Credit Card Companies Passing the Buck!

[El Roranous]

Well, I just received a notice from my credit card company that in "response to the market conditions and to maintain profitability on your account." we are raising your APR! HAHA ha !!


Nope, I don't think so. I am closing down any CC that comes at me with this bull. I won't pay any extra and I will not agree to the new terms. How many of you have gotten a letter like this due to the recession? I am opting out ^^^^^es.

 

[Darth Waller]

I got something about my Sears card being sold to Citibank, but I didn't read it yet since I don't have a balance and plan on closing it anyway.

My sole credit card is through a credit union, so I'm hoping they don't do anything stupid like that or it will be gone.

 

[occulum]

closing the account wont really matter unless you can pay it off immediately.
THey'll up the rate of your current balance whether you like it or not.
Its in the BS 10pg fineprint docs you agree to when you get most cards now ...

 

[Darth Madden]

I haven't received one yet but now I will be looking for one. Good thing I am still employed and can pay my card off each month. (knock on wood)

 

[El Roranous]

closing the account wont really matter unless you can pay it off immediately.
THey'll up the rate of your current balance whether you like it or not.
Its in the BS 10pg fineprint docs you agree to when you get most cards now ...

I spoke with them about that and made sure that my current rate of 7% was locked in for the life of the balance. Either way, I am not planning to let these balances sit there too long. THey are actually inspiring me to race out of debt.

 

[occulum]

well thats decent of them at least ...

 

[El Roranous]

closing the account wont really matter unless you can pay it off immediately.
THey'll up the rate of your current balance whether you like it or not.
Its in the BS 10pg fineprint docs you agree to when you get most cards now ...

Just so you don't scare too many people here are the opt out terms

If you decline you will be able to pay down your balance at your existing terms....


All this is just due to the terrible economy. I am not paying more for our countries mistakes.

 

[El Roranous]

The only cons to opting out are the forfeiting of rewards points (this is why I cashed them out a day in advance ) And obviously you can no longer use the card anymore. Fine by me.

 

[barryo]

i used to transfer my credit card debts from one to another when the cc company would raise my APR...........it was quite easy to do several years ago. not sure how it works now....... but im now out of that credit card debt save one card that i keep for emergency and swore i wouldnt get into that mess again. if i cant afford it now, i dont get it......(wanting falls under a different category)

 

[El Roranous]

i used to transfer my credit card debts from one to another when the cc company would raise my APR...........it was quite easy to do several years ago. not sure how it works now....... but im now out of that credit card debt save one card that i keep for emergency and swore i wouldnt get into that mess again. if i cant afford it now, i dont get it......(wanting falls under a different category)

That's how I have become. I have been paying down these suckers for a while now and each time I do I close them down one by one. It feels great. I always throw a little party when I pay one down completely.

 

[The Ween]

I have always paid off my credit cards each month, so no problem, but you can always tell them that you are cancelling the card unless they leave the APR the same. They would probably do it. Just like if you're a few days late paying your bill and they charge you the non-payment fee. If you call them and talk to them, alot of times they'll waive it.

But then, maybe I'm just a good whiner.

 

[El Roranous]

I have always paid off my credit cards each month, so no problem, but you can always tell them that you are cancelling the card unless they leave the APR the same. They would probably do it. Just like if you're a few days late paying your bill and they charge you the non-payment fee. If you call them and talk to them, alot of times they'll waive it.

But then, maybe I'm just a good whiner.

I know the "I'm a gonna close don't my account if yous don'ts do what I says!" trick but I think this time is different. All these companies are somehow drowning and barely staying alive and they want your money or else. A lot of people will probably get these letters and not even read them and then accept the changes passively. A lot of people are just that oblivious so that is why they are doing this now. Trying to squeeze the consumer when they are feeling the pinch.

 

[LOTRFan]

The only sad part of it all is that closing accounts (by totally paying them off) can in some cases hurt your overall FICA score.

 

[Bannister]

They just did something similar to one of my mother's credit cards. They are now charging her an extra $10.00 finance charge every month she doesn't pay the balance in full. The only reason she was carrying a balance on the card in the first place was because it was locked in at like 2.9% or something like that.

 

[Agent23]

I got one card left to pay off. I hope to have it paid off this year (or next at latest) then I will finally be out of "bad debt". I'll just have my mortgage, car loan, and my wife's student loan.

I paid off quite a bit. It's a great feeling. 1 to go, then I will be there. Can't wait.

I have one card, that I don't use, that has a low APR that I will save for emergencies and for trips, car rentals, etc. Basically when I HAVE to use it. Then pay it right off...

 

[Bodie The Cursed]

Sucks how they can raise it on you.. I just had one at 6% w/ some balance on it raised to 12%.. F'd up man.. pisses me off.. Never once been late.

 

[mr.thrifty]

I couldn't get a credit card if I wanted to..so I'm all good...

 

[barryo]

I know the "I'm a gonna close don't my account if yous don'ts do what I says!" trick but I think this time is different. All these companies are somehow drowning and barely staying alive and they want your money or else. A lot of people will probably get these letters and not even read them and then accept the changes passively. A lot of people are just that oblivious so that is why they are doing this now. Trying to squeeze the consumer when they are feeling the pinch.

this is probably a truer statement than what you realize. i know several people that have practically every bill set up for automatic bill pay from their bank accounts and only glance at bank statemets. i think they just get a general idea of what they pay out monthly vs. what they take in monthly and only pay attention when a red flag goes up when their account is short by a significant amount. i would like to think this is isolated but in these days of online convenience i can see where people can get lax and fall into that trap. and i truly believe that CC companies count on these type of people. now so more than ever KEEP YOUR MIND ON YOUR MONEY & YOUR MONEY ON YOUR MIND..........

 

[Jen]

I should be completely debt free (except for my mortgage) in less than 3 months. Then only keeping one card for emergencies only.

 

[mr.thrifty]

I should be completely debt free (except for my mortgage) in less than 3 months. Then only keeping one card for emergencies only.

Jen + $$$ =