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View Full Version : Is it just me or are credit card companies just crazy lately??


LovinPooh
04-09-2010, 09:26 PM
So in the past month both of our gas cards were close. I had a mobil, and DH had a shell. Had the mobil for 5 years and the shell for 6. Always on time and never hit limits. Both are owned by Citi go figure. Well if that wasnt enough to get under my skin. I open my visa bill today to see that I will now be charged a $15/month maintanence fee!!:mad:
I mean really?? A $180/year just to have the card? Have had it for 6 years, same thing, never late. I called them up, ripped them a new one. Told them crapping all over good loyal customers is not the way to go. And they might make a few dollars off me for a couple months til I pay it off. But onces its paid, its closed! Then they make nothing!! I cant imagine I am the only one doing this!

Is it just me or does it seem like these companies are shooting themselves in the foot???:confused3

pixie921
04-09-2010, 09:31 PM
Wow! That is crazy!! :scared1:

Can I ask what company your Visa is issued by?

LovinPooh
04-09-2010, 09:35 PM
Its Applied Bank. I got the card years ago to rebuild my credit after being a dumb 18 year old lol. But from going from no fees to that?!?? Insane lol!!
I guess its always good to have less cards these days lol.

Serling126
04-09-2010, 09:36 PM
Ohhh that makes me nervous... we have a balance on a card that we are diligently paying down, will be fully paid off in about a year but idk what we will do if the CC company starts pulling this silliness... I suppose we will have to pinch pennies and scrape up enough cash to pay it off quick, but I feel for those people who can't do that.

LovinPooh
04-09-2010, 09:44 PM
I do too. Luckily for us the balances arent too high. I think that is half the problem. If you dont make late payments and all that then they arent making money. Just sad. Citi couldnt give me a reason for either card. So I came up with that one lol.
What really aggravated me is that my DH used the Shell card for work, and they never sent a letter, just closed it. I think they should atleast have the decency to let people know so they dont get declined at the pump for crying out loud.

I am just waiting now... which one is next??? lol

cm8
04-09-2010, 09:48 PM
So in the past month both of our gas cards were close. I had a mobil, and DH had a shell. Had the mobil for 5 years and the shell for 6. Always on time and never hit limits. Both are owned by Citi go figure. Well if that wasnt enough to get under my skin. I open my visa bill today to see that I will now be charged a $15/month maintanence fee!!:mad:
I mean really?? A $180/year just to have the card? Have had it for 6 years, same thing, never late. I called them up, ripped them a new one. Told them crapping all over good loyal customers is not the way to go. And they might make a few dollars off me for a couple months til I pay it off. But onces its paid, its closed! Then they make nothing!! I cant imagine I am the only one doing this!

Is it just me or does it seem like these companies are shooting themselves in the foot???:confused3

These companies don't care about us "good credit" people, they KNOW that you will continue to pay whatever they want as you want your credit to remain in perfect standards. The other customers they don't matter since they "know" that they will leave them with a balance and they won't see a dime from them. :mad: I am so sick of being taken advantage off by people/ companies these days. It has got to stop. I wonder how long before one of Dav Ramsey's fan comes in here to tell us "it is our fault for using the cc and what happens to us is our fault" (you get the picture);). Credit cards that screw me will get "screwed" in the end, it will be a matter of time.:flower3:

Nancy F
04-09-2010, 10:02 PM
We were told after having an AmEx for 30 years and a Platinum card for 20 of them that we now have to pay in full every month. We have very good credit and always paid more than the minimum. I was so glad that I had just gotten two new Visa cards. One Disney and one Airtran. So :wave: bye bye AmEx.

Nancy princess:

pyrxtc
04-10-2010, 08:27 AM
Can you cancel the card and pay it off monthly as planned ? I thought that was in the new rules somewhere if you didn't agree to the changes on your card ?

http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

The Federal Reserve's new rules for credit card companies mean new credit card protections for you. Here are some key changes you should expect from your credit card company beginning on February 22, 2010.

What your credit card company has to tell you

When they plan to increase your rate or other fees. Your credit card company must send you a notice 45 days before they can
increase your interest rate;
change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account; or
make other significant changes to the terms of your card.
If your credit card company is going to make changes to the terms of your card, it must give you the option to cancel the card before certain fee increases take effect. If you take that option, however, your credit card company may close your account and increase your monthly payment, subject to certain limitations.

For example, they can require you to pay the balance off in five years, or they can double the percentage of your balance used to calculate your minimum payment (which will result in faster repayment than under the terms of your account).

Good Luck !

LOVETHATMOUSE
04-10-2010, 09:03 AM
Chase Disney - really stinks now! They lowered our credit limit AGAIN for no reason at all!!! Don't know why, our credit is fine, but this is the second time in a year they did it.WTH??

iwrbnd
04-10-2010, 09:07 AM
This makes me nervous because I LOVE my Disney Visa and if they did this I would absolutely close it! It would be sad to give up my rewards, though.

I called about everybody getting their limits lowered and they went through the reasons they would do that and told me it wasn't going to happen to me. Maybe people that are having their limits lowered should call them and ask why.

Colleen27
04-10-2010, 09:20 AM
I feel for all of you who are dealing with this personally, but in a big picture sense I'm hoping this will help roll back the increasingly intrusive and irrelevent uses of credit scoring as more and more people get fed up with the card issuers. Probably a naive hope, but still...

2manypets
04-10-2010, 09:37 AM
I recently got hit by Chase also. They lowered my $17,000 card to $500. Chase decrees the limit by that much and then waited two weeks to notify me. The letter said that if I was over the new limit, I'd have 45 days to pay it down or they'd start charging me an over the limit fee. I didn't charge to that card, but it's the principal of it. Chase also increase my Disney card!?! I'm anxious to find out how much my FICO score is effected by this.

pixie921
04-10-2010, 11:57 AM
I recently got hit by Chase also. They lowered my $17,000 card to $500. Chase decrees the limit by that much and then waited two weeks to notify me. The letter said that if I was over the new limit, I'd have 45 days to pay it down or they'd start charging me an over the limit fee.

What!? That's terrible! And how is that even legal?? I thought the new laws were supposed to keep things like that from happening!

eliza61
04-10-2010, 12:18 PM
I feel for all of you who are dealing with this personally, but in a big picture sense I'm hoping this will help roll back the increasingly intrusive and irrelevent uses of credit scoring as more and more people get fed up with the card issuers. Probably a naive hope, but still...

What!? That's terrible! And how is that even legal?? I thought the new laws were supposed to keep things like that from happening!

Hey Colleen, not a naive hope at all. I encourage everyone to change banks, write your banks and your congressmen every time this happens. As a volunteer for my local congressman last year believe me they keep track of how many constitutes complain.


Pixie,
The new laws don't totally prevent things the banks from doing it, they just help the consumer have a bit of control. for example they can raise your rate but they must give you notice and give you 30 days to opt out (I think it's 30 days) and if you pay your bill on time for a few months (6 I think) they must lower the rate back down.

I encourage everyone to start using your local community banks or credit union where the abuse tends not to be as rampant as with the big company cards like Disney and Chase.

mhsjax
04-10-2010, 12:24 PM
Credit card companies are crazy, pretty much have been for years. I worked for Am Ex. This is why I don't use them anymore. My dad never did, he hated them with a passion and I am following in his footsteps. All that being said, lease don't call and rip them a new one unless you are talking to someone in a decision making dept. Those poor customer service people (that was me) don't make the decisions and are only on the receiving end of all of the hate calls. The idiots that make the decisions never have to deal with the public.

It'sWDW4me
04-10-2010, 12:31 PM
So in the past month both of our gas cards were close. I had a mobil, and DH had a shell. Had the mobil for 5 years and the shell for 6. Always on time and never hit limits. Both are owned by Citi go figure. Well if that wasnt enough to get under my skin. I open my visa bill today to see that I will now be charged a $15/month maintanence fee!!:mad:
I mean really?? A $180/year just to have the card? Have had it for 6 years, same thing, never late. I called them up, ripped them a new one. Told them crapping all over good loyal customers is not the way to go. And they might make a few dollars off me for a couple months til I pay it off. But onces its paid, its closed! Then they make nothing!! I cant imagine I am the only one doing this!

Is it just me or does it seem like these companies are shooting themselves in the foot???:confused3

I would definitely opt out of the changes to your agreement and close the card now. They won't be able to charge you the $15/month and you can still pay down the existing balance under your pre-change terms. As the below quoted poster had mentioned, the CC company would be within their rights to increase your minimum payment but if it's low enough that you feel you would be able to pay it off within a few months from now, this opt-out and cancel method may be doable for you.

Can you cancel the card and pay it off monthly as planned ? I thought that was in the new rules somewhere if you didn't agree to the changes on your card ?

http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

The Federal Reserve's new rules for credit card companies mean new credit card protections for you. Here are some key changes you should expect from your credit card company beginning on February 22, 2010.

What your credit card company has to tell you

When they plan to increase your rate or other fees. Your credit card company must send you a notice 45 days before they can
increase your interest rate;
change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account; or
make other significant changes to the terms of your card.
If your credit card company is going to make changes to the terms of your card, it must give you the option to cancel the card before certain fee increases take effect. If you take that option, however, your credit card company may close your account and increase your monthly payment, subject to certain limitations.

For example, they can require you to pay the balance off in five years, or they can double the percentage of your balance used to calculate your minimum payment (which will result in faster repayment than under the terms of your account).

Good Luck !

As for the CC limits being dropped? Yeah, they did that to me, too. I had 3 Disney VISA cards from Chase - 2 @ $7,000 and 1 @ $3,000. Chase dropped the $3k down to $500, one of the $7k down to $600 and the other $7k down to $2,300 ($500 over the balance on the card at the time they dropped the limit). I called Chase and, biting my tongue, calmly requested the one card ($600 limit) be increased back up as I am planning a Disney trip. I had to go through the spiel of giving them my monthly income figures and she pulled my credit report... she actually asked me where I got the money from for the "large" payment of $400 some dollars that I had paid the week before against the card with the $500 limit! :mad::headache::mad: Me: "Ummm, my savings account. :confused3 I used my Disney VISA to pay my semi-annual car insurance payment just to get the Disney Dollars. Then I took the money from my savings account to pay that charge off." WTH?!?!?! She did finally increase my limit - to $4k, not back to the $7k where it had been for years before they dropped it!!

Planogirl
04-10-2010, 04:18 PM
I thought that the companies weren't supposed to drop your limit below what you owed and then charge you over limit fees?! Ugh, that's just not right!

LOVETHATMOUSE
04-10-2010, 06:57 PM
Yeah..our limit was $5000 (dropped from $7000), now they dropped it to $1900!!! I am going to call tomorrow and see what is going on.

Becky2005
04-10-2010, 08:55 PM
Basically it boils down to even with the new laws -- credit cards can do whatever they want to you anytime they want. It's all in the fine print. They can still do whatever they want to you anytime they want, now they just need to give you more warning and they have to use some justification -- which they can EASILY make themselves.

Hmmm...lower your credit limit and now your credit score is decrease, you are now a credit risk so we are going to raise your rates. Even though you didn't change a THING...the only thing that changed was THEM lowering your credit limit.

I've had them play so many games with me for things (cards I've had for 15 years, etc.... started playing games with HEY, we will lower your limit and now that we have done that we will raise your rates AND double your minimum payment on you too!) that I try to do as much as I can with cash and we aren't in a position to pay off our balances but I can tell you once we are -- most of the cards are going away because the companies were being out to squeeze it to you anyway they could -- so fine, they can squeeze and when the economy changes (and it will), we will push right back.

It'sWDW4me
04-12-2010, 08:43 AM
Basically it boils down to even with the new laws -- credit cards can do whatever they want to you anytime they want. It's all in the fine print. They can still do whatever they want to you anytime they want, now they just need to give you more warning and they have to use some justification -- which they can EASILY make themselves.

Hmmm...lower your credit limit and now your credit score is decrease, you are now a credit risk so we are going to raise your rates. Even though you didn't change a THING...the only thing that changed was THEM lowering your credit limit.

I've had them play so many games with me for things (cards I've had for 15 years, etc.... started playing games with HEY, we will lower your limit and now that we have done that we will raise your rates AND double your minimum payment on you too!) that I try to do as much as I can with cash and we aren't in a position to pay off our balances but I can tell you once we are -- most of the cards are going away because the companies were being out to squeeze it to you anyway they could -- so fine, they can squeeze and when the economy changes (and it will), we will push right back.

This is EXACTLY what happened to me. I had a score of over 750. Then Citi closed a card I hadn't used in over a year. Then AmEx did, too. Then came the avalanche of closed accounts and lowered limits. Then, since I now have a high balance to available limit ratio, raising rates to 29.99% from 6.99%. I wound up getting a home equity loan (I thought long and hard about that for months but finally came to the conclusion that was the better route for me). By that time, my score was 670. Ironically, Chase was the last to mess with my accounts (dropping the limits AFTER I got the HE and paid all but $1,700 - at 2.99% until paid off) but when they did, they did big time.

NorweJenNY
04-26-2010, 11:10 PM
So glad to have found this thread... nice to know I'm not the only one!

Several months ago, I had one card with a $2250 limit get cut down to $1100, claiming it's because of a deliquency on my credit report. (At least I didn't have a high balance on it that they could've charged me over-limit fees for! That's just unbelievable!) I looked at my credit report and there was an error on it that was already removed from my credit report in the past - but it was back on!

Then last week, I got a letter in the mail saying they're closing my entire account next month! (This was a Visa, initially through Associates as a student card I got in college, which is now owned by Citi, btw.) Guess what... another error on my credit report! A collection agency says I defaulted on a loan, but I never had a loan with the company they claim I defaulted with! :mad: Why can't the credit card companies just look at my beautiful credit history with them alone? Serious battles I'm fighting now!

And to think, this is the same card that a few years ago, when we were suffering from a job loss and I had a revolving balance on it, I called and asked for an APR decrease and they gave it to me on the spot! My how the times have changed...

Anyway, I was all hopeful that these issues would be with this card only, and no others... then I look a credit card statement this evening, and see that I have a $1500 limit that has been decreased to $1000! No, it's not much, but it sure seems like a step in the wrong direction! And it's just that I happened to view the statement online that I saw it, but I haven't received any notice in the mail!

I too am now wondering "what's gonna happen next?" I mean, now, not only am I fighting errors/scams, but I've also got lower limits, which are negatively impacting my credit score. :headache:

I'd love a Disney Visa, but I know they wouldn't approve me now! :sad1:

For someone who has a history of always paying on time, and either paying in full or at the very least more than the minimums, wouldn't I be an ideal customer? I mean, I'm obviously using the cards, and I clearly care about paying them!

Aren't these credit card companies just going to put themselves out of business by taking away faithful customers???

And I don't know about the rest of you, but I fear using my credit cards now, thinking I'm going to have a store clerk have to tell me that "ma'am, your card has been declined." These things seem to be happening out of the blue these days...

dclfun
04-26-2010, 11:30 PM
I was flamed royally for suggesting to write to your congressman, the BBB, etc. regarding the changes being made by CC companies to people who have been cardholders for a long time, have always paid on time, etc. but I'm glad I did. There's no gain to be had by suffering in silence and letting ourselves be ripped off even if yes, we signed up for the cards and use them. I got a letter back from my congressman that they are keeping track of complaints and to which bank and he included a record of how he had voted on the reform bill and other issues affecting consumer rights. Seems like more needs to be done.I'm not a person to carry a balance but even if the rate increases don't affect my monthly expenditures, it still just feels so wrong to screw with us. So far I haven't had a card lower my limits but Chase upped their interest rates as did Wells Fargo, where I had a card for 20 years at 5.99 that suddenly went to 17.99 for no reason on my part and they had the nerve to send a letter saying that indeed I had an excellent repayment history. Why should I have to pay for other people's risk of default? I ended up getting a credit union card with a $2500 limit at 7.99%. I could have had a higher limit if I'd cancelled one of the other cards but I've had them for a long time, which affects my credit score, and I use the Disney Visa for the 0 interest on cruises and leave a balance sometimes for those things while paying off in full the balance on other cards each month. I told a friend about it and she got a card there also with a higher limit ( she's married with two incomes, I'm a widow with one). When Wells Fargo tried to rip her off by raising their rate to 29.99 she called to close their card, explaining that she now had a card with a 7.99 interest rate. The customer service rep accused her of lying and said "there's no one out there giving that kind of rate anymore". Um...yeah, there is. Do check out your local credit union.---Kathy

Bunnyfeather
04-26-2010, 11:53 PM
The thing is, there are brand new laws in place limiting what credit card comapnies can do to make money. Look up the CARD Act. Before, people with good credit who were low risk of defaulting got great deals and riskier cardholders paid annual fees and had higher interest rates. Now there have been limitations placed such that credit card companies cannot turn a profit using the old model. They are businesses, they of course are adjusting their models to try to continue to turn a profit. Congress, in trying to "protect" us with these regulations, has actually caused a situation where credit will be less available to the average customer and will be more expensive for every customer. People who were previously allowed to make bad personal finance decisions are being protected from themselves, and you are paying for it.

Expect your fees to go up, interest rates to go up, promotional rates to disappear, and credit limits to go down. This is not insanity on the part of the credit cards, it is a predictable outcome of the new legislation. Heck, I listened on C-Span to several financial experts trying to explain it to Congress and it fell on deaf ears. Welcome to the new world of credit cards.

Gisele
04-27-2010, 12:08 AM
No,it is not just you..... believe me...... credit card companies are not only crazy, but are very greedy as well!

shan136
04-27-2010, 12:12 AM
My DH and I went through this last year with all of our CC companies: Amex suddenly making it mandatory to pay in full, Visas reducing limits drastically, raised interest rates, etc. At the same time we had a 30% decrease in income due to cuts at my husbands company and our clients pulling back on outsourcing projects. It was really overwhelming.

One by one, we have closed all of our cards and made arrangements to pay off the balances. It has been very hard living without credit cards, but in the end it will be better for us because we no longer be playing the credit game and it will be a big "screw you" to the CC companies because they will have lost our business forever.

3boymthr
04-27-2010, 12:21 AM
Oh My!

I'm so glad it's not just me!

I was so furious with my cc companies the other day.

DH cashed out some assets to pay down our debt.

Paid off our cards - the whole balance.

I got a subsequent bill for $$ in interest charges for the time between the bill date and the payment I was furious. If I get another bill for interest on the interest I'm going to be calling my representative as PP suggested and the BB bureau.

Called and ripped them a new one. I would have closed the account but it has such a high limit $15,000 - I'm afraid it would damage my credit to do so.

geek
04-27-2010, 02:24 AM
Watch the move Maxed Out or better yet check out the book from the library. These companies think of new ways every day to increase their profits which you AGREE to by signing up for the card. They have systematically worked to getting us to use credit cards for everything. We sit back and do nothing hoping congress will fix it. Not going to happen. My suggestion is to stop using credit cards and pay cash. Yes, cash. You save a ton of money since you don't have to pay interest or worry about fees. This is the best thing you can do to these companies.

rflorek
04-27-2010, 07:19 AM
Expect your fees to go up, interest rates to go up, promotional rates to disappear, and credit limits to go down. This is not insanity on the part of the credit cards, it is a predictable outcome of the new legislation. Heck, I listened on C-Span to several financial experts trying to explain it to Congress and it fell on deaf ears. Welcome to the new world of credit cards.


Sad thing is that it's not all a "New world of credit cards". It was not always so easy to get credit - people actually used to have to wait to buy things until they could afford it. And this wasn't that long ago (I'm only 40 and I can remember as a child how difficult it was for people to get credit cards or to even buy a house without 20% downpayments. I didn't know what was going on at the time, but I understand now as we talk about the past with our parents & grandparents).

desert_starr_57
04-27-2010, 07:32 AM
I am NOT surprised. Applied Card Bank is EVIL. They have had segments on them on the morning shows before. Had to fight for people to get their money back or they would increase interest rates super high for no reason.

DH is in a fight with them right now. They keep saying we have an account with them (we do NOT) and when they sent a letter out (3 years ago) about us paying them DH told them he didn't have an account and they turned around and put it on his credit, marked it as an active (seriously delinquent) account. Periodically they post something on it to keep it on there....still listed as active. We never had a card or anything. 2 Credit bureaus DID remove it. ONe still has not and the Attorney General's office is working on it.

I would Always stay away from Applied!!!

wdwfan16
04-27-2010, 08:08 AM
Watch the move Maxed Out or better yet check out the book from the library. These companies think of new ways every day to increase their profits which you AGREE to by signing up for the card. They have systematically worked to getting us to use credit cards for everything. We sit back and do nothing hoping congress will fix it. Not going to happen. My suggestion is to stop using credit cards and pay cash. Yes, cash. You save a ton of money since you don't have to pay interest or worry about fees. This is the best thing you can do to these companies.

I use CCs all the time and I never pay interest or a fee. I only charge what I have the cash for and it budgeted for. Many people can use CCs and be responsible with them. I got my first when I went to college and I have never not paid it (or any other card) in full and I have never had a CC any where near the CC limit. We charge everything and collect the rewards. We use 5% or less of our available CC limits.

CCs are not evil but one needs to know the product they are buyin be it a CC, car, TV etc., and only buy what they really need and can afford.

eliza61
04-27-2010, 08:35 AM
CCs are not evil but one needs to know the product they are buyin be it a CC, car, TV etc., and only buy what they really need and can afford.

Well said!

I use credit cards all the time also, once in a while I have even paid interest but I think the underlying message has to be buy what you can comfortably afford.

Case in point, last summer I swear every major appliance in my house broke. I really couldn't complain because the stuff was at least 15 years old.
long story- short, we didn't want to deplete our savings because we were not sure of dh's job so we brought a new washer/dryer & stove at Sears using one of those 6 months no finance charge deals.

The bottom line is that we got too comfortable being a nation of consumers and now we need to relearn how to be a nation of savers.

Credit card companies aren't crazy, their job is to make money and make profits.

mhsjax
04-27-2010, 09:03 AM
Well said!

I use credit cards all the time also, once in a while I have even paid interest but I think the underlying message has to be buy what you can comfortably afford.

Case in point, last summer I swear every major appliance in my house broke. I really couldn't complain because the stuff was at least 15 years old.
long story- short, we didn't want to deplete our savings because we were not sure of dh's job so we brought a new washer/dryer & stove at Sears using one of those 6 months no finance charge deals.

The bottom line is that we got too comfortable being a nation of consumers and now we need to relearn how to be a nation of savers.

Credit card companies aren't crazy, their job is to make money and make profits.

Exactly, they are in BUSINESS to make money and if everyone paid on time and in full, then the credit card wouldn't make any money at all.

Bunnyfeather
04-27-2010, 09:13 AM
Exactly, they are in BUSINESS to make money and if everyone paid on time and in full, then the credit card wouldn't make any money at all.

Actually, credit card companies make a profit even on people who pay in full every month. Remember that there is a tiny fee to the store every time you use your card. Granted, they make a higher profit on people who carry a balance. The most profitable credit card customer is one who sometimes revolves a balance and sometimes goes a few days late and sometimes goes over the limit but always pays without going more than 30 days past due.

Personally, I will only carry a balance if it is interest-free and will pay in full the day that promotional rate ends. I put all my purchases on a rewards card and pay in full every month. And it makes me sad that the perks that used to be reserved for financially responsible customers are going away because Congress decided to legally enforce the financial habits of riskier customers. Especially since I sincerely doubt that legislation is going to reduce those customers' risky financial choices-you cannot legislate financial responsibility.

dd50
04-27-2010, 11:05 AM
Chase, Citi, AmEx and BoA have been cutting and raising rates for the last few years. This is for people that have had them for years and always paid their bills on time.

I use a credit card and PIF every month so if they charge me a fee I will close it in a second.

I would suggest to all that use and need cards to look into a credit union. They haven't been playing the games.

*Seanaci*
04-27-2010, 11:29 AM
We have a CC through our Credit Union...I LOVE it. We're not having any of the issues you're having as far as fee increases, added fees, limit decreases, etc.

However, we do have 3 CC's that are with a debt settlement company. The DS company was able to settle one of my CC's through the collection agency who was collecting on it, and I only had 2 more payments to make for it to be settled. However, that CC account has been pulled back by the original issuing bank. Ironically enough, that bank is Chase. Now I don't know what's going to happen. When I spoke to Chase about it...7 weeks ago, they still hadn't gotten all the info back from the Collector. What my debt settlement company told me was that one of two things would happe now...1) Chase would honor the settlement terms we had with the Collection agency, so we'd send them the final two payments and be done OR 2) Chase won't honor it and we have to re-settle the card. >_< I'm pretty unhappy because we settled the card (which had a $7000+ balance) for just under $3000. Just goes to show Chase doesn't just screw with people like OP...but people like me who had things happen in life which rendered me unable to even pay the minimum balance some months. :(

Good luck!

mhsjax
04-27-2010, 12:08 PM
Actually, credit card companies make a profit even on people who pay in full every month. Remember that there is a tiny fee to the store every time you use your card. Granted, they make a higher profit on people who carry a balance. The most profitable credit card customer is one who sometimes revolves a balance and sometimes goes a few days late and sometimes goes over the limit but always pays without going more than 30 days past due.

Personally, I will only carry a balance if it is interest-free and will pay in full the day that promotional rate ends. I put all my purchases on a rewards card and pay in full every month. And it makes me sad that the perks that used to be reserved for financially responsible customers are going away because Congress decided to legally enforce the financial habits of riskier customers. Especially since I sincerely doubt that legislation is going to reduce those customers' risky financial choices-you cannot legislate financial responsibility.

True there is a small fee. CC in general don't feel that customers that pay off in full and on time are great customers. I spend several years at Am Ex.
When customers called in for a credit line increase, the ones who got the most where the ones who paid on time but didn't pay their balance in full, therefore bringing in lots of interest, while the people who did pay off in full were offered maybe 1/4 to 1/2 of the line increase that the other customers got. It just is an example of how rotten CC companies are. IMHO

I don't care if anyone has them, but just realize that they are up to no good and nothing is for free, they will try and get you somewhere.

EKW
04-27-2010, 01:56 PM
Don't blame people who don't use credit cards for what the credit companies are doing to those of you who do!

Funny, how when this started happening a couple of years ago some of the same people who are now griping about how they're being treated were more than happy to assume that they were somehow morally superior to everyone else and attacked anyone who complained about credit companies saying we must have been being irresponsible and somehow deserved to be treated that way.

Sorry, you don't get to have it both ways! If those of us you attacked in the past deserved to be treated that way by the credit card companies, so do you.

Want to rethink your judgemental nastiness from the past? Go right ahead.

Maybe credit card companies really aren't the good guys you thought they were.

To those who still insist that if you play fair the credit companies will, too...I hope you never experience the reality of the credit industry. You've been lucky, not good. Plenty of honest, responsible people have been treated poorly by their creditors. Open any newspaper if you need proof!

bettymae1121
04-27-2010, 02:35 PM
I haven't had any problems with my CC companies yet...but I don't trust them farther than I can throw them. I use them, I have balances on three with locked in low interest rates, and a forth that I use every month for all my usual expenses that I pay off monthly, and earn frequent flyer miles. Once the ones with balances are paid off I hope to never carry a balance again. But while I enjoy the perks and low interest rates, never once do I forget that they will screw me at the first chance I give them. So I am very careful. I pay them the day I get the statement, and watch to make sure the payment posts both on my cc account and on my checking account. I read every thing they send me and keep it filed away for future reference. I constantly check on them to make sure rates don't go up or credit limits lowered. So far so good, but as long as I have a CC, I'll keep my eye on them. I fully accept that when you play with snakes, you may get bit, so I'm doing what I can to prevent it.

LovinPooh
04-27-2010, 07:55 PM
Most people have credit cards in their pocket and use them. If I had had a crystal ball years ago, I wouldnt have even gotten any cards. All I am saying is that I for one have always paid careful attention to my bills, always paid. They get their interest. I feel like these banks have crapped all over me. A good paying customer, and they just crapped on me. If you want to put me in the catergory of soemone who didnt use credit well and deserve this, then whatever. I get they are a business. Thats why they get their interest. I think whoever said they were greedy, hit the nail right on the head. These banks werent making any money off me. No over the limit fees (never got close), no late payment fees ever. And whoever said it was absolutely right, you just never know if they are just going to shut the cards off, raise your rates, or lower your limits. Just plain ole greed!
I never thought of goign to the BBB about Applied Bank. :thumbsup2

ML_LovesDisney
04-27-2010, 08:11 PM
So in the past month both of our gas cards were close. I had a mobil, and DH had a shell. Had the mobil for 5 years and the shell for 6. Always on time and never hit limits. Both are owned by Citi go figure. Well if that wasnt enough to get under my skin. I open my visa bill today to see that I will now be charged a $15/month maintanence fee!!:mad:
I mean really?? A $180/year just to have the card? Have had it for 6 years, same thing, never late. I called them up, ripped them a new one. Told them crapping all over good loyal customers is not the way to go. And they might make a few dollars off me for a couple months til I pay it off. But onces its paid, its closed! Then they make nothing!! I cant imagine I am the only one doing this!

Is it just me or does it seem like these companies are shooting themselves in the foot???:confused3

I agree. Same thing happened to us, they closed our Levin furniture CC and my Express Card. They cut our limit on American Express and I am charged minimum interest on Chase that has a zero balance!!!!! I want to close it but I don't want to upset my credit score