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Credit Cards WTF??? Advise?
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Credit Cards WTF??? Advise? - June 22, 2009, 03:46 PM

Ok I don't know if anyone else has had this problem, but time for me to rant about it and please post up your experinces.

WTF is up with Credit Card companies today. I have 2 credit cards in which i have had the same accounts for years, they have always been in good standings, no late payments, no maxing out, large portions of my balances paid off at a time. I received a letter in the mail a few months ago that one would be raising my APR sky high (from 8% to 27%) WTF??? So I called them to find out why. Their response, "do to the economic down fall we need to recoup our funds" I even talked to a supervisor, and they couldn't do anything about. My only choose was to opt out of the increase which would result in closing my account, so of course that is what i did. Well now I just received another letter from my other credit card company, and the same exact thing. So now i have no credit cards! Anyone else have this problem? any advise? I don't like the fact of not having a credit card for emergencies.


oh, and the credit card companies 1. Bank of America and 2. Chase that use to be Providian.

thanks


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June 22, 2009, 03:49 PM

That hasn't happened to me but I'll keep an eye on them. Credit card companies are among the lowest pieces of shit out there, right behind Comcast.
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June 22, 2009, 03:58 PM

you should have just kept one of them, pay off your cc's every month


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June 22, 2009, 03:58 PM

They are raising the rates before the curbs President Obama signed into law will take effect at the end of this year. Expect all card companies to follow suit....


(lowest common denominator = usa today )

Obama signs into law credit card reform By Kathy Chu, USA TODAY


In the most sweeping changes to the credit card industry in 40 years, President Obama signed into law Friday an act to restrict practices he says contributed to consumers' financial problems during the recession.


"With this bill we are putting in place some common sense reforms designed to protect consumers," Obama said at a signing ceremony at the White House.


"We're not going to be giving people a free pass and we expect consumers to live within their means and pay what they owe.

But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives," he said.


The new law which includes restrictions on interest rate increases and credit offered to college students deals a blow to the banking industry, which has lobbied aggressively against tighter regulation.

At the same time, it provides less than a complete win for consumers because it doesn't cap interest rates or fees.


The legislation "is not going to be a hanging for banks, but I think Congress has collared them and are bringing them in," says Robert McKinley, founder of CardTrak.com, which consults with banks. "It's been the Wild West for the card industry for a long time."


Marcia Sullivan, director of government relations for Consumer Bankers Association, a trade group, says banks' biggest concern is that the new restrictions will affect the availability and price of credit.


"I think that every single company that offers a credit card is reassessing its cost," says Sullivan. Issuers will be "reassessing what they do and how they do it."


The law's impact will be felt by most households in America. About 90 million households carry credit cards, with an average debt load of more than $10,500, according to CardTrak.com.

The curbs, which mostly take effect in nine months, deal with controversial practices including:


Interest rate increases. Issuers can generally raise rates on existing credit card debt only if consumers have paid their bill more than 60 days late.


Penalty fees. Issuers can't charge an over-limit fee unless consumers have asked for this additional credit. Banks also can't impose late fees if they delayed crediting a payment.


Marketing to college students. Banks can't extend credit cards to people under 21 without verifying their ability to pay or getting their parents' permission.


The law comes on the heels of consumer outcry about increases in credit-card rates and fees during the downturn.

Banks have said that higher funding costs, along with surging loan delinquencies and defaults, forced them to reassess card risk.


The problem is, banks' actions have only made it harder for consumers to pay their bills.

In the first quarter of 2009, the latest data available, credit card delinquencies hit an all-time high of 6.5%, according to the Federal Reserve.

Credit-card defaults reached a near-record 7.5%.


Susanna Montezemolo, a vice president at the Center for Responsible Lending, an advocacy group, says because the law is a "compromise piece of legislation, there are certainly other areas where it could be made stronger."

Still, Montezemolo says that consumers groups are generally "thrilled" that borrowers will have new rules of the road for credit cards.


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June 22, 2009, 04:01 PM

You can still have a credit card, just don't carry a balance, and the interest rate doesn't matter.

But to answer the question, Dutch already did. They are gold digging as hard as they can now while they still can.


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June 22, 2009, 04:02 PM

Quote:
Originally Posted by david636 View Post
That hasn't happened to me but I'll keep an eye on them. Credit card companies are among the lowest pieces of shit out there, right behind Comcast.

I can't agree with you more. Comcast is the absolute worst.


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June 22, 2009, 04:07 PM

Dutch basically summed it up perfectly. I had a similar experience with my financial institution (USAA) and they raised mine from 9 - 15.9% not as much as yours but it is a significant jump. The downside of having a CC with a "local bank" is they have no sanctions or ruls to follow they just do what they want when they feel because "they are in it for the money, not the custmer". A Credit Union is really there for you. If at all possible, join a credit union, Apple, Navy Fed, Pentagon Fed, USAA, etc... and get one of their CC. Generally the interest is always 3-4 points lower than your normal banks (depending upon credit ofcourse) and you can reap far more benefits....
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June 22, 2009, 04:08 PM

Quote:
Originally Posted by david636 View Post
That hasn't happened to me but I'll keep an eye on them. Credit card companies are among the lowest pieces of shit out there, right behind Comcast.
damn...you nailed that on the head...Comcast is some straight sewage...glad i finally got rid of them....
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June 22, 2009, 04:17 PM

someone just posted up this form another board:

Not to mention, closing it will - I believe - INCREASE my debt / available credit ratio...

i responded with this:

Ya that was my predicament both cards had a high limit, but they also had a high balance as well. not incrediably high, but enough that i couldn't pay it off right now. i owe less then 50% of my limit.


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June 22, 2009, 04:21 PM

Hahahaha comcast, they sent me a bill yesterday for $290, I canceled my service in April, on the 4th, I called, was very polite and didnt yell, and it turns out, THEY OWE ME! yep, im getting $84 in the mail.

As for the CC, they raise rates if you carry too much of a balance, or dont use your card enough. Or if the day of the week you were born on ends in "y".

They do what they do.


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June 22, 2009, 04:30 PM

Those companies got into a lot of trouble for partying like it was 1999 and handing out all kinds of crazy credit, like 0% APR for a year. Now they're in the hot seat, and they're screwing their cardholders. The best revenge is to cut those biznatches right off.

I had one that gave me a $25,000 limit a few years ago. Then they mailed me all that 0% APR for a year stuff a couple years ago so I wrote a check to myself for $24,600 and put it into an internet money market account. Then I just paid it off right before the deadline and made like $800 in interest. They didn't get anything so next thing you know, I get something in the mail saying they periodically review credit limits and reduced mine to $13,000. I laughed, called them, and said, "I'd like to close the account, kthnxbye."


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June 22, 2009, 04:33 PM

Use Debit/Check cards. For everything else, pawn shop. ON that note eff Bank Of America big time. Everytime I try to pay down my 1200 bucks a week later its back to the limit again. Gonna pay it off at once and cut off their precious interest profits.
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June 22, 2009, 04:34 PM

Quote:
Originally Posted by OrangeShirtDude View Post
Those companies got into a lot of trouble for partying like it was 1999 and handing out all kinds of crazy credit, like 0% APR for a year. Now they're in the hot seat, and their screwing their cardholders. The best revenge is to cut those biznatches right off.

I had one that gave me a $25,000 limit a few years ago. Then they mailed me all that 0% APR for a year stuff a couple years ago so I wrote a check to myself for $24,600 and put it into an internet money market account. Then I just paid it off right before the deadline and made like $800 in interest. They didn't get anything so next thing you know, I get something in the mail saying they periodically review credit limits and reduced mine to $13,000. I laughed, called them, and said, "I'd like to close the account, kthnxbye."
nice.


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June 22, 2009, 04:41 PM

Quote:
Originally Posted by short_mike View Post
someone just posted up this form another board:

Not to mention, closing it will - I believe - INCREASE my debt / available credit ratio...

i responded with this:

Ya that was my predicament both cards had a high limit, but they also had a high balance as well. not incrediably high, but enough that i couldn't pay it off right now. i owe less then 50% of my limit.
Closing out your cards will make your credit score drop. Also, paying them off every month doesn't help your credit either.
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June 22, 2009, 04:48 PM

yep. I said "fuck you cancel my CC" to BOA. fuck them.



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