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Old November 19th, 2009, 12:56 PM   #21
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[QUOTE=PavementPounder;1954837]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.



Correct. My home equity will be used to pay off my balance that I owe covering my expences of the addition. I will not occur the rate hike if the balance is paid off before January 1st and the card is closed.
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Old November 19th, 2009, 01:03 PM   #22
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Yep, I use cc's just like da ScOoTeR does, just to save money.
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Old November 19th, 2009, 01:04 PM   #23
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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.
Correct. My home equity will be used to pay off my balance that I owe covering my expences of the addition. I will not occur the rate hike if the balance is paid off before January 1st and the card is closed.
I understand what you are saying, but that is not what I said. What I am saying is that I don't think they can incurr the rate hike at all if your card is closed (regardless of whether you pay it off or not) as you will not have accepted their change in terms.

Transferring it and getting away from them is great since you have a way to do it (assuming the HELOC rate is lower), but call back and ask them that specific question. It just looks to me like they are not voluntarily telling you the whole story since it is not in their best interest to do so. Not accepting the change in terms is the key.
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Old November 19th, 2009, 01:05 PM   #24
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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.



I usually don't carry a balance, but didn't want to hit my home equity everytime I needed to make a draw for construction.

The late payment thing is my fault. At some point they have changed my 15 day grace period in a fine print letter that I missed. With the grace period I've never been late. With it gone I've been paying like I always do. Now I got pinched for my ignorance.


The odd thing is that it didn't get raised until I kept a large balance.....
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Old November 19th, 2009, 01:12 PM   #25
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I understand what you are saying, but that is not what I said. What I am saying is that I don't think they can incurr the rate hike at all if your card is closed (regardless of whether you pay it off or not) as you will not have accepted their change in terms.

Transferring it and getting away from them is great since you have a way to do it (assuming the HELOC rate is lower), but call back and ask them that specific question. It just looks to me like they are not voluntarily telling you the whole story since it is not in their best interest to do so. Not accepting the change in terms is the key.

This is also correct. The rate hike only happens if I don't close the card.

If I close the card I can still pay off the balance at the old rate.

My HELOC is at 5.25%. I pulled the loan before the housing market crashed.
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Old November 19th, 2009, 01:31 PM   #26
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i have visa and never had a prob yet
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Old November 19th, 2009, 01:38 PM   #27
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I've been very pleased with the Cabela Card, managed by a bank in Omaha.

Excellent customer service, attentive to potentially fraudulent charges, and good rates (I never carry a balance). Oh, and 1-n% (many, many promotions, etc...) back in Cabelas credit.
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Old November 19th, 2009, 02:18 PM   #28
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i have a card through my credit union.. Low 8% APR no fees Same APR for Cash advances.. but its only a $1000 limit which is fine for now.. plus all my banking including car loan and IRA is all done online then
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Old November 19th, 2009, 02:24 PM   #29
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AHHHHHH.....I don't use Credit Cards.....The only one I own is my Debit card.........Credit Cards = BAD NEWS!!!!
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Old November 19th, 2009, 02:30 PM   #30
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Credit Cards = BAD NEWS!!!!
I agree, for people who don't know how to manage money they are.
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Old November 19th, 2009, 04:19 PM   #31
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CC companies are even increasing rates and dumping customers because they use the card wisely and do not carry a balance. It is in the best interest of them for you to carry a large balance and pay a lot of interest and late fees. I think Feb. 2010 is when the new laws protecting the consumer more go into effect. Since we are getting withing a few months of the new regulations all the companies are pulling a lot of bs, even on great loyal customers.
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Old November 19th, 2009, 04:20 PM   #32
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Who else has had their credit limit significantly increased without requesting it?
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Old November 19th, 2009, 04:46 PM   #33
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All I use is my credit card. I use to carry cash but with direct deposit I hardly ever have any. My card is a visa card from my credit union. I have had a couple small problems but you get to talk with a local branch and get it resolved quickly. I pay mine off every payday though. They keep upping my limit but I don't spend anymore so I can't say that it bothers me.

I don't get get any cash back but I also havent had any major problems with it so no real reason to switch. I think I got that card when I was 18 maybe 19.
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Old November 19th, 2009, 04:50 PM   #34
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Quote:
Originally Posted by Jimmysjeep View Post
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.



I usually don't carry a balance, but didn't want to hit my home equity everytime I needed to make a draw for construction.

The late payment thing is my fault. At some point they have changed my 15 day grace period in a fine print letter that I missed. With the grace period I've never been late. With it gone I've been paying like I always do. Now I got pinched for my ignorance.


The odd thing is that it didn't get raised until I kept a large balance.....
That's not 100% true. It is good not to carry a balance, however if you do need to carry a balance, and mess up one time, they will not work with you. I've only had a card for about three years now, and in the first year I paid it off every time, there was NEVER any bank fees associated with the card. Next year, I was without a job for a month and had no money to pay off the balance. They would NOT work with me on the due date, and they straight up told me, they have made ZERO money on me since I've been a holder. I don't miss payments, but I do occassioually let a small balance to by, so they can get a little extra cash, if it means they'll reverse a late fee for me down the road.
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Old November 19th, 2009, 06:34 PM   #35
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Credit sucks.

If y'all ain 't got the cash, then y'all can't afford it.


It's too bad that it's nearly impossible to function in this world without a credit rating. So I'm keeping a couple with a $500 limit that I charge gas on a couple times a month, then pay off.
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Old November 19th, 2009, 08:01 PM   #36
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It's too bad that it's nearly impossible to function in this world without a credit rating. So I'm keeping a couple with a $500 limit that I charge gas on a couple times a month, then pay off.

That's really all you need to do. Make one small purchase per month, like gassing up your car, to show activity and pay it off. Generally, the higher the limit the better and the lower the balance the better (for your credit score).
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Old November 19th, 2009, 10:16 PM   #37
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That's really all you need to do. Make one small purchase per month, like gassing up your car, to show activity and pay it off. Generally, the higher the limit the better and the lower the balance the better (for your credit score).
Do you drive a prius? My truck is around 90 right now to fill it. Hell I have to swipe my card twice if I want to pay at the pump.
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Old November 20th, 2009, 01:34 AM   #38
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Do you drive a prius? My truck is around 90 right now to fill it. Hell I have to swipe my card twice if I want to pay at the pump.
Congratulations.

Last edited by Ebs; November 20th, 2009 at 03:24 AM.
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Old November 20th, 2009, 06:24 AM   #39
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Who else has had their credit limit significantly increased without requesting it?
Once, and I requested they cut that shit out.
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Old November 20th, 2009, 06:42 AM   #40
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Quote:
Originally Posted by DuffMan View Post
I've been very pleased with the Cabela Card, managed by a bank in Omaha.

Excellent customer service, attentive to potentially fraudulent charges, and good rates (I never carry a balance). Oh, and 1-n% (many, many promotions, etc...) back in Cabelas credit.

Since my wife is the queen of credt cards I have delt with more them most. right now I have a GM card holding at a steady 8% rate. I had a Cable's card and without missing a payment it jumped from 8.5% to 21%. I canceled it the day the bill came. I'd have to ask the wife but at one time a few years back we were getting cards at the rate of two a week. one a Discover card was turned on and nobody knew it. I found it on a credit report. one card came with a $25,000.00 limit!
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