get a low % on transfers), that put the card near the limit. Then, the finance charges that came on the the very next bill sent it a couple dollars over the limit. Not only did they charge a fee for going over the limit, but the used that as an excuse to jack the interest rate up to like 23% because she was "maxed out".
Closed it, paid it off in a couple of months. Customer service, management, nobody would do anything for her, and she had had that card for over 10 years.

Two: Had a card for about 2 years. We charged some stuff on it, that put it near the limit. (it was just a 1500 dollar card) They jacked up the interest rate, too. She called them, and they apologized, reduced the rate, and on the last bill, they raised the credit limit.
We had already paid if off, but the obviously wanted out business. The other one evidently didn't care if they lost a 10 year customer.

 

[CrackaLackaZe]

Originally posted by: Pacfanweb
My wife had 2 different experiences with credit cards that jacked up the interest rate suddenly.
One: Jacked up the interest rate because she did a balance transfer (that they sent her info saying get a low % on transfers), that put the card near the limit. Then, the finance charges that came on the the very next bill sent it a couple dollars over the limit. Not only did they charge a fee for going over the limit, but the used that as an excuse to jack the interest rate up to like 23% because she was "maxed out".
Closed it, paid it off in a couple of months. Customer service, management, nobody would do anything for her, and she had had that card for over 10 years.

Two: Had a card for about 2 years. We charged some stuff on it, that put it near the limit. (it was just a 1500 dollar card) They jacked up the interest rate, too. She called them, and they apologized, reduced the rate, and on the last bill, they raised the credit limit.
We had already paid if off, but the obviously wanted out business. The other one evidently didn't care if they lost a 10 year customer.

Which Banks/Companies?

 

[Pacfanweb]

Originally posted by: CrackaLackaZe

Originally posted by: Pacfanweb
My wife had 2 different experiences with credit cards that jacked up the interest rate suddenly.
One: Jacked up the interest rate because she did a balance transfer (that they sent her info saying get a low % on transfers), that put the card near the limit. Then, the finance charges that came on the the very next bill sent it a couple dollars over the limit. Not only did they charge a fee for going over the limit, but the used that as an excuse to jack the interest rate up to like 23% because she was "maxed out".
Closed it, paid it off in a couple of months. Customer service, management, nobody would do anything for her, and she had had that card for over 10 years.

Two: Had a card for about 2 years. We charged some stuff on it, that put it near the limit. (it was just a 1500 dollar card) They jacked up the interest rate, too. She called them, and they apologized, reduced the rate, and on the last bill, they raised the credit limit.
We had already paid if off, but the obviously wanted out business. The other one evidently didn't care if they lost a 10 year customer.

Which Banks/Companies?

The one she closed down was Chase. I can't remember right now which one the other was. Some Visa card, but I don't remember the actual bank.

 

[astroview]

So I read in the paper another reason for all the companies raising minimums to be paid.

New laws require that a CC's monthly minimum payment covers all interest paid for the billing period, all fees for that period, and also covers paying down the principal by at least 1% I think this is an excellent law, it will force people to get out of debt (assuming they don't ring up new charges on the card).

 

[JEDI]

Originally posted by: astroview
So I read in the paper another reason for all the companies raising minimums to be paid.

New laws require that a CC's monthly minimum payment covers all interest paid for the billing period, all fees for that period, and also covers paying down the principal by at least 1% I think this is an excellent law, it will force people to get out of debt (assuming they don't ring up new charges on the card).

:thumbsup: