Credit Cards

[KnightofNi]

So i have gone the past 8 years without using one. i wouldn't even use it to hold rental cars.
i finally paid it all off 3 years ago, which was apparently just in time to avoid a bunch of bullshit.

my g/f got a letter saying that they are raising her rate to 26% for no apparent reason other than they can.
i think she has made a late payment 2 times in 11 years of having the card. apparently this is completely legal as well. after a long discussion with them on sun and her being hung up on a couple of times they said they would put her rate "back to near where it was before" but she can't use it for ANYTHING or the rate goes back up to insanely high.

wtf is going on? has anyone else been hit with this douchebaggery?


so now I have to get another card. by friday morning. i'm not touching discover ever again.
i'm angry with the rental companies for not accepting anything other than a credit card when you rent.
i hate the card companies more now that they have forced me to get back on their system because they are greeedy asshats.

ok, i'm pretty much done...

[cyrus buelton]

The best way to avoid the fine print points of having a credit card is to not spend more than you can afford.

The same goes for debit card overdraft fees.

If you don't have the cash, don't swipe the card.


Just my $0.02.

[KnightofNi]

thanks cyrus, that's why i don't have a card right now.


while i will agree that she prob spent a bit more on the card than she should have, she has been a good customer who has made on time payments for pretty much the past 11 years.

i also just learned there was a law that went into effect at the end of augustthat is meant to prevent this sort of thing. her rate was increased just before that.
i wonder if that's jsut a coincidence.

[Howie]

Shop around for a bank that will give Kathy a good rate, particularly on debt transferred to the new card.  Then cancel the old card.

[cyrus buelton]

i also just learned there was a law that went into effect at the end of augustthat is meant to prevent this sort of thing. her rate was increased just before that.
i wonder if that's jsut a coincidence.

I am sure it was a planned raising, as the law was about to change, so they snuck that in there.


I think the card companies keep raising rates because more are going into credit card debt, money is thin in the banking industry, so they are going to the end user to help mitigate the financial hit they are taking.

Hell, I sent a wire transfer for $50mm on friday out of xxxxxxx Bank.

They didn't have the funds to make the payment, so it took them 5 hours working with their portfolio department to free up some funds to make the payment for us. How make the beast with two backsed up is that?

In the banking world and international transfers, $50mm isn't shit.

[cyrus buelton]

Shop around for a bank that will give Kathy a good rate, particularly on debt transferred to the new card.  Then cancel the old card.

I was just going to say that.

Last I looked at Chase, you can transfer a balance in for 0% for the first year.

not sure how much debt she has on it, but that is a great move if she can pay it off make a considerable dent in it before that 12mos expires.

[mitt]

yep, lots of new changes lately to pass the buck to good customers since the bad ones aren't paying or paying their share.

Get her balance to zero so she doesn't have to worry about rates.

If push comes to shove, you can read the fine fine print - you should be able to disagree with the change, cancel the account, and continue paying it off at the old rate. I just got a notice from discover too.

mitt

[superjohn]

I've heard about this on the news. Credit card companies being douches because they now have to actually be responsible for who they extend credit to.

I've got one card from my bank and I never carry a balance. I don't know if it's better to have a card underwritten by the bank you do business with or not, but so far I've not seen anything bad.

[Mad Duc]

Depending on the interest rate you could get her new card. If you do that though DO NOT CANCEL THE OLD CARD! Wait at least a year before you do that. It will screw up her credit report right after you cancel it for a while. If you have no credit cards it can really screw up your credit rating.

If she has issues with CC balances this might be a good time to get a second CC or Debit account. I got a second checking account & Debt card that is my "allowance" account. I put in my money in there at the begging of the month and that's it. No more. I didn't have an issue spending money, I had problems actually paying attention to how much money I had in my account. It made me pay closer attention to my account. If you get a second CC make her pay it off every month. It might take some getting used to either way you do it.

Read here for all the info on what the Credit card companies are doing to consumers:
http://consumerist.com/search/credit+card/bydate/?timerange=all

[ducatiz]

We got rid of credit card debt a while ago but we still use cards, we just pay them off.

I prefer using Amex because it's a charge card not a credit card, so you have to pay it off at the end of the month.  Amex's rewards are the best in the industry.

I don't think you can easily get around having a credit card.  There are just too many options are available.  Hotels, cars, flights.  I can't imagine flying as much as we do without using a card. 

If you don't travel much, you might be able to get by without card.

[KnightofNi]

Shop around for a bank that will give Kathy a good rate, particularly on debt transferred to the new card.  Then cancel the old card.

i'm actually doing that now.
i've found a few 0% introductory rate, so if she can find a way to throw some more money at it then she would be able to make a dent over a year. might not be a big one, but i figure if she can swing $150/month then that would take out a good chunk. not enough to get it paid off, but it should at elast take care of the interest from making min payments.

she should also learn to stop buying shitloads of b-day presents for people.
a single $25-50 present would be acceptable instead of 4 or 5 $30 ones.


basically, she needs to be a dick about things like i am  

If she has issues with CC balances this might be a good time to get a second CC or Debit account. I got a second checking account & Debt card that is my "allowance" account. I put in my money in there at the begging of the month and that's it. No more. I didn't have an issue spending money, I had problems actually paying attention to how much money I had in my account. It made me pay closer attention to my account. If you get a second CC make her pay it off every month. It might take some getting used to either way you do it.

that's what i did. i only have my debit card and if i don't have money in the account i don't buy unless i absolutely need to.
I've been trying to get her to do that, but her view of an emergency differs from mine.

[metallimonster]

Best Buy just hit me with lowering my limit to a THIRD of what it was.  Taking my credit limit to due from a little over a tenth to 4/5ths.  Credit score is going to take a big hit on that one.  I'm just going to pay it off this month. 

[herm]

i have used my debit card for several years as my sole source of non cash payment. it has always worked for me for rentals/hotels/etc...

of course, this method requires that you only spend what you already have.....

[DesmoDiva]

I tried to use my debit card to pay for a rental....

and they said they would have to pull my credit report....

F*ck that  

[Grampa]

* self imposed bank bailout rant edit