Worthless credit card company

[CTA_Busa_LE]

I have a credit card which I have a balance on. I have just a bit over a 5,000 balance on it and have had the card with this company for a couple years now, they've treated me great up until this month. I had a fixed 8.99% apr on it with no hidden fees or gimmicks (main reason I have done business with them). The interest rate was also the main reason I hadn't worked harder to pay the card off. This past month my wife made the payment online as we always do. I always pay more than the minimum and always pay a week or so early and have never been late. My wife made a mistake and transposed a couple numbers which caused the payment to be less than the minimum. As soon as we noticed this we immediately made an additional payment and made it right. You guessed it they hit me with a late fee and raise my interest rate to 12.99%. That's a 44.5% hike on the interest rate for those that are curious. I've called customer service and they actually got very hateful with me and pretty much said they couldn't do anything about it. Anyone else ever had this issue and what's a good way to deal with it??

 

[99'busa]

yep. but it was 1.99% until paid off. My wife paid it one day late and you guessed it.^^^^^^^9.99% What's the percentage of increase on that?

 

[Mr Bogus]

dang, dont they suck big time..

just look for a new card carrier to do a "transfer balance" with... I have no credit card debt but get these things (well used too till I got taken off all the mailing lists) about doing 1.99% or odd rates on balance transfers...

This country is in deep trouble IMO just because of the ease of "credit" available... I do not know a single person that is "debt free" here (locally) outside of their home... I worked for 4 years to get "debt free"

 

[CTA_Busa_LE]

dang, dont they suck big time..

just look for a new card carrier to do a "transfer balance" with... I have no credit card debt but get these things (well used too till I got taken off all the mailing lists) about doing  1.99% or odd rates on balance transfers...  

This country is in deep trouble IMO just because of the ease of "credit" available...  I do not know a single person that is "debt free" here (locally) outside of their home...  I worked for 4 years to get "debt free"

Congrats on not having any, that's my goal, but until then I've got to deal with them

 

[99'busa]

getting debt free is my wife and I's no. 1 goal right now. It's what she always throws in my face evertime I want another mod.

mods should be the only exception

 

[CTA_Busa_LE]

getting debt free is my wife and I's no. 1 goal right now. It's what she always throws in my face evertime I want another mod.

mods should be the only exception

I understand that and we are the same way. As for mods if your wife is like mine, even if I have cash in hand, that cash could have been spent on a bill somewhere. So I guess it is fair to say my wife is more goal oriented than I am

 

[needlepimp]

I put together a plan to pay of all my debt $23,500.00 (not including home) in about 11 months. I Started in May and put every spare dollar towards my loans. by March 09 I will have only a 500.00 mortgage to pay, and more mod money than I will know what to do with.

 

[Mr Bogus]

Took me a really ugly divorce to see the light finally.... I sleep pretty good not worrying about debt.. hang in there if you are trying to get out of the vicious cycle.... you are putting the hurts on the "establishment" the closer you get to debt free..

I just look at it like this... I had a step mom in AZ from Bisbee AZ.. her dad was one of those workers that did his hours to pay the "company" store.. (mining job) The company store is still here, it just got LARGER...

 

[99'busa]

getting debt free is my wife and I's no. 1 goal right now. It's what she always throws in my face evertime I want another mod.

mods should be the only exception

I understand that and we are the same way.  As for mods if your wife is like mine, even if I have cash in hand, that cash could have been spent on a bill somewhere.  So I guess it is fair to say my wife is more goal oriented than I am  

Is your wife's name Tonya too?

 

[shawnski]

that is the type of stunt they use and people get pissed off and they quit paying for credit card and let it charge off. and that is why there are so many charg off credit cards out there.

 

[BusaWhipped]

I put together a plan to pay of all my debt $23,500.00 (not including home) in about 11 months. I Started in May and put every spare dollar towards my loans. by March 09 I will have only a 500.00 mortgage to pay, and more mod money than I will know what to do with.

Pay off some of mine with it. Problem solved. Glad I could help.

 

[Wag]

+1 on getting another card and transferring the balance. Don't close the original card, though. THAT will hurt your credit score.

--Wag--

 

[Revvv]

Transfer the balance to a card with a lower interest rate. Let the card company in question know what you are doing. They will likely counter offer to keep you.

I would transfer the balance unless it was a 0% card for a year.

Now, pay of the balance.

 

[Revvv]

By the way, take a look at Dave Ramsey's website and his books. www.DaveRamsey.com

Money Matters is awesome.

 

[CTA_Busa_LE]

By the way, take a look at Dave Ramsey's website and his books. www.DaveRamsey.com

Money Matters is awesome.

I'm familiar with Dave Ramsey, I've never read any of his stuff though but like his thought process, at least what I've heard of it.

 

[CTA_Busa_LE]

getting debt free is my wife and I's no. 1 goal right now. It's what she always throws in my face evertime I want another mod.

mods should be the only exception

I understand that and we are the same way.  As for mods if your wife is like mine, even if I have cash in hand, that cash could have been spent on a bill somewhere.  So I guess it is fair to say my wife is more goal oriented than I am  

Is your wife's name Tonya too?

Nope my wife's name isn't Tonya, good thing as the similarities were building rapidly

 

[HRHDi]

It may be worth it to call them. If you have a good credit score and good history with them, they'll sometimes lower it again. What's the worst they can do, say no?

 

[Projekt]

Bro... Just cut your losses and do a low APR balance transfer..

 

[ks-waterbug]

VERY common Credit Card Tactic..... Unfortunately this is the norm in the industry! Best to pay off the debt completely. Then open an account in your name and continue making a payment to yourself! That away YOU can be your own Credit Card. But, you have to get out of debt first. If the company isn't willing to negotiate with you on a better APR move your business elsewhere. But, be advised this an impact your credit score making it even more difficult to get a better rate. Worse yet IF you can't get approved for a better offer with another card your current CC company could wammy you again with even higher interest rates... All part of the design unfortunately.

 

[Strife]

Had a friend who had his interest rate raised cause he had a couple credit cards near maxed out. He always payed on time and such. He called them up to ask why the jump in interest rate adn they informed him that due to how his credit was he has become a greater liability. He was pissed! I mean WTF never late and get treated this way!

Funny how closing an account with a credit card company(zero balance) can hurt your credit score.