Stay Classy Discover Card

[Mackie2k]

Grabbed my mail this morning, both my Discover Card and GM Card (yeah GM Card, LOL) and they had notices sent that they were removing my fixed intereste with variable rates that could go up to 29.99%, currently at 25%.

What a god damn joke.

I thought we passed legislation to prevent this type of FRAUD against people??? I guess it was just a farce.

Time to cancel I guess.

This happen to anyone else?

 

[Gothgar]

OP below


30% ??? mother fuck

did you miss a payment or something?

 

[Brainonska511]

Citibank sent me a letter over the summer that in October, my rate would be going from 19.999% to something like 27%. Pretty ridiculous to begin with; never carry a balance, pay off in full every month, and always on time.

 

[jpeyton]

They should have given you the option to opt out of the rate increase, provided you cancel the card once it expires.

I know my bank did. I'll use the card through the expiration in 2011, then find a better option.

 

[tasmanian]

Do you carry a balance on it mack?

 

[SandEagle]

i'd max out the card and never send a payment. two can play at that game

btw, i really wouldnt do that.

 

[goog40]

Originally posted by: Mackie2k
Grabbed my mail this morning, both my Discover Card and GM Card (yeah GM Card, LOL) and they had notices sent that they were removing my fixed intereste with variable rates that could go up to 29.99%, currently at 25%.

What a god damn joke.

I thought we passed legislation to prevent this type of FRAUD against people??? I guess it was just a farce.

Time to cancel I guess.

This happen to anyone else?

The legislation they just passed is actually the driving force behind the rate increases people are seeing now. The bill limits the bank's ability to raise rates on customers who are delinquent, so the banks are being forced to pre-emptively raise rates before the bill takes effect.

 

[Mackie2k]

Originally posted by: tasmanian
Do you carry a balance on it mack?

yeah usually $2000 or so...

 

[Nik]

Cancelling your card will hurt your credit more than simply paying off the card and maintaining a low balance.

 

[Mackie2k]

Originally posted by: Gothgar
OP below


30% ??? mother fuck

did you miss a payment or something?

Nope, never.

I've been a customer for 10+ years.......

They are just ripping people off.

 

[Bignate603]

Originally posted by: Brainonska511
Citibank sent me a letter over the summer that in October, my rate would be going from 19.999% to something like 27%. Pretty ridiculous to begin with; never carry a balance, pay off in full every month, and always on time.

They tried that on me. I called up and griped, my interest rate got bumped down to a bit above 13%.

Of course my wife tried the same thing when her rate got increased and they didn't listen.

 

[Brainonska511]

Originally posted by: Bignate603

Originally posted by: Brainonska511
Citibank sent me a letter over the summer that in October, my rate would be going from 19.999% to something like 27%. Pretty ridiculous to begin with; never carry a balance, pay off in full every month, and always on time.

They tried that on me. I called up and griped, my interest rate got bumped down to a bit above 13%.

Of course my wife tried the same thing when her rate got increased and they didn't listen.

I've thought about calling them up and bitching, but I just don't care that much. I don't carry a balance. Maybe when I'm not so busy (after my 2 GREs, grad apps, and fall quarter), I'll give them a call to see if they'll lower it, just in case...

 

[FleshLight]

My Discover More card still has a 9.24% APR. I never carry a balance unless it's a 0% card though.

 

[FoBoT]

Originally posted by: Mackie2k


I thought we passed legislation to prevent this ...

yes , the new law takes effect soon, so they are preempting the new law by screwing you now. you can opt out and close the account
good luck

 

[JEDI]

Originally posted by: Mackie2k
Grabbed my mail this morning, both my Discover Card and GM Card (yeah GM Card, LOL) and they had notices sent that they were removing my fixed intereste with variable rates that could go up to 29.99%, currently at 25%.

What a god damn joke.

I thought we passed legislation to prevent this type of FRAUD against people??? I guess it was just a farce.

Time to cancel I guess.

This happen to anyone else?

why cancel? it'll lower your credit rating. just stick in a drawer somewhere.

in jan 2010, my Discover Gas card goes from 5% to 2% rebate for gas. no use for Discover anymore, since i have other 5% gas cards. (redeeming rebates for discover partner cards get your $5-$10 extra, thus why i used it.)

 

[JEDI]

Originally posted by: Mackie2k

Originally posted by: tasmanian
Do you carry a balance on it mack?

yeah usually $2000 or so...

oh.. then cancel NOW!

it'll preserve your old rate, and you can STILL make payments under the old rate till babalnce is paid off. you just cant charge any more to the card

 

[Mackie2k]

Originally posted by: JEDI

Originally posted by: Mackie2k

Originally posted by: tasmanian
Do you carry a balance on it mack?

yeah usually $2000 or so...

oh.. then cancel NOW!

it'll preserve your old rate, and you can STILL make payments under the old rate till babalnce is paid off. you just cant charge any more to the card

Well I can pay it off anytime, not really the point. I'm irritated they would treat a good 10 year customer like this.

I'll run the card on empty and keep it open so it doesn't hurt my credit rating.

 

[Bateluer]

Originally posted by: Mackie2k
Grabbed my mail this morning, both my Discover Card and GM Card (yeah GM Card, LOL) and they had notices sent that they were removing my fixed intereste with variable rates that could go up to 29.99%, currently at 25%.

What a god damn joke.

I thought we passed legislation to prevent this type of FRAUD against people??? I guess it was just a farce.

Time to cancel I guess.

This happen to anyone else?

Amazon and Chase did this to me a few years ago. 11% to 29.99%. I transferred the balance to another card and its sat empty ever since. Been debating whether or not to simply cancel it to clean up my available credit.

 

[DontMindMe]

just another reason why we don't have a CC...

 

[krunchykrome]

AMEX ftw

 

[PlasmaBomb]

Originally posted by: Mackie2k

Originally posted by: tasmanian
Do you carry a balance on it mack?

yeah usually $2000 or so...

*ouch*

 

[PlasmaBomb]

Originally posted by: DontMindMe
just another reason why we don't have a CC...

There are valid reasons for having a credit card.

They are fine/beneficial provided you use them correctly.

 

[DontMindMe]

Originally posted by: PlasmaBomb

Originally posted by: DontMindMe
just another reason why we don't have a CC...

There are valid reasons for having a credit card.

They are fine/beneficial provided you use them correctly.

sure, but not necessary...

 

[Jadow]

Originally posted by: DontMindMe
just another reason why we don't have a CC...

You're missing out on a great tool! With a CC I:

1. Usually pay for things I buy 20-30 days AFTER I buy them.
2. Earn cash back rewards, hotel points, and airline miles just buy buying stuff I'd buy anyways (groceries, internet bill, gas, etc...)
3. Have convenient access to a lot of buying power without having to carry cash around.
4. If it is stolen or lost, my downside is 0, one call to their 800 number and it's taken care of.
5. Warranties on things I purchase are extended by ONE YEAR


And what do I pay for this convenience, nothing, zilch, nada.

 

[DontMindMe]

Originally posted by: Jadow

Originally posted by: DontMindMe
just another reason why we don't have a CC...

You're missing out on a great tool! With a CC I:

1. Usually pay for things I buy 20-30 days AFTER I buy them.
2. Earn cash back rewards, hotel points, and airline miles just buy buying stuff I'd buy anyways (groceries, internet bill, gas, etc...)
3. Have convenient access to a lot of buying power without having to carry cash around.
4. If it is stolen or lost, my downside is 0, one call to their 800 number and it's taken care of.
5. Warranties on things I purchase are extended by ONE YEAR


And what do I pay for this convenience, nothing, zilch, nada.

I get most these "conveniences" with a debit card from my bank...