F-ing credit card companies!!!

[dsbunton646]

I hate these things. I have been an outstanding card holder for a LONG time. I have a credit score of around 800 and generally only keep about 500.00-1000.00 a month on my card with this company. i also have it set up to pay other bills with directly, (phone etc..). The rate is fixed at 7.9 and i was good with that. Today i get a letter from them trying to sneak a change by me in very small print. They are going to change my rate to a variable rate next month and it will be around 12% or higher. I say B.S. I have never been late, or over on any card I have had. This brings me to my question, anybody work for a bank that still gives fixed rate visa or mastercards with a decent rate? I am looking to refuse the change (mainly for principle as i usually pay it down every month anyway) and cancel my cards (I have two with this company) but I'll need a new one in order to setup my online bill pay.


Sorry, just needed to vent a bit.

 

[BA BUSA]

You can refuse the change and keep the same rate, but that will only be
good until the expiration date on the card. Then you will have to negotiate
new terms with them.

 

[Pinky Winky]

Just pay cash or write checks.

 

[Laylas_Mom]

Federal Credit Union will have what you are looking for.

 

[dsbunton646]

You can refuse the change and keep the same rate, but that will only be
good until the expiration date on the card. Then you will have to negotiate
new terms with them.

Yeah I was/am going to do that but they say if I refuse then they will close the accounts and I must payoff the remaining debt in xx amount of days. Thats what I'm gonna do, but no dice on keeping the rate until the card expires.

 

[Cookie]

Just pay cash or write checks.

There IS the key element, right there!

If everyone were to follow this guide and revert back to the way purchases WERE made, no one would be carrying the weight of others' delinquencies.

Banks are simple passing the buck to anyone and everyone for the discrepancies of others.

So, pay cash or sit back and tow the line. There is a long road ahead to dig our way past this one.

 

[bigfootatplay]

I hate these things. I have been an outstanding card holder for a LONG time. I have a credit score of around 800 and generally only keep about 500.00-1000.00 a month on my card with this company. i also have it set up to pay other bills with directly, (phone etc..). The rate is fixed at 7.9 and i was good with that. Today i get a letter from them trying to sneak a change by me in very small print. They are going to change my rate to a variable rate next month and it will be around 12% or higher. I say B.S. I have never been late, or over on any card I have had. This brings me to my question, anybody work for a bank that still gives fixed rate visa or mastercards with a decent rate? I am looking to refuse the change (mainly for principle as i usually pay it down every month anyway) and cancel my cards (I have two with this company) but I'll need a new one in order to setup my online bill pay.


Sorry, just needed to vent a bit.

try going to your bank and see if they can get a low interest rate card I will

 

[afterhours]

you sign a contract to use the banks money, and you give them the right to adjust the credit rate as they wish.....

why is people always complain when its time to pay credit cards.....they never complain when they using a credit to buy things they cannot afford?

 

[TonyMastodon]

they will usually lower and rate if you simply ask them (even current cards you own)...if they dont, you can say you are unhappy and will like to cancel the card. they usually give in.

 

[NIGHTFLIGHT]

On risk of being nosey can I ask what card?
Im honestly happy with discover last month they charged me no intrest because no late payments.tHey also have the reward systen was able have $50 wired into my checking account cashback reward.I know they cause probs bit sometime you need them hotel reservations ect.

 

[skydivr]

The fact of the matter is that credit card companies and the banks that issue them are taking it up the azz right now with losses, and the new laws closing in on poor business practices. To keep a card in the future, pay your bill in full ever month (only use them for float) and pay your bills (along with your cc bill) with online banking bill pay. Yes, I got the same interest rate notice, but since I pay my bill in full every month it does not apply to me. It's a new world and it's going to take some adjusting for alot of people. Cash is KING.

 

[dsbunton646]

On risk of being nosey can I ask what card?
Im honestly happy with discover last month they charged me no intrest because no late payments.tHey also have the reward systen was able have $50 wired into my checking account cashback reward.I know they cause probs bit sometime you need them hotel reservations ect.

They are both Chase bank cards. One has a 20,000.00 limit but I do not use it (0 balance). I really only use the other one to order busa parts, hotel reservations,supplements, and recurring bills like vonage, cable, etc.. It has a 10k limit with about 600.00 on it currently. It's not that I'm in any way struggling from "buying stuff I can't afford" as previously reffered too. I just hate the fact i work hard to keep my credit in good standing and they reward me by jacking up the rate. It's the principle of the matter dammit!

 

[SD1300]

Dump them and let them know why.... any why you'll never be back! That's the only thing they understand. Do you think if a lot more folks did that they would be doing this - they can so they are.

 

[dadofthree]

they will usually lower and rate if you simply ask them (even current cards you own)...if they dont, you can say you are unhappy and will like to cancel the card. they usually give in.

That's what I was thinking. Do you pay your balance every month ? If you do it doesn't matter....

 

[twotonevert]

Its a ploy, just call them and they will leave your rate alone. Think of the people that don't call or don't care.
Posted via Mobile Device

 

[semi]

i understand what you are saying about it being a matter of principle but if you pay it off every month, what does it really matter...they could make mine 200%/month and it wouldn't affect me a bit as i never carry a balance...that is the only way to do it or you are just giving your money away (no offense meant to those who carry balances just giving my opinion)

 

[afterhours]

when you borrow other people money..this happens. the contract you signed allows this

 

[ike]

That's why I'll never use them unless I intend to pay the whole balance off at the end of the month. I refuse to play their game.

 

[PandaNin]

I got the same letter from Chase and American Express. Closed both accounts in the last week.

I don't carry a balance but here's the unfair part IMHO. If they want to raise interest rates on money I borrow in the future, FINE, I've been notified, I know what's coming. But to raise rates on any balance I already have, well, that's bait and switch.

When you make a purchase on credit you are making a purchase at a certain % rate and just like car loans that rate should be fixed. You agree to borrow $xxx @ yy % interest until paid off. If the bank jacks up the rate to something people cannot afford because they can, well, people just walk away and guess who ends up paying. Everyone else. That's why I closed my accounts. I'm not going to pay any more than I already have to (talking taxes here) for someone else's lack of responsibility.

That said, I do have a credit card. I use it to make plane, hotel and car reservations. I no longer use it internationally because the excess rates they charge are criminal. Now I just exchange cash and carry it around.

 

[smac]

My credit card went from 7.69% to 17%, I called them even spoke to a supervisor, said there was nothing they could do.. I told them you made a business decision now so will I, CLOSE MY ACCOUNT! I paid off the balance now looking for another company, never late, paid off my balance monthly and I have great credit...the principleof it... just pi$$es me off!!!