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Stay Classy Discover Card

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?
 
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 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.
 
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?
Click to expand...

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.
 
Cancelling your card will hurt your credit more than simply paying off the card and maintaining a low balance.
 
Originally posted by: Gothgar
OP below


30% ??? mother fuck

did you miss a payment or something?
Click to expand...

Nope, never.

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

They are just ripping people off.
 
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.
Click to expand...


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.
 
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.
Click to expand...


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.
Click to expand...

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...
 
Originally posted by: Mackie2k


I thought we passed legislation to prevent this ...
Click to expand...


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
 
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?
Click to expand...

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.)
 
Originally posted by: Mackie2k
Originally posted by: tasmanian
Do you carry a balance on it mack?
Click to expand...

yeah usually $2000 or so...
Click to expand...

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
 
Originally posted by: JEDI
Originally posted by: Mackie2k
Originally posted by: tasmanian
Do you carry a balance on it mack?
Click to expand...

yeah usually $2000 or so...
Click to expand...

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
Click to expand...

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.
 
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?
Click to expand...

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

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

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.
Click to expand...



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