sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to dcurrey
Re: Chase has gone mad. Raised my APR by 3 times
said by dcurrey  :Looks like Chase is trying to be sneaky. Just got my bill New Balanced 351.5 past due 0 Minimum payment 0. Of course buried on last page is a note stating basically I have the right to skip a payment. And them minimum payment has been reduced to 0. Of course it will accrue interest at that point. Gee thanks but no thanks. I will pay it off as always. Pay attention to what they are doing. Took me a few seconds to figure out why it was 0 First thought was something was returned so I didn't have bill due. Every once in a while it happens. I received the exact same thing with a Chase credit card statement that just arrived. A big 0 under minimum payment. Only on the next page at the bottom do they explain about the skip a payment bit.
And like you, thanks but no thanks. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to dvd536
said by dvd536 :said by sailor :Our customers come first. In these uncertain times, we'd like to thank you for your business by lowering the purchase interest rate on your card for the next 12 months. Starting with your billing cycle that includes July 1, 2009, your new variable purchase APR will be 11.24% Sounds like at one time the account had a fixed rate, now they're going to give you a promo for a year before they screw you over. I've had that Chase Amazon so long I can't even recall what the exact rate was way back then. But I pay it off in full each month so don't care what they do....And even though I have other Chase cards I find myself using Discover more and more...the rate on that is 4.49% which is good considering the cash back reward feature. |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| reply to Kiwi
said by Kiwi :said by HardwareGeek :All the people I know who have gotten a similar notice (Friends got one from Capital ONe and another from HSBC and my sister got one from Citi). They aren't using their cards but have a large balance on them and have been paying more than the minimum each month. I'm past caring about credit scores, it's really a means to control consumers. That's largely true, but the flip side of the credit system is that, like any system, it can be gamed for your personal advantage. Credit cards can be used as a tool to make money and the only thing required of you is to use them to make purchases you'd normally make anyway.
The only real difference that the so-called "reform" legislation has made is who will be handing the credit card companies their money. In an attempt the make things "fairer," those who pay their bills on time are now invited to subsidize the behavior of the people who don't know what they're doing when it comes to the judicious use of credit (and, worse, can't be bothered to learn, either).
The irony is that I'm under the distinct impression these same people, who rely on credit the most in order to make ends meet, are going to find the going distinctly rougher a year from now. I think they're going to find that The Law of Unintended Consequences is far more powerful than any legislation that politicians care to craft in order to "protect" them. The overweening assumption being made seems to be that so-called convenience users are simply going to stick around like a bunch of dummies and let the card companies start sucking money out of their pockets with things like annual fees.
Well, if any group can afford to walk away from credit cards, it's the convenience users. And when all is said and done, I think the exact same folks are going to be left holding the bag all over again.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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CylonRed
Premium,MVM
join:2000-07-06
Bloom County
| quote:
In an attempt the make things "fairer," those who pay their bills on time are now invited to subsidize the behavior of the people who don't know what they're doing when it comes to the judicious use of credit (and, worse, can't be bothered to learn, either).
This never stopped happening - those thaty paid their bills ALWAYS subsidize those that do not. This is not remotely new.
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Brian
"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by CylonRed : quote:
In an attempt the make things "fairer," those who pay their bills on time are now invited to subsidize the behavior of the people who don't know what they're doing when it comes to the judicious use of credit (and, worse, can't be bothered to learn, either).
This never stopped happening - those thaty paid their bills ALWAYS subsidize those that do not. This is not remotely new. Actually, it's been the other way around.
Yes, it's true that you can get away with not paying your bills for some little time. But when you try to rebuild your credit, you are penalized for having such a low score. That is, the companies that are taking a chance on you repaying them by extending you credit are going to charge you a premium because of the fact that they are taking a bigger chance on you than they are on someone with fair-to-good credit. So the better your credit, the less of a "premium" you can look forward to paying (at least up until now, anyway).
Likewise, so-called "revolvers" have always subsidized the accounts of so-called "deadbeats." The largest source of revenue for the credit card comanies is fees and interest. And deadbeats generated very little of that type of revenue: the best the card companies could hope to eke out of them was merchant fees.
Meanwhile, all the interest and fees that the revolvers paid went toward subsidizing the rewards programs that the deadbeats took advantage of.
Now, however, the revolvers who were "victimized" by the card companies have convinced legislators to cost-shift on their behalf. And while I appreciate their efforts to shift the costs of their own decisions onto other people, (who wouldn't?) I don't think they've quite cottoned on to the fact that people who were clever enough to avoid fees and interest charges are likely to continue to do so, even if it means cancelling their credit cards.
More and more card issuers are hacking and slashing their rewards programs (Visa Signature, anyone?). If they couple that with inflicting annual fees, I'm not sure how much of their current business they can expect to retain.
My own rule for doing business with the card companies is that, ultimately, there has to be some sort of net benefit to my continuing to use their products. And I'm convinced that the benefits (such as they were) are fast disappearing. Other folks seem to use their cards as some sort of status symbols and, who knows? That kind of business could very well be enough to keep the card companies going.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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CylonRed
Premium,MVM
join:2000-07-06
Bloom County
| When people default - the only ones left to bail them out are those that pay - period. If defaults go up - the defaulters can't bail themselves out.
As part of those that bail the defaulters out - are the ones that pay in full.
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Brian
"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by CylonRed :When people default - the only ones left to bail them out are those that pay - period. If defaults go up - the defaulters can't bail themselves out. As part of those that bail the defaulters out - are the ones that pay in full. As a credit card holder, I have yet to pay any fees or interest on my own cards (and I'm not the only one). So I'm unclear as to how I might have been subsidizing credit card defaulters on my own dime.
If you're talking about me as a taxpayer, then I agree entirely: the Feds seem to be bailing out people left and right, and they sure as hell aren't asking me what I think before they do so.
But as a credit card holder, I can take them or leave them: other methods of payment are available to me. But from what I can tell, there's an entire class of people who have become utterly dependent on having credit extended to them merely to meet their day-to-day expenses.
My point is that those folks are going to be left holding the bag because they are not fortunate enough to have other options open to them: they don't have the option of walking away from credit regardless of what the card companies might decide to do. The mistake they're making is in thinking that no one else can, either.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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CylonRed
Premium,MVM
join:2000-07-06
Bloom County | By paying the bill - it becomes income the company uses - no real difference between that and fees. It's all money...
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Brian
"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain |
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Kiwi
Premium
join:2003-05-26
USA
 ·Comcast
 ·Aristotle Internet
| reply to Mr Neutron
Hard to disagree, at all.
I did give up worrying about credit scores though ,(Always maintained a 720) every time I obtained a credit report from the BIG three there was always a mistake and are not held accountable for that. On one occasion they were dead wrong on something that seriously mattered, had evidence but they refused to remove the problem. Somehow they are in bed with the banks. In spite of that I got a mortgage, provided the mortgage company the evidence -Still on the credit report though.
It's interesting that tax payers bailed the banks out, then they shaft the consumer again on top of that bail out. Steal our money and rob us again.
I agree though that people who can't manage finances do two things, cause those that can to suffer and the banks just love those extra huge unrealistic fees for non compliance. My Daughter learned fast and now carries a zero balance at the beginning of each month.
Flogging people for outrageous interest, is, as it has been determined wrong; but everybody across this planet knew that. Those on a very tight budget would do well to stay clear of credit cards, I do mean pleural, one is enough. Credit cards are a necessary evil these days, one should minimise the damage though. |
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mmmmmmm
@rr.com
| reply to TearAbite
Check fast, since my account was a WAMU and just found out that they increased my account to 27.99 percent up from 11.... without cause! I called my other card (Capital One) and wanted to do a transfer only to find that they had hiked that card as well to 24.99 percent APR! What is going on? Will the recent legislation make them lower this? |
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sdgthy
@optonline.net
| reply to dcurrey
said by dcurrey :Looks like Chase is trying to be sneaky. Just got my bill New Balanced 351.5 past due 0 Minimum payment 0. Chase often does that, has been for years now. I pay mine off every month, so I'm sure they'd much prefer I skip a month... Sorry, prime + whatever obnoxious amount it is now, not gonna happen.
I'd much prefer they not send out the bills out late. |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| reply to CylonRed
said by CylonRed :By paying the bill - it becomes income the company uses - no real difference between that and fees. My water bill isn't any higher because I choose to pay it using a credit card. There is a difference between using a CC to pay for stuff that I would normally have to pay for anyway and being gullible enough to carry a balance and, as a result, allow the credit card companies the opportunity to hammer me with fees and interest.
Under the latter set of circumstances, credit cards are indeed a bad deal.
said by CylonRed :It's all money... Yeah, it's all income for the card companies, but there's a difference between a card company being able to collect interest and fees off of me, and being forced to survive solely off the interchange fees they get when I use the card for everyday purchases. Card comanies make money off the interchange fees they charge merchants, but nowhere near the amount of money they make charging consumers interest and fees.
Buying my stuff only costs more when I use a CC if, and only if, I decide to carry a balance. If I closely monitor my spending and PIF every month, the only thing that happens is that I get a short-term, interest-free loan from the card company. And there's certainly nothing wrong with that.
We'll just have to wait and see if the card companies decide to do away with things like grace periods as it's rumored they're looking to do.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| reply to Kiwi
said by Kiwi :I did give up worrying about credit scores though ,(Always maintained a 720) every time I obtained a credit report from the BIG three there was always a mistake and are not held accountable for that. On one occasion they were dead wrong on something that seriously mattered, had evidence but they refused to remove the problem. Somehow they are in bed with the banks. In spite of that I got a mortgage, provided the mortgage company the evidence -Still on the credit report though. If I understand correctly, the credit reporting agencies are compelled to clean up your credit report if you bring it to their attention that there are errors in it (and have proof that you've done so). But there is some work involved, and you have to create a paper trail that, if all else fails, will allow you to take the CRA to court.
Are you familiar with creditboards.com? It's a good resource for cleaning up your credit. The board is full of good (and free) advice, but the people on it make it very clear that it's up to you to perform the work necessary to clean up your credit report.
It's not particularly hard, but it does take time and patience to do so. And only you can make the call as to whether or not it's worth the time and trouble required to go after the CRAs and make it stick.
said by Kiwi :My Daughter learned fast and now carries a zero balance at the beginning of each month. ::Nods in understanding::
That's seems to be the way it is most of the time: credit cards are easy to get into, but can cause you problems in no time flat if you don't watch your step. And the card companies, let's face it, are not your friends when it comes to using their products for your benefit rather than theirs. You have to educate yourself and, usually, the desire to do so often only comes about after you've been knocked around for a while (or even left destitute).
Some of the threads on creditboards can be heart-rending to read in terms of the trouble that some of those folks find themselves in (their problems are not always their fault, either). And it's often hard to know what questions you should be asking of lenders and card companies until it's too late and you're nipple-deep in the soup. 
said by Kiwi : Those on a very tight budget would do well to stay clear of credit cards, I do mean pleural, one is enough. Even one can get you in trouble if you don't pay it off in full every month. But if you're careful and do PIF, having access to a credit card can help you with your budget, because a credit card can give you breathing room with your purchases that cash cannot offer.
The catch with having only one card is that it leaves you vulnerable if your one card company gets shirty and starts yanking your chain. Which is where paying in full comes in: so long as you do that, you have the ability to walk away from them.
And, yeah, having a credit card in a wallet or puse can be an overwhelming temptation for some folks. In which case, it's a mistake for them to get into credit cards in the first place, as maxing out a credit card is one of the most effortless things you can ever do...but that doesn't become obvious until after the fact.
said by Kiwi :Credit cards are a necessary evil these days, one should minimise the damage though. Truer word was never spoken, sir. The credit card game is one in which you can't afford to take your eyes off the ball for a single second, no joke. I have a hard time believing some of the absolutely insane things that are going on right now. And even that "reform" legislation is not going to help all that much when it does kick in.
Believe it or not, I can actually empathize with why some folks choose to forego credit cards althogether: managing them can become a chore. But if you view it as a game, as I do, it can great fun to watch the credit card companies try to get over on you, only you see what's coming a mile away (with a bit of help from your pals). 
Of course, it's also only fair to admit that I had parents who grew up during the Great Depression. And, God Rest Them, I couldn't have hoped for better teachers when it came to managing my dough because they learned in the toughest and cruelest school possible...and passed what they learned the hard way on to me. I wish everyone could be as lucky as I was.
Anything I have today I owe to their care and guidance.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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Kiwi
Premium
join:2003-05-26
USA
·Comcast
·Aristotle Internet
| Think we are on the same page. Credit reporting, I would have had to take them to court, didn't consider the effort and expense worth it when or if I need credit I simply provide that paper proof as I now carry it with me. Credit reporting companies are not inclined to work with those they don't profit from *Shrug*. Having avoided anything related to on line credit, I may peruse for interest; I do almost everything on line, have only paid for postage three times in four years and that was for ebay parcels. Never heard of anybody going all out on a reporting agency.
Still feel it prudent to dump a CC that asks long standing customers for 28%, just as the OP experienced. It still makes me mad when I pay that card on line and see the LOW the interest they offer is to potential at risk customers. |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by Kiwi :Think we are on the same page. Credit reporting, I would have had to take them to court, didn't consider the effort and expense worth it when or if I need credit I simply provide that paper proof as I now carry it with me. Credit reporting companies are not inclined to work with those they don't profit from *Shrug*. That's true. It's all about making money off of consumers and financial institutions by selling 'em stuff.
said by Kiwi :Having avoided anything related to on line credit, I may peruse for interest; I do almost everything on line, have only paid for postage three times in four years and that was for ebay parcels. Never heard of anybody going all out on a reporting agency. That's what makes some of the threads on creditboards fun reading: some of the posters are extremely cranky-poos at the shabby treatment they've gotten at the hands of the CRAs...and that goes double for collection agencies.
Even if you're not keen on spending time on your own credit, it can be fun reading about how other people turn the tables on the CRAs and collection agencies. To say nothing of all the credit card gossip flying back and forth. Sure, there are some breathtakingly stupid threads to wade though, same as any other forum, but usually I come away with something useful by browsing the first 5 pages or so of threads (the newbies section is good, too, if you're just starting out).
Card companies, let's face it, make their money off of consumers not knowing what's going on. And many (if not most) of the people on creditboards are there because they're seeking to repair their credit, are in the process of doing so, or are fortunate enough never to have made mistakes in managing their credit...and intend to keep it that way (I'd say that last group is definitely in the minority).
Anyway, if you're bored sometime, it might be worth a look. ::shrugs::
said by Kiwi :Still feel it prudent to dump a CC that asks long standing customers for 28%, just as the OP experienced. Absolutely: credit cards are all about shopping around for the best deal you can find. So when your current card issuer starts acting up, (and they all do, sooner or later) don't hesitate to cut 'em loose. Because make no mistake: they'll do the same thing to you, given half a chance, (especially nowadays) but only after they've taken as much money off you as they can, first.
If you retain the ability to move from card company to card company, you reduce their ability to keep you on the hook and start working you sideways. 
said by Kiwi :It still makes me mad when I pay that card on line and see the LOW the interest they offer is to potential at risk customers.
That's why it's a good idea to have more than one card. By this I don't mean you have more than one card with a balance, just more than one card on hand. Buy a tank of gas, pay off the card the next day, and back into the sock drawer it goes.
I, too, used to think that I could get by with a single credit card. But when my then-current card issuer instituted a "policy change," I found out the hard way just how vulnerable I was. Luckily, my credit was good enough to snag another card fairly quickly. And it goes without saying that I had a balance on the old card I could (and did) pay off with a single phone call. Bye guys!
But having been there, I'm doing my best to keep at least two cards active so I never find myself stuck with one card company ever again. The catch, of course, is that you have to know yourself well enough to know that you've got the discipline to leave the cards alone if you don't happen to need to use them (vs. want to use them).
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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Tweak
Premium
join:2002-06-08
Oklahoma City, OK
·Cox HSI
| I got a notice from chase that my Amazon Chase card APR in July will be raised from 10.99% to 12.99%. I sent them an email asking for a lower APR and they sent me an email stating my APR would be lowered from 10.99 to 10.24. Apr doesn't matter to me much anyway I always pay off my balance in full every month . |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by Tweak :I got a notice from chase that my Amazon Chase card APR in July will be raised from 10.99% to 12.99%. I sent them an email asking for a lower APR and they sent me an email stating my APR would be lowered from 10.99 to 10.24. Apr doesn't matter to me much anyway I always pay off my balance in full every month . You know, I've always wondered about that: how do card companies view cardholders who ask for breaks on interest rates, yet never carry a balance anyway?
Is this a no-no? Or do the card companies just not care?
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| said by Mr Neutron :said by Tweak :I got a notice from chase that my Amazon Chase card APR in July will be raised from 10.99% to 12.99%. I sent them an email asking for a lower APR and they sent me an email stating my APR would be lowered from 10.99 to 10.24. Apr doesn't matter to me much anyway I always pay off my balance in full every month . You know, I've always wondered about that: how do card companies view cardholders who ask for breaks on interest rates, yet never carry a balance anyway? They're viewed as deadbeats. isn't a problem until they do away with grace periods.
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by dvd536 :They're viewed as deadbeats. isn't a problem until they do away with grace periods. Yes, I understand that people whom the card companies don't make fees and interest off of are viewed as "deadbeats."
What I'm not sure of is how they view a request by that cardholder for a lower interest rate when that cardholder has not, traditionally, carried a balance (i.e they've never been noted as a "revolver").
I'm wondering if such a request is viewed in a positive or negative (neutral?) light by the card companies.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ
| said by Mr Neutron :said by dvd536 :They're viewed as deadbeats. isn't a problem until they do away with grace periods. Yes, I understand that people whom the card companies don't make fees and interest off of are viewed as "deadbeats." What I'm not sure of is how they view a request by that cardholder for a lower interest rate when that cardholder has not, traditionally, carried a balance (i.e they've never been noted as a "revolver"). I'm wondering if such a request is viewed in a positive or negative (neutral?) light by the card companies. They will lower it in the hopes you start carrying a balance.
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Team JON. |
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