Credit card companies are changing your interest rate.

Credit card companies are doing their best to rape and pillage before the new laws come into force in August.

I have a credit card from Zions Bank. It's my only credit card since I cut up that Citibank card when they raised the interest rate to 24%. I always pay off my balance each month on this card, but last month I made the check out wrong - my bad - and it left a very small balance owing on the card. I just got a notice that my interest rate was going up to an effective annual rate of 43.36%!!

I cannot articulate the depth of my disgust at this kind of usury and price gouging. I'm not going to do anymore banking with any institutions except credit unions. This is incredible!

I thought the only kind of people who charged rates like that were those who offered their loans in back alleys and street corners. This kind of power abuse is sickening! :sick:

Lady
 
Yep!

I got a NOTICE from Capital One! There new cash advance rate was 24+%


XL-entLady said:
Yesterday in the mail I got a notice from Citibank regarding my credit card with them. They were raising the rate to prime plus 15%! Cash advances raised to 24%! :mad: ...........Lady
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They are loosing their "weak sheep" customers that they made all the fees and interest off of. They know what is coming and they are trying to do a primitive strike.

Let this be a lesson to you, they do not value you as a customer. Just as a cash machine.
 
Meanwhile they borrow for .25% from the Fed or whatever the absurd rate is and then lend it to us for 20% plus. Crooks.

I'll bet credit card companies have sent applications addressed to people who have been dead for a few years just because it's all about the quantity of cards they can dish out.
 
Yesterday in the mail I got a notice from Citibank regarding my credit card with them. They were raising the rate to prime plus 15%! Cash advances raised to 24%! :mad:

This is a credit card with a $20,000 limit that has NEVER had a roll-over balance. I ALWAYS pay it off on the current billing cycle. I shredded the card and cancelled the account!

They're raising the rates before the new legislation kicks in. 24%! Ridiculous! :mad:

Folks, pay attention to any 'junk mail' looking stuff that comes from a bank you have a credit card with, because it probably contains bad news about your credit card account.

Lady
 
Pill said:
Long story short everyone I talked too was in the Philippines. Even though all my credit scores are 780-800 they needed more information like bank statements, broker statements, ect. There is no number to talk with anyone in the states for application dept. Communication was very hard, they couldn't understand my basic questions nor answer them, and really left me with a bad taste in my mouth for Citi bank. My wife is Filipino, so I was in no was being judgmental.
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Maybe you should have put your wife on the phone and they could have conducted the transaction in tagalog:rolleyes:

Seriously I know what you mean, I was trying report a trouble on a leased telephone circuit (dedicated line no phone number just a circuit number) to MCI/Worldcom/Verizon/whoever they are this week and their customer service is also outsourced. Different country same problem. Alll the rep and supervisor knew was to ask for telephone number, account number and mothers maiden name. It's getting really rediculous.
 
I just applied for a card with Citi Bank for the 0% on purchases for a year to finance a move I am about to do. The process was terrible and I ended up cancelling my application.

Long story short everyone I talked too was in the Philippines. Even though all my credit scores are 780-800 they needed more information like bank statements, broker statements, ect. There is no number to talk with anyone in the states for application dept. Communication was very hard, they couldn't understand my basic questions nor answer them, and really left me with a bad taste in my mouth for Citi bank. My wife is Filipino, so I was in no was being judgmental.

Would of liked 0% on purchases but after the process and difficulty, Citi bank will not be getting my business. I was so hot after talking with 4 people and 1 supervisor I ended up writing their corporate office.
 
Bank of America just lowered me from 24K to 12K because they say I don't use it enough.

Discover just raised my rate to 9.87% plus the prime rate.

See, credit card companies absolutely hate me because the only time I ever carried a balance was when I had a 0% rate for one year on the discover card. I use them for the awards, and they don't gain much of anything from me besides the 5% they hit up on the retailers I purchase from. But thanks to the undesirables who racked up credit card debt in their quest for 'the end' in the eternal rat race- I'll probably get hit for hidden fees now because they know I won't walk away from my obligations like a deadbeat.

As for Chase- We check their website every single day to monitor our interest rate because even though we don't carry a balance, these crooks are trying to pull all kinds of stops before the laws are changed in 2010.

JPM is the biggest crook out there. Yea yea, cheerlead JP Morgan, they survived the 1930 crash and survived the 2008 crash also. Give me a break. These guys are robbing people blind.

As long as the rat race remains intact and material items remain important to the pathetic lives of 75% of Americans who's societal status is displayed amongst their peers by their pay grade- credit cards are not going away any time soon. You can blame the credit card companies as much as you like, but do you blame drug dealers for our drug problem in America?

I highly suggest you check out this website and opt-out. Consider it a do not call list for the mail.

https://www.optoutprescreen.com/?rf=t
 
Per my comment below, I just noticed that they raised my limit back up to the 12k mark. I guess they didn't want to lose my buisness.

"Bank of America just dropped my available balance from 12k to 6k. I mailed a letter to them demanding to raise it back or close my account immediately. At 6k that means I should only use $1800 to not affect my credit score. Seriously $1800 is not enough to play around with or move money around."
 
Look what Credit Card Companies are doing to Small Business!

Credit-Card Processors Demand Cash Reserves

In the midst of the worst economic contraction in decades, some small business owners are experiencing an additional—and brutal—cash squeeze, this time at the hands of their credit-card processors. The recession and rising business bankruptcies have prompted giant credit-card companies such as Denver (Colo)-based First Data and Atlanta-based Elavon to demand that some business owners maintain a cash reserve with the processors in order to protect against the possibility that customers may require refunds after the merchants have gone belly-up. Most processing agreements give the transaction giants the right to accumulate those reserves simply by holding back money the merchant is supposed to be paid after a credit-card transaction has cleared, often with little or no warning. ....

http://www.businessweek.com/smallbi...op+news_top+news+index+-+temp_news+++analysis
 
Now Chase is doing it!!!
.....Several years ago he accepted a promotional offer to use the bank’s “Lower than Prime” balance transfer checks to move high interest debt to his Chase credit card. The Chase solicitation promised: “No tricks. No gimmicks. Just savings.”

The offer was straightforward. Woods would pay a 3 percent transfer fee and get an amazingly low interest rate of 3.99 percent APR “until the balance is paid off.” Woods says he paid “on time, every time” in order to keep that interest rate.

Woods became an angry Chase customer when he received his January statement and saw a $10 “monthly service charge” had been added. The bank also bumped up his monthly minimum from 2 percent to 5 percent sending his payment from $140 to $300.....
http://www.msnbc.msn.com/id/30111663//
 
If Obama really wants to do something....to get more people liking him...which he seems to do now and then is to get some control of the credit card companies who do whatever they want when they want. They are the most ruthless S.O.B.'s I know of besides towing companies. They are bottom feeders and are much worse than used car salesman. I'm paying my cards off; but use them for airline internet purchases, hotels in foreign countries and rental cars. Otherwise screw them!
 
Bank of America? You mean, Zero Percentage rate but don't look at the ** and the little teeny weeny letters. Oh yes, just transfer your accounts to us at 0% until 2010.

My bill is so confusing with so many "introductory" special rates, I gave up and opened up a credit card with my credit union. I *think* credit card purchases are 14%+, checks 20%+,
And if you mess up on that introductory rate and you forget a monthly payment on that balance transfer or you end up overdrawn because they changed your available credit, how does 23%+ feel?

"...but if you mess around, hey you gotta pay! Stop sniveling! You're gonna make B of A a rich man!" (apology to the Pretenders)

The only thing they *haven't* changed is my available credit. Probably because I don't have anything on it. According to what I hear, they only seem to change it if you have a balance. :ban:
Hey, they just gave a credit card to *anyone* legal, illegal, all you needed was a mailing address. I probably could have applied for one for my invisible hamster. Now they are just trying to keep their captive audience.
 
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Show-me said:
Credit card companies are changing your interest rate. Consumer beware!

Just read a notice that I received from the bastards at Bank of America and they are informing me that along with other increases and new fees they will be raising my interest rate to 10.50% plus a variable prime. That would make it, under the current prime, 14.50%.

ROFLMAO! Just lost another customer boyz!

Fine print sez you can opt out and keep the current rate but you can not use the card or you automatically go to the new and improved rate.:rolleyes: Some how that just makes me :mad:.
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Bank of (the illegal immigrants in) America is trying to make up for giving accounts and credit cards to illegal immigrants who are now not making their payments. I closed all accounts I had with them years ago and went to my credit union.
 
I don't really need mine either. I am probably at a later stage in my life than most on this board, so my focus is towards retirement and getting debt free. And I do still have other cards if I were to really need them.
 
Bank of America just dropped my available balance from 12k to 6k. I mailed a letter to them demanding to raise it back or close my account immediately. At 6k that means I should only use $1800 to not affect my credit score. Seriously $1800 is not enough to play around with or move money around.

I don't recommend closing any accounts as it may affect your credit score. I don't really need them. My primary card at USAA I have 30k at 6%. I hope it doesn’t change. It was as low as 4.5% but they sent a letter a few months back saying it’s going to 6%. I would be screwed if I got a letter saying they are dropping my available as I plan to charge 15k on a move pretty soon; Without the credit, it wouldn't make things much harder to do.
 
Yes- do think about the impact on your credit score if you close an account-

Some people say the best thing is to leave the line of credit open, but pay it off in full.

Here is one article that discusses whether or not to leave a credit card open-

http://www.bankrate.com/brm/news/cc/20080328_close_credit_card_FICO_score_a1.asp

It is some good information to consider.

Good FICO score means you get the best rates when you DO have to exercise credit- like getting a home loan or auto loan.
 
I had my Capital One card canceled by them due to inactivity. So, be careful. I personally did not care since I had not used the card since I paid it off, but if you want to keep the account, maybe you should charge a small amt and then pay it off before any fees accumulate. Just a suggestion.
 
Many, if not most, credit card companies are doing that-

There is a rule change coming- passed into law a few months ago. the law change is that whatever the rate was when you charged it, that is the rate that they must hold for the duration. But the law doesn't go into effect until , I think, October. So between now and then, card companies are jacking up rates.

My USAA card, which had been a varible prime + 2.9, sent me a letter in December, saying they were changing the "prime + 2.9" rate, to a minimum of 8.9%.

I immedately paid off the entire balance by switching it to a home-equity line of credit, at 3.9%. Then, I told them thanks- but I won't be using a credit card anymore. too much hassle.

When October comes around- I might consider it again, but in the meantime, I want to keep a zero balance on the credit card while waiting for the new laws to take affect.

Watch what your credit card companies do- and look for alternatives, so you don't get socked with new higher rates unexpectedly.
 
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