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Discussion Starter #1
In December/January Capital One lowered my interest rate to a low 7.9%, and so I transfered my balance over to them (@0%) and have been using their card since. Today I received a letter saying they raised the interest to 17.9% :eek:! Less than 6 months later, bull! FWIW, I have maintained a low balance percentage on it as well.... Nice trick, here's a carrot, oops it's gone. I hope congress passes that bill soon.

I wrote Capital One a letter telling them they are out of luck, I have the money in the bank to pay it off and I won't be using them again.(was saving it since I don't have a job).

LOL, I have another card that is 8.9 so guess who gets the business now.
 

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And to think if I went into a bank with a mask and a gun, I'd be the robber :rolleyes:
 

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Call them up & ask to have it changed back sometimes they can do that.
 

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Well I have accepted their special promotionals in the past. I did recieve the same notification as you did :mad::confused:. It say's that this doesn't affect the promotional APR's, but will be in force on purchases after such and such date. Hopefully yours say's the same. I have another card from AT&T which I recieved that same basic notice saying the low interest rate we gave you to open the acct is now going to 19%. Glad there is a 0 balance on that one. Fuk em, I didn't accept the terms and closed that one!!

What a way to kick people in the gut when the economy is in the dumper!!
 

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Bank of America tried that with me once, paid the balance the same day I got the notice, cut up the card and cancelled the account. Chase tried it with me recently, didn't have enough dough to pay the full balance without dipping into the emergency fund so I called them up and after arguing with two different stupid foreigners reading broken engrish off a piece of paper I spoke to a normal person who locked the rate at my previous rate and froze the account until balance is paid off. I immediately paid as much of the balance as I could afford and in a couple months it'll be paid off completely and I'll cancel that account.

After that all I gotta worry about is student loans. Banks annoy me. With credit cards it's not worth dealing with a crappy company who after having my business for years tries to take advantage. They won't get any more of my money, except what Obama gives 'em.

So I may drive slow old junk, but I don't like having a cloud hanging over my head should I get stuck between a rock and a hard place.

Edit: I should note that although I don't like credit card company lending practices and I have been victim to their bait and switch, I am wholeheartedly opposed to the socialist bill infringing their right to do business as they please. This is government stepping in and violating a contract between two private parties. Completely and totally unconstitutional.
 

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So I may drive slow old junk, but I don't like having a cloud hanging over my head should I get stuck between a rock and a hard place.[/QUOTE]
X2
 

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That's exactly why I'm slowly rebuilding my next daily driver. My '87 Ranger is slowly, at 200K, dying so back comes the '64 Ranchero.
 

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Another reason we dont have any credit card debt.............:)

No new car payments, re financed the house, cut the time in half and saved 80 grand doing it.

For once in our life we are building our savings up, we both have retirement funds, she just cant drive hers....................:D
 

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You do know you DO NOT have to accept the terms they send you in the mail if you call BEFORE you make that monthes payment! A little known fact of the CC world is that when you make the payment that notice is in YOU ACCEPT those terms. If you do not accept those terms, call them and tell them, they will close the account BUT your interest CAN NOT CHANGE AS LONG AS YOU DO not break the agreement (late payments, no payments, ect)
 

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i had a washington mutual credit card. when they were going under they sent me an increase in interest letter letting me know my 8.9 percent card will now be 32.9 percent. i called them, yelled at them, paid the card off, and closed my account. what a bunch of a-holes.
 

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Yeah, me too! I just went through this BS with Discover, they made me an offer I couldn't refuse for a balance transfer - no interest on the balance transfer until Oct 2010, 3.9 % on purchases for the next year, BLAH, BLAH, BLAH! I fell for it, called up to do it over the phone, told them how much I wanted transferred, and they accepted it, so I went through with the deal. I was told that it would be 7 to 10 working days for the transfer to take place, and I would get my cards in the mail - SWELL - NOT! When my other credit card bill came in the mail, it showed that Discover paid LESS than half of what was agreed upon! I called them to find out what happened - their explanation was "we changed our mind, do you want to activate your new cards while you're on the line"? HELL NO, I don't want to activate the new cards, they aren't EVER get activated! I wanted them to ammend the transfer for the rest of the originally accepted terms, they wouldn't do it, instead they suggested that I get a balance transfer for the amount that Discover paid, and send it back. The whole idea behind this was to "consolidate your debt into one easy payment" at an attractive interest rate - instead, what I have now is TWO major credit card bills every month instead of one! The only thing that I "DISCOVER"ed was that I've been SCREWED!

Wayne (SAWDOFF) Pearce
 

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Every CC company is doing something along the same lines so now they will have no business because everybody will pay them off and thow them away!

I did!!!

Ace
 

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I'll have an unpopular opinion

Why would anyone who has to borrow to purchase something do it on a revolving account w/o a fixed interest over x period of time. You know the CC people will do whatever it takes to remove cash from your wallet. If you wouldn't take a loan from Guido "Kneecapper" Siliciono, why would you do it from Citibank etc.

Also, you agreed to the contract and all it's provisions - including the part about it being changed.

Pay'em off each month and if you can't do that get a debit card. IF you are living on plastic and can't pay it off, you really need to evaluate your priorities (requirements / luxuries) in your life. Especially if you are financially active in the hobby this board discusses.
 

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Discussion Starter #14
I don't think anybody said they can't afford to pay it off, or that anybody indicated they are living on plastic. I sure did not.

This is about business ethics, and a bunch of b.s., but the credit card companies are going to hurt theirselves in the long run. I can justify leaving some on at 7.9, 8.9, maybe even a little at 11.9. When you go 18%, screw that.

And why would somebody use one, buy a plane ticket from Priceline. How are you going to pay. I don't maintain high balances, but credit card is convenient, and even needed for purchasing some things.
 

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I'll have an unpopular opinion

Why would anyone who has to borrow to purchase something do it on a revolving account w/o a fixed interest over x period of time. You know the CC people will do whatever it takes to remove cash from your wallet. If you wouldn't take a loan from Guido "Kneecapper" Siliciono, why would you do it from Citibank etc.

Also, you agreed to the contract and all it's provisions - including the part about it being changed.

Pay'em off each month and if you can't do that get a debit card. IF you are living on plastic and can't pay it off, you really need to evaluate your priorities (requirements / luxuries) in your life. Especially if you are financially active in the hobby this board discusses.
So true, The only thing a CC card is good for is paying utility bills (some us live in cities), buying stuff on the internet (some of the prices for are fully 20% - 30% under what you would pay at the local shops in some cases, its stuff that you can't even buy at the local shops). Then theres' the occasional incedent; Jr. or Sissy needs something or some help right away - or you don't want to give them money, but you not want them being put in the street, you can pay a bill to tide them over.

Money orders can take forever to get there and unless you go with Overnite express or have them sign for it (most won't accept a "sign for it -proof of delivery, especially if its delivered on a weekend or holiday). the point is, it is gettinf much harder to deal with businesses with plastic.

Might even miss out on buying that $19.95 Sham - Wow special. ;)

A debit card or virtual check, where you give then the check routing number can be a decent substitue, but they find ways to rig that too, claim they didn't recevive it on time.

Fact is, the days of the friendly banker are over - unless you have a Million dollar + account, then they might give you a little bit of respect.
 

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Please Read

Five years ago i had 8 cards. Never missed or late on payment. Then i notice interest rate going up (15.9 to 24.9) . ask why and was tolded that because i owed so much is why the change. Ask how to go back to low interest and was told to call back in 6 months. Did that "TWICE". No change so i ask then you are punishing me for have A1 credit. But get same answer. Was told that they can change rate anytime they want. Not fair. "SO" i said i would quit paying. ( Lived in Virginia). They all started legal action. So i said i would pay so much on dollar to get rid of dedit. Three took me up on it , the rest said no. Now in Va. they(the card companys) can attach your checking account, your savings account plus if you have a safe deposit you can't open it unless they have a rep there. They can get that also. Plus garnish your wages . So when they started to do this i closed checking account with 100.00 in it . And court orders started to come , I moved out of state to a state that doesn't do that bull ****. They can't touch me. Unless i owned property. So my land and house is in my brothers name. Two more years and they won't even be able to do that. So how many others have "GOOD" credit but are being jacked and you can't stop it. Sorry to stiff them but boke that shaft in their BUTT. Two can play the game.
 

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Discussion Starter #17
They like to see no more than 50% owed on 66% of your cards. I owed under 50% on 25% of my card (1). I also have a credit score of ~770. I also paid double the minimum every month. I could have paid it off by now, but with the job being shaky I have left it so I had that little extra in the bank. Fastfrog, I will pay them, after all it is money I spent. I just won't pay them 17.9% interest.

My issue here is how quickly they decided to raise the interest after they lowered it. It is obvious they used it as a trick to get my business. I won't deal with them again.
 

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Sorry jpierce55 misunderstood the reason of your post. I'm so pissed off at being taxed to bail-out people and paying for stimulus incentives.

One thing for all to be aware of on credit scores. Fair Isaac only looks at a "snapshot" of your account balances - they don't care if it is "aged" of paid-in-full each month. If your balance is over 50% of the limt on a card - even if you pay it off every month - you will get dinked. The two below scenarios score the same

$2500 card that you used to make a $1250 purchase and pay off each month
$50000 card you owe $25000 and make minumum payments

CC also look for any error in which they can raise your rates, charge a late fee, etc. Fees will only get worse with the new laws.

Message here is don't carry a balance unless you absolutely have too (see "kneecappper" note above). And if you are applying for mortgage, loan etc - pay them off and go on a cash basis during the time they run your credit.
 

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There's a LOT of underlying filthy CRAP going on that we don't see on the surface. People, like you and me, that pay on time, will be punished for those that don't pay. If/When the CC companies start charging annual fees again is when I'll cut up my 2 credit cards.

I'm one of those people that the CC Companies DON'T LIKE! I use my discover card like a check card, pay it off EVERY month and NEVER carry a balance. In turn I get the Cash Back awards to get gift cards for various restaurants :D

In order for the CC companies to get some of the money BACK they WILL start charging more in other areas. Watch and see...........



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