Reviews:
 ·Verizon FiOS
| Two sides ... to that coin hey Bank Of America!
I'm defaulting on your $30K credit card loan to me. And you just might be luck to get half.
They just sent me a letter (in fine print) that they are raising credit APR again. From 8.99% to a whopping 16.99%!
Why? oh, not because the fed just lowered the rate for banks to borrow at. But because they don't want me and know I can't pay off that balance. unless, ironically, I take their offer (that happened to be in the mail at the same time) to pay off my debts with their Home Equity loan! And that is only at 9.99%!
Eat me chumps. And a lesson to all: don't pay. go to collection. Negotiate for lesser payoff. (ofcourse, you have to have that money to pay off, and you will hurt your credit, but with correct letters, proof of harassment and income issues, it can be repaired.)
Eff you credit cards! You lure us in with "buy now pay later" then sell to some other bank that screws us.
Lesson learned. now time to shove it up the banks arse! |
|
| I find it difficult to have pity for situations like that.
Credit cards are fine as long as you don't spend money you don't have. I pay my bill in full every month, and haven't paid a penny in interest on my credit cards.
When used responsibly and carefully, they're a nice safety net when you're running low on cash and have an emergency. Banks only "prey" off of people when those very same people overspend. |
|
| Whoa there! I had a card from chase CANCELLED because I did that. After 7 years, never carrying a balance, they started to charge a minimum $4.00 processing fee. I called to complain, I had NEVER missed a payment, and I sure as hell wasn't going to pay them $50 bucks a year for the 'convenience ' of using their card, so about 2 weeks later I got a letter informing me that they were canceling my card. Screw them. That shows the GREED that they work under. They made PLENTY of money off me from the fees they charged vendors, but that wasn't enough for them.
--
The happiest countries are the most secular. The struggle AGAINST corporations is the struggle FOR humanity! |
|
RadioDoc58ef2c0Premium,ExMod 2000-03
join:2000-05-11 | reply to cableties
Wow. Thirty grand? Ouch.
I would watch your "credit repair" assumptions though. You may be in for more hurt than that rate increase if you do what you say you're going to do.
--
Toolmaster of La Grange. |
|
 KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK
 ·AT&T DSL Service
| reply to sullim4
said by sullim4:When used responsibly and carefully, they're a nice safety net when you're running low on cash and have an emergency. Banks only "prey" off of people when those very same people overspend. Here's what's funny... In reference to this thread...
You're the exact customer the banks want to GET RID OF. The guy you're responding too is the exact customer they want to keep! The credit card issuers hate you because you pay your bills and they can't hit you with late charges, interest, over the limit fees, yadda yadda and milk you as a cash cow. I'm just waiting for the fee that comes along to hit guys like you (and me) where they charge you just because you do pay off your card each month...
--
"Regulatory capitalism is when companies invest in lawyers, lobbyists, and politicians, instead of plant, people, and customer service." - former FCC Chairman William Kennard (A real FCC Chairman, unlike the current Corporate Spokesperson in the job!) |
|
|
|
 insomniacOh YeahPremium
join:2002-09-22
Naperville, IL
 ·Comcast
·AT&T Midwest
1 edit | said by KrK:I'm just waiting for the fee that comes along to hit guys like you (and me) where they charge you just because you do pay off your card each month... And then I'll wait for the Treasury Department's Comptroller of the Currency to revoke their charters. Congress is already having hearings on the "universal default" clauses in cardholder agreements (although it's a little too late, since many credit card companies have already dropped such clauses).
Say what you will about our government doing nothing, but banking and lending are still highly regulated and I don't see that changing.
--
If everything seems to be going well, you've obviously overlooked something. |
|
KrKHeavy Artillery For The Little GuyPremium
join:2000-01-17
Tulsa, OK Reviews:
·AT&T DSL Service
| Actually, banks still make money socking it to the merchant everytime you use your card--- EVEN if they can't make any extra profit off of you because you pay off your balance each month. Let's not forget the place you made the purchases at pays anywhere from about 1.5% to 4% (depending on type of card, contract, etc) of the total dollars back to the bank. So it's very profitable for the banks to encourage card use--- even if the bank can't make any money off the customer on the backend.
--
"Regulatory capitalism is when companies invest in lawyers, lobbyists, and politicians, instead of plant, people, and customer service." - former FCC Chairman William Kennard (A real FCC Chairman, unlike the current Corporate Spokesperson in the job!) |
|
| reply to karlmarx
said by karlmarx:Whoa there! I had a card from chase CANCELLED because I did that. After 7 years, never carrying a balance, they started to charge a minimum $4.00 processing fee. If you don't mind my asking, what kind of card did you have with Chase? Was it a "retail" card?
I ask this because I fit the exact same profile you do: my balance is paid off in full each month and I never carry a balance.
Did you charge, say, under $300 a month on the card? I ask because I'm wondering if Chase has now decided that for "deadbeat*" customers like us, if we don't charge, say, at least $700 on the card every month to rack up the merchant transaction fees, that we're just not worth the time and effort to service.
*No joke: customers who pay their balances in full all the time (so-called "convenience customers) are universally despised by credit card companies and are known as "deadbeats." Their "preferred" customers are those who carry their balances from month-to-month, racking up the interest charges (so-called "revolving" customers). |
|
| reply to KrK
said by KrK:So it's very profitable for the banks to encourage card use--- even if the bank can't make any money off the customer on the backend. I just have to wonder if there's some sort of "threshold" (official or otherwise) where the card companies don't want to deal with you as a "convenience" (vs. a "revolving") customer. Like, unless you charge, say, $300 a month on average, you're just not worth the hassle.
In the case of the poster who mentioned a $4 "processing fee," I have to wonder what his average monthly balance was.
Me being me, I did call Chase and ask about any sort of "processing fee" being applied to my account. The rep said "no way," but Chase offers a bazillion different types of credit cards, so it only means that they don't do it to my type of card (which I believe is a "retail" card, whatever that means).
I know it sounds bad, but I have to wonder if this is one more thing that card companies do to owners of "secured" credit cards. Somehow, it always seems like the people who can least afford it (i.e. the poor) are always the ones getting hit with all sorts of mysterious "fees." |
|
 DaneJasperSonic.NetPremium,VIP
join:2001-08-20
Santa Rosa, CA
kudos:7 | reply to cableties
said by cableties:hey Bank Of America! I'm defaulting on your $30K credit card loan to me. And you just might be luck to get half. You spent the money, what are you complaining about?
It's an attitude like this that leads to high rates for the rest of us.
-Dane |
|
