Amusing Letter from Credit Card

[ctinct]

In this morning's mail I received a letter from one of my two credit cards. The outside of the envelope had something like "Important Rate Information" on it in big, bold letters. Oh, great, I thought. I was ticked because last month my other credit card sent me a letter saying they were raising my rate---not because of anything I did, mind you, but just because of the economy. Curiously, when I received my statement for THAT card a few days ago, it was still at the old rate, which they told me was going to change on April 15. We'll see how long that lasts.

Anyhow, I got all worked up about today's letter. I had to laugh when I opened it up. It said they noticed I had recently made a large payment (I paid it off-woohoo) and they wanted to make sure they weren't losing my business. Umm, yeah, you're losing my business! They sent me a bunch of low rate balance transfer checks. Stupid idiots. The fact that they were at a higher rate than my other card is why they were paid off first. Now I'm working on the other card.

I just find it funny that credit cards are raising rates and slashing credit limits all across the board, but when one of their cash cows finally digs out from under them, they worry about losing the business. I definitely was one of their cash cows---used the cards after a divorce and to get through school; sometimes it was the only way we were going to eat. Late a few times several years ago, so they raised me to an obscene rate. Except for those few times during a REALLY rough patch, though, I always made my payment. Makes me sick to think about all the interest I paid. I'm sure I paid for those groceries many times over, but hey, we had to eat. Can't wait for the day when the other card is paid off, which should be in about a year. I've slowed my payment plan just a little bit, because I want to beef up my savings a little more. Anyhow, it's funny that the credit cards are worried now that the shoe is on the other foot.

 

[*Flower*]

Bravo!

I keep checking my statements online to see if anyone's monkeying with my interest rates- but I've been lucky so far..

 

[tkitty]

I had gotten the letter saying that my rate was going up, even though I always pay 3-4 times what my pmt is. Then the next day I got another letter telling me my credit was increased another $3000. Well, today I applied for and got a different card much lower interest, free balance transfer % for 1 year, no annual fee. So now Discover card will lose a good customer!

 

[C.Ann]

Can't wait for the day when the other card is paid off, which should be in about a year. I've slowed my payment plan just a little bit, because I want to beef up my savings a little more. Anyhow, it's funny that the credit cards are worried now that the shoe is on the other foot.

---------------------

Good for you! Time to put the "loan sharks" in their place..

 

[MinnieVanMom]

Super job and killing a credit card. No go get the other one. Cash is king and is feels so good.

I followed the Dave Ramsey plan and just bought a new to me car...cash. You can do it.

 

[MinnieVanMom]

C. Ann

I know that song! Then again I live out west. It brings tears to my eyes just remembering the words.

 

[C.Ann]

C. Ann

I know that song! Then again I live out west. It brings tears to my eyes just remembering the words.

-------------------

Which one? Alan Jackson's "Remember When"? If so, "Remember When" are the words I had engraved on my late DH's headstone when he passed away in Jan. of 2005..

If it's the other: "Life ain't always beautiful...but it's a beautiful ride" - that's in memory of my younger brother - who was killed in a motorcyle accident on his way to work in June of 2006..

Both songs hold very special memories for me..

 

[Dismom55]

Good for you for digging out from under little by little. Do try to keep it that way. We have never had credit cards in the 36 yrs we have been married. Money has periods of being tight, but we do the best we can with what we have. We went to purchase a car last month and got turned down because we do NOT have enough credit bills, explained we do not have any credit cards. Sad to say we decided to apply for and got a credit card, now after all these years of saying we are morally objected to them we have joined the ranks. So far I have not used it, but will only put about a $20 purchase on each month, then pay in full when billed. I suppose by the end of the year maybe we can get that car. Silly isn't it!

 

[kacaju]

We recently have paid off everything but 1 cc. I get those letters at least once a week if not more!!
I just rip them up and toss them!!

 

[starwood]

Credit card companies really make me laugh. I have a L.L. Bean card through Barclays which I just got because L.L. Bean changed credit card companies. I only use this card for L.L. Bean purchases for the free shipping. They said they were lowering my credit limit from something like $20,000 to $5000. I've never charged more than $100 on this card and never had a balance - soooo I really don't care. They can lower it to $1000 as far as I'm concerned.

 

[Dismom55]

I think that in reality CC companies are doing people a favor by lowering the limits. Perhaps inspiring more to pay them down and not just make minimum payments. What I do not agree with is the horror stories that I have heard were limits were lowered below what the CC holder already had charged, thus creating overage charges.

Hopefully people will not just go out and get another card in order to have higher charging privileges.

That being said I do think people should shop around for low rates.

 

[a1tinkfans]

In this morning's mail I received a letter from one of my two credit cards. The outside of the envelope had something like "Important Rate Information" on it in big, bold letters. Oh, great, I thought. I was ticked because last month my other credit card sent me a letter saying they were raising my rate---not because of anything I did, mind you, but just because of the economy. Curiously, when I received my statement for THAT card a few days ago, it was still at the old rate, which they told me was going to change on April 15. We'll see how long that lasts.

Anyhow, I got all worked up about today's letter. I had to laugh when I opened it up. It said they noticed I had recently made a large payment (I paid it off-woohoo) and they wanted to make sure they weren't losing my business. Umm, yeah, you're losing my business! They sent me a bunch of low rate balance transfer checks. Stupid idiots. The fact that they were at a higher rate than my other card is why they were paid off first. Now I'm working on the other card.

I just find it funny that credit cards are raising rates and slashing credit limits all across the board, but when one of their cash cows finally digs out from under them, they worry about losing the business. I definitely was one of their cash cows---used the cards after a divorce and to get through school; sometimes it was the only way we were going to eat. Late a few times several years ago, so they raised me to an obscene rate. Except for those few times during a REALLY rough patch, though, I always made my payment. Makes me sick to think about all the interest I paid. I'm sure I paid for those groceries many times over, but hey, we had to eat. Can't wait for the day when the other card is paid off, which should be in about a year. I've slowed my payment plan just a little bit, because I want to beef up my savings a little more. Anyhow, it's funny that the credit cards are worried now that the shoe is on the other foot.

Awesome for YOU!
Ya know, sometimes ya gotta do what ya gotta do, but YOU DID IT!!!

 

[SilverL]

I got a funny letter in the mail from US Bank today. It was informing us that we had zero balance. "Your balance is zero, but please note that you can charge up to $$$$ on your card, blah blah blah". I had to laugh. We're closing the account and cutting it up soon. No more credit cards --- EVER!

 

[eliza61]

It is amusing. I just recieved one of those letters from Chase. I called and asked why they were raising my rate, recieved the old song and dance about "situation changed". I did question that since I've been paying stuff off and my fico score has recently reach 720. I am proud that I didn't argue or get nasty with the phone rep, I admit some times I do because I'm so pissed at the cc companies, especially after most of them recieved huge bailouts.

Any way, when I informed the agent that I was going to pay off the entire thing today (monday) as soon as I transfered the money out of my savings. Man, how her tune changed, of course now she wanted to transfer me to another dept. so some one could review my credit report. I politely decline and said they would be recieving their money within the week and I would not be using them for any college loans since I have 2 children starting college within the next 3 years.

 

[Charade]

I had gotten the letter saying that my rate was going up, even though I always pay 3-4 times what my pmt is. Then the next day I got another letter telling me my credit was increased another $3000. Well, today I applied for and got a different card much lower interest, free balance transfer % for 1 year, no annual fee. So now Discover card will lose a good customer!

Capital One just raised (I called and got it delayed) our rate from 7.9 percent to 17.9 percent. I pay the bill off every month. So paying more or all doesn't seem to matter. The funny thing is you can get a new card from them with a 9.9 (variable) rate.