View Full Version : If you have a credit card(s), check your rates
Well, well.. everything Owebama, Reid and that Jezebel Pelosi touches turns to $hit. We have a couple of cards, never been late, ever, and have had for years. We always over pay. One of the card statements received today jumped from 9 to 17%. The promotional rate or some term has expired.. We've had that card for years, no such promotion applies here. Just a heads up if any of you guys use them.
Yeah, this has been going on for quite some time. CC companies are hurting, so they're sticking customers who have balances with higher interest rates to squeeze pennies out of them.
Evil Colt 6920
03-01-10, 21:16
Does anyone want to borrow 100 bucks from me? You can pay me back 200 bucks when you have the cash. Sound like a good deal? I didn't think so, most people with credit cards already made that bad deal. I, like most, learned the hard way. After years of debt, my cards are almost paid off:D For over a year now, I have not used a credit card once and will NEVER use one again. I cut them bastards up and canceled them. :cool: If you must have a credit card, its best to use it only for emergencies.
With the new rules taking effect that keep rate increases from applying to previous balances, Citibank decided to up my rate to now be fixed at 20.99%, before the laws took effect. Redonkulous.
I've gotten more notices from my credit cards over the last two years than the last fifteen combined. All have jacked up the interest rates and one even cancelled. Never late. Thank you Obama for fixing everything...
Credit card companies have been trying to screw us for years. They just found a nice excuse to do it.
If I may suggest
http://consumerist.com/
decodeddiesel
03-02-10, 09:05
Same boat. About the only card that didn't try to stick it to me was USAA. Everything else jumped to 16-20% interest. :mad:
ETA: Oh yeah, never late, always paid over minimum payment when I had a balance.
I knew this was coming. A 9 to 17% jump is ridiculous. We use our debit, basically cash for everything. I'm betting we will see reports of folks telling the banks to go pound sand for this usury.
How in Hell does it become "Obama's fault?" We've spent our way into the poor house since at least Reagan. What, did you not think it would ever end?
Also, last I checked the extra-constitutional Federal Reserve system has this guy with the title of Chairman who controls the economy via money supply and interest rates. :rolleyes:
Of course, profligate spending will make the Monster's job a lot easier like we've seen the past SEVERAL Administrations.
How in Hell does it become "Obama's fault?" We've spent our way into the poor house since at least Reagan. What, did you not think it would ever end?
Also, last I checked the extra-constitutional Federal Reserve system has this guy with the title of Chairman who controls the economy via money supply and interest rates. :rolleyes:
Of course, profligate spending will make the Monster's job a lot easier like we've seen the past SEVERAL Administrations.
Agreed with much of your post.. But when Obama signed this, the rates went up just prior to the deadline.
http://www.usatoday.com/money/perfi/credit/2009-05-21-obama-credit-card-reform-law_N.htm
How in Hell does it become "Obama's fault?" We've spent our way into the poor house since at least Reagan. What, did you not think it would ever end?
I agree, it's not truly Obama's fault that the CC companies use the new laws as a reason to raise rates on everyone. But it is a matter of unintended consequences. Obama and his legislature championed and passed the credit card reform laws in response to public outcry, and generally the changes are beneficial to the consumer...like rate increases not affecting the previous balance (if I choose to carry a balance, the rate is a factor in that choice, if it's arbitrarily raised later, that sucks -- at the new rate, I may not have made the same choice). But, these changes do cut into the money the CC companies were making, so they found a loophole. Rather than lose the ability to play with my variable rate on my full balance later, they just raised it to a higher fixed rate before the law takes effect. So the law designed to help a big chunk of consumers, ends up hurting all of us, even those who were aware and tried to avoid some of the more predatory lending practices. Just a good example of what happens when the gov't gets involved in feel-good regulation of private business.
Its somewhat like telling the health insurance companies that they cannot charge some people more because they have pre-existing conditions, or because they are higher risk. The result? The healthy guy (good, on-time credit card payer in this case) has to pick up the slack for what the insurance company (bank) can no longer pass on to the first person.
Same boat. About the only card that didn't try to stick it to me was USAA. Everything else jumped to 16-20% interest. :mad:
ETA: Oh yeah, never late, always paid over minimum payment when I had a balance.
Yep...glad that's the only card that I really have a balance on. Holding at 7.75% for now.
Getting there, slowly but surely...
My card's been at 11.9% for a long time. I tried to get it lowered but they wouldn't budge.
Hmmm... I have no idea what my rate is. It never occurred to me to check it.
Don Robison
03-02-10, 18:48
With the new rules taking effect that keep rate increases from applying to previous balances, Citibank decided to up my rate to now be fixed at 20.99%, before the laws took effect. Redonkulous.
Citibank did the same thing to me. I've had the account with them since 1988 and never been late; typically pay the balance in full at the end of the month. They raised my rate from 9% to 20% and then sent me a letter telling me starting 1 March they were going to tack on a $60 a year service fee. I told them they were greedy assholes and their greed cost them a paying customer.
While I don't carry a balance month to month, I did notice a different change on my card from Chase. Foreign transactions are now charged a 3% fee...even if I buy something here in the US online like skype credit or music from a site that uses an offshore bank.
My response was to find a card that doesn't charge these fees. I found one from Capital One. Once that card shows up my 18 year relationship with Chase will end in the paper shredder.
I have nothing good to say about Chase, they bought a card company where I had an account and I had problems with them every month. They have the worst customer service ever, until you file a complaint with the BBB.
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