I may get rid of my credit card

evince

evince

Truthmatters
http://moneynews.com/money/archives/st/2008/2/12/160608.cfm?s=st

These bastards are charging me more to make up their losses.

Screw the good customer to make up for the bad loans they made.


Why Your Credit Card Now Charges 30 Percent


Tuesday, Feb. 12, 2008 3:57 p.m. EST

The Federal Reserve keeps trimming interest rates. But credit card costs are soaring.
Some major banks are doubling their rates for credit cards to nearly 30 percent — even for good customers.

Experts tell MoneyNews that U.S. banks, wounded by subprime mortgage losses, are scrambling for ways to make new revenues, fast.

Though Bank of America has been knocked in the business press for raising rates, other brand names have done so as well, or may do so soon.
 
If I find this to be true on my statement I'll definitely get rid of mine. I only got it to rent cars and reserve hotel rooms. I'll use my debit card for that from now on.
 
same for me. If I see that crap on my statement they are done. What a crock of shit. Do they think raising rates is going to help or hurt them long term? what morons.

You raise rates on everyone two things will happen....

1) Your high credit quality customers will either stop using your card or they will dump you all together

2) You will push more mid/low credit quality people into default making your financial situation AND theirs worse.
 
Desh said:
I pay mine in full every month and have noticed the monthy charges seem to be getting bigger.
Click to expand...

Does your card have fees on a monthly basis? Or are you referring to higher minimum payment requirements due to the higher interest rates?
 
Your right its the monthy fees on mine that seem to be creeping up.

It is really pretty shitty to spread their mistakes to their good customers though.
 
Desh said:
Your right its the monthy fees on mine that seem to be creeping up.

It is really pretty shitty to spread their mistakes to their good customers though.
Click to expand...

Yes, it is. Totally bad business practice. Piss off your good customers & make it harder on those struggling.... yeah, THAT is going to help.
 
Superfreak said:
Yes, it is. Totally bad business practice. Piss off your good customers & make it harder on those struggling.... yeah, THAT is going to help.
Click to expand...
If they make it too punitive they will lose far more cash than they would if they keep it the same.
 
All Banks suck!

Where is Jesus when ya need him to smite the usuary tables? My last experience... which is on-going... is with 'Citi-bank...they took over the accounts payable at Carson/Tahoe Health care...as it turned out they have billed me twice now for a bill I paid in full back in 2007...this check cleared the former bank account US Bank...I explained this to citi-bank...however they continue to bill me and have added false late charges and interest...I am waiting for the 'negative credit' report before my attroney sues them for 10 times the account balance plus attorney fees for punitive damages to my credit report!

All I can say boys and girls is to take charge of your financial well being and refuse to be bullied by Bank Thieves!;)
 
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