Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| reply to avd706
Re: Chase has gone mad. Raised my APR by 3 times
said by avd706  :They will lower it in the hopes you start carrying a balance. Ah, right. I should have thought of that. 
Make the interest rate attractive, get the cardholder to revolve a balance (one that, after a time, they can't hope to pay off quickly) and ...BLAMMO.......interest rate jack.
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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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Bobby_Peru
Premium
join:2003-06-16
1 edit | Even better: Also offer, continuously, "No Interest" and/or low interest options ("Balance Transfer", "Cash Advance") for "Life of the Loan", or what ever term, under the asterisked (read the fine-print on the back) terms that interest charges will continue to accrue (be added to), and compound, to the higher interest portions of the account (i.e. prior, and subsequent purchases, other non-inclusive cash advances), there by effectively extending the period of repayment for the much higher interest component of the account (for those falling into this ploy).
This makes the fact that the card holder ceases subsequent purchases irrelevant (except to perhaps qualify as a "deadbeat" - and earn reduced credit limits, and/or increased APRs), as these higher interest outstanding balances will continue to INCREASE, and increase, and...., every month, until the lower interest portions are all payed off in full. |
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dcurrey
Premium
join:2004-06-29 | Didn't the so called new rules ban this practice. The payment must be applied to higher interest portion. |
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CylonRed
Premium,MVM
join:2000-07-06
Bloom County | New rules go into effect, I believe, in about 8 more months. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to damn
Today is June 13th and in addition to Chase cards that I posted about earlier in the thread I also have a Discover Card that has been 4.99% for as long as I can remember. And like many others here I pay off the balance in full when the bill arrives.
In the last 2-3 weeks I've decided to use it more for everyday purchases..For example, I always pay cash for groceries but decided to use my Discover the last couple of weeks for the cash back. So yesterday I get my Discover bill and notice the interest rate is no longer at 4.99%, which it was last statement as I doubled check, but is now at 12.99%
How very accommodating the administration was to the banks issuing credit cards to give them 6 months or 9 months or whatever it was to stick it to us before any so called new legislation goes into effect.  |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by sailor :How very accommodating the administration was to the banks issuing credit cards to give them 6 months or 9 months or whatever it was to stick it to us before any so called new legislation goes into effect. It certainly was. And, to be brutally candid, I sure hope that no one expected anything different. 
I have to wonder what the fallout is going to be. I have the feeling that the same people who bitched the loudest that "something be done" by their legislators are also going to find themselves holding the short end of the stick when all this is over.
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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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thedragonmas
join:2007-12-28
Albany, GA
| reply to sailor
said by sailor :How very accommodating the administration was to the banks issuing credit cards to give them 6 months or 9 months or whatever it was to stick it to us before any so called new legislation goes into effect. you do realize it was the house and senate that set the time line and not the whitehouse right? i see your point, i really do, but its my congressman im chewing out, now the whitehouse switchboard. |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| said by thedragonmas :you do realize it was the house and senate that set the time line and not the whitehouse right? i see your point, i really do, but its my congressman im chewing out, now the whitehouse switchboard. Frankly, I just don't see the point in chewing anyone out.
I mean, it's not like the credit card lobby didn't buy off everyone involved in crafting the legislation long ago, regardless of whether they happen to live in the White House.
Will Rogers once commented that America had the best politicians money can buy: I'm not convinced he was far wrong.
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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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thedragonmas
join:2007-12-28
Albany, GA
1 edit | said by Mr Neutron :said by thedragonmas :you do realize it was the house and senate that set the time line and not the whitehouse right? i see your point, i really do, but its my congressman im chewing out, now the whitehouse switchboard. Frankly, I just don't see the point in chewing anyone out. I mean, it's not like the credit card lobby didn't buy off everyone involved in crafting the legislation long ago, regardless of whether they happen to live in the White House. Will Rogers once commented that America had the best politicians money can buy: I'm not convinced he was far wrong. you sir are 100% correct! |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
3 edits |  reply to damn
A question for anyone...You know how you get these special promo interest rate offers for a limited time to transfer balances? Most of the ones I have read only pertain to balance transfers but in opening my mail this morning from yesterday I see an offer from Citi for 0% until March 1, 2010. But then it goes on to say sign into your account and transfer money directly into your checking account....and there are checks attached to either transfer balances or to write to yourself and deposit into personal bank account.
But yet it says....0% on transferred balances until March 1, 2010. So what is the deal?? If I wrote myself a check for $10k ( my limit is higher than that ) and deposited it into my checking account would I receive the 0% until March 1, 2010 or must it be an actual balance transfer from another credit card?
I've attached photos of the offer that I hope will explain better than I can. |
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mcd
join:2007-05-19
1 edit | said by sailor :A question for anyone...You know how you get these special promo interest rate offers for a limited time to transfer balances? Most of the ones I have read only pertain to balance transfers but in opening my mail this morning from yesterday I see an offer from Citi for 0% until March 1, 2010. But then it goes on to say sign into your account and transfer money directly into your checking account....and there are checks attached to either transfer balances or to write to yourself and deposit into personal bank account. But yet it says....0% on transferred balances until March 1, 2010. So what is the deal?? If I wrote myself a check for $10k ( my limit is higher than that ) and deposited it into my checking account would I receive the 0% until March 1, 2010 or must it be an actual balance transfer from another credit card? I've attached photos of the offer that I hope will explain better than I can. I'm pretty sure if you read the fine print you will find that you will probably pay a 3% fee or up to a maxium amount they set as a one time fee for those checks if you use them, best thing to do is read the fine print or call them. |
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NightVisor
Premium
join:2001-02-28
Rialto, CA
 ·RoadRunner Cable
| reply to sailor
Kneejerk guess is that the 0% only applies to balances transfered from other credit cards. If you write a check against the card and deposit it into your checking account, I'm sure that there will be a (high) interest rate against that amount.
Somewhere in the offer should be some fontsize 3 print. If you can post that small print, it will provide the details on the offer. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island | reply to mcd
Yes, I'm aware of the transfer fee. I just forgot to mention it. Thanks |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
3 edits | reply to NightVisor
Here's photos of the fine print. The last thing I would do is call them cause I hate talking to anyone from credit card companies...If I was dead set on taking them up on the offer I would call them but I'd rather see if somewhere here reads it better than I can. I just found it confusing...the "transfer directly into your bank account to use anyway you want." |
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Fickey
Terrorists target your resolve
join:2004-05-31
| They are calling anything you write the checks for a "transfer". Be aware, however, that they can decline a check for ANY reason, even if you have the available credit to cover it, just like they can decline a charge if they're concerned it might be fraudulent. So don't use one to make a mortgage payment or anything else critical, and best to notify them first to expect a big check if that winds up being what you decide to do.
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Socialized healthcare? The most successful government entities, the Post Office and The Military, are also case studies in waste & inefficiency. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| So am I correct in saying you interpret it as if I write one of those checks to myself say for $8k ( my credit limit is in low $20k's) and deposit it in my checking account and if they don't decline it, it will qualify for the 0% interest promo to March 1, 2010?
If yes, that is the way I interpret the offer. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| I just signed into my account online and the screenshot is of the two offers available....the fine print is the exact same as what I received in the mail that I posted earlier.
I also saw a FAQ for balance transfers and here is what that said.
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Balance Transfer FAQs
Need help? Here are the answers to our most Frequently Asked Questions
What is a balance transfer?
A balance transfer is a great way to consolidate your bills and make managing your finances easier. You can pay your other creditors and consolidate your debt into one convenient monthly statement. Most of our balance transfer offers also allow you to use the funds for yourself.
Why should I transfer balances?
Balance transfers can simplify your expenses by consolidating your debt to one convenient monthly statement. Some balance transfer offers may have special promotional APRs (Annual Percentage Rate) that may also save you interest. So you may save time and money!
Who can I pay with a balance transfer?
You can pay any creditor you wish. The only exception is that you cannot use your balance transfer to pay other accounts issued by Citibank (South Dakota), NA. or its affiliates (this includes CHOICE® and AT&T Universal Card). With some offers, you may also get money for yourself with the flexibility of having a check sent to you by mail or deposited directly into your checking account so you can use the money however you wish.
How long will it take to process my balance transfer request?
It can take up to 7-10 days to process a balance transfer request. This does not include any mailing time if your request cannot be sent electronically. You can check the balance transfer status page in Account Online to see when your balance transfer was approved. We will also send you a separate notification regarding the status of your balance transfer request. The amount of the balance transfer will be added to the purchase balance on your statement.
How many balance transfers can I request?
You can request up to 4 balance transfers.
Can I transfer a balance that is not in my name?
Yes, you can. You choose who you want to pay.
How much can I transfer?
Most balance transfer offers allow you to transfer any amount, including balance transfer fees, up to your available credit line. Please note that you should not transfer any disputed amount, as you may lose your dispute rights.
What information is necessary to process a balance transfer?
We need the creditor's name, payment address, account number (if there is one) and the amount you want to transfer (subject to your available credit and any balance transfer fees). If you are using the balance transfer for yourself, we will send a check to you at your account address. Or, if you qualify, we may deposit the money directly into your checking account.
Is there a fee for transferring a balance?
Some balance transfer offers have a fee. If there is one, it will be clearly stated in the offer. Check the box labeled BALANCE TRANSFER FEE to see if there is a fee for that offer.
What if I change my mind once I request a balance transfer?
Once you have accepted the offer, entered the required information and verified it is correct, the balance transfer request will be processed and cannot be canceled.
When are finance charges accessed?
Finance charges are assessed as soon as transactions post to your account, which can be as early as today.
Should I continue to pay my creditor even after I have requested a balance transfer?
Yes. Because a transfer may not pay off an account before you have a payment due, continue making minimum payments until the account(s) are paid for in full.
How do I determine the status of my balance transfer request?
You can view the status in Account Online. Requests will be displayed within 1 business day.
Will I receive notification of the status of my balance transfer request?
You will be notified within 7-10 days. If you have an email address on record in Account Online, you may receive an email notification.
What will happen if I do not complete my balance transfer request?
Incomplete requests can't be saved or processed. You will need to start over if you leave before receiving a balance transfer confirmation.
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mcd
join:2007-05-19
| do you have a balance on this card already? Also, any money you pay to the bank will go to the 0% to pay that off first.
»www.mrsmicah.com/2008/02/09/how-···t-cards/ |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| No, no balance. The way I figure is if I log into my account and take them up on the 0% I can have them take any amount I request, up to my limit and fee charged, and they will put it directly into my bank account to use as I please. They have my account info already due to my paying my bill online directly from a checking account.
I probably could also use one of the checks they enclosed with the mailed offer but if I was going to do this to get money in my personal account I would do it online just to play it safe.
This was very confusing to me and I didn't think to log into my account to try to get more info....Thanks for those who helped on this. |
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mcd
join:2007-05-19
1 edit | said by sailor :No, no balance. The way I figure is if I log into my account and take them up on the 0% I can have them take any amount I request, up to my limit and fee charged, and they will put it directly into my bank account to use as I please. They have my account info already due to my paying my bill online directly from a checking account. I probably could also use one of the checks they enclosed with the mailed offer but if I was going to do this to get money in my personal account I would do it online just to play it safe. This was very confusing to me and I didn't think to log into my account to try to get more info....Thanks for those who helped on this. Be careful, If you have more than a 1/3 of your credit limit on the credit card, that will possibly lower your credit score. That's if you care. |
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