A question about Disney Visa changing their APRs

[BirdLegsRed]

We just received a letter from Chase that our APR is going up to 15%. Of course we are going to cancel our card and opt out. Assuming most people would do that, why is the CC company doing this? I have a small balance on my card but I would have kept using it, therefore they would have made money. Aren't they basically shooting themselves in the foot?

 

[ObsessedwiththeMouse]

.

 

[ICF]

as long as you're paying off the card every month, the interest doesn't really matter.....

 

[Youarehere]

I have a small balance on my card but I would have kept using it, therefore they would have made money.

as long as you're paying off the card every month, the interest doesn't really matter.....

Did you read the OP before you rode in?

 

[Youarehere]

We just received a letter from Chase that our APR is going up to 15%. Of course we are going to cancel our card and opt out. Assuming most people would do that, why is the CC company doing this? I have a small balance on my card but I would have kept using it, therefore they would have made money. Aren't they basically shooting themselves in the foot?

Yes they are- Citi just did it to us. We are working our way out of debt after DBF and I both lost our jobs w/in 2 months of each other. We transferred all of our balances to Chase. We will not close the Citi card, just not use it. They were making a nice chunk off of us monthly.

 

[LovinPooh]

Luckily Chase hasnt touched our Disney visa. Ironically they upped the rate on our Chase Circuit City card a couple of months back though... lotta good that did
I thought the same thing though. They are going to lose money in the long run screwing with good customers. We have already decided that if we do get a crazy increase, we will pay it off and cut it up.

 

[Planogirl]

It sounds like the credit card companies like those who owe close to the limit the best right now. I don't know why, maybe because they are making the most money off of these accounts?

 

[Laugh O. Grams]

Seems these changes vary depending on customer. I received a letter from Disney Chase, but I didn't get an APR increase. It was only to advise that their penalties for late payment, and the potential APR that would follow, were going up, as well as a few changes in the fine print. I suppose I should consider myself lucky.

 

[LakeAriel]

Luckily Chase hasnt touched our Disney visa. Ironically they upped the rate on our Chase Circuit City card a couple of months back though... lotta good that did
I thought the same thing though. They are going to lose money in the long run screwing with good customers. We have already decided that if we do get a crazy increase, we will pay it off and cut it up.

I just got the letter yesterday....I thought I was safe too...so forget about using it for rewards. Some reward.

 

[LakeAriel]

Seems these changes vary depending on customer. I received a letter from Disney Chase, but I didn't get an APR increase. It was only to advise that their penalties for late payment, and the potential APR that would follow, were going up, as well as a few changes in the fine print. I suppose I should consider myself lucky.

Eye brows raised..I left mine in my car..you mean maybe the AP didn't go up...?

 

[Uncle Remus]

Has anyone received notice from the other credit card companies that they'll be raising their rates too?
Usually that business is monkey see - monkey do, ain't it?

 

[LakeAriel]

Has anyone received notice from the other credit card companies that they'll be raising their rates too?
Usually that business is monkey see - monkey do, ain't it?

I had Discover cancel my account because I never use it. I thought it was canceled years ago..

 

[Laugh O. Grams]

Eye brows raised..I left mine in my car..you mean maybe the AP didn't go up...?

I'd read through it, front to back, if I were you. Mine only advised of an increase in late penalties and said nothing about a standard increase on normal charges. I paid special attention to it and read it closely, only because it was discussed here last week.

 

[LakeAriel]

I'd read through it, front to back, if I were you. Mine only advised of an increase in late penalties and said nothing about a standard increase on normal charges. I paid special attention to it and read it closely, only because it was discussed here last week.

I was on my way and opened it in the car. I saw that the penalties and fees were being raised...may have assumed the worst..Now I am hopeful.

 

[Charade]

Has anyone received notice from the other credit card companies that they'll be raising their rates too?
Usually that business is monkey see - monkey do, ain't it?

Actually, my (our (my dw doesn't have any CCs) Disney CC went down. It's 10.15 percent as of 12/2008. My other cards went down too.

 

[Uncle Remus]

I had Discover cancel my account because I never use it. I thought it was canceled years ago..

Here's what gets me about some of these credit cards, they send ya a new one after a few years of not usin' the old one, they tell ya to call 'em to activate it. I never call coz I've moved on to the next 0% card 'n then a few years later they send a notice sayin' they're closin' the account due to inactivity.

Hey, close it, I'm usin' so 'n so's card for a year of 0%.

Course, now I put everythin' on my Disney VISA for those Disney Rewards, I need that money for Disney!

 

[manning]

I had Discover cancel my account because I never use it. I thought it was canceled years ago..

Check your credit report. I believe when a card is cancelled no matter what it is reported to the credit bureaus without explaination. A cancelled card will change your rating.

I may have heard this on Dave Ramsey, but if this happens then you should write the credit bureau and have an explanation put into your file as to why the card was cancelled so there will not be a negative impact.

 

[Planogirl]

Check your credit report. I believe when a card is cancelled no matter what it is reported to the credit bureaus without explaination. A cancelled card will change your rating.

I may have heard this on Dave Ramsey, but if this happens then you should write the credit bureau and have an explanation put into your file as to why the card was cancelled so there will not be a negative impact.

You can add statements but it won't affect the score in most cases. You can ask the credit bureaus to dispute it too but they can't remove it or change it.

 

[Laugh O. Grams]

Check your credit report. I believe when a card is cancelled no matter what it is reported to the credit bureaus without explaination. A cancelled card will change your rating.

I may have heard this on Dave Ramsey, but if this happens then you should write the credit bureau and have an explanation put into your file as to why the card was cancelled so there will not be a negative impact.

I've heard that as well, which is total BS on the part of the cc companies. If they're going to close the account, they should at least do you a solid and shoot you out a letter allowing you to close it yourself.

 

[Planogirl]

Has anyone received notice from the other credit card companies that they'll be raising their rates too?
Usually that business is monkey see - monkey do, ain't it?

American Express has been doing it like crazy for a while.