Just got my credit card bill. LOL!

[donco6]

I don't carry a balance on any cards anymore, but somehow, I got charged for a magazine subscription that automatically renewed and I forgot to make the payment in time. It happens. So I got the bill with the $40 late fee (on my balance of $12.00). I can argue that one, but what REALLY caught my eye was the interest rate increase - up to 24.99% PLUS prime! LOL! Like I'm EVER going to use that card for anything!

The thing is, I've used this card for cash flow and run tens of thousands through it over the years. I've paid off huge balances and paid my share of interest. But one boo-boo on a tiny balance and they jack up the rate so high, they basically tell ME, "Get Lost, We Don't Need You"?

That seems kinda silly from a business perspective. No?

[NRaleighLiberal]

1. Same here - but just got the letter from CITI that our interest rate is going to 24.99% -

and, like you, because this is a mileage card, we run as much as we can through it and pay it off in full every month - have never been late. Yet...the astronomic interest rate. Pre-regulation gouging going on...shameless!

[imdjh]

5. Chase bought my no-balance card, and first thing they did was jack the interest rate. nt

[proud2BlibKansan]

2. My friends used to make fun of me for not having any credit cards

Nowadays I just smile and keep my mouth shut when I hear these stories.

To answer your question, no, this doesn't seem like a smart business decision.

[RKP5637]

19. Your friends seemingly are not as financially astute as you. CC companies have

never been anyones friend. I'm doing the same as you. I still have some laying around, but I'll be darn if I'm using them. In the past CC companies did have some level of integrity, but today, like most corporations, they have become nothing but masked ripoffs.

The business decisions by CC companies today seem void of any intelligence at all. In fact to me, today, much of USA, Inc. corporations are void of any level of intelligence.

Greed rules and that is very unfortunate in the big picture. It is a result of a runaway broken capitalistic model gone to extremes. I am hopeful it can be repaired, but I do have my doubts. I think USA, Inc. is fully capable of repeating the same mistakes again. The country is too infected with cornered and contrived wealth with a lust for power and greed at any cost and unfortunately much of our gov. is corporate bought and infected. I am hopeful Obama and congress can change some things, but I really believe it is a real uphill battle. And many are bought and paid for by lobbyists, corporations and contributions.

[proud2BlibKansan]

26. I pay myself instead of credit card companies

That's the secret. I am religious about dumping money in a savings account every month. Then when I need to make a major purchase (like an appliance) I use my savings. If the money isn't there I don't get to buy what I need. The thought of living out of coolers when my refrigerator goes out is quite a motivator.

And for the record, I suck at managing money. That's why I made a deliberate decision to live without credit cards. I had one once and I ran the balance up way beyond my means in record time. It scared me how I misused it. So I cut it up, paid it off and didn't look back. And the only things I buy on credit are my house and my car. And no I don't have a great credit rating but I have not had trouble qualifying for a mortgage or a car loan.

[RKP5637]

32. And ALL very smart moves to me! Hopefully many in the country are getting smarter now

about the enticing ripoffs with credit cards.

[proud2BlibKansan]

36. Remember our grandparents lived debt free and did fine

Back in their time you paid off your debt and burned your mortgage when your house was paid for. Nothing wrong with that at all.

[RKP5637]

39. Yep, absolutely true, and it worked well!!! n/t

[Kali]

41. be careful of the ones you have lying around

they are going to start charging fees for non-use and for paying in full. Probably stick you for closing accounts too. Assholes.

[RKP5637]

55. Yep, I'm sure that's the next shoe to drop. I'm also leary of all of the CC reform. To me

it seems like too little too late. True it's better than nothing... Everything is a Catch-22 anymore. That's the only way to sum it up. Asshole CC companies.

[madmom]

60. Same here, managing just fine without them. :^)

[imdjh]

3. They would probably reset all that if you call them.

Assuming you are talking to a US citizen in a US call center, so ask to speak to one. The offshore CSR's as a rule don't have the power to do squat.

[OPERATIONMINDCRIME]

4. You Could Always Read Your Card Agreement. The Default Rate Is In There.

Credit cards also give like, bills and stuff, so that even if you forget about a purchase or something you have this nice little bill reminder with a due date on it to help ya out.

If this is your first recorded rate, a simple phone call would quite possibly fix it for ya.

[nightrain]

6. actually, no Chase lies. I called them in July to inquire about

when my 0% would end, they told me Feb 2010. Then I receive a bill in October with 13.99% interest. I called, told them they lied, paid off balance and cancelled all Chase accounts.

They and BOA will never get another cent from me...

[rfranklin]

7. The "agreement" is written to cover anything they do...

It says the terms of the contract can be changed unilaterally (by them) at any time.

[nightrain]

9. yeah, they'll write it to their favor, can't be trusted. My credit union is

very reliable.

[donco6]

18. I'm just using my debit card anymore.

But when I travel, I'm going to need something.

[proud2BlibKansan]

28. Here's what I do when I travel

I dump some money from my savings account into my checking account and use my debit card. I have reserved hotel rooms, rented cars and paid for plane fare with my debit card. I have yet to ever been told I needed a credit card. That's a myth. :)

[donco6]

35. Really?

I had always heard they wouldn't take a debit card. Interesting. I'll give it a try, but have cash available through the ATM if I need it.

[proud2BlibKansan]

42. Yes. Really.

There have been a few times where the day I made the reservation the money was taken from my account. So I have learned not to reserve until I have the money in the bank. But that's not such a big deal, since I just transfer from my savings. I also have a savings account at the same bank as my checking and it's set up to cover my checking account if I have an overdraft. (I also just opened a new savings account and negotiated no overdraft fees on my checking account with my bank. All I had to do was ask:))

The secret is to have that backup savings account. So if you have an emergency where you would normally use a credit card, you have cash instead. And that too I learned the hard way when we had a car break down on vacation and we had to call my mother for an emergency loan. Now we don't go unless we have enough in savings to cover emergencies.

[quiet.american]

59. That's what I do, too. (Although, you've got the edge on me w/your savings account!)

I use a debit card for EVERYTHING one is supposed to use a credit card for. When I once had to rent a car (I think this was just before debit cards were introduced, and not sure now that debit cards are widely used that this would be necessary), but to rent a car, I left a $50.00 deposit at the counter, and had to show a utility bill and state ID to verify my identity. The whole thing took about five minutes, and was no problem.

I appreciated your candidness further up this thread about why you don't carry a credit card -- that's pretty much my story, too. I haven't been as good at keeping a savings account, but you've inspired me!

[sabrina 1]

61. That's what I do. I don't have credit cards either.

Two friends cancelled their American Express cards yesterday after receiving the letter regarding a 29% interest rate charge. They always pay their bills on time but now realize that they do not need credit cards as they can use a debit card.

You pay finance charges also even if you pay on time. I don't understand why anyone keeps doing business with vultures like these.

I haven't looked into a credit union, as several people here have suggested. Do credit unions have debit cards because if so, that sounds like a good idea.

Oh, and you are right, btw, you can use your debit card for everything you use a credit card for.

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[nightrain]

10. ??what?? please read who I was responding to, not you.

[donco6]

13. I wasn't responding to you. n/t

[nightrain]

15. whoops. My bad.. sorry.

[donco6]

17. 'sokay!

:)

[OPERATIONMINDCRIME]

21. BOOOOOO HOOOOOOO HOOOOOOOO WAHHHHHHHHHH WAHHHHHHHH

Oh noes. An over-reactive poster has put me on ignore. Whatever shall I do. Booo hooo hooo.

[NNN0LHI]

24. Correction. Put you on ignore ... again

I know that if you tell someone you are putting them on ignore you actually have to do it.

But how long do you have to keep them on ignore? A day? A week? Month? Forever? I have seen a lot of "Back on ignore for you", posts recently and was wondering about this. Seems to be more about making a statement than actually putting someone on ignore lately.

I have never used the ignore function but I am just curious about this.

Anyone know the answer to this?

Don

[donco6]

29. I go through and purge everyone once in a while.

Call it altruistic or just plain naiive, but that's what I do. And then I remember why they ended up there in the first place. So back on they go.

[OPERATIONMINDCRIME]

34. Who You Foolin...

Ain't know why in fuckin hell that you would forget why I was there to begin with. :rofl: :rofl: :rofl:

Fact is, you like to be in a comfortable little bubble where everything said to you is in agreement. I did nothing more than give you blunt fact and honesty. Obviously facts hurt you. :hi:

[OPERATIONMINDCRIME]

30. LOL I Hear Ya. I've Seen That A Lot Too.

A lot of times, it's just a spiteful kinda way for a poster to make themselves feel like they got the better of you. Others will be gracious and clear their ignore lists completely after a while to give everyone on it a second chance. Don't forget that a lot of times when a poster will put someone on ignore, it's because of a recent topic that may have enveloped DU, and for sake of THAT topic the posters are on such opposite sides of the fence that they do nothing but argue in a heated fashion. Months later when the topic is gone (take the primaries for example, though that's a biggie), the poster might realize that most were on their list for that reason, and that now that things have simmered down back to normal it might be ok to unignore the people on the list.

But many say it just to be immature children that think they're getting the last poke in.

Know what I love the most that I see a lot? The whole "ohhhhhh, mr. ignore is posting I see" or "ohhhhh, I know who THAT ignore is, blah blah blah", with several posts calling it out, identifying who it is, and responding to them. I laugh cause it seems like they pay more attention after they've supposedly ignored me than before they said they had lol. Ignore overall is a crock of shit, cause you need to have a mature enough mindset to make it work for you. Many here don't, and use it as ammunition instead. They'll say you're ignored, but you can bet when you post they unignore you quickly just to see what you wrote, since they just can't help themselves.

[kath]

31. That person got a lot of sympathy due to his sad situation a couple of years back. But he sure is

back to being a major-league asshole again.
Big time.

[OPERATIONMINDCRIME]

38. Has Nothing To Do With The Poster We're Talking About.

And enough with this whole sympathy wife dying shit already. Day after day now it seems like one asshole after another is bringing it up.

Fact is, at that time, poster after poster said that when I came back, they WANTED me to come back still being the classic wiseass prickish OMC I had always been. People missed the snark and style, and even if they hated it they said they wanted it back. Well it took me a long time to start really posting again after the tragedy, because I was nothing but numb to life for a long time afterwards. When I finally did come back I started off slowly. I tried so hard not to piss people off even though I was still trying to be honest with my opinion. Well guess what... Before I knew it, some of the old groupies went right back to being immature morons. Unfortunately also, the primaries started heating up. So even if I was posting mildly, I'd get chopped apart for not agreeing with the candidate of their choice. So before I knew it, I was back. I mean, REALLY back.

Then I found DU had changed a bit. There was an influx of new members and so many of them were more 'green' than democrats. They were narrow minded ignorant and moronic simpletons. Well, THEY weren't part of my sympathy. THEY weren't part of the group that reached out to me so graciously. So I decided it was ok to be classic OMC to them, and I tried to avoid being overly snarky etc to anyone from the older group (the ones that reached out to me).

As soon as I started being classic OMC though, even though only to people I didn't know and didn't know me, the same old group of detractors and morons that haunted me in the past with their ad hominem nastiness, came right back at me. So it was game on again. Not just with the new, but also with the old; in spite of my having tried to not piss them off etc. So here we are. Fun fun fun!

[NutmegYankee]

40. I never put anyone on ignore.

Why hide away the posts you dislike? Just toughen up and deal with the fact that not everyone will agree with your views and you'll be better off for dealing with the really ugly sights - like John Boehner opening his mouth on TV.

[donco6]

50. I have very few on my list.

10 right now. Mostly I just ignore on my own. But for some people, it's the only way to keep them from skanking up a perfectly fine thread.

[Flaneur]

56. I dunno. Make a boasting post about it?

Congratulations.

[OPERATIONMINDCRIME]

57. Yup. I Was Boasting.

:dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce: :dunce:

[Swamp Rat]

11. Close the account and cut the card in half.

I recently did that with a Citibank card I had for 2 decades after they did the same thing. I'll never do business with them again. :)

[donco6]

16. Yep.

That's what I'm doing. Of course, they make it really hard for you to actually close your account. Had to sit on hold for about 30 mins. And then if you have any outstanding balance at all, they won't do it. Fortunately, I already knew that and had paid it off electronically. Ha!

Jerks.

[TicketyBoo]

12. I didn't get a statement

and ended up socked with a late fee.

I called and asked that it be forgiven, since I didn't get a statement. They said they are not responsible for the mail. They said they quit forgiving late fees over two years ago under any circumstances. Stuck with a $39 late fee plus interest plus trailing interest on a card I've been using for years (with a $32,000 credit line). I always paid in full every month, and this was the first time I've ever been late with a payment. I've quit using that card, and probably won't be using it again.

[kath]

27. Wow. What credit card company is that? I get charged the occasional late fee when I miss the due

date by a few hours or a day or two - but I always call them up and say something like "look at my records and you'll see that I've been a good customer for a long time. Can you please waive the late fee, just this once?" They've always done it. Years back, in the paying-by-mail days, Nations Bank (now BoA, I think) used to play games and say the payment wasn't received on time - I quit using that card. Now have cards w/ Chase, RBS, and CapitalOne and I think they've all been reasonable re: waiving occasional fees for slightly late payments and overlimit charges.

[donco6]

33. Have you tried that lately?

It doesn't happen that way anymore - and I'm RARELY late with a payment of any kind.

I was with Barclay Bank.

[kath]

49. Not real recently - but within the past 6-12 months.

[TicketyBoo]

51. It was Chase.

Said they quit forgiving late fees for any reason two years ago.

I have rarely been late (maybe three or four times in 30 years), but any time before (Citibank years ago, and maybe even Chase more than two years ago), they have been nice as could be and forgave the late fee. Not this time. I even called back and asked to talk with a supervisor. No dice.

[HopeHoops]

14. You are a pile of dog shit with a little flag on it that has a number.

The computer only cares about using the number to smear the correct pile of dog shit all over the sidewalk.

Call customer service just for shits and giggles. Make sure you're good and drunk before you call, just to make it fun.

Your credit history means nothing to them unless it is taking a turn for the worse - then you get the shoe.

[donco6]

20. That's exactly what it feels like to me.

But, who needs 'em, really?

[RKP5637]

23. Exactly!!! And well said in my book!!! n/t

[SOS]

22. "We don't need you" has been their motto for 50 years...

"A specter is haunting the Republican Party — the specter of John Galt. In Ayn Rand’s libertarian epic “Atlas Shrugged,” Galt, an inventor disgusted by creeping American collectivism, leads the country’s capitalists on a retributive strike. “We have granted you everything” Galt lectures the “looters” and “moochers” who make up the populace. “We have no demands to present you, no terms to bargain about, no compromise to reach. You have nothing to offer us. We do not need you.”

With no balance on your card, you are in the good position to let the loan sharks know "I don't need you either".
Cut the card in half and mail it back to them with a note that says you don't pay mafia rates.
Those of us trapped by debt thank you.


http://www.nytimes.com/2009/11/01/books/review/Kirsch-t.html

[donco6]

25. I was almost "trapped by debt" not that long ago.

But I put the card away and just paid, paid, paid down that balance. At one point, I had $14,000 on a credit card that I'd used for living expenses when I was out of a job. Big mistake, I know. But I finally was able to pay it all off.

That's why it's especially galling to have this happen NOW. Disgusting.

[rufus dog]

37. One of the problems of automation

They likely defined a rule that a late fee automatically defaults the interest rate to the default rate. So no balance for x months or history was not taken into account. After yesterday I need to do the same with my Citibank card. I run most of my expenses through AMEX, which I watch closely and pay off monthly. My seldom used Citicard had a $40 dollar balance and I logged into their site to pay, couldn't remember my password so I called them and they told me they could take a payment put would charge me $14.95 for making the payment on the phone. To their credit (no pun intended) they did tell me I could just bypass the log on and reset my user name and password and make the payment.

The $14.95 fee to a twenty year customer seemed a bit out of hand though, and them losing one customer who has charged less than 10k over twenty years is no big deal, so in my case it is a classic win/win.

Off to use my 1200 points before canceling, maybe I can get a can of tennis balls or a sleeve of golf balls.

[Kali]

43. a true DUer would get the ten dollar gift certificate for Olive Garden

:P

[rufus dog]

45. LOL

Olive Garden certificate, not even close to having enough points! I am even short for a can of tennis balls. Tried to donate the points to Red Cross but I need 3000 to do that. Oh well, the points will just stay on their books I guess. Good thing the clocks reset tonight, that way I get another hour to make up for the sleep I will be losing over the 2/3 of a can of tennis balls. I guess I donated two fuzzy balls to Citibank!

[global1]

44. Similar Thing Happened To Me.....

I know I didn't charge anything on my AmEx card during the month - so I didn't pay too much attention to the bill I got from AmEx (my fault). What happened was that an automatic renewal was placed on the bill by CostCo. I didn't realize this. Bottom line the next bill I got from AmEx had a $40 late fee attached to it. I argued this with them to no avail. I finally paid the late charge - canceled my CostCo membership and the AmEx card.

Both companies - AmEx and CostCo lost a customer in the process.

I'm sure they don't care because as I read here on DU the other day - we're all disposable anyway.

[Proud Liberal Dem]

46. Ask for a complimentary late fee waiver

If you've ordinarily been good about making your payments and been a customer for, they will almost always waive the late fee. At least that's been my experience.

[donco6]

52. I did. No dice.

It was too far overdue, they said. I didn't even know I had a balance until I got their email on my hopelessly bloated MSN account. Again, I know - my fault for not paying closer attention. But how does it benefit them to lose me as a customer? That's the point I can't fathom.

[Proud Liberal Dem]

58. Sorry

I've usually had pretty good luck with credit card companies with this but I guess that might be more difficult to do if your payment was too far overdue.

[TicketyBoo]

54. Chase won't any more.

I didn't receive a statement in September, realized it was late and went online and paid it.

Then I called and requested that they forgive the late fee. They refused. Had not been late for years and years ($32,000 credit limit), and I pay in full every month. That's the last $39 late fee they'll get out of me. I've paid it off and quit using the card.

[backwoodsbob]

47. why would ANYONE have a cc now?

I use my debit card for anything elecrtonic and we have no fees on it.

You have to be a fool to have a cc now

[donco6]

53. The banks are telling us so, in not so uncertain terms.

I guess they just want out of the cc business?

[Lerkfish]

48. our JCPenney bill is up to 29.9% and we don't carry a balance on it.

we always pay to avoid interest.

Our Kohl's card sent out a notice that they will now charge interest on the interest.

so, we'll be canceling those two cards. (not that we were charging on them anyhow)