Closed My Disney Visa

[eliza61]

A very ironic thing happen to me.

Citibank sent me a letter saying my interest was going up then a week later they sent me another letter saying they were raising my limit by $2,000

So let me see,
I such a credit risk that you feel the need to raise my rate.
But I'm a good enough customer that you can give me more money??

Gotta love the banks.

 

[tink_lover]

Why close the accounts and let it (potentially) negatively go against your credit score? Why not just cut the cards up and never use them again?

 

[LoraJ]

A very ironic thing happen to me.

Citibank sent me a letter saying my interest was going up then a week later they sent me another letter saying they were raising my limit by $2,000

So let me see,
I such a credit risk that you feel the need to raise my rate.
But I'm a good enough customer that you can give me more money??

Gotta love the banks.

Citibank raised my rate to 29.9% from 11%. I have had the account for 19 years, so I am not closing it. I will just be sure to never carry a balance on it.


I have been thinking of finding a credit union, but I really do not know which are good ones, which I qualify for, etc.

 

[Feralpeg]

Why close the accounts and let it (potentially) negatively go against your credit score? Why not just cut the cards up and never use them again?

As MsDisney23 stated, it is a matter of principle. I don't carry balances on my cards, so it wouldn't really negatively impact me. It is about more than just me. It is about the way these banks are doing business. They don't care about anything but insane profits. They are sticking it to people when they are down. By closing my accounts, I am sending a message that I don't approve of the way they do business. It may not help, but it makes me feel better.

As for credit score, my score is high enough that I am not concerned about closing a few accounts.

 

[Disney-Kim]

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.

Chase is really one of the worst banks for credit cards. I was never happy with any of my cards. I would pay big balances off and the next day my limit went from $7000 to $500. They raised my % rates to 29%, raised annual fees...you name it.

I had quiet a few cards with them as they had taken over so many banks that a lot of my off beat cards ended up being Chase.

ALL are closed. Credit card companies are making all the wrong decisions right now and just pushing people over the edge. Having a min payment go from $200 to $500 could be devastating to many families.

I saved all my old Disney Visa's. I got every new version that came out and I was a "charter" member. I have the Animal Kingdom card that had the dragon image on it that never came to fruitition. Now they are all in my Disney junk box of fun stuff I keep.

 

[Disney-Kim]

As MsDisney23 stated, it is a matter of principle. I don't carry balances on my cards, so it wouldn't really negatively impact me. It is about more than just me. It is about the way these banks are doing business. They don't care about anything but insane profits. They are sticking it to people when they are down. By closing my accounts, I am sending a message that I don't approve of the way they do business. It may not help, but it makes me feel better.

As for credit score, my score is high enough that I am not concerned about closing a few accounts.

closing a couple accounts isn't going to affect your score all that much anyway...besides unless you are buying a house or car right now...does it really matter. Your score may change by 10 points who cares....I think a lot of people believe the credit hype on tv and don't realize the many myths of credit

 

[rgf207]

Our terms changed again. I am not closing my card but I have already cut it up. I called them and told them I will no longer be using the card.

 

[Disney-Kim]

Why close the accounts and let it (potentially) negatively go against your credit score? Why not just cut the cards up and never use them again?

there is nothing wrong with this as long as you don't have annual fees...which a LOT of banks are imposing now. Some charge no use fees too. Also no activity may end up getting the card closed anyway.

Having "closed by consumer" on yoru credit is better than "closed by creditor".

Credit dynamics are changing....I think we should all use/reward the banks we are happiest with and close/cut off the ones we aren't.

Like FeralPeg said....it's a stand.

 

[si-am]

People are closing the accounts because it's the only way to get out of the new terms (increased interest rates).

If you keep your card open, you are paying the new rates.

 

[Nik's Mom]

Chase is really one of the worst banks for credit cards. I was never happy with any of my cards. I would pay big balances off and the next day my limit went from $7000 to $500. They raised my % rates to 29%, raised annual fees...you name it.

I had quiet a few cards with them as they had taken over so many banks that a lot of my off beat cards ended up being Chase.

ALL are closed. Credit card companies are making all the wrong decisions right now and just pushing people over the edge. Having a min payment go from $200 to $500 could be devastating to many families.

I saved all my old Disney Visa's. I got every new version that came out and I was a "charter" member. I have the Animal Kingdom card that had the dragon image on it that never came to fruitition. Now they are all in my Disney junk box of fun stuff I keep.

Chase just did that to me. They lowered my limit big time. It was to high to begin with, but I find it interesting about the timing. I've had the same limit for years and I'm never late on a payment. I'm pretty happy with Discover card. I don't have an annual fee and they haven't raised the interest rate yet. I'll probably close my Chase and just stick with Discover.

 

[arminnie]

I don't even know what the interest rates on my cards are. I set all of them up to direct draft the full balance every month and don't worry about it. Life is so much simpler if you restrict yourself to only charging that which you can afford to pay off immediately.

I spent almost 40 years in the "credit business". Starting with answering the phone and reading credit reports to businesses when I was 16.

I learned at a very early age - don't charge anything you can't pay for. Even when I worked for a bank that gave us very cheap subsidized loans and I had no drapes or furniture for my new home I just waited until I could pay for what I needed.

I use credit cards whenever possible. The convenience factor is great. I live and shop in areas where I do not want to be pulling out a wad of cash. Also cash just seems to evaporate. I like having the record of my spending that I get on my statements.

It can be cheaper for a merchant to process credit cards than to have procedures to handle cash.

 

[jmpurdy]

We got the notice (it came in a very small 1/2 envelope). Thought it was junk. When I read the new terms, I called immediately and canceled the Disney Visa. And just last week I canceled both my JC Penney & Macy's cards too. Don't want them, don't need them and it felt so liberating. Like another astute poster noted, in the grand scheme it won't matter to the bank, but it felt good to make a stand for US that we won't be a prisoner to these cards and won't do business this way. If we can't afford to pay cash, we don't get it. Thank goodness Home Depot still has delayed billing! We always pay off our big purchases this way and don't pay any interest.

 

[glitterkittyy]

I spent almost 40 years in the "credit business". Starting with answering the phone and reading credit reports to businesses when I was 16.

I learned at a very early age - don't charge anything you can't pay for. Even when I worked for a bank that gave us very cheap subsidized loans and I had no drapes or furniture for my new home I just waited until I could pay for what I needed.

I use credit cards whenever possible. The convenience factor is great. I live and shop in areas where I do not want to be pulling out a wad of cash. Also cash just seems to evaporate. I like having the record of my spending that I get on my statements.

It can be cheaper for a merchant to process credit cards than to have procedures to handle cash.

But, you can still pay with cash-on-hand and not use actual cash. Debit cards accomplish this quite nicely. You still have the tracking, statements and convenience of a credit card, but you are paying with cash.

I closed two credit card accounts in the last six months. I didn't see a change in my credit score.

 

[cam&phoebsmom]

for now we are leaving ours open simply for the Disney dollars. We pay everything off each month so for me it is just a good way to earn a little extra cash for our Disney trip.

Based on our last statement by the time we go in Jan. we will have close to $450 in Disney money to use (we were lucky enough to get the 5x bonus points for 2 consecutive quarters).

We last used the points for a 1day trip to Disneyland as well. It paid for all of our food in the park (plus we treated our friends as well).

We have no other credit cards so to have one that I can pay off monthoy and get a little something back for our trips works for me. It is nice to not have a bill to come back to after a vacation.

 

[MarkBarbieri]

But, you can still pay with cash-on-hand and not use actual cash. Debit cards accomplish this quite nicely. You still have the tracking, statements and convenience of a credit card, but you are paying with cash.

I closed two credit card accounts in the last six months. I didn't see a change in my credit score.

I looked at switching from credit cards to debit cards, but I decided against it. I didn't like the lower level of protection offered on debit card purchases and I didn't like the fact that, if someone cloned my debit card, they could clean out my bank account.

I would probably opt for a debit card if I had trouble keeping my purchases in line with my ability to pay. Because I'm able to pay off my credit cards in full in each, I find them to be a better choice.

 

[glitterkittyy]

I looked at switching from credit cards to debit cards, but I decided against it. I didn't like the lower level of protection offered on debit card purchases and I didn't like the fact that, if someone cloned my debit card, they could clean out my bank account.

I would probably opt for a debit card if I had trouble keeping my purchases in line with my ability to pay. Because I'm able to pay off my credit cards in full in each, I find them to be a better choice.

Oh I agree. I was just responding to the PP's comment about not carrying cash and explaining that cash today doesn't have to mean actual cash.

I have one credit card that I pay off monthly as well. My motto has always been "If I can't pay for it now, I don't need it."

 

[arminnie]

But, you can still pay with cash-on-hand and not use actual cash. Debit cards accomplish this quite nicely. You still have the tracking, statements and convenience of a credit card, but you are paying with cash.

Many thanks to you for pointing this out. I was hired by Visa to manage the debit program over 20 years ago. Debit cards were my baby for a long time. I love hearing that the message did get out there.

 

[SanFranciscan]

I looked at switching from credit cards to debit cards, but I decided against it. I didn't like the lower level of protection offered on debit card purchases and I didn't like the fact that, if someone cloned my debit card, they could clean out my bank account.

I would probably opt for a debit card if I had trouble keeping my purchases in line with my ability to pay. Because I'm able to pay off my credit cards in full in each, I find them to be a better choice.

I rarely use my debit card for anything other than getting cash to spend on merchandise, but I do think that debit card users will start getting a lot more legally-mandated protection as fewer and fewer people use credit cards. I think that carrying cash, even in this urban area with gangs, is less risky than subjecting myself to electronic thieves who can leave me having to prove my innocence to the all-mighty banks. That would leave me feeling like the rape victims who find themselves on trial for what their attackers did to them.

Banks want for you to pay with plastic period. Customers paying with cash are not good news to banks. In fact, Chase is now "offering" a Disney debit card as well so they are clearly responding to the customers who are closing credit card accounts. The "sweepstakes" advertised by Chase promising to pay for the purchases of "winners" shopping with debit cards is being promoted because that means that these customers are a product for the banks. I am not going to pay the $25 fee, (I think that it what it was) to carry a Disney debit card that the banks are using to track me and sell information about me because I don't get any of the money that they made off of that information.