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Old November 19th, 2009, 09:09 AM   #1
Jimmysjeep
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Default Like your credit card?

I've been using my current card for about 12 years and haven't had a problem until now.

I'm almost done with an addition to my living room w/ a front porch and I've been using this credit card to total all my supplies.

Now that I have $8000 on the card, the company out of the blue sends me a letter informing me I was 3 days late twice in the last year. As a penalty my rate will jump from 10.3% to 29.4%. I used this card because it had a 15 day grace period when I signed on. Sometime (probably after the $8000 balance) the grace period has been done away with.

Now I have till the 1st of Jan to pay off the balance or be stuck with the 29%. When I called, they were very adament about not fixing it.

So long credit card........

Anyone like a particular card company?
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Old November 19th, 2009, 09:12 AM   #2
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all credit cards are like that right now. Because I think Obama is making a law on it to be fixed or something. I think CC posted a link about it a month ago or so.
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Old November 19th, 2009, 09:15 AM   #3
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Just transfer the balance to another card and get their free for one year rate bs, stupid companies. Mine pulled something similar this month, had them for 12 years and they increased the APR to 20+% for everyone regardless of your history.
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Old November 19th, 2009, 09:15 AM   #4
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I think I'll be using my debit card for awhile.......
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Old November 19th, 2009, 09:17 AM   #5
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Credit card companys suck cock. They make it almost impossible to get squared up if you get behind the 8 ball. I was late on a payment by one day and I was close to my limit. After being banged for 30 bucks late fee it put me over the limit by about two bucks. The hit me for another $30 because I was over the limit. $60 in fees for a 24hr fuckup.
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Old November 19th, 2009, 09:18 AM   #6
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Who was your card holder?
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Old November 19th, 2009, 09:18 AM   #7
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Just transfer the balance to another card and get their free for one year rate bs, stupid companies. Mine pulled something similar this month, had them for 12 years and they increased the APR to 20+% for everyone regardless of your history.



The money's not a problem. I have a home equity to pay for the final balance. The card was just a conv. way to keep track of the money spent.

What a bunch of dirt bags......Way to lose good customers.
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Old November 19th, 2009, 09:22 AM   #8
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Who was your card holder?


Capital one.


I left Elan Services 5 years ago because I got wacked for a late fee every month. Even if I sent it back the same day I got it. That's 3 weeks early and it only had to go to Indiana........
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Old November 19th, 2009, 09:26 AM   #9
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Quote:
Originally Posted by bj house View Post
Just transfer the balance to another card and get their free for one year rate bs, stupid companies. Mine pulled something similar this month, had them for 12 years and they increased the APR to 20+% for everyone regardless of your history.
B of A did that on my card. I was originally through MBNA, B of A bought them out and then raised my APR to 17% variable from 10% fixed with all the happenings lately. I canceled the card and am working on paying off what is left of the balance.
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Old November 19th, 2009, 09:33 AM   #10
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just make your own CC

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Old November 19th, 2009, 09:36 AM   #11
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I hate credit cards! Im about 1 payment away from paying off a 5 grand bill and cant wait. I havent used a credit card in well over a year, and dont ever care to have one ever again.
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Old November 19th, 2009, 09:39 AM   #12
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Someone was mentioning to me that they also had a huge rate hike and they said starting next year the laws are going to change to make it harder for CC companies to raise rates, so they are raising them now. Not sure on any truth to that though.
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Old November 19th, 2009, 09:54 AM   #13
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Quote:
Originally Posted by Jimmysjeep View Post
Capital one.


I left Elan Services 5 years ago because I got wacked for a late fee every month. Even if I sent it back the same day I got it. That's 3 weeks early and it only had to go to Indiana........
Ding ding ding! Thats who's been fuckin' me. Even when you pay online you get hosed on occasion.
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Old November 19th, 2009, 10:01 AM   #14
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why would anyone use a CC?
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Old November 19th, 2009, 10:08 AM   #15
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If you are happy with the company that you have your home equity loan through, see what they offer as a credit card. They have already looked at your credit rating and are willing to loan you the end balance. Thus they are happy with your history.
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Old November 19th, 2009, 10:21 AM   #16
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If you are happy with the company that you have your home equity loan through, see what they offer as a credit card. They have already looked at your credit rating and are willing to loan you the end balance. Thus they are happy with your history.


I got stuck with an Elan Services card when my Credit Union stopped servicing cards and sold me to Elan.

I started using the Capital One card after that. My home equity is from Bank of America and as mentioned above, someone else is having a problem with.
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Old November 19th, 2009, 11:41 AM   #17
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If they raise the rates, can't you cancel it and pay off at your current rate? Kinda like if Verizon raises my rates, I can cancel my play for free without paying the Fee since they breached my contract?

I've yet to get one of these letters, but I wouldn't be surprised by it.
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Old November 19th, 2009, 11:45 AM   #18
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If they raise the rates, can't you cancel it and pay off at your current rate? Kinda like if Verizon raises my rates, I can cancel my play for free without paying the Fee since they breached my contract?

I've yet to get one of these letters, but I wouldn't be surprised by it.
That is what I did to my B of A card.
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Old November 19th, 2009, 12:25 PM   #19
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I don't believe they can change your rate unless you elect to continue to use your card (essentially accepting their terms). When you close it (make sure it is in fact closed), you should be able to pay off the balance at the current rate, as previously mentioned.

I have been credit-card free (except for my military card) since 2007 or 2008. I've found that my PayPal Debit card fills the void nicely since it also allows me to move funds between my accounts with different banks at no charge.
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Old November 19th, 2009, 12:45 PM   #20
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I use two cards:

1. American Express Platinum Business card. 5% cash back on fuel, office supplies and communications services. Takes the %5 right off the top of what you owe.

2. Citibank dividend card. 2% on fuel (used to be 5%)and 2% cash back on groceries, 1% on everything else.

There is no limit on how much I get back on the Amex card, and a $300/year max on the Citibank card. I max out the reward on the citibank card every year, as I pay for everything but fuel and the DSL/telephone bill with it. Ive had the citi card for 7 years now and have generated $2100 cash back. I average about $40/month cash back on my Amex.

The secret is to never carry a balance and let the cards work for you - especially since e-payments and online account access, late payments are damn near impossible to have.

YMMV
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