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Thread: I may get rid of my credit card

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    Default I may get rid of my credit card

    http://moneynews.com/money/archives/...60608.cfm?s=st

    These bastards are charging me more to make up their losses.

    Screw the good customer to make up for the bad loans they made.


    Why Your Credit Card Now Charges 30 Percent


    Tuesday, Feb. 12, 2008 3:57 p.m. EST

    The Federal Reserve keeps trimming interest rates. But credit card costs are soaring.
    Some major banks are doubling their rates for credit cards to nearly 30 percent — even for good customers.

    Experts tell MoneyNews that U.S. banks, wounded by subprime mortgage losses, are scrambling for ways to make new revenues, fast.

    Though Bank of America has been knocked in the business press for raising rates, other brand names have done so as well, or may do so soon.

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    If I find this to be true on my statement I'll definitely get rid of mine. I only got it to rent cars and reserve hotel rooms. I'll use my debit card for that from now on.

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    Mine haven't been so far.....that is something I watch closley.

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    same for me. If I see that crap on my statement they are done. What a crock of shit. Do they think raising rates is going to help or hurt them long term? what morons.

    You raise rates on everyone two things will happen....

    1) Your high credit quality customers will either stop using your card or they will dump you all together

    2) You will push more mid/low credit quality people into default making your financial situation AND theirs worse.

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    Quote Originally Posted by Desh View Post
    I pay mine in full every month and have noticed the monthy charges seem to be getting bigger.
    Does your card have fees on a monthly basis? Or are you referring to higher minimum payment requirements due to the higher interest rates?

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    Quote Originally Posted by Desh View Post
    I pay mine in full every month and have noticed the monthy charges seem to be getting bigger.
    There is no interest if you pay it off monthly.
    Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but rather we have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.
    - -- Aristotle

    Believe nothing on the faith of traditions, even though they have been held in honor for many generations and in diverse places. Do not believe a thing because many people speak of it. Do not believe on the faith of the sages of the past. Do not believe what you yourself have imagined, persuading yourself that a God inspires you. Believe nothing on the sole authority of your masters and priests. After examination, believe what you yourself have tested and found to be reasonable, and conform your conduct thereto.
    - -- The Buddha

    It is the mark of an educated mind to be able to entertain a thought without accepting it.
    - -- Aristotle

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    Your right its the monthy fees on mine that seem to be creeping up.

    It is really pretty shitty to spread their mistakes to their good customers though.

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    Quote Originally Posted by Desh View Post
    Your right its the monthy fees on mine that seem to be creeping up.

    It is really pretty shitty to spread their mistakes to their good customers though.
    Yes, it is. Totally bad business practice. Piss off your good customers & make it harder on those struggling.... yeah, THAT is going to help.

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    Quote Originally Posted by Superfreak View Post
    Yes, it is. Totally bad business practice. Piss off your good customers & make it harder on those struggling.... yeah, THAT is going to help.
    If they make it too punitive they will lose far more cash than they would if they keep it the same.
    Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but rather we have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.
    - -- Aristotle

    Believe nothing on the faith of traditions, even though they have been held in honor for many generations and in diverse places. Do not believe a thing because many people speak of it. Do not believe on the faith of the sages of the past. Do not believe what you yourself have imagined, persuading yourself that a God inspires you. Believe nothing on the sole authority of your masters and priests. After examination, believe what you yourself have tested and found to be reasonable, and conform your conduct thereto.
    - -- The Buddha

    It is the mark of an educated mind to be able to entertain a thought without accepting it.
    - -- Aristotle

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    Quote Originally Posted by Damocles View Post
    If they make it too punitive they will lose far more cash than they would if they keep it the same.
    True. All it does is take advantage of those who are determined to pay their bills and not fold. Not to mention pissing off the better customers.

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    Money equals debt in America.

    Banks loan you money they don't have.

    Usury was once a crime.

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    Default All Banks suck!

    Where is Jesus when ya need him to smite the usuary tables? My last experience... which is on-going... is with 'Citi-bank...they took over the accounts payable at Carson/Tahoe Health care...as it turned out they have billed me twice now for a bill I paid in full back in 2007...this check cleared the former bank account US Bank...I explained this to citi-bank...however they continue to bill me and have added false late charges and interest...I am waiting for the 'negative credit' report before my attroney sues them for 10 times the account balance plus attorney fees for punitive damages to my credit report!

    All I can say boys and girls is to take charge of your financial well being and refuse to be bullied by Bank Thieves!

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    Money equals debt to stupid people.
    Smart ones lend they don't borrow

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    Quote Originally Posted by Topspin View Post
    Money equals debt to stupid people.
    Smart ones lend they don't borrow
    Debt is defined as money to the bankers.

    http://video.aol.com/video-detail/mo...ves/2054532928
    Last edited by blackascoal; 02-14-2008 at 01:09 PM.

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