Closed My Disney Visa

[Feralpeg]

I called to close my Chase Disney Visa today. Just one of four other cards that I have closed in the last six months due to a change in terms. I know. Many will say that I shouldn't be closing them and that it will affect my credit rating. My credit rating has always been excellent. If it affects it, so be it. To me, it is the right thing to do.

I think the terms that these banks are imposing, at this time when so many people are having financial difficulties, is immoral. If people are already having a difficult time paying their bills, how will raising their minimum payments help the situation? It will just send more people into bankruptcy. Don't start with the argument that they should not have run up the bills in the first place. I don't believe it is always that cut and dried. Every situation is different and I appreciate that, there for the grace of God, it could be any of us.

I realize that my little personal protest will make very little difference to Chase or anyone else, but it makes me feel better. Shame on these banks for worshiping the almighty buck.

 

[Holly]

I closed mine, as well.

 

[ReneeA]

I'm following right behind you next month. Our terms changed as well, so I'm cashing in my Disney Rewards and closing it out.

It makes me mad because it's they only card I've ever really liked having.

 

[JodyLynC]

I've been closing accounts as well.

 

[CathrynRose]

I am teetering on what to do. It seems every single flipping month, I make a payment, I get a notice that they're lowing the limit. It's dropped almost half, in about 8 months.

Currently - I could barely squeak a Disney trip on it - and it would be room / tix, only. Not use it the whole trip, like we used to.

Then I also got the percentage rate hike notice, last month.

All for making payments on time, and not having a giant balance? Thanks.

 

[Becky2005]

I don't blame you.

Credit cards tend to be sneaky little things. They like to play games. I know people complain how they can raise rates, just randomly close your accounts, lower or raise credit limits, etc... I've always said if you read the fine print it basically boils down to "We can do whatever we want, whenever we want because we feel like it". It doesn't matter which CC it is, they *all* pretty much say that in their fine print.

 

[C.Ann]

The CC companies really seem to be turning up the heat right now, aren't they? They are really, really ticked off over these new laws that they will have to abide by and are therefore using every trick in the book to get more $$$ out of their customers in whatever shady manner they can..

I've watched people jumping through hoops to try to satisfy them - even those who pay their bills in full each month - and the headaches are insane.. The worst trick being changing due dates on accounts that are set up for automatic payment without notifying the customer in a timely fashion so the CC companies can hit them with late charges and interest fees..

For those who do use them, I wish you continued success - and I hope they don't pull any additional shady tricks on you..

For those who have decided to get rid of them - or don't use them, good for you!

 

[It'sWDW4me]

I just got a HE loan to pay off those danged things. As soon as they're completely paid off (next statement will be interest accrued til the pay off date), I'm gonna have a field day calling and letting them know what they can do!

Ironically, Chase is the only bank that really hasn't raised my interest rate to an absurd figure. I just got a notice that my rate is going from 10% to 17% (closing in on absurd) but I don't care because I pay it off every month. Citbank raised one card from 6.25% to 30% effective 11/30/09 and closed two others due to lack of use. Capital One raised theirs from 10% to 30% effective 1/1/10.

They wanna be jerks? They won't see another penny of interest from me.....

 

[pixiewings71]

I called and closed one of my Citi cards last night...I wanted to close them both but it's half of my "available credit" and even tho I don't know that I'll need credit for anything anytime soon it's still hard to watch your score drop.....So I closed the one with the higher balance and will make ONLY the minimums on it from here on out. I'd like to pay off the other one and just keep it open but I really have no way to do that.....

 

[puffkin]

How can i find out if my rates are going to change? DH tends to sort the mail before I get home and anything that isn't a bill he usually chucks. I am afraid a notice might have come through that I missed. We only have a balance on one card, but I would like to close it if the rate is going to increase an absurd amount (it is 13% now).

 

[lacrosse_lady72]

I am teetering on what to do. It seems every single flipping month, I make a payment, I get a notice that they're lowing the limit. It's dropped almost half, in about 8 months.

Currently - I could barely squeak a Disney trip on it - and it would be room / tix, only. Not use it the whole trip, like we used to.

Then I also got the percentage rate hike notice, last month.

All for making payments on time, and not having a giant balance? Thanks.

Have you ever considered calling them and asking them to make the limit higher? My mom did in order to pay off her new roof so she could get Disney Dollars and they said it was no problem.

 

[CathrynRose]

Have you ever considered calling them and asking them to make the limit higher? My mom did in order to pay off her new roof so she could get Disney Dollars and they said it was no problem.

They lower it every single month. I don't think they'll raise it - KWIM?

 

[FireDancer]

I don't use mine often but I keep it opened for the occasional discount codes. I don't carry balances though so the minimum payments and interests rates don't bother me.

I only use cards that give me cash back on purchases because it is like a free rebate.

 

[sunshine girl]

Yeah, I actually just opened a Disney Visa account. I don't intend to use it much but it's nice to have it should a big WDW room rate discount code come up (like it just did for next year... a 40% savings on my room just by paying with a Disney Visa).

However, I also don't carry balances and I watch my accounts and terms closely. If I don't have the money in the bank to pay for a purchase immediately, I don't charge it!

 

[arminnie]

Don't worry about the impact on your credit score. I closed about 10 accounts a few months ago. That's not an exaggeration. I didn't use them. I'd gotten them over the years to test different CC products as I used to be in the industry.

I didn't check my score beforehand - but it is still very high. High enough - who cares if it went down 10 points. That 10 points doesn't mean anything unless you are right at the cusp of going down a notch.

I used to joke that I could buy a house with the total of all my credit lines. And I don't even have a job (or a spouse with a job).

My favorite cc bank to deal with is Barclay's.

 

[gollal]

They changed our terms as well, & we have always paid on time. I called Chase and spoke with a Manager there, asking why this happenend and asking how many people were impacted. She claimed it happened to everyone who had an interest rate under 22%! We had a nice competitive fixed rate card & they changed us to variable APR making our rate go up from 9% fixed to about 16%! Anyway, I wonder if Disney knows about this, or really has any relationship with Chase. I was considering finding out but don't even know who to call/email at Disney. It's not their card, thus I'm sure there is not much they could do, but they should at least be made aware that this is happening. IMHO everyone who has this card most likely primarily only uses it for Disney.

 

[ZachnElli]

We closed ours too. I just don't agree with what these big banks are doing. We've taken all our business to smaller local banks. So far we are liking the we do everything "in house" atmosphere.

 

[sbell111]

Our terms/limits haven't changed. If they do, I'm not sure if we will close it, or not. It's our only cc and Cathy rather likes that it says 'member since day one' on it. She's funny that way.

 

[dalt01]

the score change is based on, to keep it simple, availability verses credit limit. if you have 20,000 in revolving credit available and you have the cards ran up to 18,000 it will lower your score a lot. if you pay them down and keep them open it will raise it, sometimes as much as 100 points. if you close them all but say 1 and it has a balance, you actuallly can make it worse because you now have the whole matrix based on the one card. now, this does not play so much into the customer that has a 750 to 850 FICO. but it can make a big difference to marginal folks in the 600's FICO wise.

 

[Poohbear123]

I am doing away with my JCPENNEY card, thanks to them lowering my Avialable credit...second time they have done this to me, not dealing with them anymore...DH has closed 3 of his cards, and he has a GREAT rating, thanks to them Upping the interest rate.