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Started By
Message
To Whom Should I Send My Thanks?
Posted on 10/8/09 at 5:55 pm
Posted on 10/8/09 at 5:55 pm
I have three CC's with three different banks and in the past four weeks here's what happened:
CC #1 - Since 1996 - Four weeks ago started charging interest from date of purchase. Needless to say I'll never use that card again but I'll still keep it of course.
CC #2 - Since 2000 - Today I receive a letter in the mail saying that every January I'll be charged $29 a year to enjoy the use of said card. If I reject the fee they'll cancel my account. Wonderful.
CC #3 - Since 2007 - Nothing yet but expecting a letter or email any day/week now about more wonderful changes.
Again, to whom should I send my thanks for these wonderful events?
By the way, my credit rating is a lenders wet dream and I've never made a late payment on any of my cards.
CC #1 - Since 1996 - Four weeks ago started charging interest from date of purchase. Needless to say I'll never use that card again but I'll still keep it of course.
CC #2 - Since 2000 - Today I receive a letter in the mail saying that every January I'll be charged $29 a year to enjoy the use of said card. If I reject the fee they'll cancel my account. Wonderful.
CC #3 - Since 2007 - Nothing yet but expecting a letter or email any day/week now about more wonderful changes.
Again, to whom should I send my thanks for these wonderful events?
By the way, my credit rating is a lenders wet dream and I've never made a late payment on any of my cards.
5
Posted on 10/8/09 at 6:23 pm to Alley
GTFO the credit card industry. Usually there is a pretty strong correlation between good credit ratings and not even needing to use a credit card in the first place. If they are trying to price you out and not taking care of you as a good customer, frick them. Just use debit cards. I know there are "rewards" for spending on CC's, but it's probably no longer worth the headache if everyone is trying to frick you with fees.
Posted on 10/8/09 at 6:31 pm to Alley
quote:I think the banks have heard about MileHigh's banker slogan on this board: dead banker>>>>>>live banker.
To Whom Should I Send My Thanks?
Seriously, with the new restrictions on banks to prevent them from changing terms based on a customer's usage of the card, I think we will see more banks doing what yours did to you.....making even their best customers pay a little more. It falls into the category of the "law of unintended consequences."
FWIW, I received a notice today from one of my CC companies notifying me of some of the same changes you described. What the change notice did NOT include is an annual fee, so I'm good with it....for now.
Posted on 10/8/09 at 7:12 pm to LSUtoOmaha
I use my 2000 CC for on-line purchases and the debit for brick and mortar.
The 2007 was opened as a result of transferring the balance off the 1996 at 0% APR for 18 months - interest free debt sells itself. All of my cards are paid in full each month if/when they are used.
I used to get CC applications in the mail by the dozens but nowadays they're once in a blue moon. This is probably a good thing as landfills are already full enough.
The 2007 was opened as a result of transferring the balance off the 1996 at 0% APR for 18 months - interest free debt sells itself. All of my cards are paid in full each month if/when they are used.
I used to get CC applications in the mail by the dozens but nowadays they're once in a blue moon. This is probably a good thing as landfills are already full enough.
Posted on 10/8/09 at 7:16 pm to LSURussian
To build credit, I applied a month ago for a really good credit card. Rejected. I have a good credit score, just not established. Lowered my standards a bit. Applied for a gas card. Thought I was doing them a favor. Nope, rejected.
Credit cards can go to hell.
All I need credit for is a house. Co-signers ftw
Credit cards can go to hell.
All I need credit for is a house. Co-signers ftw
Posted on 10/8/09 at 7:19 pm to Alley
Unfortunately consumer lending is tough all around. I recently applied for a HELOC in my home in which I have over 50% equity. With a credit rating above 775 I thought this would be a slam dunk, but no deal. They wanted me to have 60% equity. I shite you not.
I figure that if card issuers start charging me an annual fee I'll just close the account. Sure, my credit rating will take a slight hit but if I can't get a HELOC with a golden rating then it isn't like it'll have any practical impact.
I figure that if card issuers start charging me an annual fee I'll just close the account. Sure, my credit rating will take a slight hit but if I can't get a HELOC with a golden rating then it isn't like it'll have any practical impact.
Posted on 10/8/09 at 7:19 pm to wizard of smart
quote:That stinks. Gone are the days (at least until memories fade about this last credit crunch) when a pulse is good enough to get a CC. And if congress keeps doing its thing, it will get even more difficult for everyone to get a CC.
To build credit, I applied a month ago for a really good credit card. Rejected. I have a good credit score, just not established. Lowered my standards a bit. Applied for a gas card. Thought I was doing them a favor. Nope, rejected.
Posted on 10/8/09 at 7:51 pm to LSURussian
quote:
it will get even more difficult for everyone to get a CC.
So you're saying the government will have to start offering CC to everyone in the near future. Seems like the "natural" progression of things...
This post was edited on 10/8/09 at 8:46 pm
Posted on 10/8/09 at 8:16 pm to C
quote:No, I'm not saying that, but please don't give the feds any ideas! It's getting to the point where they may want to approve every application.
So your saying the government will have to start offering CC to everyone in the near future.
Posted on 10/8/09 at 9:01 pm to LSURussian
I re-read the statement:
"We are making this change in response to market conditions, new federal laws and regulations, and the increasing costs of providing unsecured credit."
I suppose I have deadbeats and our lawmakers to thank then?
Oh and one more thing, I'll be charged $29 this December 1 for 2009 and again on January 1 for the 2010 fee. Lovely.
"We are making this change in response to market conditions, new federal laws and regulations, and the increasing costs of providing unsecured credit."
I suppose I have deadbeats and our lawmakers to thank then?
Oh and one more thing, I'll be charged $29 this December 1 for 2009 and again on January 1 for the 2010 fee. Lovely.
Posted on 10/8/09 at 9:04 pm to Alley
quote:Pretty much. Especially people who walk away from their obligations. We all get punished for their lack of conscience.
I suppose I have deadbeats and our lawmakers to thank then?
Posted on 10/8/09 at 10:01 pm to Alley
Us responsible folk have been subsidized for years by people who probably shouldn't even have a credit card. The free ride is over.
This post was edited on 10/8/09 at 10:41 pm
Posted on 10/8/09 at 11:33 pm to Alley
which banks are bending you over, if you dont mind my asking?
Posted on 10/9/09 at 12:18 am to jjbodean1970
I'll let you take a guess first. All three are from different lenders. A hint for the first card is that it was taken over from my original bank, which is alive and well, by a lending "entity" earlier this year.
The second card might not be charging a fee to all their customers however. Maybe this fee is for the folks who don't normally carry a monthly balance such as myself.
From the statement: "We are making this change due to your recent pattern of payments and transaction history."
The second card might not be charging a fee to all their customers however. Maybe this fee is for the folks who don't normally carry a monthly balance such as myself.
From the statement: "We are making this change due to your recent pattern of payments and transaction history."
Posted on 10/9/09 at 7:43 am to Alley
citibank? wells fargo?
Posted on 10/9/09 at 1:06 pm to LSURussian
quote:
Pretty much. Especially people who walk away from their obligations. We all get punished for their lack of conscience.
Ridiculous.
Posted on 10/9/09 at 1:45 pm to Alley
quote:
I'll let you take a guess first. All three are from different lenders. A hint for the first card is that it was taken over from my original bank, which is alive and well, by a lending "entity" earlier this year.
Hibernia -> Capital One
quote:
The second card might not be charging a fee to all their customers however. Maybe this fee is for the folks who don't normally carry a monthly balance such as myself.
Citi
If I had to guess.
Posted on 10/9/09 at 2:18 pm to jjbodean1970
1996 - My regional bank, then MBNA, finally FIA Card Services
2000 - BoA
2007 - Chase
I never heard of FIA until they took over my card. Their rep seems to be very poor and charging interest from date of purchase doesn't help.
I'm waiting for the next CC hammer to fall: Fixed Rates
2000 - BoA
2007 - Chase
I never heard of FIA until they took over my card. Their rep seems to be very poor and charging interest from date of purchase doesn't help.
I'm waiting for the next CC hammer to fall: Fixed Rates
Posted on 10/9/09 at 2:32 pm to Alley
quote:
2007 - Chase
Just a little FYI..
Chase is starting to charge a yearly membership fee as well..
You should see it coming soon. My fiance found out because they charged her credit card for it.. of course they sent the vague letter in the mail with all sorts of legal statements that she just threw away. She went to cancel it but its her oldest card and we are in the middle of getting ready to close on a house so I told her she would be crazy to cancel now.
Posted on 10/9/09 at 2:38 pm to Tiger JJ
quote:
Ridiculous.
we are probably punished for them walking away, but they walk away b.c they are thinking rationally.
I think in the end its better for CC companies to make the costs of using them more transparent. What they were allowed to do was unconscionable. I am glad they put a stop to it.
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