Chase has gone mad. Raised my APR by 3 times in Rants, Raves, and Praise

Chase has gone mad. Raised my APR by 3 times in Rants, Raves, and Praise http://www.dslreports.com/forum/r22420228 en Thu, 10 Dec 2009 07:28:17 EDT Thu, 10 Dec 2009 07:28:17 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22638677 Mele20 : CapitalOne does the same thing. The account is "restricted" but shows my credit limit. But they had a problem with this particular card and actually changed things after I called spoke with a supervisor who agreed with me. They weren't going to allow those of us who opted out of the new terms (on a fixed forever, they had said, low interest rate/no balance transfer fees ever card) to continue paying off the balance on their website. So, it could be just this one card of theirs, after they fixed it so we could continue to pay online, that continues to show the credit line available.
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"The same ferocity that our founders devoted to protect the freedom and independence of the press is now appropriate for our defense of the freedom of the internet. The stakes are the same: the survival of our Republic". Al Gore, The Assault on Reason]]> http://www.dslreports.com/forum/remark,22638677 Wed, 01 Jul 2009 09:35:01 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22638424 avd706 :

said by PX Eliezer

said by avd706

:

Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??

thats probably a good thing, it probably shows active on a credit report.
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Team JON.]]> http://www.dslreports.com/forum/remark,22638424 Wed, 01 Jul 2009 08:00:38 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22637707 PX Eliezer :

said by avd706

:

Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??

Here's what I found out about them compared to other banks:

If you opt out with another bank, your account is closed---of course you have to pay it off, but you can't make any new charges. And your account will say: Available Credit is zero.

Bank of America does it differently---they keep your account OPEN and if you accidentally charge something, or if it was an automatic charge created by a billpay arrangement (such as paying your monthly electric bill) then the bank will swoop in and RAISE the rate at that point.

Until I realized this, I couldn't figure out why they mailed me a new card even after I opted out, and why my account still lists credit available. It's because this bank does NOT actually close the account! So be careful!!]]> http://www.dslreports.com/forum/remark,22637707 Wed, 01 Jul 2009 00:19:54 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22635124 CKizer : Chase plat card (former WAMU) + 30% APR = zero balance (account closed).

I will never be a Chase customer, only an investor. :D
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Crunching for Help Defeat Cancer and FightAIDS@Home at the World Community Grid.]]> http://www.dslreports.com/forum/remark,22635124 Tue, 30 Jun 2009 14:48:25 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22633027 avd706 :

said by dvd536

said by avd706

:

Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??

Call the 1-800 number on back of card for the address or check your bill for it
usually you see "telephoning will not preserve your rights" so you have to do it in WRITING!

Never mind, I found the original notice. There is an 800 number to call andits all automated. I'm going to mail a letter too just in case.
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Team JON.]]> http://www.dslreports.com/forum/remark,22633027 Tue, 30 Jun 2009 09:42:32 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22632360 dvd536 :

said by avd706

:

Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??

Call the 1-800 number on back of card for the address or check your bill for it
usually you see "telephoning will not preserve your rights" so you have to do it in WRITING!
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22632360 Tue, 30 Jun 2009 04:30:22 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22629341 avd706 : Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??
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Team JON.]]> http://www.dslreports.com/forum/remark,22629341 Mon, 29 Jun 2009 15:56:37 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22558558 Mr Neutron :

said by Fickey

:

Sounds like your understanding is correct, and online would be the way to go. Dmc's concerns may be valid, in this environment a sudden substantial increase in balance could conceivably trigger "adverse actions" by other creditors like higher APRs or lowered credit lines. Who knows?

I'd have a chat with other folks who have taken them up on their check offer, first, to see if any adverse action resulted.

From what I understand, card companies can and have used the checks to suss out who is in financial trouble (and, therefore, needs to use the checks) and ripe for a CLD/account closure.

creditboards.com might have a thread going on this, but I haven't been there in a while. Maybe start another thread here asking people who've cashed a check to report any results?
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We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22558558 Tue, 16 Jun 2009 08:25:13 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22551176 sailor : Yeah, they are not our friends and will do anything to attempt to squeeze blood out of us. It actually saddens me about the country and the bail-outs. By rewarding those who speculated and gambled ( bankers forgetting they were bankers and suddenly wanted to be traders ) nothing will change in the future....soon the banks and their investment divisions will go right back to doing what created this mess in the first place...the only ones who suffered from their greedy speculation and losses are those of us who have lived within our means and are responsible with our finances.

Nothing has changed except we, our children and our grandchildren will be up to their eyeballs in national debt due to the rewarding of those who gambled and lost but yet got bailed out with our tax money. :mad:]]> http://www.dslreports.com/forum/remark,22551176 Sun, 14 Jun 2009 21:07:14 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550829 Bobcat :

said by sailor

said by Bobcat

:

Don't miss this part: "We apply payments to lower ARP balances before higher ones."

Yeah right..if I was going to take advantage of the offer I wouldn't use the card again until its paid off.

Discover has (or used to have) offers where you HAD to use the card at least once a month. And, of course, those purchases would be financed at a very high interest rate until the 0% balance was paid-off.
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It's nice to be important, but it's more important to be nice.]]> http://www.dslreports.com/forum/remark,22550829 Sun, 14 Jun 2009 19:46:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550612 Fickey : Sounds like your understanding is correct, and online would be the way to go. Dmc's concerns may be valid, in this environment a sudden substantial increase in balance could conceivably trigger "adverse actions" by other creditors like higher APRs or lowered credit lines. Who knows?

If you do go forward, consider depositing the check via ATM so that it's processed en masse. Not a huge deal, but that should reduce human involvement and therefore the chance of your bank holding availability until the check clears. Brick & mortar banks know not to trust credit card checks, then again, with all the electronic check clearing now, it may not matter at all.
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Socialized healthcare? The most successful government entities, the Post Office and The Military, are also case studies in waste & inefficiency.]]> http://www.dslreports.com/forum/remark,22550612 Sun, 14 Jun 2009 18:46:45 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550489 sailor :

said by Bobcat

:

Don't miss this part: "We apply payments to lower ARP balances before higher ones."

Yeah right..if I was going to take advantage of the offer I wouldn't use the card again until its paid off. I rarely use this specific card anyway but certainly wouldn't use it if I used the offer. ]]> http://www.dslreports.com/forum/remark,22550489 Sun, 14 Jun 2009 18:12:19 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550457 Bobcat : Don't miss this part: "We apply payments to lower ARP balances before higher ones."]]> http://www.dslreports.com/forum/remark,22550457 Sun, 14 Jun 2009 18:00:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550454 mcd :

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. ]]> http://www.dslreports.com/forum/remark,22550454 Sun, 14 Jun 2009 17:59:55 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550393 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.]]> http://www.dslreports.com/forum/remark,22550393 Sun, 14 Jun 2009 17:45:12 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550288 mcd : 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/]]> http://www.dslreports.com/forum/remark,22550288 Sun, 14 Jun 2009 17:18:53 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550225 sailor : 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.
___

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.

]]> http://www.dslreports.com/forum/remark,22550225 Sun, 14 Jun 2009 17:03:17 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550148 sailor : 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.]]> http://www.dslreports.com/forum/remark,22550148 Sun, 14 Jun 2009 16:50:19 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22550085 Fickey : 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.]]> http://www.dslreports.com/forum/remark,22550085 Sun, 14 Jun 2009 16:34:38 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22549915 sailor : 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."

]]> http://www.dslreports.com/forum/remark,22549915 Sun, 14 Jun 2009 15:50:43 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22549903 sailor : Yes, I'm aware of the transfer fee. I just forgot to mention it. Thanks]]> http://www.dslreports.com/forum/remark,22549903 Sun, 14 Jun 2009 15:47:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22549808 NightVisor : 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.]]> http://www.dslreports.com/forum/remark,22549808 Sun, 14 Jun 2009 15:16:30 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22549805 mcd :

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.]]> http://www.dslreports.com/forum/remark,22549805 Sun, 14 Jun 2009 15:15:15 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22549663 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.

]]> http://www.dslreports.com/forum/remark,22549663 Sun, 14 Jun 2009 14:21:15 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22548471 thedragonmas :

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.

you sir are 100% correct!]]> http://www.dslreports.com/forum/remark,22548471 Sun, 14 Jun 2009 06:20:01 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22547788 Mr Neutron :

said by thedragonmas

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.]]> http://www.dslreports.com/forum/remark,22547788 Sat, 13 Jun 2009 23:25:25 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22547744 thedragonmas :

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. :mad:

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.]]> http://www.dslreports.com/forum/remark,22547744 Sat, 13 Jun 2009 23:14:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22547656 Mr Neutron :

said by sailor

It certainly was. And, to be brutally candid, I sure hope that no one expected anything different. :hmm:

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.]]> http://www.dslreports.com/forum/remark,22547656 Sat, 13 Jun 2009 22:52:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22545865 sailor : 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. :mad:]]> http://www.dslreports.com/forum/remark,22545865 Sat, 13 Jun 2009 13:58:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22545306 CylonRed : New rules go into effect, I believe, in about 8 more months. ]]> http://www.dslreports.com/forum/remark,22545306 Sat, 13 Jun 2009 11:25:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22545275 dcurrey : Didn't the so called new rules ban this practice. The payment must be applied to higher interest portion.]]> http://www.dslreports.com/forum/remark,22545275 Sat, 13 Jun 2009 11:18:18 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22545190 Bobby_Peru : 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.]]> http://www.dslreports.com/forum/remark,22545190 Sat, 13 Jun 2009 10:51:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22543815 Mr Neutron :

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.]]> http://www.dslreports.com/forum/remark,22543815 Fri, 12 Jun 2009 23:14:33 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22532668 avd706 :

said by Mr Neutron

said by dvd536

:

They're viewed as deadbeats. isn't a problem until they do away with grace periods.

They will lower it in the hopes you start carrying a balance.
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Team JON.]]> http://www.dslreports.com/forum/remark,22532668 Thu, 11 Jun 2009 08:08:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22532262 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.
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We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22532262 Thu, 11 Jun 2009 02:45:35 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22532078 dvd536 :

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.
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22532078 Thu, 11 Jun 2009 01:21:45 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22531786 Mr Neutron :

said by Tweak

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.]]> http://www.dslreports.com/forum/remark,22531786 Wed, 10 Jun 2009 23:57:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22531081 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 :) .]]> http://www.dslreports.com/forum/remark,22531081 Wed, 10 Jun 2009 21:55:04 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22497797 Mr Neutron :

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. :p

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).
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22497797 Thu, 04 Jun 2009 19:25:18 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22497411 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*. 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.]]> http://www.dslreports.com/forum/remark,22497411 Thu, 04 Jun 2009 17:55:52 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22487361 Mr Neutron :

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.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22487361 Wed, 03 Jun 2009 03:50:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22487273 Mr Neutron :

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.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22487273 Wed, 03 Jun 2009 02:42:01 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22486558 anon :

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.]]> http://www.dslreports.com/forum/remark,22486558 Tue, 02 Jun 2009 23:05:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22486232 anon : 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?]]> http://www.dslreports.com/forum/remark,22486232 Tue, 02 Jun 2009 22:22:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22484833 Kiwi : 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.]]> http://www.dslreports.com/forum/remark,22484833 Tue, 02 Jun 2009 17:35:35 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22484610 CylonRed : By paying the bill - it becomes income the company uses - no real difference between that and fees. It's all money...
--
Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain]]> http://www.dslreports.com/forum/remark,22484610 Tue, 02 Jun 2009 16:47:12 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22480125 Mr Neutron :

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.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22480125 Mon, 01 Jun 2009 21:24:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22479884 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.
--
Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain]]> http://www.dslreports.com/forum/remark,22479884 Mon, 01 Jun 2009 20:38:05 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22479856 Mr Neutron :

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.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22479856 Mon, 01 Jun 2009 20:30:57 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22475721 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.
--
Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain]]> http://www.dslreports.com/forum/remark,22475721 Mon, 01 Jun 2009 06:13:08 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22475120 Mr Neutron :

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.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22475120 Sun, 31 May 2009 23:48:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22473057 sailor :

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.]]> http://www.dslreports.com/forum/remark,22473057 Sun, 31 May 2009 15:24:29 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22473023 sailor :

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.]]> http://www.dslreports.com/forum/remark,22473023 Sun, 31 May 2009 15:15:32 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22472516 Kiwi :

said by HardwareGeek

I'm past caring about credit scores, it's really a means to control consumers. Had a Capital One account for twelve years, got the 28% notice and closed it. I can't see buying anything that makes it worth six times the original value.

The Bill passed for credit card reform, but apparently it's not important enough and consumers have to wait a year for it to actually kick in, screwing the customer to the sidewalk a bit longer. I suspect people have forgotten the Mafia days, when the activity banks do these days was considered a crime; I think banks have exceeded even the expectations of loan shark.

Cheers]]> http://www.dslreports.com/forum/remark,22472516 Sun, 31 May 2009 12:15:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22472067 Mele20 : Why would skipping a payment that has "0" minimum due get the issuer to "slap you on a default rate"? That is illegal. I don't recall Chase offering me a skip a payment...at least not in years, but one of my local banks offer it several times a year. Maybe once a year I take the offer. Nothing horrible happens.

Chase doesn't get away with everything bad it tries to pull. Chase tried to not only up the minimum payment from 1.5% to 5% starting in January but to also charge me a $10 a month service fee! They said I could not close the account and pay off the balance under the old terms. That didn't last long. I got charged the $10 fee for four months and then got a letter from Chase apologizing for the fee and they credited my account for the charges. They also offered me the option of moving the account to a new card which had 2% minimum payment for one year or staying with the present card at 5% minimum payment. They also increased my credit limit by $6000. Chase loves to increase the credit limit although I have never asked for an increase in the 15 years I have had cards with them.
--
"The same ferocity that our founders devoted to protect the freedom and independence of the press is now appropriate for our defense of the freedom of the internet. The stakes are the same: the survival of our Republic". Al Gore, The Assault on Reason]]> http://www.dslreports.com/forum/remark,22472067 Sun, 31 May 2009 09:35:22 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22471372 dvd536 :

said by dcurrey

Sure. you can skip that payment then have chase get you on a technicality and slap you onto a default rate which in turn your other creditors will slap you with default rates also!
-
chase is getting as sleazy as citi[did they buy citi?]
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22471372 Sun, 31 May 2009 01:11:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22471364 dvd536 :

said by sailor

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.
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22471364 Sun, 31 May 2009 01:06:13 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22470107 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. ]]> http://www.dslreports.com/forum/remark,22470107 Sat, 30 May 2009 19:01:07 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22445757 JeepMatt : Mr Neutron and Surfin-

Glad to see at least two people with a brain in their heads.

AnonPost - if you're filing Chapter 7 only because of card rates - you're worse off than you think.

Lost Soul-
If you've given up on paying your bill and you think the lawyer can make it "all go away", I think you'll end up being sorrier than you are now.]]> http://www.dslreports.com/forum/remark,22445757 Tue, 26 May 2009 12:41:36 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22445501 anon : Already communicating with the lawyer, Gave him the list. The sad thing is we don't really have much worh anything. Are truck is are only transportation and will be exempted, Our house is underwater so it won't even be considered. We passed the means test. I was actually kidding more than anything. Truth is after this, We plan on staying away from those stinking credit cards. The bad thing about it, Is if the card companies hadn't jacked up our rates, We wouldn't be filing.]]> http://www.dslreports.com/forum/remark,22445501 Tue, 26 May 2009 12:08:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22444009 tim_k :

said by AnonPost :

Hehe, I don't care, I have 8 cards, 3 of which are chase totaling $48K in debt. I "Lost my job" and started my chapter 7 filings today, In a couple months, ill still have my house my car and everything I bought with those cards, But be debt free. :) Then Ill get a new job, Some new cards, and start all over again.

You are only allowed to have so much 'stuff' when you file chap 7. I know my sister-in-law had to list practically everything of value. Your car can only be worth so much for it to be exempt.

quote:
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

so don't gloat too much yet. Then again, I don't know how they would verify what you have or don't have.
--
RIP my babys Buttons 1/15/94-2/9/07 & Beamer 7/24/08, Buttons, Buttons video, Beamer
]]> http://www.dslreports.com/forum/remark,22444009 Tue, 26 May 2009 03:48:34 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22443747 anon : Hehe, I don't care, I have 8 cards, 3 of which are chase totaling $48K in debt. I "Lost my job" and started my chapter 7 filings today, In a couple months, ill still have my house my car and everything I bought with those cards, But be debt free. :) Then Ill get a new job, Some new cards, and start all over again.]]> http://www.dslreports.com/forum/remark,22443747 Tue, 26 May 2009 01:13:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22442958 justsurfin30 :

said by lostsoul187

:

ok so they raised your apr, I understand but what chase did to my wifes cc was a full load of bs. Here credit lines runs around 10,000 on this particular card, and we bounce it up and down all year and pay the card off every year at tax time. However this year, they raised her apr from the 12 that wamu had given her to keep her card and not cancel, to over 29%. Now normally, I would have just paid this off and dropped the card, but to add salt to the wound they DROPPED her credit line to 5,000. NO biggie I hear you say, But that immediatly took her over the limit.. It is not like we haven't had this card for a while either. She has been using this card since college, never missed a payment, always made larger than min payments, by at least $100. We stopped paying and turned over to the family lawyer, As I am quite sure that this process was illegal (forcing over the credit limit). I guess they want any and all monies, even if they have to cheat it out of you

As JPMChase is a very conservative lendor, it appears they don't like how you handle your money and/or debt load. Sorry to hear you just stopped paying the card as now your wasting time and talent on the issue. Every bank has a lending dept that does the cb reviews and drops/increases lines. Its common practise to reduce line exposure close to the limit and if your monthly fc took you over, lending would have adj it in a 5 min call.
Try to resolve this as quick as you can, I wouldn't want this to be on your credit for 7 years.]]> http://www.dslreports.com/forum/remark,22442958 Mon, 25 May 2009 22:08:30 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22440558 Mr Neutron :

said by lostsoul187

:

She has been using this card since college, never missed a payment, always made larger than min payments, by at least $100.

Pre-2008, the credit card companies loved people like you. Interest on balances and late fees on late payments are meat and drink to them (and where they get the majority of their revenue from).

The problem now, though, is that with the economy in the toilet, the card companies have no real way of knowing if/when people are going to default on their unsecured credit card debt. Which means that if you're revolving a balance right now, prepare to get jerked around by the CCCs.

said by lostsoul187

:

We stopped paying and turned over to the family lawyer, As I am quite sure that this process was illegal (forcing over the credit limit). I guess they want any and all monies, even if they have to cheat it out of you

Frankly, I think you're wasting your time. One of the terms and conditions of any cardholder agreement I've ever seen is that the CCC reserves the right to change the terms and conditions of the agreement at any time, and without prior notice.

So as far as I can tell, the card companies are covered whatever they decide to do. This is why paying in full every month is a must, now more than ever: revolving a balance simply gives the CCCs leverage over you. Once you start revolving a balance, your ability to walk away from them is gone, an ability that consumers need now more than ever.

Cardholders (not just you) still seem to think that the card companies are comfortable with them revolving balances. Unfortunately, since 2008, the credit card companies have focused on short-term sure things (like merchant fees) rather than gambling on possible returns on interest from revolving balances that they might not ever see.

With credit cards being unsecured debt, and with the economy as it is, credit card companies are unwilling to take the chances they once did. And with that "reform" legislation kicking in in 2010, their emphasis is going to be on wringing as much as they can for as long as they can from their cardholders while the gettin's good.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22440558 Mon, 25 May 2009 12:49:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22439669 lostsoul187 : ok so they raised your apr, I understand but what chase did to my wifes cc was a full load of bs. Here credit lines runs around 10,000 on this particular card, and we bounce it up and down all year and pay the card off every year at tax time. However this year, they raised her apr from the 12 that wamu had given her to keep her card and not cancel, to over 29%. Now normally, I would have just paid this off and dropped the card, but to add salt to the wound they DROPPED her credit line to 5,000. NO biggie I hear you say, But that immediatly took her over the limit.. It is not like we haven't had this card for a while either. She has been using this card since college, never missed a payment, always made larger than min payments, by at least $100. We stopped paying and turned over to the family lawyer, As I am quite sure that this process was illegal (forcing over the credit limit). I guess they want any and all monies, even if they have to cheat it out of you
--
up from the ground down from the sky lostsoul will arive]]> http://www.dslreports.com/forum/remark,22439669 Mon, 25 May 2009 07:40:45 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22434810 justsurfin30 :

said by JeepMatt

:

You can all thank the President for this.

The "credit card" bill may sound good on the nightly news - but wait until everyone has a 25% APR despite their credit rating.

You think CC companies are bad? Wait until next year until this "so-called" consumer friendly bill goes into effect.

This man is dead on. The president pushed for this bill and now it has taken away the banks ability to assess risk and default apr's to people with lower cb scores. So now everyone is in the same pool and will have a higher apr. Banks will lend less on unsecure debt and things will tighten up. ]]> http://www.dslreports.com/forum/remark,22434810 Sat, 23 May 2009 21:16:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22434785 justsurfin30 : Everyone knows the reason wamu failed is b/c they dabbled to much with subprime consumers. I hate to call your bluff but it sounds like your credit info is not what it seems. Prolly like the average american and to much debt load. Only Wamu converts with low cb info got repriced. Also remember you always have a option to opt out and keep your lower apr if you closed the accnt by the listed date on your letter.]]> http://www.dslreports.com/forum/remark,22434785 Sat, 23 May 2009 21:08:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22434663 Rob : I just received the same notice. When I first signed up with them, in 2007, it was at 12%, then they lowered it to 7%, now they are raising it to 14.24%.

For me, it's not that bad. I use it once in a while, and pay it off.
--
CheckSite.us | YourIP.us | Reverseip.us ]]> http://www.dslreports.com/forum/remark,22434663 Sat, 23 May 2009 20:33:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22433768 CylonRed : Chase's increase over prime is higher than my total interest rate with USAA...]]> http://www.dslreports.com/forum/remark,22433768 Sat, 23 May 2009 16:01:06 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22433750 Bobcat : They're lowering your rate to 11.24%? With friends like that, you don't need enemies!
--
It's nice to be important, but it's more important to be nice.]]> http://www.dslreports.com/forum/remark,22433750 Sat, 23 May 2009 15:52:51 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22433456 sailor : I have four credit cards under the Chase name. This includes one with Hess and one with Amazon. I have had them for years and the Amazon one I have had the longest and the interest on the Amazon has always been the highest....13-14 and change while the other three are all single digits. The average credit line on each one is approx $10k.

I use the Amazon the most as I order from Amazon often and all my other online charges go on the Amazon but I never cared about the interest rate due to like many others I always pay in full each month. Now since this credit mess started I have not heard anything at all from Chase except for being notified that my Hess card instead of giving a 5% rebate on Hess gas would be reduced to a 3% rebate.

So I'm reading this thread the other day and today is Saturday, May 23rd, and I my mail just got delivered. Included was a letter size envelope from Chase. Beige color which I never saw them use before and on the outside of the envelope it says in part bold

IMPORTANT
ACCOUNT INFORMATION
ENCLOSED

So the first thing I think of when seeing this from Chase is this thread and that they are notifying me of a interest rate increase so I open it and it is in regards to my Amazon account and it says

Prime + 7.99%

Your New
LOWER Purchase Interest Rate

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%

And the letter goes on thanking me for my business etc...

]]> http://www.dslreports.com/forum/remark,22433456 Sat, 23 May 2009 14:17:32 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22432809 Dersgniw :

said by dvd536

:

Simple. they don't make any money off those who are responsible with their cards.

They make a small percent on every transaction. So, if you charge $10,000 / month and always pay in full, you are probably just as valuable as someone with a $10,000 balance who is maxed out and only pays the minimum every month.
--
I Smell Cures! -- Our Hope]]> http://www.dslreports.com/forum/remark,22432809 Sat, 23 May 2009 10:56:24 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22432023 anon :

said by Sweet Witch

:

He has to have some credit if he ever owned a house. That's what a mortgage is.

Not necessarily! I bought my land for my third house for $1850 in cash in 1966 and built my house with materials bought via weekly paychecks. Never a mortgage, until I had to take out a loan to pay a huge increase in property taxes in the 1990s (I never dreamed that my assessment would approach a half a million dollars).]]> http://www.dslreports.com/forum/remark,22432023 Sat, 23 May 2009 01:40:27 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22431957 C0deZer0 :

said by dvd536

:

Simple. they don't make any money off those who are responsible with their cards.

Therein lies the rub.

If a given person can't afford to be timely with the regular payments needed to pay down a balance on a credit card, what on earth makes them think that these same people will be able to afford their exhorbitantly marked up late/finance/fee charges?

And then they wonder why the sub-prime thing happened, like it's somehow our fault they chose to do business this way. :hmm:
--
Front Line Force Fortress Forever]]> http://www.dslreports.com/forum/remark,22431957 Sat, 23 May 2009 01:07:54 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22431895 dvd536 :

said by PX Eliezer

:

What I can't figure right now is, Why are all the credit card issuers (especially Chase) doing MASSIVE advertising on TV to encourage use of their cards?!

Then on the other hand they seem to want to get rid of people who have decent records.

Simple. they don't make any money off those who are responsible with their cards.
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22431895 Sat, 23 May 2009 00:38:27 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22430880 PX Eliezer : What I can't figure right now is, Why are all the credit card issuers (especially Chase) doing MASSIVE advertising on TV to encourage use of their cards?!

Then on the other hand they seem to want to get rid of people who have decent records.

Does not make sense to me.

I'm sick of the TV ads. Every time I see them it reminds me of how they jacked up our rates.

]]> http://www.dslreports.com/forum/remark,22430880 Fri, 22 May 2009 20:28:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22430249 dcurrey :

said by Combat Chuck

:

All caps on interest rates are going to do is make it so extremely high risk people can't get credit, high risk people will have their accounts closed and everyone else will see their rate go up to make up for the fact that they aren't making as much money.

Maybe high risk people shouldn't be getting loans cc right and left. What every happened to secured credit cards. You give them $500 they give you a credit card with $500 limit. You earn interest on the $500. After a year they pay you back the $500 plus interest and start raising your limit. In tern you credit score improves.

Chances are if they are high risk the higher interest increases the chance that they don't pay.]]> http://www.dslreports.com/forum/remark,22430249 Fri, 22 May 2009 17:51:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22430212 IT Guy : There's not much intelligence left in this country anymore, so I suppose we are screwed. Obviously just my opinion, but I can't help to think about the movie "Idiocracy".
--
My time is a piece of wax, falling on a termite, that's choking on a splinter. --Beck]]> http://www.dslreports.com/forum/remark,22430212 Fri, 22 May 2009 17:43:25 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22430191 Combat Chuck :

said by dcurrey

:

Yea caps on interest rates would probably help more than all the odd ball fees and such being limited or restricted. It 28% interest rate that is killing people.

Should be based on some formula. Like I find it strange that banks that have high interest rates from 10% to almost 30% on average when we borrow money from them. But with the same banks borrow our money we are lucky to get 1%.

All caps on interest rates are going to do is make it so extremely high risk people can't get credit, high risk people will have their accounts closed and everyone else will see their rate go up to make up for the fact that they aren't making as much money.

The point is much like the rest of the economy, you can't win UNLESS YOU LEARN HOW TO CONDUCT BUSINESS IN AN INTELLIGENT MANNER, all this bs is going to do is make it harder to conduct business in an intelligent manner.

But that's ok, we're all about policy failure as status quo; we love those things that appear good to the short sighted on the surface but actually do the exact opposite in practice.
--
Come let us reason together.]]> http://www.dslreports.com/forum/remark,22430191 Fri, 22 May 2009 17:39:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22429168 CylonRed : I will post back if it happens - probably won't be able to find the thread much less be able to post to it due to its age.
--
Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain]]> http://www.dslreports.com/forum/remark,22429168 Fri, 22 May 2009 14:40:08 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22429155 avd706 : You're next]]> http://www.dslreports.com/forum/remark,22429155 Fri, 22 May 2009 14:38:36 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22429119 CylonRed : Love my USAA card - no games, no bs- glad I have stayed away from the super mega monster banks.]]> http://www.dslreports.com/forum/remark,22429119 Fri, 22 May 2009 14:32:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428928 Mr Neutron :

said by IT Guy

:

Yeah, loosely regulated. Wish I had lobbyists and millions of dollars to bribe politicians with, in order to push my agenda.

Sounds like someone's catching on to the true nature of regulation. ;)

When all is said and done here, the only thing that will actually have happened is that some cost-shifting will have taken place. That is, the card companies will likely make the same amount of money, with the only thing different being the particular consumers the money is extracted from.

What's even better is that a lot of the people who work for the Feds end up going into the private sector, working for the same firms that their former bosses are (ostensibly) supposed to be regulating. Which can have a dramatic effect on the outcome of lobbying efforts to say the least.

But hey...it's all honest and aboveboard! :p
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22428928 Fri, 22 May 2009 13:57:27 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428817 IT Guy : Just like these shady paycheck and title loan extortionists who are allowed to apply 400% + interest rates. Yes, people SHOULD be reading the fine print, but it's still inexcusable to do business that way. Predatory lending hurts everyone.

said by dcurrey

--
My time is a piece of wax, falling on a termite, that's choking on a splinter. --Beck]]> http://www.dslreports.com/forum/remark,22428817 Fri, 22 May 2009 13:39:45 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428801 IT Guy : Yeah, loosely regulated. Wish I had lobbyists and millions of dollars to bribe politicians with, in order to push my agenda.
--
My time is a piece of wax, falling on a termite, that's choking on a splinter. --Beck]]> http://www.dslreports.com/forum/remark,22428801 Fri, 22 May 2009 13:36:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428749 dcurrey : Yea caps on interest rates would probably help more than all the odd ball fees and such being limited or restricted. It 28% interest rate that is killing people.

Should be based on some formula. Like I find it strange that banks that have high interest rates from 10% to almost 30% on average when we borrow money from them. But with the same banks borrow our money we are lucky to get 1%. ]]> http://www.dslreports.com/forum/remark,22428749 Fri, 22 May 2009 13:26:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428727 avd706 :

said by hitachi369

said by IT Guy

:

There definitely needs to be a cap on how high interest rates can go, it's highway robbery, not capitalism.

You're not being forced to do business with any credit card company.

Lending is regulated. There already are usury laws, the gov't is just fine tuning credit card rules already in place.]]> http://www.dslreports.com/forum/remark,22428727 Fri, 22 May 2009 13:23:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428692 IT Guy : Did I say I was being forced to do business with them? Still doesn't excuse the fact that many businesses are simply unethical under the guise of "doing business".
--
My time is a piece of wax, falling on a termite, that's choking on a splinter. --Beck]]> http://www.dslreports.com/forum/remark,22428692 Fri, 22 May 2009 13:17:54 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428687 VegasMan : I asked my wife about the WaMu accounts and the high interest.
She explained that before WaMu transferred all of the accounts they maxed out the rates on a bunch of accounts, she also explained that the reason for the 6 months for Chase not being able to do anything about it was she was told that there was some legal reason for it but they didn't give them any details.

So for the people that are bitching at Chase for raising the rates it was actually WaMu that raised the rates.

Chase is actually trying to get some of the accounts closed also because a lot of WaMu accounts were considered sub-prime and when they pulled the credit reports on these accounts they deemed them as high risk and didn't want to deal with them.
--
In need of a Vegas vacation.
]]> http://www.dslreports.com/forum/remark,22428687 Fri, 22 May 2009 13:17:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428645 hitachi369 :

said by IT Guy

:

There definitely needs to be a cap on how high interest rates can go, it's highway robbery, not capitalism.

You're not being forced to do business with any credit card company.]]> http://www.dslreports.com/forum/remark,22428645 Fri, 22 May 2009 13:10:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428590 IT Guy :

said by TearAbite

:

vote with your checkbook.. pay them off, then take your business elsewhere..
(now i gotta go run and look at my chase, former Wamu account)

Same here. I loved WaMu. I despise Chase and if they pull this shit on me, it's bye-bye time. There definitely needs to be a cap on how high interest rates can go, it's highway robbery, not capitalism.
--
My time is a piece of wax, falling on a termite, that's choking on a splinter. --Beck]]> http://www.dslreports.com/forum/remark,22428590 Fri, 22 May 2009 13:01:24 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428553 avd706 : at the same terms]]> http://www.dslreports.com/forum/remark,22428553 Fri, 22 May 2009 12:56:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428542 dcurrey : Someone correct me if I am wrong. But say you do refuse the new terms and they cancel the card. You just continue to pay the outstanding balance at the same interest rate until it zeros out.]]> http://www.dslreports.com/forum/remark,22428542 Fri, 22 May 2009 12:55:12 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22428317 macaholic :

said by damn

:

First they raised APR from 9% to 24% 3 months ago.
Now they raise it even further to 28% ??

I don't understand, they just want me to see me gone? I only have about 500 bucks of balance on it (limit is 12000), my credit score is hovering around 750. This was originally WaMu credit card and I never had any issues with them back when they were WaMu.

Oh well fuck them too, AMEX is all the way for me now.

refuse the increase and they will close the card. They just did the same to me with the WAMU account they took over... btw, this applies to the outstanding balance not just new purchases in case anybody is wondering.
--
"You don't subject minority rights to a referendum." Justice Minister Irwin Cotler of Canada]]> http://www.dslreports.com/forum/remark,22428317 Fri, 22 May 2009 12:26:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427792 anon : I would do that but I like the rewards and flexibility of using a credit cards. (I pay mine off every month) Like for instance, having to automatically charge cable, phones, insurance, rent (yes rent), etc, etc to CC every month without worries of overdraft, then I get a single bill from CC every month - very convenience.. Also online purchases are alot easier and quicker with CCs.

I haven't gotten any letters from three of my CCs yet. I looked online and they're still the same very low interest rates. Hope I wont get any letters soon =p]]> http://www.dslreports.com/forum/remark,22427792 Fri, 22 May 2009 11:27:49 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427851 TomS_ : Ive never had a retailer add any extra charges onto my purchase because I paid by CC.

The exception would be some petrol stations who charged an extra $1 to cover their fees. I dont know about the US, but in Australia at least it seems that there is a flat fee per transaction, rather than a %, except for amex who seem to be the only ones to charge a %.

Paying by CC is easier for me. I dont carry large sums of cash around with me, only rarely when I know I will be needing it. If I make a large purchase with my CC I simply pay it off later that day, or soon after.

But if youre worried about your CC provider charging you interest from the day of purchase, just start paying off large purchases after you make them - if you can. Problem solved. :)]]> http://www.dslreports.com/forum/remark,22427851 Fri, 22 May 2009 11:20:18 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427721 Technogeez :

said by TomS_

:

I pay my CC off in full each time the bill comes, but I also make intermittent payments for items I buy during the month (particularly if they are a couple of hundred dollars) to ease the end of month bill.

If you're doing that, you might as well pay cash... and the seller might give you a break 'cause they don't have to pay the CC company their 3-6% commission...
--
Read your contract and TOS before signing anything.]]> http://www.dslreports.com/forum/remark,22427721 Fri, 22 May 2009 11:04:07 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427697 Technogeez : It's a simple logic problem for the bankers.

a) People have money
b) I want their money
c) I give them a service (deferred payment) for which they'll pay extra money
d) Their money is my money.
--
Read your contract and TOS before signing anything.]]> http://www.dslreports.com/forum/remark,22427697 Fri, 22 May 2009 11:00:45 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427686 Technogeez :

said by Greg_Z

:

Median income in our area is anywhere from 50k to 150k.

Ooh! A variable median income... I must have missed the "variable median" discussion in stats 101. :huh:
--
Read your contract and TOS before signing anything.]]> http://www.dslreports.com/forum/remark,22427686 Fri, 22 May 2009 10:58:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427593 Mr Neutron :

said by Combat Chuck

said by Greg_Z

:

By people not having to think that carrying debt, or having plastic in the wallet is the way to go. We would not be in this mess if everyone like you thought that having Plastic was cool, and just because not everyone can have one, you feel that you belong in a club. That club is let's let the banks still pull one over on everyone by the crisis at hand.

What you fail to realize is that credit when used properly can help you make money.

Don't you know anything? Credit cards are The Devil and there have never been, nor can there ever be, any advantages to be had by using them. Anyone who claims otherwise is, quite clearly, a shill for the card companies. :p

All kidding aside, it's perfectly useless trying to talk sense to a Dave Ramsey disciple when it comes to credit cards. All they understand (and, worse, ever seem willing to understand) is that DR Sez Credit Cards are Terrible and, well, just what more evidence do you need than his say-so?

While I appreciate some of DR's message, (i.e. don't spend money you don't have) the fundamental problem with his teachings is that he never bothers to explain the other side of credit: that, used intelligently, credit can serve the consumer and allow them to obtain benefits that simply cannot be had when you pay for everything in cash. I'm guessing because he thinks that the kind of people who listen to him aren't capable of coping with such concepts as "paying in full" and "getting cash back/rewards for making everyday purchases you'd make anyway."

And, to be fair, if you look at the kind of people who buy his books and attend his seminars, he's probably right. After all, who better to take financial advice from than a man who has filed bankruptcy? :hmm:

Rather than attempt to talk to a DR disciple about how credit cards and credit can be used intelligently, why not explain to your cat how the LHC works instead? Believe me, you'll find it much less exasperating.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22427593 Fri, 22 May 2009 10:43:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22427382 Mr Neutron :

said by Greg_Z

:

By people not having to think that carrying debt, or having plastic in the wallet is the way to go.

So having a credit card in my wallet is tantamount to carting around debt? It doesn't work that way unless you as a consumer, decide to let it work that way. :uhh:

I agree that if you don't PIF every month that credit cards can be a bad idea. But should smart people be penalized because stupid people flat-out don't know what they're doing and lack the ability to manage their money well? I hope not.

said by Greg_Z

:

We would not be in this mess if everyone like you thought that having Plastic was cool,

Having plastic is cool. The prudent use of credit cards allows a cardholder to get interest-free, short-term loans from the card companies. IOW: I get the use of their money while mine sits in an interest-bearing account or (better) in investments.

What's uncool about that?

said by Greg_Z

:

and just because not everyone can have one, you feel that you belong in a club.

I do belong in a club. I belong in the "People who pay all their bills on time and understand how interest and late fees work" club. :p

It may surprise you to learn that it takes time and effort to obtain and maintain good credit: none of what I have was handed to me and I had to work hard and pay attention to what I was doing. I'm sorry that you feel excluded from my "club," but if you manage your money prudently you, too, can become a member in a relatively short time. It is, after all, not a very exclusive club, and anyone who manages their money and credit well can hope to join.

In other words: the only thing that prevents you from obtaining a high credit score is you. Don't take my word for it: talk to someone who has successfully repaired their credit and they'll tell you that, yes, there are things you can do to raise your credit score if you're willing to put some work into it and be patient while your work produces results.

said by Greg_Z

:

That club is let's let the banks still pull one over on everyone by the crisis at hand.

Strangely enough, the banks have never been able to "pull one over" on me. Probably because I understand basic math and, therefore, have never put myself into a position where they could do so. Is this really so hard to accomplish? I don't believe it is.

Alas, the foolish and the reckless will always be taken advantage of and no amount of feel-good legislation is ever going to change that.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22427382 Fri, 22 May 2009 10:11:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426727 Thespis : We use a Disney Visa for everything and pay it off.
Every year or two we make our 10 day Disney World visit with at least one free annual pass or enough money to eat on for the duration of our trip.
The rewards get used...]]> http://www.dslreports.com/forum/remark,22426727 Fri, 22 May 2009 07:22:41 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426591 Bobcat :

said by Greg_Z

:

So, where have you flown with the air miles,

I got 3 free round-trips to Hawaii. I now have more than enough for 3 free round-trips to Europe, so that might be next year's trip.]]> http://www.dslreports.com/forum/remark,22426591 Fri, 22 May 2009 05:26:47 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426540 tim_k :

said by VegasMan

said by dvd536

:

Eliminating the grace periods would get rid of all those pesky "deadbeats" that pay in full every month.

Not me I would just pay for the purchase when I get home from the store.

Then what's the point in having a CC? Why not just pay in cash. I'm sure they will still charge you interest for that day or the next business day.

Just like the mortgage crisis, the blame for this problem can be shared by both companies and customers. Back in the 70's I had a heck of a time trying to get a CC to establish credit. No one would give me one because I didn't have any credit. You were in a real catch-22 especially if you couldn't get anyone to cosign a loan which was the only other method to establish credit. In those days, forget about a major CC for people in my position, I couldn't even get a store CC. Sears turned me down once for no cerdit, then again because I didn't make enough money with my Air Force pay. Finally Wards gave me a CC. Then in the 90's, CC companies were giving everyone and their dog a CC. So many college students, with little to no income getting cards. I knew that was a bubble waiting to burst.
--
RIP my babys Buttons 1/15/94-2/9/07 & Beamer 7/24/08, Buttons, Buttons video, Beamer
]]> http://www.dslreports.com/forum/remark,22426540 Fri, 22 May 2009 03:59:15 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426159 SLD : Yeah, the ones that earn the card companies 1.5% to 3.5% of every purchase they make (on the merchant side).]]> http://www.dslreports.com/forum/remark,22426159 Fri, 22 May 2009 00:32:44 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426081 rexbinary : Yeah I had a WaMu card that was picked up by Chase as well. I had one late payment in the lifetime of my account with WaMu four months before Chase picked it up, and WaMu did not raise my interest rate. As soon as Chase took over they raised me to 33%+.

Then customer service claimed they did not have the ability to lower interest rates on previous WaMu card holders, and would not gain that ability for six more months. Needless to say I cancelled my card immediately and will be paying that out ASAP.

I will never do business with Chase under any circumstances.
--
Verizon FiOS subscriber since 8/1/05 | Mac owner since 1990 | FreeBSD user since 2005 | Fedora user since 2006 | "Anyone who is unwilling to learn is entitled to absolutely nothing." - graysonf | EDIT: I seldom post without an edit.]]> http://www.dslreports.com/forum/remark,22426081 Fri, 22 May 2009 00:09:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426053 Combat Chuck :

said by Greg_Z

What you fail to realize is that credit when used properly can help you make money. A good example are small business owners who use personal credit cards as quick short term loans to buy materials. Materials that go into products that are sold within a couple weeks and are paid off before the first bill comes in.

You jack up their interest rates, you start charging interest immediately, you reduce their credit line and you hamstring many small businesses, and individuals who know how to use credit to leverage their cash on hand.

If you want to live without credit because you aren't responsible enough to carry it then fine. But don't sit here and vilify credit as bad for everyone. It's only bad for people who use treat credit as income.

You start doing things to protect the irresponsible people from paying the price of their irresponsibility without dealing with the actual problem and you're just creating a problem for those who acted intelligently, which is exactly what is happening; meanwhile the stupid people still act stupidly and lose all their money to someone else.

Thus interest rates skyrocket, credit limits are clamped, accounts that aren't profitable are closed, in preparation for intervention. Ironically what is happening is that the government is threatening to make it so the only accounts that are going to be worth the risk of extending credit to are those that are so likely to screw up that they can't really be protected in a way that doesn't just out-rightly hand them money to pay off their debt.
--
Come let us reason together.]]> http://www.dslreports.com/forum/remark,22426053 Fri, 22 May 2009 00:00:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22426037 VegasMan :

said by dvd536

:

Eliminating the grace periods would get rid of all those pesky "deadbeats" that pay in full every month.

Not me I would just pay for the purchase when I get home from the store.
--
In need of a Vegas vacation.
]]> http://www.dslreports.com/forum/remark,22426037 Thu, 21 May 2009 23:56:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425977 dvd536 :

said by Jim Gurd

:

I got the same notice. As long as they don't eliminate the grace period or add an annual fee I will keep the card. I pay it off every month and they rebate me 3% on gas purchases plus 1% on everything else.

Eliminating the grace periods would get rid of all those pesky "deadbeats" that pay in full every month.
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22425977 Thu, 21 May 2009 23:47:30 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425931 VegasMan :

said by Greg_Z

:

So, where have you flown with the air miles, and what rewards have you gotten? For the amount that you have spent trying to get those rewards or miles, you could have probably done it ten fold by now without the CC.

Well since I haven't paid interest on a CC in 10 years I highly doubt that I could have paid less for it by not using a CC.

I have two R/T tickets to Vegas on Saturday that cost me nothing and I'm sitting in Econo Plus so that was $868 that I didn't have to spend out of my pocket. I just cashed three rewards checks a few weeks back for $450 that I wouldn't have had without the rewards return. Last year I didn't have an Miles card but I did cash out my rewards for $650.

So without having to pay any interest and only one $60 annual fee I was able to get/save $1968-60fee =$1908 in the last two years. Not sure where that $1900 would have came from if I paid cash for everything.

It's not like I go out and buy shit just to get miles and rewards. I have two gas cards one gives 5% on all gas and the other gives 5% on BP gas. I usually fill up at BP but when I travel it can be hard to find a BP so I use the other card.
The BP card gives me 2% on Dining and a few other things and 1% on everything else. The Rewards card gives me 2% on Groceries, Pharmacy and a few other things and 1% on everything else.
The United card gives me 1 mile/dollar on most purchases but there are some restaurants that have 3x and some other businesses have multi-mile purchases for example for Mothers day FTD gave me 30x miles for every dollar. So for the $50 I spent on flowers for my mom I got 1500 miles.

My wife works in the CC dept for Chase and all 3 cards I have are through them so my wife knows how to use the cards to their fullest extent. So if I don't know what card to use at the time to get the most benefit I just ask her.

EDIT: Don't know how much extra interest I earned by having my money still in my checking and savings accounts for the grace periods but I'm sure it was a few bucks. So you can add that to the $1908.
--
In need of a Vegas vacation.
]]> http://www.dslreports.com/forum/remark,22425931 Thu, 21 May 2009 23:36:54 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425893 Greg_Z : Has been happening, along with people getting notices that the card has been canceled, due to non-use.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22425893 Thu, 21 May 2009 23:24:57 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425874 hoyleysox : Worried that old cards might start charging an annual fee that would be assessed before I can cancel. Do not want to get stuck with a bill for unused cards. Anyone else heard about this?]]> http://www.dslreports.com/forum/remark,22425874 Thu, 21 May 2009 23:20:11 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425861 Greg_Z : So, where have you flown with the air miles, and what rewards have you gotten? For the amount that you have spent trying to get those rewards or miles, you could have probably done it ten fold by now without the CC.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22425861 Thu, 21 May 2009 23:16:32 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425743 VegasMan :

said by Greg_Z

:

This country, and others would be better off if consumers stopped buying on credit, and actually paid cash for items.

I agree 100%. Even though I buy everything using a card. But I also pay off 100% every month. I like the rewards and miles. ;)
--
In need of a Vegas vacation.
]]> http://www.dslreports.com/forum/remark,22425743 Thu, 21 May 2009 22:56:05 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425694 Greg_Z : This country, and others would be better off if consumers stopped buying on credit, and actually paid cash for items.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22425694 Thu, 21 May 2009 22:48:15 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425691 Greg_Z :

said by hitachi369

said by Gemologist

:

CC companies are just going to cut their own throats, as many folks will just cancel them or calll the number and deny the continuation of the credit line and payoff at current rates/terms. I know, I for one will NO LONGER ever use the card fort anything period, screw them!

The sad thing is after the initial loss, and those rates become normal, there user base will level back to the level they were at before. A lot of people cannot stop using credit.

That is because of the way that they where rasied, that having credit is good, and having it will bring you riches. Those riches are the ones you owe, not you.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22425691 Thu, 21 May 2009 22:47:35 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425682 Greg_Z : By people not having to think that carrying debt, or having plastic in the wallet is the way to go. We would not be in this mess if everyone like you thought that having Plastic was cool, and just because not everyone can have one, you feel that you belong in a club. That club is let's let the banks still pull one over on everyone by the crisis at hand.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22425682 Thu, 21 May 2009 22:45:14 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425678 VegasMan :

said by jjoshua

:

IMHO, this country would be a lot better off if consumers didn't use as much credit to purchase depreciating assets and actually saved some money each month.

Ha Ha Ha!!!! :D I thank you for the laugh. If you believe that will ever happen I have a bridge to sell you. And since you will be paying cash I'll mark it down 20%. ;)
--
In need of a Vegas vacation.
]]> http://www.dslreports.com/forum/remark,22425678 Thu, 21 May 2009 22:44:58 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425511 hitachi369 :

said by Gemologist

The sad thing is after the initial loss, and those rates become normal, there user base will level back to the level they were at before. A lot of people cannot stop using credit.
--
STOP THE NSA WIRETAPS

They who would give up an essential liberty for temporary security, deserve neither liberty or security
~Benjamin Franklin]]> http://www.dslreports.com/forum/remark,22425511 Thu, 21 May 2009 22:14:06 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425510 jjoshua : IMHO, this country would be a lot better off if consumers didn't use as much credit to purchase depreciating assets and actually saved some money each month.]]> http://www.dslreports.com/forum/remark,22425510 Thu, 21 May 2009 22:14:03 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425285 Gemologist : Just got a notice from Capitol One today that my supposed FIXED 9.89% Visa Platinum is being changed, my rte has now been changed to an Introductory rate for 12mths, then the rate goes to Prime + 14.99%, currently 23.99% or some crap like that, if have a single late payment my rate will go up to 29.95% until I have a consecutive 12mths of on time payments.

Yet, I have a flawless credit report(s) and a high FICO and have not had any late payments either, and even carried a balance up until a month ago when we paid off all our credit cards(only had 3 anyways with low amounts).

CC companies are just going to cut their own throats, as many folks will just cancel them or calll the number and deny the continuation of the credit line and payoff at current rates/terms. I know, I for one will NO LONGER ever use the card fort anything period, screw them!
--
Images are Copyrighted and use is NOT
permitted.]]> http://www.dslreports.com/forum/remark,22425285 Thu, 21 May 2009 21:28:37 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425043 Mr Neutron :

said by marigolds

:

If there is a grace period on finance charges, then the creditor must provide a grace period of 21 days. They are not required to have a finance charge grace period. They do have to give a payment grace period of at least 21 days to pay charges before imposing a late payment fee, but finance charges can be imposed immediately.

In other words, payments have a grace period, but finance charges do not.

Assuming that is the case, the credit card companies cannot commence this practice until 2010, yes?

If they can start doing this effective immediately please tell me.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22425043 Thu, 21 May 2009 20:43:59 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22425014 Mr Neutron :

said by Greg_Z

:

We are the only country on the planet that depends on a artificial number to give good faith to.

That is absolutely untrue. While Fair Isaac is best known for their credit scoring model in the US, they also offer scoring models for Canada, and South Africa and a "Global FICO" for many other countries. And while Fair Isaac is the company most consumers are familiar with in terms of credit scoring, they are just one company among many. Managing financial risk is a lucrative field that won't be going away any time soon.

True, the US may be the country where your life is most affected by a good or bad credit score, but we are far from alone in having our trustworthiness expressed as a number (or rather, a collection of numbers).

said by Greg_Z

:

BTW, if the score was done away with, rates would not change, but you would see realistic views by banks on how to judge character.

And just how would you suggest that banks judge character without the use of credit scores and mathematical models for managing risk? Dude, the days of your banker knowing you personally (and what kind of person you are) are long gone.

No one ever said that credit scores were a perfect way of gauging risk merely that they are, currently, the best known way of doing so. If you think you have a better way, quit your day job and start rounding up backers. I'm perfectly serious.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22425014 Thu, 21 May 2009 20:36:43 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424996 nocannothave :

said by Greg_Z

said by 57721182

:

Why not just pay all your credit card bills on time and in full?

I've had an HSBC Mastercard for 20 months now with a zero balance. Still at the 20+% rate I started with. I use it, then pay it off when the bill arrives.]]> http://www.dslreports.com/forum/remark,22424996 Thu, 21 May 2009 20:34:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424962 VegasMan : I know some of you wonder why they are lowering your credit amount and I'll try to explain why they are doing it.

For every dollar you have of credit limit the bank has to secure that amount. So if you have a $20k limit they have to have a line of credit themselves that guarantees that $20k and they have to pay a fee on this line of credit, some are flat fees and some are interest based most the later. So to keep their cost down they lower your credit limit and save fees and interest on that secured line that they have on you.

So even if you have $0 balance the bank still has to have $20k to cover you if you use the card.

I hope this makes sense.
--
In need of a Vegas vacation.
]]> http://www.dslreports.com/forum/remark,22424962 Thu, 21 May 2009 20:25:51 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424882 TomS_ : If they start charging interest from the day of purchase, simply start paying off anything you buy with your CC on the day of purchase (or as soon as possible afterwards)...

It'll require a bit more effort, but you'll avoid the interest.

Otherwise get a visa debit card, then the money comes straight out of your bank account. The downside is you accrue less interest on your bank accounts, but it avoids having to use a CC.

I pay my CC off in full each time the bill comes, but I also make intermittent payments for items I buy during the month (particularly if they are a couple of hundred dollars) to ease the end of month bill.

It might be difficult to do this if your CC provider constantly changes your payment reference (how will you know what payment reference to use?), but mine is static (its actually the CC number), so I just make payments when I want to.]]> http://www.dslreports.com/forum/remark,22424882 Thu, 21 May 2009 20:11:05 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424660 Homer J : Capital One raised my about 5% a while back and Citbank tripled my rate. So I now have 2 less credit cards. Funny part I can pay the Citibank card off at the terms of my original agreement. So I am just going to do that.]]> http://www.dslreports.com/forum/remark,22424660 Thu, 21 May 2009 19:22:53 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424423 Greg_Z : We are the only country on the planet that depends on a artificial number to give good faith to. BTW, if the score was done away with, rates would not change, but you would see realistic views by banks on how to judge character.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22424423 Thu, 21 May 2009 18:29:17 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424413 thedragonmas :

said by Sweet Witch

said by thedragonmas :
as to the ones saying credit scores have no impact on your daily life. you dont have car insurance do ya? my dad has NO credit, he refuses to use credit. his previous car insurance was $175 a month. he switchd to a company that does not base your rate on your credit score. he now pays $55 a month. so dont tell me your score has no impact on your daily life because it does.

He has to have some credit if he ever owned a house. That's what a mortgage is.

no, he has never owned a house. when he was going thew the legal mess to get ssd they ran a credit check all three credit beuro's came back as "no record" they even checkd with social security to make sure the ssn is valid. and we tryd to get a copy of his credit report earlyr this year. they still say "no record" so he infact has NO credit.]]> http://www.dslreports.com/forum/remark,22424413 Thu, 21 May 2009 18:26:47 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424173 hoyleysox : Credit card companies are charging off a lot of $ right now.

»www.fool.com/investing/value/200···try.aspx

Credit scores become less valuable of a predictive underwriting tool when unemployment grows. A good credit score will not help a soon-to-be unemployed person pay off debt.]]> http://www.dslreports.com/forum/remark,22424173 Thu, 21 May 2009 17:29:52 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424145 coldmoon :

quote:
...as to the ones saying credit scores have no impact on your daily life. you dont have car insurance do ya? my dad has NO credit, he refuses to use credit. his previous car insurance was $175 a month. he switchd to a company that does not base your rate on your credit score. he now pays $55 a month. so dont tell me your score has no impact on your daily life because it does.

Of course your credit score has consequences on your life. The point everyone should be catching on to here is the fact that you do not need a CC to establish a good credit history...
--
Returnil - 21st Century body armor for your PC]]> http://www.dslreports.com/forum/remark,22424145 Thu, 21 May 2009 17:25:56 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424144 Sweet Witch :

said by thedragonmas :
as to the ones saying credit scores have no impact on your daily life. you dont have car insurance do ya? my dad has NO credit, he refuses to use credit. his previous car insurance was $175 a month. he switchd to a company that does not base your rate on your credit score. he now pays $55 a month. so dont tell me your score has no impact on your daily life because it does.

He has to have some credit if he ever owned a house. That's what a mortgage is.
--
"While you can teach an old dog new tricks, you simply can't teach him to be a cat."

"Are you my Mummy?"]]> http://www.dslreports.com/forum/remark,22424144 Thu, 21 May 2009 17:25:49 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22424055 thedragonmas : interesting. i got one too, i all so used to be a WAMU customer and went balistic when they got rid of the free credit score monitoring. ive never spent more than 20% of the total credit on my card. all ways pay on time. never went over the limit.

hey, atleast they admit why there doing it. read "other notices"

as to the ones saying credit scores have no impact on your daily life. you dont have car insurance do ya? my dad has NO credit, he refuses to use credit. his previous car insurance was $175 a month. he switchd to a company that does not base your rate on your credit score. he now pays $55 a month. so dont tell me your score has no impact on your daily life because it does.

]]> http://www.dslreports.com/forum/remark,22424055 Thu, 21 May 2009 17:08:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423873 morbo :

said by JeepMatt

:

You can all thank the President for this.

give me a break. this situation was coming no matter who was in power. why? we like to spend much more than we make. we LOVE DEBT and have the numbers to prove it.

the good thing about this is that people will stop spending if they have a 25% interest rate. add annual fees? watch people stop spending even more. i know i will cancel any card that adds an annual fee or charges interest from day 1. ]]> http://www.dslreports.com/forum/remark,22423873 Thu, 21 May 2009 16:33:12 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423784 Boricua65 : A good place to go is Creditboards.com. They have excellent information about what's going on with the credit card industry.

As for the here and now, I'm glad some laws are being passed to help out the consumer. Yes, there are some that don't know how to use credit wisely, but many are decent folks trying to make a living and be credit worthy.
--
Yo te digo, el mundo esta jodido]]> http://www.dslreports.com/forum/remark,22423784 Thu, 21 May 2009 16:20:34 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423778 Crypto_Bug : All the credit card companies do this in some way. I had a Citi card with $35,000 limit on it and I never really charged much on it maybe a couple thousand a month and paid it off.

Last month they lowered the limit to $1,000 and because when they reported it to the credit agency I had a $900 balance it dropped my credit score 40 points, down to 740.

I have filed a complaint with the State Attorney General and their office told me they had been receiving hundreds of calls like this regarding various companies. I am now working with an attorney on this matter.]]> http://www.dslreports.com/forum/remark,22423778 Thu, 21 May 2009 16:20:05 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423720 coldmoon : I have not used or had a CC since the early 90's and haven't missed not having one. During the intervening time I was able to get an auto loan AND a Home loan with less than 7%.

The trick is to shop with your wallet and not your eyes. If you take the time to understand what you can afford and what you actually need, CC's become nothing more than a quick way to slavery...

Get off the CC-go-round and start living...

JMHO
Mike
--
Returnil - 21st Century body armor for your PC]]> http://www.dslreports.com/forum/remark,22423720 Thu, 21 May 2009 16:12:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423599 Phatty : Had the same thing happen to me with Bank of America... The one credit card I was ever willing to keep a balance on was this card because the interest rate was only 4 or 5%...... Now that they increased my interest rate multi fold they will now earn 0% off me as I will take my business elsewhere.

Oh well, guess it just motivated me to pay off the rest of it. I prefer to have more cash on hand since the interest on this card was so low, but not worth waiting around for a no fee balance transfer(do those even exists anymore?) so instead I will finally be credit card debt free....

To those that say screw credit cards, and use the gift card/reloadable type that is just not feasible in this country. I have taken great pride in establishing my credit history since the day I turned 18 as I feel it is required to obtain the things in life you both need (house) and want (car loans and other toys). Yes maybe you can squeeze by without a credit card and credit history, but it sure is a lot easier when I know I can apply for and get any low/no interest loan I want for purchasing the things I want.

-Phatty]]> http://www.dslreports.com/forum/remark,22423599 Thu, 21 May 2009 15:46:40 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423512 Maccawolf :

said by marigolds

:

The minute you charge something to your card, you start accumulating interest? You'll care about a 50% APR then.

Nope, THEN I'll just close my card..... Simple solution.
--
Mom and Crockett...... I miss you both!]]> http://www.dslreports.com/forum/remark,22423512 Thu, 21 May 2009 15:33:20 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423447 Thespis : I would love it if banks and mortgage companies used actual facts to assign risk and arrive at an interest rate. The fact is that banks and mortgage companies use credit scores and that's probably not going to change any time soon.
I'm going to take good care of my score until the day that it becomes obsolete. Just like the rest of my tools.]]> http://www.dslreports.com/forum/remark,22423447 Thu, 21 May 2009 15:23:52 EDT Re: The Good Ol Days.... http://www.dslreports.com/forum/remark,22423420 Fickey :

said by lololmaooo :

I wonder if they have also increased the interest rates for Mr. Tree....

»www.snopes.com/business/bank/treecard.asp

Damn... I could go on a shopping spree if I send in the card application for each of the trees in my backyard lol... :D :D :D

On a similar note, let's not forget Santos L. Halper. :)
--
Charisma and eloquence are not the same as substance and leadership.]]> http://www.dslreports.com/forum/remark,22423420 Thu, 21 May 2009 15:20:38 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423415 pandora : If you can, look for a credit union.

I gave up all my large bank cards years ago, and have never looked back.
--
"People demand freedom of speech as a compensation for the freedom of thought which they seldom use."]]> http://www.dslreports.com/forum/remark,22423415 Thu, 21 May 2009 15:20:10 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423352 marigolds :

said by Bobcat

said by marigolds

:

As a side note, did you see that several companies are now proposing to get rid of the grace period? The minute you charge something to your card, you start accumulating interest?

More FUD. From the above link:

quote:
Creditors are required to provide a grace period for payments...

»frwebgate.access.gpo.gov/cgi-bin···.txt.pdf

Sec 163
"‘‘(a) TIME TO MAKE PAYMENTS.—A creditor may not treat a payment on an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 127(b) is mailed or delivered to the consumer not later than 21 days before the payment due date.
(b)GRACE PERIOD.—If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge."

If there is a grace period on finance charges, then the creditor must provide a grace period of 21 days. They are not required to have a finance charge grace period. They do have to give a payment grace period of at least 21 days to pay charges before imposing a late payment fee, but finance charges can be imposed immediately.
In other words, payments have a grace period, but finance charges do not.
--
ISCABBS - the oldest and largest BBS on the Internet
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Professional Geographer
Geographic Information Science researcher]]> http://www.dslreports.com/forum/remark,22423352 Thu, 21 May 2009 15:10:56 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423351 Fickey : Folks need to remember that credit cards are unsecured lines of credit. The higher the risk based on the bank's risk assessment model, the higher the interest rate and the lower the credit line. Of course, their model may be imperfect and may also use inaccurate info (such as credit bureau errors).

said by BabyBear

:

Secret History of the Credit Card

I used to work in the credit card industry and recall being shocked by how insubstantial and biased that "documentary" was. I don't have the time to watch it again & document all the flaws, but there were many instances of opinion & flawed logic presented as FACT. Very disappointing.
--
Charisma and eloquence are not the same as substance and leadership.]]> http://www.dslreports.com/forum/remark,22423351 Thu, 21 May 2009 15:10:52 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423316 DannyZ :

said by Mr Neutron

:

I mean, just how far do we have to dumb things down in this country? I'm getting more than a little tired of being treated like I'm eight years old.

Off topic: The dumbing down of America will be and already is the downfall of our great nation. And yet, it's what the people want :huh:
--
Out the 10BaseT, through the modem, down the co-ax, over the fiber, across the backhaul, past the edge router, off the network...nothing but net]]> http://www.dslreports.com/forum/remark,22423316 Thu, 21 May 2009 15:04:18 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423233 Mr Neutron :

said by Greg_Z

:

Credit score is an artificial number that is used by those giving you the gift of getting into debt. In all reality, the Credit Score can be done away with, and no one would be affected by not having one. Then maybe things could be fair again.

:uhh:

Credit scores exist in order to give businesses the ability to gauge risk. If you want them to be "done away with," fine: be prepared to pay inflated interest rates, insurance rates, etc., because the companies you're dealing with will then have no way to determine the level of risk present in doing business with you.

I agree that high credit scores are quite often attained by people who have demonstrated an ability to be kept on the hook (i.e. a "mix" of loans/tradelines is more desirable to credit scorers than just credit card debt). But be that as it may, having a low credit score will cost you thousands of dollars when it comes to things like mortgage and insurance payments (yes, insurance companies use credit scores to determine your rates). Not to mention that many, if not most, employers now run a credit check on you when you apply for employment. It may surprise you to learn that if you can't manage your own finances, then companies don't want you in a position where you can potentially screw up their finances, too.

If you don't want to maintain the highest credit score possible, that's certainly your choice. But it's not fair to others to convey the impression that having a low or mediocre credit score does not carry costs because it most certainly does.

I get the impression you're one of those folks who thinks that credit will be "fair" when we're all charged 30% interest on our credit cards and loans. Because that seems to be the direction we're headed in with these asshats complaining about how credit card companies "discriminate" against people who don't understand basic math, who insist on purchasing items they don't have the money for, and who cannot operate a pocket calculator. :uhh:

I mean, just how far do we have to dumb things down in this country? I'm getting more than a little tired of being treated like I'm eight years old.
--
We could use the £5,000 to buy a spoon. And then fill up with ice cream.]]> http://www.dslreports.com/forum/remark,22423233 Thu, 21 May 2009 14:51:44 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423187 avd706 :

said by dcurrey

:

Companies are beginning to look at your credit report and scores when you apply for a job. Guess the logic is you bad with your own finance you might not be a good employee.

If you are desperate you might do stupid things.]]> http://www.dslreports.com/forum/remark,22423187 Thu, 21 May 2009 14:46:59 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423135 dcurrey : Companies are beginning to look at your credit report and scores when you apply for a job. Guess the logic is you bad with your own finance you might not be a good employee.]]> http://www.dslreports.com/forum/remark,22423135 Thu, 21 May 2009 14:36:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423060 Greg_Z : And look where the banks got by choosing those they want to give, that cannot/will not pay, and those that can/will pay, but they choose not to give.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22423060 Thu, 21 May 2009 14:21:53 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423037 Bobcat :

said by Thespis

:

...but you can't get a good mortgage rate without a decent "artificial number".

Absolutely correct. When I did my refi, the person at the bank said, "The first thing we do is pull your credit report, and we'll know right away if you'll get the loan."
--
It's nice to be important, but it's more important to be nice.]]> http://www.dslreports.com/forum/remark,22423037 Thu, 21 May 2009 14:18:35 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423034 Greg_Z :

said by Thespis

:

...but you can't get a good mortgage rate without a decent "artificial number".

We have a good rate, and that was with my wife's credit being in the 500's when she got it. So again, do not listen to what the banks tell you, shop around. And our payments are about 5% of her income for something that you would probably classify as being a starter home in TX, but in our area, is considered reasonable for the neighborhood that we live in. Median income in our area is anywhere from 50k to 150k.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22423034 Thu, 21 May 2009 14:18:10 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423019 Thespis : ...but you can't get a good mortgage rate without a decent "artificial number".]]> http://www.dslreports.com/forum/remark,22423019 Thu, 21 May 2009 14:15:14 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22423010 Greg_Z : You can still get a good mortgage rate without having Credit Card history, and just by keeping your bills & debt in check.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22423010 Thu, 21 May 2009 14:14:15 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422988 Greg_Z : Credit score is an artificial number that is used by those giving you the gift of getting into debt. In all reality, the Credit Score can be done away with, and no one would be affected by not having one. Then maybe things could be fair again.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22422988 Thu, 21 May 2009 14:10:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422893 Bobcat :

said by the Grumble

:

»www.boston.com/business/personal···dit.html

Oooh! This is a good one:

quote:
If two or more different APRs apply to different portions of an outstanding balance, the amount of any payment above the required minimum payment needs to be applied to the balance with the highest APR first and then to lower APR balances.

said by marigolds

:

As a side note, did you see that several companies are now proposing to get rid of the grace period? The minute you charge something to your card, you start accumulating interest?

More FUD. From the above link:

quote:
Creditors are required to provide a grace period for payments...

--
It's nice to be important, but it's more important to be nice.]]> http://www.dslreports.com/forum/remark,22422893 Thu, 21 May 2009 13:53:25 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422889 Thespis :

said by Greg_Z

:

Suze Orman states the same thing. Dump the debt,

Dumped.

and do not depend on CC.

We don't "depend" on it. We use it as a tool. We don't have to; we choose to.

Also, forget about that artificial number, because all it does it bloats egos.

Well, that and allow you to get a good rate on a mortgage... Or should everyone save up to pay cash for a house?
Credit cards are "bad" in the same way that guns are "bad". They are tools which, in the wrong hands can cause a great deal of damage]]> http://www.dslreports.com/forum/remark,22422889 Thu, 21 May 2009 13:53:13 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422861 avd706 : I think this is an evil plot to keep people from refinancing at attractive rates.]]> http://www.dslreports.com/forum/remark,22422861 Thu, 21 May 2009 13:49:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422844 dekerfman : Capital One just raised my rate 10%. I use it regularly and carry a balance every month so their making money from me. By raising it so much it puts me in a position to pay loan shark rates or to cancel it and hurt my credit rating setting off a frenzy with my other cards. All their going to do is force people into bankruptcy and not receive anything.]]> http://www.dslreports.com/forum/remark,22422844 Thu, 21 May 2009 13:46:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422822 quatrix : As others have said, if you pay off the card each month then the interest rate is irrelevant. And if you can't pay off the card each month, you shouldn't have "bought" stuff you couldn't afford.]]> http://www.dslreports.com/forum/remark,22422822 Thu, 21 May 2009 13:43:15 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422730 graysonf : Which is?]]> http://www.dslreports.com/forum/remark,22422730 Thu, 21 May 2009 13:26:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422689 Dersgniw :

said by graysonf

:

I don't care about any of this. I don't carry a balance and don't pay any fees.

Which begs the question.... :huh:
--
I Smell Cures! -- Our Hope]]> http://www.dslreports.com/forum/remark,22422689 Thu, 21 May 2009 13:19:01 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422651 graysonf : I don't care about any of this. I don't carry a balance and don't pay any fees.]]> http://www.dslreports.com/forum/remark,22422651 Thu, 21 May 2009 13:12:38 EDT The Good Ol Days.... http://www.dslreports.com/forum/remark,22422581 anon : I wonder if they have also increased the interest rates for Mr. Tree....

»www.snopes.com/business/bank/treecard.asp

Damn... I could go on a shopping spree if I send in the card application for each of the trees in my backyard lol... :D :D :D

]]> http://www.dslreports.com/forum/remark,22422581 Thu, 21 May 2009 12:58:35 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422561 the Grumble : »www.boston.com/business/personal···dit.html]]> http://www.dslreports.com/forum/remark,22422561 Thu, 21 May 2009 12:51:46 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422556 the Grumble :

said by cowboyro

:

Been using credit cards for 10 years. I have about 15 of them totaling well over 100k in credit... I always pay in full every month unless I make a no-interest qualifying purchase... Haven't paid interest on purchases or annual fees... never seen an APR increase... I get cashback for purchases I make... Oh, how evil credit cards are... NOT.
If you treat credit cards as cash and never spend what you don't have they are a wonderful thing. If you go by "I don't have money for this, I'll put it on credit and figure a way to pay it later" it's only your fault.

NM]]> http://www.dslreports.com/forum/remark,22422556 Thu, 21 May 2009 12:50:59 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422516 wth : Here's the card for you if you payoff your balance in full every month.
AMEX Blue Cash Earned about $350.00 last year.
»https://www217.americanexpress.com/cards···7/0/0/-1]]> http://www.dslreports.com/forum/remark,22422516 Thu, 21 May 2009 12:46:06 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422444 dcurrey :

said by Dersgniw

said by runnoft

:

You SHOULD NOT close your credit card accounts, especially ones that you've had open for a long time. Doing that will lower your credit score.

True you shouldn't cancel the account. It does effect your credit score. But are you also going to be willing to pay $20 to $75 a year renewal fees to keep an account open you don't use?]]> http://www.dslreports.com/forum/remark,22422444 Thu, 21 May 2009 12:34:06 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422417 marigolds : That's your experience. Many other people have the experience that if they become "deadbeats" the credit card companies jack up their interest rates, charge them annual fees and eventually cancel their cards.]]> http://www.dslreports.com/forum/remark,22422417 Thu, 21 May 2009 12:29:11 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422415 graysonf : You have two choices.....

Don't carry a balance; don't pay the interest: The rate doesn't matter.

Take your business elsewhere.]]> http://www.dslreports.com/forum/remark,22422415 Thu, 21 May 2009 12:28:49 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422287 Dersgniw :

said by runnoft

:

You SHOULD NOT close your credit card accounts, especially ones that you've had open for a long time. Doing that will lower your credit score.

This is important. Many people will see these adverse actions by their credit card companies and close their cards. But, they don't realize the effect this has on their credit. The result will be both reducing your average length of credit (possibly) and lowering your available credit.
--
I Smell Cures! -- Our Hope]]> http://www.dslreports.com/forum/remark,22422287 Thu, 21 May 2009 12:07:49 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422238 cowboyro : Been using credit cards for 10 years. I have about 15 of them totaling well over 100k in credit... I always pay in full every month unless I make a no-interest qualifying purchase... Haven't paid interest on purchases or annual fees... never seen an APR increase... I get cashback for purchases I make... Oh, how evil credit cards are... NOT.
If you treat credit cards as cash and never spend what you don't have they are a wonderful thing. If you go by "I don't have money for this, I'll put it on credit and figure a way to pay it later" it's only your fault.]]> http://www.dslreports.com/forum/remark,22422238 Thu, 21 May 2009 12:00:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422152 TACSPEED : I've always paid my credit card bill in full and have gotten some nice cash rewards out of it.

If I loss the cash rewards, it's no big deal. It was good while it lasted.

If they start charging an annual fee, I'll shop around for a card with no annual fee.

However, I would be surprised if all of the three credit unions that I belong to, started to charge an annual fee.

I suspect if the monster mega-banks start charging in annual fee, the credit unions and small community banks will see it as an opportunity to offer credit cards with no annual fee and take their customers.

For those who maintain a balance and pay their bills on time, I would see with your local credit union or community bank can do for you.
--
Fiber Optics is the future of high-speed internet access. Stop by the BBR Fiber Optic Forum. ]]> http://www.dslreports.com/forum/remark,22422152 Thu, 21 May 2009 11:43:33 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422111 benecewicz : Yet another for USAA. Also have car insurance with them and regularly get a dividend check back from them every year. Not to mention being significantly cheaper than the other carriers.]]> http://www.dslreports.com/forum/remark,22422111 Thu, 21 May 2009 11:36:34 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422110 runnoft : You SHOULD NOT close your credit card accounts, especially ones that you've had open for a long time. Doing that will lower your credit score. Even if you don't intend to borrow soon, a lower credit score can raise your auto/home insurance premiums and affect your ability to get a job or new rental situation.

You SHOULD work to pay off your credit cards monthly and become, in credit card company parlance, "deadbeat". By the way, the CC companies are not losing money on "deadbeats" who pay monthly in full. They still collect a set percent of purchases made using credit cards that is higher than the three-to-seven week float.]]> http://www.dslreports.com/forum/remark,22422110 Thu, 21 May 2009 11:36:19 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422054 anon : Another for USAA.

I currently am with USAA for just about EVERYTHING, in 2007 the APR was ~9.7%, 2008 it was 6.75%, currently it's at 7.75% with a credit limit of $16K.]]> http://www.dslreports.com/forum/remark,22422054 Thu, 21 May 2009 11:26:19 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422017 Doctor Four : The banks and credit card issuers that are doing this to customers with good credit who pay on time and in full are only shooting themselves in the foot.

They are in for one hell of a backlash when they start losing customers over this, and people start paying with cash, checks or debit cards.

One good thing that could come out of all this is that people will start saving more money.

Smaller, regional banks and credit unions are less likely to engage in these tactics. Also if you are present or former military, you should look at USAA. They have largely avoided the financial mess other banks have gotten into, and are also not as likely to jack up rates for customers who pay in full every month.
--
"The trouble with computers, of course, is that they are very sophisticated idiots." - Doctor Who (from Robot)
]]> http://www.dslreports.com/forum/remark,22422017 Thu, 21 May 2009 11:18:09 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22422011 SSidlov : Yup Chase HAS gone mad. Mad to pay off the TARP loans, Mad to buy back the gov't warrants on the stock before the administration gets someone in that knows the true value of them, Mad to either have enough cash on hand to buy back stock or other banks while the prices are low.

Chase is doing everything possible to protect the bank and screw every penny out of the client base. It's not the Chase of 5 years ago, 10 years ago or the Chemical Bank of 15 years ago (remember Chemical bought Chase but didn't like it's name).

Chase has also dumped any mortgages they had which had a late payment in the last couple years into the FHA system and is acting as service agent (more profitable and it freed up balances sheet. You may have a FHA mortage and not even know it.

Chase collected in full on partial losses insured by AIG (AIG didn't have to pay in full) so that they would have more cash reserves etc. AIG's payments are not covered my any TARP agreements.

Finally, after all, CC paper is some of the more 'desirable' paper out there, and if you have higher APR on the underlying credit, the paper can be sold easier in a tight market even if it's 'risky paper'. Many more customers with smaller balances - due to reduced credit limits (500-2K)- with higher APR produces a statistically more stable package.
--
»www.Warpstock.org
]]> http://www.dslreports.com/forum/remark,22422011 Thu, 21 May 2009 11:17:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421942 bostechie : Only use the Visa Check card issued by my bank. No interest on those pruchases.]]> http://www.dslreports.com/forum/remark,22421942 Thu, 21 May 2009 11:03:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421918 dcurrey : Guess I should look to see what they are doing to me.

I never carry a balance unless its 12 month same as cash type. Since I pay them off every month interest rates don't concern me.

Most of my cards give some form of cash back. This amount to about $1000 yearly. From what I am reading cash back is going away along with grace periods on new purchases. This really pisses me off. I lose income and start getting charged interest on day 1 because aholes don't know how to handle money.

Guess its back to paying cash or debit card cc will have no value for me.]]> http://www.dslreports.com/forum/remark,22421918 Thu, 21 May 2009 10:58:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421909 Time :

said by marigolds

:

As a side note, did you see that several companies are now proposing to get rid of the grace period? The minute you charge something to your card, you start accumulating interest? You'll care about a 50% APR then.

In the event that happens, I'll just pay for everything through debit or cash. BofA has great rewards programs, so it doesn't really bother me that the CC companies will be losing my business.
--
"If it can't be done with brains, it can't be done with hours" - Clarence "Kelly" Johnson]]> http://www.dslreports.com/forum/remark,22421909 Thu, 21 May 2009 10:56:38 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421904 C0deZer0 : This is why I've yet to have any credit card at all.

And with news like this, no way I'll go apply for one. :(]]> http://www.dslreports.com/forum/remark,22421904 Thu, 21 May 2009 10:55:54 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421895 Time : Yep, I dropped my Southwest Airlines card (Chase) last month, as well as my Citi card. I got my first credit card through Chase, no more.

I don't carry a balance, but in the event I need to, I have a BofA Amex and Visa, and Blue from Amex.
--
"If it can't be done with brains, it can't be done with hours" - Clarence "Kelly" Johnson]]> http://www.dslreports.com/forum/remark,22421895 Thu, 21 May 2009 10:54:14 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421878 DC DSL : How long have you had your account with Chase? Have you called them to ask if they will rescind the increase?

A couple of weeks ago, I got letters from them telling me they were reducing the limits on the two accounts I have with them. The reasons they cited were nonsensical, though: "Too few accounts with time on file greater than 36 months" and "Insufficient relationship experience." Huh? I've had these accounts since the 1980s with other banks that Chase acquired about 5 years ago.

I pulled up my 3-bureau credit report and called the number on the letter and asked what the deal was, since I've had the accounts for far longer than 3 years, have never been late paying them or anyone else, and there's nothing showing as negative or derogatory on my credit report. The woman was very polite and in less than 10 minutes she had restored my original limits plus a $5K boost on each card and cut my interest rate in half.

Check on your notice and if they have a phone number that's for Portfolio Lending, or other than the customer service number on your card or monthly statement, and give them a ring. Those folks are all US-based and can make changes immediately, unlike the regular CS people. Just be polite.
--
There is no giant fur-bearing trout.]]> http://www.dslreports.com/forum/remark,22421878 Thu, 21 May 2009 10:49:45 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421876 marigolds :

said by Airline0wnerFTW :

I Don't give a damn even if they put a 50% APR on my cards because I ALWAYS PAY IN FULL AND ON TIME.

You will care when they close your account.
Chase bumped me up over 30% because I was not carrying a balance, then closed my account because "we were losing money on your account" since I never missed one payment in 7 years.

As a side note, did you see that several companies are now proposing to get rid of the grace period? The minute you charge something to your card, you start accumulating interest? You'll care about a 50% APR then.
--
ISCABBS - the oldest and largest BBS on the Internet
telnet://bbs.iscabbs.com
Professional Geographer
Geographic Information Science researcher]]> http://www.dslreports.com/forum/remark,22421876 Thu, 21 May 2009 10:49:23 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421871 djrobx :

said by Greg_Z

said by 57721182

:

Why not just pay all your credit card bills on time and in full?

I dunno about that. I use my credit card heavily but always pay it in full. Chase has never raised my APR (still 10%).
--
AT&T U-Hearse
Your funeral. Delivered.
]]> http://www.dslreports.com/forum/remark,22421871 Thu, 21 May 2009 10:48:03 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421857 Sweet Witch : I got WAMU cards *because* I didn't want Chase and look what happened! WAMU was a much nicer company to deal with.

My HSBC card dropped my credit line from $4800 to $530 about three months ago! I called, they said it was 'across the board' - I still can't believe they did that. I don't like how these banks can so arbitrarily screw you over. They should inform you of a pending fee instead of just taking your money and making you fight to get it back. If I just took someone's money I'd be arrested!
--
"While you can teach an old dog new tricks, you simply can't teach him to be a cat."

"Are you my Mummy?"]]> http://www.dslreports.com/forum/remark,22421857 Thu, 21 May 2009 10:45:33 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421822 ptrowski : Citi is doing the same thing to me. Got to love it!]]> http://www.dslreports.com/forum/remark,22421822 Thu, 21 May 2009 10:40:18 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421792 Jim Gurd : I got the same notice. As long as they don't eliminate the grace period or add an annual fee I will keep the card. I pay it off every month and they rebate me 3% on gas purchases plus 1% on everything else.
--
The Mogambo Guru economic newsletter, an avocational exercise to heap disrespect on those who desperately deserve it.]]> http://www.dslreports.com/forum/remark,22421792 Thu, 21 May 2009 10:34:21 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421788 tvtek : It is not uncommon now a days for them to raise the interest rates and lower your credit line at the same time.
--
Curiosity killed the cat, but for a while I was a suspect.
Steven Wright.]]> http://www.dslreports.com/forum/remark,22421788 Thu, 21 May 2009 10:32:26 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421750 BabyBear :

said by jjoshua

:

to offset the lost fees that they used to charge their riskier customers.

YES WE CAN!*

How about just denying the risky credit??? Or maybe it because they just want to trap you into paying monthly payments for the rest of your days. Got to get that stock price pumped back up!

*but that doesn't necessarily mean we're going to.]]> http://www.dslreports.com/forum/remark,22421750 Thu, 21 May 2009 10:22:52 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421635 Maccawolf :

said by Airline0wnerFTW :

I Don't give a damn even if they put a 50% APR on my cards because I ALWAYS PAY IN FULL AND ON TIME.

I agree. there are better and more important things in life for me to worry about!
--
Mom and Crockett...... I miss you both!]]> http://www.dslreports.com/forum/remark,22421635 Thu, 21 May 2009 09:57:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421571 major marco :

said by damn

:

First they raised APR from 9% to 24% 3 months ago.
Now they raise it even further to 28% ??

Did you recently sign up for more credit elsewhere? Take out a loan/mortgage? These are all items that will trigger APR hikes. Read your universal default clause in your contract.
--
The Toll

Tracking Lord Stanley
]]> http://www.dslreports.com/forum/remark,22421571 Thu, 21 May 2009 09:42:26 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421537 avd706 :

said by koam

:

Please identify one sentence of your reply that makes sense. Thanks.

If you insist:

#1

The banks have broken the social contract.

You pay and all is good.

Now everyone is getting fucked and why?

It is a business now, and the model is to squeeze as much as they can from you.

]]> http://www.dslreports.com/forum/remark,22421537 Thu, 21 May 2009 09:34:14 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421521 jjoshua : Everyone was bitching for credit card reforms and now you're going to get it.

The banks are going to raise rates on everyone to offset the lost fees that they used to charge their riskier customers.

When you ask the government to regulate, you get what you ask for - along with the consequences.

YES WE CAN!]]> http://www.dslreports.com/forum/remark,22421521 Thu, 21 May 2009 09:31:52 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421489 koam : Please identify one sentence of your reply that makes sense. Thanks.]]> http://www.dslreports.com/forum/remark,22421489 Thu, 21 May 2009 09:25:41 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421414 avd706 :

said by koam

:

if you have so much experience with credit cards, why then didn't you pay your minimum payment well ahead of time every month as you agreed to? the minimum payment is normally very low and the easiest way to prevent rate increases.

The anger is because this isn't happening anymore. The banks have broken the social contract. You pay and all is good. Now everyone is getting fucked and why? Because they can. That's all this is. It is a business now, and the model is to squeeze as much as they can from you.]]> http://www.dslreports.com/forum/remark,22421414 Thu, 21 May 2009 09:09:24 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421382 kcazzie : AMEX is no better... In fact I think they are all the same... I've been AMEX Gold card holder for years and AMEX CostCo card holder ... About five months ago I received a letter from AMEX that they are lowering my CostCo card from 22k to 10k for a reason that made no sense... In fact they me feel like I was a low life... I had no balance and use the card a lot... Like I said this made no sense so I went to checkout what others were saying on the PC... And I wasn't only one, looks like right when this recession started they were lowering everyone's balance which is fine with me but the way they went about doing it was just terrible... I wish I could fine the site...I can't put into words what stuff they did to their customers... Ppl had their cards balances cut and were not told and went to make purchases and you guessed it they were declined...

Here's one site I found but it's nowhere as bad as the one I found months ago...

»www.badcreditcards.org/American%···ress.htm

Edit- This what I'm talking about; mine was somewhat like this... I made a major buy and then paid it off within two months and then they cut my balance ... The funny thing is, they were the ones that kept upping it...!!!...

Dino (from »www.badcreditcards.org/American%···ress.htm)
Complaint_against: AMX

Complaint:
"Watch your credit limit. AMX will change your limit. If you are carring a balance and make a big payment. AMX may drop your limit without notification. It happened to me I have had the card for 6 years never missed a payment and alway paid the entire balance or very close every year. I did the same this year and they droped my limit from $4500 to $800.00. Which got my attention. So I immedatly ordered my credit report from Experian they very same company they use to check this out to see if this was Identity theft and I verified this is the same information that everyone sees when they review a credit report. I my score was 769 and I found no discrepancys or public records. So I called AMX and it took 8 hours and 15 calls no one would give me any straight anwsers. Heres is what they told me. 1. You have a high debit to credit ratio or I descrepacy and public record with experian and that is why we lowered your credit. Which is Bullshit. Keep in mind I have the same report t!
hey have in front of me, so I asked what is the public record. They said they don't know and call Experian. I called Experian and they said my credit is fine and the do not have anything on public record. The CS rep at experian was very cool she told me that AMX is lowering credit limits on people who carry a balance , because they are afraid that you won't pay the balance and screw them out of their money. Amx is making bogus excuses to the card holders to cover there losses from bad investments junk bonds, and bad mortgages that defaulted. So they are shoreing up credit on the cardholdser, so the outstanding debt does not look so bad on there records. The funny part was I canceled the card paid in full and went to visa and had them reviewed my credit and also asked them about any issues or public records. They said your records and credit is almost perfect and they were using the same report AMX has. AMX lied to me and will lie to you. VISA gave me a $15,000 limit. AMX is !
having finacials issue of there own and are punishing the good and loyal cardholders for their Mistakes. Beware if you carry a balance. I will never have another AMX card as long as I live."]]> http://www.dslreports.com/forum/remark,22421382 Thu, 21 May 2009 09:02:12 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421314 moonpuppy :

said by JeepMatt

ORLY?

There is a regional grocery store chain (Giant Foods) that at one time had a rewards program credit card through either Citibank or Chase. You got bonus points to use at Giant supermarkets based on your purchases. After 18 months, the cards were cancelled and the program discontinued. Why? Because most of the people using these cards never held a balance. The card companies were not making enough money off the transaction fees to pay off the rewards they were giving.

Look at the airline miles programs. More blackout dates and destinations you can't go to. Why? Too many people racking up the miles and they can't afford to use them.

Face it, the credit card companies brought this on themselves. Why give cards to teenagers in high school? What happened to verification of income?

Sure, they can raise rates to 25%. What happens when no one uses them? Those rates will come down. Annual fees? Card gets cancelled and tossed. ]]> http://www.dslreports.com/forum/remark,22421314 Thu, 21 May 2009 08:44:48 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421305 Bananas : Use a prepaid credit/debit, I have a Greendot with the premier account(wooohoo) and I use it both ways. They charge 7 bucks a month, plus every time you reload is 5 bucks. 2500 dollar limit, but it works for every purchase online. FICO score....what's that lol
--
I want to die peacefully in my sleep like my grandfather, not like the other people in his car who were screaming.]]> http://www.dslreports.com/forum/remark,22421305 Thu, 21 May 2009 08:43:00 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421263 koam : if you have so much experience with credit cards, why then didn't you pay your minimum payment well ahead of time every month as you agreed to? the minimum payment is normally very low and the easiest way to prevent rate increases.]]> http://www.dslreports.com/forum/remark,22421263 Thu, 21 May 2009 08:31:58 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421249 TurtleFan : I went with Wamu BECAUSE I didn't need a minimum amount in my account. Why should they care if I have no money in it....Isn't it all virtual anyway? It's not like they have a lock box somewhere with my money in it in one bank.

I absolutely refuse to get a credit card...it's just one big scam to get you to pay more, even if you use it wisely. Debit works just fine for me. Buying only when you have the money to buy...]]> http://www.dslreports.com/forum/remark,22421249 Thu, 21 May 2009 08:28:08 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421190 Greg_Z : Suze Orman states the same thing. Dump the debt, and do not depend on CC. Also, forget about that artificial number, because all it does it bloats egos.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22421190 Thu, 21 May 2009 08:05:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421183 cableties : I'm in total anger mode here.

I got the same with Capital One on two visas (One is business card with low credit but balance forward, and other is a card I paid off but TOLD by Capital One NOT to close but leave open...no balance...supposed to mkae credit score look good...wtf!).

I called trying to reach a supervisor but got run around. Either give me introductory rate, or I'm going to be one of those "dolts" or "deadbeats" and effem. I don't care about some credit score when I have a great mortgage and no car payment needs. I understand that if I don't pay for 3 months, I get bumped to their collection group where I can negotiate a payoff ONE THIRD what I owe. I can keep letters of this ordeal and when time comes that my credit does affect some home borrowing, I can argue that the banks unfairly raised my interest without due process... (I can blame the economy just like everyone else).

:)]]> http://www.dslreports.com/forum/remark,22421183 Thu, 21 May 2009 08:01:18 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421179 Greg_Z : It is now a bad thing to have a CC.]]> http://www.dslreports.com/forum/remark,22421179 Thu, 21 May 2009 08:00:30 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421174 BabyBear :

said by JeepMatt

:

Ahhh...you (and others) will learn someday. CC's aren't "greedy" - they are a business.

Yeahhhh right.

Secret History of the Credit Card]]> http://www.dslreports.com/forum/remark,22421174 Thu, 21 May 2009 07:56:19 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421147 Bobcat :

said by JeepMatt

:

You can all thank the President for this.
The "credit card" bill may sound good on the nightly news - but wait until everyone has a 25% APR despite their credit rating.
You think CC companies are bad? Wait until next year until this "so-called" consumer friendly bill goes into effect.

]]> http://www.dslreports.com/forum/remark,22421147 Thu, 21 May 2009 07:44:16 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421143 JeepMatt : BabyBear-

Ahhh...you (and others) will learn someday. CC's aren't "greedy" - they are a business.
--
"ONE team - ONE city - ONE dream!!"]]> http://www.dslreports.com/forum/remark,22421143 Thu, 21 May 2009 07:42:49 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421129 Thespis :

said by axus

:

or a debit card. The only financial argument for using a credit card is to improve your artificial number by having one.

Most car rental places will not take a debit card.
I had a debit card and found some unauthorized charges. It took about a week to get my money back. No thanks...
We pay ours off every month, but would have no problem functioning without it. We can cancel and just use cash any time.
I'm a Dave Ramsey fan too Greg_Z but he's not Jesus. Not everything that comes out of his mouth is the gospel...]]> http://www.dslreports.com/forum/remark,22421129 Thu, 21 May 2009 07:35:04 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421100 joako :

said by JeepMatt

I didn't know the President wrote the bill and that it also mandates that interest rates be increased.

Furthermore I don't know how the credit card companies expect to recoup their losses from not being able to gouge some of their customers if their reaction is to make the use of the product less attractive. Or maybe they shouldn't have handed out cards to whomever can fill out an application?
--
PRescott7-2097]]> http://www.dslreports.com/forum/remark,22421100 Thu, 21 May 2009 07:15:02 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421098 axus :

said by Gemologist

:

Exactly! In today's day and age one HAS to have a credit card, period, no ifs, ands, or butts. Most online shopping places ONLY accept credit cards, traveling.. every Hotel requires a credit card on file for payment/damages/security/etc., rent a car... truck...uHaul... CC required, rent just about anything and a CC is required, no way one can live without a credit card unless they order nothing online, do no traveling requiring staying in a hotel, renting no cars or anything else ever, etc.

or a debit card. The only financial argument for using a credit card is to improve your artificial number by having one.]]> http://www.dslreports.com/forum/remark,22421098 Thu, 21 May 2009 07:14:30 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421095 BabyBear :

said by JeepMatt

:

You can all thank the President for this.

No, I'd 'thank' the greedy credit card companies for it. If all my interest rates shot up and/or all my free cards were changed to annual fee cards, I close 'em all except for 1(my credit union card(non-profit) most likely). I hardly ever carry a balance. Willing to bet avg. interest rate paid each year for me is probably less than $10 for all my cards put together.]]> http://www.dslreports.com/forum/remark,22421095 Thu, 21 May 2009 07:11:13 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421077 JeepMatt : You can all thank the President for this.

The "credit card" bill may sound good on the nightly news - but wait until everyone has a 25% APR despite their credit rating.

You think CC companies are bad? Wait until next year until this "so-called" consumer friendly bill goes into effect.
--
"ONE team - ONE city - ONE dream!!"]]> http://www.dslreports.com/forum/remark,22421077 Thu, 21 May 2009 06:59:43 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421076 BabyBear :

said by Airline0wnerFTW :

And So?!!

I have 6 Major Bank credit cards and 3 Store Branded Credit cards and I DO NOT HAVE any problems with it.

I Don't give a damn even if they put a 50% APR on my cards because I ALWAYS PAY IN FULL AND ON TIME.

Go figure that out smart-pants!

Will you give a dam when they add an avg. of a $50 annual fee? If you don't carry a balance don't be shocked when all your cards decide to no longer give you a 'free' card since you always pay off any balance. Eh!? 'smart-pants'?]]> http://www.dslreports.com/forum/remark,22421076 Thu, 21 May 2009 06:56:55 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421074 Bobcat : Capital One is increasing my APR from 2.67% to 9.99%.]]> http://www.dslreports.com/forum/remark,22421074 Thu, 21 May 2009 06:54:42 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421053 anon : And So?!!

I have 6 Major Bank credit cards and 3 Store Branded Credit cards and I DO NOT HAVE any problems with it.

I Don't give a damn even if they put a 50% APR on my cards because I ALWAYS PAY IN FULL AND ON TIME.

Please... Credit Cards a BAD THING TO HAVE? Try to tell that to me face to face and i will give you some whooop-ass financial lesson on the spot!!!

Credit Cards for me is a life saver... I DONT Need to bring cash with me even when going to other countries and I get to have a FREE 30 to 45 days loan!

Not to mention the FREE rewards and Cash backs that I am getting.

Go figure that out smart-pants!]]> http://www.dslreports.com/forum/remark,22421053 Thu, 21 May 2009 06:35:57 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22421003 dvd536 : Chase did this to me: because i don't carry a balance and use my card not too often decided i don't need my 20K line. guess what? that drops my score from 805 to 770 and one after one i get the "i'm getting screwed letters" from my other cards[lines drop/rates jacked] and i was late on NO CREDIT AGREEMENTS!
-
I guess being considered a "deadbeat" can be costly.
--
When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee]]> http://www.dslreports.com/forum/remark,22421003 Thu, 21 May 2009 05:37:39 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420880 KeepOnRockin : Chase has affected a lot of cardholders with these rate hikes.

They raised my father's Chase card's interest rate up quite a bit (though he has good credit and never missed/late payment).

Heck, my own Chase account was closed down by the company entirely (my credit is good as well with no missed/late payments).

I don't really mind though. I was considering closing that account once I got it paid off anyways. Now, once I pay it off, it saves me a phonecall to close it.]]> http://www.dslreports.com/forum/remark,22420880 Thu, 21 May 2009 03:02:46 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420843 tim_k : They were talking about this on a radio talk show today. I pay all of my off every month, but from what I hear, they may be adding all kinds of fees and adding interest from the day of purchase. One guy who called in said when he called his CC company to complain they said they were doing it to make up for all the losses from the dead beats. Yeah, punish your good customers, that's great for business. While it doesn't really affect me those kinds of interest rates should be illegal, that's loan shark rates. If they start charging interest from day one and tack on other fees to get more money out of me, I'll have to look at using my debit card instead and see if I can avoid the fees. It's that or resorting to using checks for everything.
--
RIP my babys Buttons 1/15/94-2/9/07 & Beamer 7/24/08, Buttons, Buttons video, Beamer
]]> http://www.dslreports.com/forum/remark,22420843 Thu, 21 May 2009 02:27:44 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420823 the Grumble : Don't feel picked on, everyone will soon be getting those letters and maybe even worst ones.
Even people that pay of the balance off monthly may get a screw or two in their butts.
»finance.yahoo.com/news/Big-chang···=&ccode=]]> http://www.dslreports.com/forum/remark,22420823 Thu, 21 May 2009 02:13:17 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420754 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.
--
Email/MSN: Michael at hardwaregeeks.com AIM: MikeR35292]]> http://www.dslreports.com/forum/remark,22420754 Thu, 21 May 2009 01:38:37 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420656 tcope : Chase did the same to me... bumped mine from 10% to 13%. I called and they told me it was due to the current financial situation (hum... people are making less so you raise their rates?). I have it down to $200 right now and pay about $2.00 in interest. I plan on taking it down to about $25 and cost them money each month. Paying off the account does not cost them anything. Just close the account with a balance and let their charges rack up!]]> http://www.dslreports.com/forum/remark,22420656 Thu, 21 May 2009 00:58:09 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420560 Gemologist :

said by TearAbite

:

I must have a CC because I deal with a few companies (for my business) that only take CC payments.. I also use a CC for convenience and protection when buying things online.. again - credit cards arent evil, their misuse is.

Exactly! In today's day and age one HAS to have a credit card, period, no ifs, ands, or butts. Most online shopping places ONLY accept credit cards, traveling.. every Hotel requires a credit card on file for payment/damages/security/etc., rent a car... truck...uHaul... CC required, rent just about anything and a CC is required, no way one can live without a credit card unless they order nothing online, do no traveling requiring staying in a hotel, renting no cars or anything else ever, etc.

Nothing wrong at all with credit cards, it is how you use them that can make them wrong. But irresponsible use of ANYTHING is a bad thing!
--
Images are Copyrighted and use is NOT
permitted.]]> http://www.dslreports.com/forum/remark,22420560 Thu, 21 May 2009 00:25:10 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420481 Kibbles : Prime Rate plus 23.99%..wow...if the prime ever goes back to 10-14% ...33.99% to 37.99%...

Same thing happened to my Chase card...all I am keeping it for is to keep my credit score up until I purchase a house.
I opened up a Teachers Credit Union Visa Card and so far its rate is 11%.

I heard that some CC companies are going to start charging interest the moment you make a purchase...no more grace period. :p
--
»www.angryrenter.com/]]> http://www.dslreports.com/forum/remark,22420481 Thu, 21 May 2009 00:00:44 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420444 Combat Chuck : Hey, you all (meaning most of the general public) complained to the government. The government responded and now you (meaning everyone) get to pay for the irresponsible dolts out there who bitched about the evil credit card companies (and also can't balance a check book or know what their credit limit is or any of the stuff the credit card companies tell you they will do or be bothered to save for that high screen TV, Xbox, and car they can't afford).

»blogs.consumerreports.org/money/···red.html

Yay the consumer wins... and by wins I mean gets to pay more to use credit. I can't wait till this vindication spills over into the loan market and we get to win there too.
--
Come let us reason together.]]> http://www.dslreports.com/forum/remark,22420444 Wed, 20 May 2009 23:47:37 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420375 damn : I pay off balances rigorously. At some point it was maxed out and then 6 months later I paid it off completely. Now it's just day-to-day purchases. The 500 I have are from 2 trips to costco and a new camera.
--
The best thing about piracy is the music in the keygens.]]> http://www.dslreports.com/forum/remark,22420375 Wed, 20 May 2009 23:33:08 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420348 TearAbite : Having credit cards is not bad news.. Being in debt is..

and, contrary to what you just posted, I pay my CC's in full every month and not only do i not have a high interest rate, they just lowered it a few months ago to 7.something ..

I must have a CC because I deal with a few companies (for my business) that only take CC payments.. I also use a CC for convenience and protection when buying things online.. again - credit cards arent evil, their misuse is..

and.. if any CC company jacke'd my rate like that i'd drop them in a heartbeat..]]> http://www.dslreports.com/forum/remark,22420348 Wed, 20 May 2009 23:25:12 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420315 Greg_Z :

said by 57721182

:

Why not just pay all your credit card bills on time and in full?

That is why his rates jumped. The CC companies classify those that keep a zero balance "Deadbeats". Now, it is not just those that cannot pay off the balance, but those that keep no balance on their card high Interest Rates. Looks like lots more people are going to be cutting the card, and learning how to put money away for those items they want, and learn to live with a Debit Card.
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22420315 Wed, 20 May 2009 23:13:28 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420298 57721182 : Why not just pay all your credit card bills on time and in full?]]> http://www.dslreports.com/forum/remark,22420298 Wed, 20 May 2009 23:09:31 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420280 Greg_Z : Next time, listen to people when they say that having Credit Cards are bad news, and no matter what, companies want your money. Worst thing is, you do not need a credit card other then to state that you have a piece of plastic advertising a bank/financial institution that is ran by crooks.

»www.bankrate.com/brm/news/cc/200···e_a1.asp
»www.creditorweb.com/articles/goo···tes.html
--
I threw out the map a long time ago. Now I follow my own direction!]]> http://www.dslreports.com/forum/remark,22420280 Wed, 20 May 2009 23:04:51 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420241 TearAbite : vote with your checkbook.. pay them off, then take your business elsewhere..
(now i gotta go run and look at my chase, former Wamu account)]]> http://www.dslreports.com/forum/remark,22420241 Wed, 20 May 2009 22:56:13 EDT Re: Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420233 jadinolf : Smart move. :)]]> http://www.dslreports.com/forum/remark,22420233 Wed, 20 May 2009 22:55:40 EDT Chase has gone mad. Raised my APR by 3 times http://www.dslreports.com/forum/remark,22420228 damn : First they raised APR from 9% to 24% 3 months ago.
Now they raise it even further to 28% ??

I don't understand, they just want me to see me gone? I only have about 500 bucks of balance on it (limit is 12000), my credit score is hovering around 750. This was originally WaMu credit card and I never had any issues with them back when they were WaMu.

Oh well fuck them too, AMEX is all the way for me now.
--
The best thing about piracy is the music in the keygens.

]]> http://www.dslreports.com/forum/remark,22420228 Wed, 20 May 2009 22:53:27 EDT