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Old 06-29-2009, 02:29 PM
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Default Credit cards arrrrrrrr

Oh my god , just got my credit card bill. The APR has gone up by more than double. My APR was 7.4 % , and now it is 18 %. Stupid banks. So I called the credit card company. all they could do was keep it at what it was before aslong as I do not use it . My Bank was the one that upped the rate. I have great credit. I can't belive this is happening to so many people. Just to think of all those who don't even have ajob and this happens to them also.
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Old 06-29-2009, 04:08 PM
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That was the prediction by critics when the new credit card law was passed. It has some benefits but in the end they'll just bump the percentage rate to recoup lost revenue thereby screwing the consumer. The credit card company didn't really do anything for you but state the new rules because an APR bump isn't retroactive, it won't apply to the existing balance unless you buy something new(which they told you about) or a payment is 60 days overdue. My unsolicited advice would be to pay it off and cut it up as soon as possible and watch to see who'll be the most consumer friendly in the future.


Disclaimer: Howlin' Wolf is by no means a credit card guru, he just plays one on the Star Trek Forums.
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Old 06-29-2009, 04:16 PM
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I agree with Howlin' Wolf- pay it off. And, be very careful not to charge more than you can pay off when the bill comes. Simple advice, I know, but important.
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Old 06-29-2009, 08:20 PM
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Or at least get one with good rewards!
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Old 06-29-2009, 10:53 PM
Kiko Kea Kiko Kea is offline
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Originally Posted by jerhanner View Post
Or at least get one with good rewards!
True. I can do most of my Christmas shopping at Amazon.com with all the reward certificate my amazon.com Visa card produces.
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Old 06-30-2009, 07:39 AM
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Quote:
Originally Posted by Howlin' Wolf View Post
That was the prediction by critics when the new credit card law was passed. It has some benefits but in the end they'll just bump the percentage rate to recoup lost revenue thereby screwing the consumer. The credit card company didn't really do anything for you but state the new rules because an APR bump isn't retroactive, it won't apply to the existing balance unless you buy something new(which they told you about) or a payment is 60 days overdue. My unsolicited advice would be to pay it off and cut it up as soon as possible and watch to see who'll be the most consumer friendly in the future.


Disclaimer: Howlin' Wolf is by no means a credit card guru, he just plays one on the Star Trek Forums.
Sorry, had nothing to do with the new credit card law. This kind of thing has been happening since the credit crunch started. The law is NOT in effect yet and many banks ARE raising rates on previous balances, since the new law is not in effect yet (unless this has changed and I was not aware of it)

I had one credit card at 7.9% I put nearly all of my credit card debt on it as it was the lowest rate card I had. My minimum payments were $100 and I usually paid about $140-$150 a month on it. Then one day I see my minimum went up to $200!!! It was because my interest rate shot up to 24%!! I called right away to ask why (this was before it was all over the news and BEFORE the new CC law had been signed by Obama). I was NOT late or anywhere near over my limit, so I was confused. The answer I got was that they were raising rates because credit was tighter and that the bad economy meant they needed to make more money. Yes, the customer rep on the phone actually said that!! They needed to make more money! When I said I would NOT pay the new minimum and that I would rather default, they said I could opt out of the new terms and restore my previous rate, as long as I CLOSED the line of credit. So I did. I closed the line of credit and now it's like I have a loan payment rather than a credit card. Basically I could have kept my credit card open and paid 3 times my normal interest, but on my previous balance as well!! No brainer there!

p.s. what we WILL likely see from the new credit card law is more annual fees and slighty higher APR's (maybe 1-2 points higher). This means people that have used credit cards for all the convenience they offer like buy things online, rent cars and hotel rooms, or buy gas at the pump then pay their bill before the end of the month. These kind of CC users don't usually "pay into" the system because they don't accrue interest and have enjoyed no annual fees. Now we can expect banks to do away with this for the most part and to start charging an annual fee. I don't have a problem with this because annual fees are usually VERY low anyway (like $10-$20 per year), and the law does wayyyyyyy more to keep banks from ripping off people and does more good than harm, in my opinion of course.
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Old 06-30-2009, 08:07 AM
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The best thing to do with a credit card: Place the credit card in a ziplock bag filled with water... place in the freezer. You won't be able to use the card, once frozen, until it thaws out completely... (which could be as long as 24 hours) By that time, whatever impulse buy you were thinking about getting has had time to cool off.

The second best thing to do with a credit card: snip it in half, or run it through an industrial shredder.

Oh, and BTW... once you make a late payment, you can expect your interest payment to jump... AND all other payments you make to go up as well (such as house payments, car payments, insurance, etc.) All this stuff is interlinked.

Keep in mind: the credit card company is NOT your friend. It is their intent to saddle you with a balance that you will NEVER be able to pay off. Ever. (That way, their cashflow is assured for decades to come.)
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Old 06-30-2009, 08:16 AM
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It's pretty simple why the banks are raising rates the way they are right now (before the new law is actual law), they are "tightening their belts" and decreasing the amount of credit already out there. Unless you are a top tier consumer (700+ credit score, even 740+ in some cases) they are trying to reduce the credit available to you. Once this credit crunch is over, competition will take hold once again and rates for MOST people will look very much like they did before all this economic upheaval.
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Old 06-30-2009, 08:23 AM
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Quote:
Originally Posted by trekie View Post
Oh my god , just got my credit card bill. The APR has gone up by more than double. My APR was 7.4 % , and now it is 18 %. Stupid banks. So I called the credit card company. all they could do was keep it at what it was before aslong as I do not use it . My Bank was the one that upped the rate. I have great credit. I can't belive this is happening to so many people. Just to think of all those who don't even have ajob and this happens to them also.
Make sure this rate increase is for new purchases only, DON'T assume that is the case. You can tell by looking at your minimum payment, if it went up the rate is for ALL your balance. If that is the case you may be able to opt out the way I did, but you will be closing that line of credit in order to do it.
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Old 06-30-2009, 09:54 AM
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Unfortunately, they are a nesseccary evil these days. I keep exactly ONE credit card. And I use it only for things like reserving a rental car, or making airline reservations. Any other use will just get me in trouble. I fought my way out from under $10k of credit card debt back in the late 90's, and I NEVER intend to be in that position again. (I got out of it only by selling my first home, which I had wanted to keep.)
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