Credit Card Poll - The bleeding has begun.

[UsandThem]

Just received a notice from Chase that our credit card rates are going up. Add that to the three Capital One notices, we are now at four.

We don't pay late, use them for school, but we use a couple of them for school monthly, however we almost always pay the balance in full.

How these freakin' companies get away with this shit is beyond me. I feel like a character in a John Steinbeck novel getting shit on by the large corporations.

Oh well, I guess we knew it was coming with the legislation that was just passed. Bastards.

 

[Bignate603]

Citi tried to raise my rates a while ago but I griped and they lowered it back to even lower than it was before.

You can blame this one on the laws going through congress to 'protect' the consumer. By protecting the people that are lousy credit risks it means the people that are responsible with their credit need to pay for the irresponsible people.

 

[IronWing]

Originally posted by: Bignate603
Citi tried to raise my rates a while ago but I griped and they lowered it back to even lower than it was before.

You can blame this one on the laws going through congress to 'protect' the consumer. By protecting the people that are lousy credit risks it means the people that are responsible with their credit need to pay for the irresponsible people.

No. Credit card companies are making plenty of money off all their customers. They just want to make more.

 

[Brainonska511]

Have 2 cards -

Citi MC: still at 19.99% since idk when.
Amex Blue: at 11.24%

I don't watch my rates since I don't carry a balance.

 

[Bignate603]

Originally posted by: ironwing

Originally posted by: Bignate603
Citi tried to raise my rates a while ago but I griped and they lowered it back to even lower than it was before.

You can blame this one on the laws going through congress to 'protect' the consumer. By protecting the people that are lousy credit risks it means the people that are responsible with their credit need to pay for the irresponsible people.

No. Credit card companies are making plenty of money off all their customers. They just want to make more.

Yes, because the rate of the defaulting on credit cards is so low right now... Lending money without collateral is risky.

 

[imported_Lothar]

Why would anyone care what the APR on a credit card is?

 

[Jeff7]

Originally posted by: ironwing

Originally posted by: Bignate603
Citi tried to raise my rates a while ago but I griped and they lowered it back to even lower than it was before.

You can blame this one on the laws going through congress to 'protect' the consumer. By protecting the people that are lousy credit risks it means the people that are responsible with their credit need to pay for the irresponsible people.

No. Credit card companies are making plenty of money off all their customers. They just want to make more.

Agreed.
Stupid people can't subsidize your low rates and card perks indefinitely.

 

[KillerCharlie]

Since, I always make my payments, they decided to charge me $30/yr to redeem the rewards on my Chase Freedom card.

 

[Jadow]

I honestly have no idea, I charge about $1000 per month and pay my bill off in full each month. I don't even know what my rate is.

 

[frostedflakes]

My terms haven't changed, but my card is through a smaller regional bank that has been largely unaffected by the subprime mess that the large financial institutions got themselves involved in. Probably don't really need to increase rates since they aren't bleeding money like some of the other banks out there.

 

[Bateluer]

I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

 

[Bignate603]

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

 

[Syringer]

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

I feel your pain. Automotive repairs are the worst..it's really the one common thing in life that just comes unexpectedly at you that can really mess up a budget.

Other than medical issues of course, but with a good insurance plan at least you can generally set up a payment system with that.

 

[Slew Foot]

Originally posted by: Syringer

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

I feel your pain. Automotive repairs are the worst..it's really the one common thing in life that just comes unexpectedly at you that can really mess up a budget.

Other than medical issues of course, but with a good insurance plan at least you can generally set up a payment system with that.

We should have government funded Universal Car Insurance. Pay all of the mechanics, laborers, parts manufactureres, etc.. 5 cents a day and everyone can take their automobile where ever they want and have routine maintenance and any repairs done for free.

 

[Svnla]

I don't really care about the rate increase because I always pay in full. I am more concern about the rewards/bonus/cashback programs and whether I will have to pay annual fee to use CC. I also worry about the possibility of no more grace period (you will get finance charge right after you use you CC).

The new CC customer protection law didn't help people like me at all.

 

[zinfamous]

I have a few. Chase bumped my Visa from 9% up to 27% after a payment over phone, on the due date, that they credited the next day (so one day late). They also charged me 9 fucking DOLLARS to pay over the phone, using an automated system--a FUCKING AUTOMATED SYSTEM.

A called and bitched and they lowered it back to 11% I had never missed a payment with them or anyone.

(This one came in under the wire due to a sudden move in town and a lot of my papers and bills and what-not got scattered in the process. I used to have Chase checking account, but there was no Chase when I moved to the West Coast, so I switched to BoA. i tried linking that account through Chase online payment, but met with difficulty)

Fuck Chase :|

Also, I never carry a balance on any of my cards. Everything is paid off in full every month, assuming there are charges. I've only carried a balance when I have new cards with 0% introductory rate for the first year.

 

[huberm]

mine quadrupled from 4% to 16%. This normally wouldnt be a problem for me but i just put a large balance on it in order to pay off the difference from selling my old house. Now I can't afford to pay it and they said they cannot help me.

 

[Newbian]

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

 

[erub]

Originally posted by: Svnla
I don't really care about the rate increase because I always pay in full. I am more concern about the rewards/bonus/cashback programs and whether I will have to pay annual fee to use CC. I also worry about the possibility of no more grace period (you will get finance charge right after you use you CC).

The new CC customer protection law didn't help people like me at all.

I'm the same way. Although one card I hadn't used in a while was closed by BofA.

 

[manlymatt83]

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

I have a balance on a card that I'm paying off. Right after I got notice of the rate increase, I ordered a new card. Once I saw the new card shipped, I called to decline the rate increase. New card has an expiration date of 2012.

w00t.

 

[Newbian]

Originally posted by: manlymatt83

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

I have a balance on a card that I'm paying off. Right after I got notice of the rate increase, I ordered a new card. Once I saw the new card shipped, I called to decline the rate increase. New card has an expiration date of 2012.

w00t.

Just don't be surprised if they cancel it early or start charging you a annual fee like they have done to many others who pay off in time.

 

[Kadarin]

Chase just closed my account; I hadn't used it in over two years because they refused to lower the ridiculous interest rate (something like 27%). I have a Wellsfargo card with a 4% permanent rate...

 

[LS21]

i think 2 of my 9 cards increased? probably cap 1 and citi or something

 

[jpeyton]

I got a notice for a rate increase back in March. I had the option of keeping my current rate and card through the expiration date on the card (in 2012), but once the card expires my account would be closed and the balance due. I chose that option, so my rate is NOT going up.

 

[jpeyton]

Originally posted by: Newbian

Originally posted by: Bignate603

Originally posted by: Bateluer
I just had to dump 1500 on one card because of some automotive repairs. Hopefully, the rate doesn't get increased. I'm going to have it paid off(again) by August though.

If you can't afford the rate increase you can usually decline the increase but your card will be canceled when it expires. Hopefully you have enough time before your card expires to pay it off.

The problem is this can hurt your credit score if you close the account.

Oh God, NOT MY CREDIT SCORE!

Please, please, take my job, my house, my car...take anything, just don't hurt my precious FICO!!!