Chase just tried to raise my credit card rate 4%

[smoogatz]

to a variable rate of prime plus 7.99%. My credit history is excellent; never so much as a late payment. Fortunately, I only had a balance of about $100, which I paid this morning. I told them to take their platinum card and stick it up their usurious asses. I assume they're doing this across the board.

[whistle]

1. loan sharks

[TK421]

2. I've had my run-ins with these greedy bastards before

They are one of the worst companies out there and arrogant to boot

[smoogatz]

4. They were TOTALLY arrogant.

They transfer you to someone who tries to get you to transfer balances or pay for a card with rewards points or miles or whatever; anything but just close your damn account. Then, when you insist, they get all huffy about it. No "thanks for being a good customer;" no, "in your case we have a special rate," nothing. I'm actually what's known in the credit card biz as a "deadbeat": I almost always pay off my balance every month, so they don't make a dime off me.

[Coventina]

7. FYI If you make purchases with a card, they still make a profit

just less of a profit.

The CC companies do not pay the merchants the full amount of the total purchase. This is called the "discount rate". It changes from time to time, and some companies pay less or more than others.

American Express had a mini-revolt by merchants about 10 years ago or so because their discount rate was about double the other cards and a lot of merchants stopped accepting AmEx because of it.

Just FYI.

[smoogatz]

8. True enough.

I used to work in retail, God help me--at that time Visa/MC made about 2% off every purchase. I suppose it's more than that, now.

[SoCalDem]

3. Chase will be "eating" a lot of debt next month

There are LOTS of people who will be bailing..just under the wire.. I personally know of at least 4 families who are going to file for BK.

[meganmonkey]

5. MBNA did that to me a few months ago

They raised it by 6% for no reason. So I stopped using that card. Yesterday I got a letter saying 'Gee, we noticed you haven't been using your MBNA card. Why don't you call this 1-800 number so we can tell you about a new lower rate' :eyes:

Asswads.

[Skidmore]

23. I paid off my MBNA card several months ago and closed

the account, while telling them it was because they supported the Rs and were actively hurting the people. I get stuff from them weekly, begging me to come back. It goes in the burn barrel.

[northzax]

6. when I lost my job

I had four cards with balances outstanding. Chase, Citi, Amex (blue) and MBNA. Called them all. MBNA put me on a 40 month, 1% payment plan. Both Citi and Amex gave me one year, interest free, to pay it off. Chase raised my rate to 29%. I have paid Amex, will pay Citi off in two months and have made 18 straight to MBNA and Chase. My MBNA account is 5 THOUSAND lower today, making the same payments, my Chase balance is actually higher.

I just settled for 50% of the balance. Yes, it'll fuck my credit, but not more than having 10 grand in debt I can't pay.

[Merlot]

9. how did you settle for 50%?

[northzax]

12. told them I couldn't pay them

enough times and they started to listen. I also have no assets to come after to speak of, so suing me would simply run up the tab (and honestly, as I explained to them, no court would ever force me to pay 29% on my debt in default, so even with court costs, I'd come out ahead.

it'll ding my credit, but oh well.

[smoogatz]

10. It's loan sharkery of the worst kind.

29% should be flat fucking illegal. Good God. They did everything short of sending goons to break your kneecaps. Fuckers.

[Yavin4]

11. In The Credit Card World, You Are Considered A Deadbeat

People who keep a low balance and make payments on time are considered deadbeats in the credit card industry because the CC companies make a fortune on late fees and the interest on high balances.

[smoogatz]

13. Crazy, ain't it?

I'm one of those jerks who carried big balances at 0% for months when they were offering thos deals a few years ago--then paid them off the minute the zero-interest deal expired. It cost THEM money. They hate me.

[SammyWinstonJack]

14. How did you find that out?

I think I need to check, do I simply call and ask? :silly:

[smoogatz]

15. They sent me a letter and I actually read it.

They send you this blizzard of junk-mail--checks and offers and endless crap, all of which you throw out. Then they send you, amid all this shit, a letter announcing a "change of terms"--which they can do, arbitrarily, any damn time they feel like it. They give you something like a month to respond; if you don't they just raise your rates. But yeah, if you think they've changed your rate, call them.

[SammyWinstonJack]

16. Thank you very much for the heads up!

Much appreciated!

[smoogatz]

17. My pleasure.

I used to work in customer service, too. Polite but persistent works best on the phone. In person, it helps if you can foam at the mouth a little.

[Gormy Cuss]

25. You HAVE worked in customer service -- LOL n/t.

[progressivebydesign]

19. I got one of those letters.. and here's the absolute KICKER!

It said they were raising my rate on my Discover Card. AND. you have one month to respond of you did not like that fact. Guess what happened if you respond? They cancel your card and ask for immediate full balance payment. No lie. I read the fine print. You can protest the rate with them, but they will call your balance due and cancel your card if you do.

I had a bogus charge on one of my credit cards. Someone in like Nigeria ordered 700 bux of vitamins from Amway on my card. My Visa card company cancelled my card and reissued a new one and credited back the money.. in the meantime, it seemed to have flagged my other accounts, as I got rate increase letters from two of them after that. Also, Dell (whom I am cancelling next week because they outsource customer service to India) kept calling me and telling me that I had a 2 week late payment.. when I even had the people from India on the phone each time SHOWING them on my account online that the payment was made in plenty of time. So.. that also contributes to this new "UNIVERSAL RATE" bullshit that is being pulled upon us. The republicans and faux democrats in Congress are REAAAALLLY paying back their credit card company benefactors.

[smoogatz]

22. Bingo.

You have two choices: pay up, or they cancel your card. In my case (luckily), I was able to tell them to stuff it sideways. I believe the phrase "universal rate" was actually deployed a time or two. I actually mentioned to the rep that I'd thought the passage of the bankruptcy bill was supposed to bring rates and charges down--she wasn't amused.

[mconvente]

18. Being 18

I won't get a credit card during college, and when I do get one, I'll only get one and sparingly use it. I have a debit card right now and I've used it 3 times in the 8 months I've had it, so I know I can control myself whenever I get a credit card in my future.

[CrazyForKucinich]

20. B, b , but you need chase to pay for your daughters wedding

Like the commercial says.

[MadHound]

21. Good for you!

The only way to stop the credit card companies is to hit them where it hurts. And that is when you cut up all that plastic and never, ever use it again. I've never had a card in my life, and I've managed quite well. I would suggest that everybody cut up their cards, and tell these card companies to shove it. They need us a hell of a lot more than we need them.

[smoogatz]

24. Commie.

Don't you know the global economy would grind to a halt!? Your worse than that democratically elected commie dictator, Chavez!