Damn credit card company

[Buddyblazon]

Changed our due date from the 4th to the 9th. It been the 4th for years. Wife changed our automatic withdrawal date to the 6th.

Well...low and behold they changed it back to the 4th the very next month. Wife didn't catch it. So it ended up two days late. After probably 6 years of this account...not one late day payment.

Interest rate jacked to from 9% to 30%.

Never late on any bills. Not on my cards. Not on my mortgage. Not on car payments.


These motherfuckers have taken how much taxpayer money? OUR money?

Refuse to change it back.

I guess will have to consolidate it into another card.

[question everything]

1. Call and talk to a supervisor

and, yes, if you can, get another card, even a home loan. But don't close the card. Just put it in the drawer. If you get a letter that they reserve the right to close the account for "lack of activity" use it once a year to purchase gasoline, or something.

[Buddyblazon]

2. Supervisor said the same thing.

[meegbear]

3. B of A, right?

[Buddyblazon]

5. No...

was Providian...then Washington Mutual...just bought by Chase in March.

And to be factual...Chase didn't take any bailout money.

[meegbear]

7. B of A raised mine to 31% ...

Chase 28%. They've been lowered since thru debt consolidation. Last payment next month.

[myrna minx]

27. Congratulations on being nearly debt free.

Those rates are shocking and usurious. BOA tried to raise my rate to 29.99 two years ago. Because of a financial hardship I neared my limit. I never went over the limit, I was never late with a payment and I always paid more than the minimum. I opted out to freeze my rate, and they told me I could never use my card again (which was fine with me), otherwise the usurious rates would apply. What's funny is that after I opted out, they sent me "convenience checks" to try to goad me into the higher rate. Of course I didn't fall for it. I'm on track to being debt free in a little less than two years. I'm halfway there and I can't wait to have that behind me. Again, congratulations! I know what a long journey it is to become debt free.

[SOS]

43. This may make you even more angry...

The Bear Stearns deal was, in reality, a bail out for JPM Chase.
Bear was dead. JPM Chase had a huge exposure to Bear. If Bear went bankrupt, Chase was going down too.
They spun it in the media as though JPM was doing us all a favor by getting Bear at $2, but in reality it was a tax funded bailout for Chase.

[roguevalley]

28. write your state attorney general. this sounds like fraud.

[Buddyblazon]

4. This puts in the "just getting by catagory"....

to "oh shit we're going to have a tough time paying our mortgage.".

[no_hypocrisy]

6. Got one better.

My CC company periodically "skips" mailing my monthly invoice. If I don't catch the absence within five mailing days of the due date, they hit me with late fees and interest. So far, I've been ahead of them and it's happened 3-4 times in the last 2 years. Worst part is I can't unload on the customer service folks on the phone as they have nothing to do with it and I don't have enough time to follow up their food chain.

[yy4me]

8. Funny you should mention is situation. I am waiting to see what

BofA does in regard to CC rates. I have a balance that I am paying off every month. As soon as the bill comes, off goes my check. The balance is a result of a trip we took last year and our family situation has changed so much that our original plans to pay the money within 3 or 4 months cannot be done. If BofA ups my interest rate(as they all seem to be doing) above the 10.50% that I now have, I will pay them off with a small bank loan. I have already spoken to my(small local) bank and they will do it for me. I'd rather give them the money then give $100 a month to the Credit Card people. I would pay the bank $119.00 a month for 2 years and be done with the CC. I don't know how to figure how long it would take and how much it would cost to pay BofA to clear up a $2500.00 balance at the rate of $100.00 a month. I have always paid my bill early and have excellent credit. I am unemployed now but the bank knows it and knows my situation.

Are the CC companies trying to get out of the CC business? I cannot figure out why they are putting a penalty on their best customers. The people who pay their bills in a timely manner are their life blood. They make money from us. Why the punishment?

When I tried to put a freeze on my late husbands account, Chase gave me a hard time. I wanted to at least drop the credit line to the current owed on the acct. It was in his name only. Guess what the Service person said to me. "I can't do that without speaking with the card-holder". I had just told the fool that my husband had died. I was so angry I sent them a check in full, told them I did not want anything to do with them , take me off their lists for anything and, using their figure, tell me what dollars will be due on 4/15, including all interest. I said do not send me anything but a bill paid in full with a note that the acct is closed. Guess what, got a little bill from then 2 days ago. Credit of $23.56. When I called I was told that the interest would be credited Next month. Explain that someone.

[hfojvt]

19. I don't understand the question

A $23 credit on a closed account, and interest being credited. I also cannot remember the procedure for a deceased card-holder. I thought the account would be closed anyway, so the credit line would be moot.

I think the card companies are probably being prudent. In these shaky times it is best to get your money back on loans. Even a customer with a long payment history can flake out if they lose their job or their house.

[yy4me]

26. It was a little difficult to make this clear.I wanted to keep paying

down the balance at $100.00 a month but I was uncomfortable with the fact that the card had a large credit limit. I have been sending this $100.00 for the last 9 months. I told the Representative that my husband had died and that I intend to pay this bill. We spent the money on our trip and we owe it. Simple as that. I never notified them last summer when he died, I just kept sending the check. I never gave thought to anything other than paying it off.

Says she to me, and this is what got me mad, "I cannot change the credit limit without the permission of the card-holder. (she really listened). My husbands name was the only one on the card.

I then tried to keep my cool as I said it, asked her "What will the bill including all interest be as of April 15th. I want to pay this off completely, close the account and never hear from them again. I was given a figure and that day, sent the check for the total amount that would have been due 4/15. Then I get the bill earlier this week telling me I have a credit of $23+. I called and was told that the principal was paid but the credit would be eliminated on the next billing, making a zero balance.

Stupid. I want nothing to do with them except to receive a statement marked paid in full, acct closed.

There is nothing at risk for them, they have the money paid in full including interest. I just got angered by the stupid way their reps handled themselves.

I don't think she listened to a word I said. Of course at the end of the conversation she asked my if I would like to fill out an application for my own Chase card. Sure, when pigs fly.

[melm00se]

48. most lenders

upon legal notification that the cardholder is deceased (a certified copy of the death certificate) will close line and immediately move it over to the "recovery" department so that a proof of claim can be readied and filed when an estate is opened.

The response of the chucklehead that they must speak with the cardholder is standard response. I have seen plenty of situations where spouses embroiled in divorces will call into the bank and try to close out the ex's accounts as a way to "stick it to them".

[dixiegrrrrl]

21. "to figure how long it would take and cost to pay BofA..."

go to bankrate.com

they have all sorts of online free calculators for loans and cc card payments.

[Toucano]

9. We need to demand a FEDERAL usury law!

That is ridiculous, immoral, and obscene.

These companies are crippling the recovery with their greed.

[moez]

10. How about payin' cash....

it's amazing - no late charges!

[Buddyblazon]

11. How bout we don't make enough money.

How about we had to build credit to buy our home?

Yes...if only the world worked without credit...I could seal myself from the rest of the world and make enough to pay for everything in cash

[beltanefauve]

32. I was waiting for this

(refering to the previous poster) Inevitably, when the topic is credits cards, some holier-than-thou poster shows up and extoles the virtues of cash, or worse, someone will smugly post about how debt-free they are.

[moez]

45. Nothing more than a little dose of

being an adult. Don't buy what you can't afford - simple math, really.

[SOS]

46. Would this include a $30,000 medical bill handed to an uninsured person?

Should he refuse treatment because he can only pay by going deeper into debt?
50% of all bankruptcies in this country are caused by unaffordable medical expenses.

[moez]

47. Are you just making up shit, or what?!

Where did the OP say anything about being 30K in medical bills?!

OK... sure. If you pile enough shit onto the story, then it makes all the sense in the world. You win.

[SOS]

49. You suggested "just pay cash".

For millions of Americans, in difficult circumstances, that's not an option.

[moez]

51. And the OP said that too?

hmmmm.... must've missed it.

[lunatica]

22. What about student loans or car payments or food when you run out of cash?

Are you suggesting that one shouldn't get an education or have transportation or bother eating?

[Ignis]

29. How about empathy? It's free. (nt)

[SOS]

44. How about a federal usury law....

It would be amazing.
No loan shark rates on unaffordable expenses like health care for the uninsured.

[CountAllVotes]

12. they almost got me too ...

I was due credits back which did not post for 3 weeks. I had the bill paid in full. After their "service charge" for the balance (paid in credit due) kicked in of $2.00, I owed the .19 cents.

Luckily I caught it ONE DAY before I would have been considered "late".

I felt like closing out this card. I complained and got a gift cert. for $10.00 for my "inconvenience".

Still makes me angry! :mad:

This would have been a strike against my credit record had I not caught their tricks and paid them the .19 cents in time!

FUCKERS.

:dem: :kick:

[CrispyQ]

13. It is amazing what they do.

I have a checking account with overdraft protection at Wells Fargo. My overdraft account was a little over $300 with a $5000 limit. I made a $100 payment, but I mistakenly checked "principle only" instead of "regular payment." A few days later, my overdraft account went into arrears because I hadn't made an interest payment - interest on what was then just over a $200 balance. They charged me a $35 late fee on my overdraft account & declared 4 checking account charges as insufficient funds at $39 each. The email alert about my overdraft account being in arrears showed up the day after all this activity cleared.

My "principle only" mistake cost me $191.

:grr: :grr: :grr: :grr: :grr: :grr: :grr:
:grr: :grr: :grr: :grr: :grr: :grr: :grr:
:grr: :grr: :grr: :grr: :grr: :grr: :grr:
:grr: :grr: :grr: :grr: :grr: :grr: :grr:

[izzybeans]

14. They've done this to me twice.

Once I was able to argue with them successfully. The second time they acted like they would never do such a thing.

Thieves.

[hfojvt]

15. refused to change what back? The due date or the interest rate?

Carrying a large balance at 9% does not seem like a good idea either. If you close the account can you also refuse the rate change?

[K Gardner]

16. Same thing happened to my SIL last month. Since she was close to her limit, the late fee put her

over her credit line, so they add a late fee plus over limit fee plus jacked up interest rate by 15%. They were JUST squeaking by making the payments each month.. now they'll never pay it off and their credit is ruined.

[KamaAina]

17. Second Chase story from a former WaMu customer today.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5520152&mesg_id=5520152

Are they just screwing the WaMu accounts, or is it open season on everybody over there? :eyes:

[LisaM]

18. Call your senator's office and tell them this story

It can't hurt; if your senator supports getting a handle on interest rates, they might appreciate the story. There is no reason they can't change it back.

And if the bank's going to change its terms, you should be notified in advance and in an easy to understand manner. I had problems with student loans because it seemed as if every three months, something changed - the due date, the grace period, one time period where the bank was pocketing my checks and they wanted me to pay with certified checks only - all from a small loan I took with a LOCAL bank - that sold it, and started all the trouble.

[tbyg52]

20. Now *there's* a great idea! nt

[W_HAMILTON]

23. Yeah, I'd call and complain.

One of my companies has been dicking around with my dates as well. Even though my statement period ends on like the 13th, they don't have my statement ready till around the 20th. I usually pay my balance in full ASAP, but this causes problems because there's always a gray space between when my statement is supposed to close, and when I actually receive my official statement. They haven't caught me yet since I'm good about double checking, but it's an unnecessary pain. It shouldn't take seven business days to give me my official balance after the posting date cut-off. And this is a large credit card company (Capital One).

It's the main reason why I've switched to using Discover for almost all my purchases. They don't make a lot of money off me since I almost always pay my balance in full, but they make up plenty in merchant fees since I use the thing everywhere, for every little purchase (I rarely carry cash with me).

[lunatica]

24. They changed my due date to the end of the month rather than the beginning

I have to time my payments so they get there on the 1st because my pay gets deposited on the 1st. They changed it from the 1st to a few days before the 1st and hiked my interest rate to 24% for being late.

[Pithy]

30. I'm probably OCD about our cards

We went from horrible credit to stellar credit in just under 2 years. I've worked my ass off and had the patience of Job as we slowly repaired the mistakes and rebuilt with new credit.

I check balances online every morning with my coffee. I have a spreadsheet that shows all our cards, what the balances and interest rates are, and when payments are due. I usually pay each card at least a week before the due date. I always pay at least 2 times the minimum on the cards I haven't yet paid in full. Several cards have pulled the due date switching on me, but since I check them all every day and pay so far in advance, I've always caught them in time.

The paper statements go in my filing system for future reference - I never rely on them or on the US Mail to keep track of amounts owed or to make sure payments get there on time. All our credit card companies provide the means to pay online - some credit your payment that day, and others need a 2-day lead time. I learned all this in my credit repair process and no longer worry about any of these issues, thanks to my handy spreadsheet and my anal-retentive obsession. You have to stay a step or two ahead of the credit card companies or they will getcha. Been there, done that and never want to experience it again. Hence the OCD about credit issues and my daily vigilance.

[myrna minx]

31. I'm quite similar to you. Since I became serious about getting out of debt, I am

a hawk about monitoring the sneaky practices of my two credit cards. Paying online has been a godsend. I have my budget so controlled, that I pay my cards the moment the statements cut to save on the daily interest rate. This link explains better than I ever could about how paying as soon as the statement cuts saves you a lot of money in interest payments.

http://www.newcreditrules.com/newcreditrulescom/2009/04/how-paying-your-bill-early-saves-money-.html

I just realized tonight that I may be able to be debt free by December of 2010. I had thought it would be February of 2011, but with some crunching, I think I can do it. My best vibes to you and your family for your dedication on becoming debt free. :hi: I know what a long road it is, but to have the end in sight is so liberating.

[lunatica]

34. I've gotten a lot more attentive of late too. But now I only have one credit card

Which makes it much easier.

[Skittles]

25. this is outright fraud

[RiverStone]

33. Be persistent or change cards

This just happened to me last week.

I had my acct. on auto-pay. Long story short --- underpaid it by just $5.00 2 months in a row. Up to then, had excellent credit and had been with the credit card co. 14 years. Jacked my rate up to 27% and my payment doubled.

I kept calling back till they hooked my up with a "floor supervisor" who actually listened. They changed my rate immediately back to my contract rate of 11.99% and reimbursed my account for the penalty payment.

I refrained from cussing and anger but refused to take that "sorry sir, this is our policy" bullshit for an answer. About 5 calls and 2 hours later, they caved.

It's all fucking extortion anyway, sure wish I was wealthy enough to not have a dang thing on credit.

Best wishes :hi:

[Vinca]

35. I'm determined to pay the thieves off and grind up the cards.

They keep messing with the due dates. Suddenly it's like 2 weeks from the date you get the bill. I fully expect to get a bill someday with the due date the day before.

[MadHound]

36. Cut up the cards, all of them.

Your life will be much better because of that one simple move. You don't have to be rich to cut up your cards, but you do have to learn how to budget. You don't need credit cards to build up your credit, hell, when I bought my first house my credit score was in the mid 700's, all without a single credit card. You don't need a credit card to rent a car, book a hotel room, book a flight, etc. All you have to do is be persistent and firm. Having a debit card helps, but it isn't necessary either.

About once a week there's a thread around here about how horrible the credit card companies are, but you know what, they're not going to significantly change until they start getting hit where it hurts them the most, their bottom line. So just say no to credit cards and reclaim your life.

[ejpoeta]

37. did you call and complain????

[Bluenorthwest]

38. This is a very common story

And all the while, the banks are getting billions of tax dollars on top of the customer abuse profits. The administration needs to do something about this, for it is how most Americans see the whole 'banking crisis'. The banks fucked up, gouged us all to pay for their fraud, the Government gave the banks billions for fucking up, and the banks continue to gouge us, when they should be sending thank you notes to every taxpayer.

[and-justice-for-all]

39. Well this reminded me to call Wells Fargo about my interest rate

and getting it lowered from the 23.90% that it currently is to something more reasonable. The dude just told me that "They will not lower the interest rate on this account because it is a revolving account." Amazing, they get all of our money and they can not even give me a reasonable interest rate.

I would not have the account, but I bought new windows for the house with it.

[Terran]

40. I had something similasr happen with my Citi card this month

I called and explained and they totally reversed all the penalties and fees. But if they refuse, take your business elsewhere!

[radfringe]

41. one of the reasons I don't do auto-withdrawal for Credit cards

and other bills...

they get a paper check via snail mail - gives me the control - not them.

been getting phonecalls from them - telling me how easy and convienent it is to use auto-payments.

I ask them:

Q: do you lower my interest rates if I go to auto-pay?
A: No

Q; If I have sufficient money in my bank account, and you do the auto-withdrawal late (due to holiday or other reasons) and the amount is not posted to my account by the due date - am I penalized?
A: ummmmmmmm....

[L0oniX]

42. Chase, Capital One and Discover have all done this to me as well. FICO = 750+

When they do this I assign them to one of my utility bill auto pay plans and that's all they get used for. Fuck them!

[rgbecker]

50. Email your Credit Card Horror Stories - Senator Bernie Sanders wants them

This is a copy of another DU Post by Ramboliberal


Email your Credit Card Horror Stories - Senator Bernie Sanders wants them
Issue April 24, 2009 - http://sanders.senate.gov

The outrage...is building. Doesn't anyone get it?

People in Vermont and throughout the country are outraged by skyrocketing credit card interest rates. At a time when the taxpayers in this country are bailing out Wall Street financial institutions, these very same banks are charging them 20, 25, 30 percent interest rates on their credit cards.

President Obama recently met with top executives of the nation's largest credit card companies and threw his support behind credit card reform legislation. Senator Bernie Sanders agrees, but he would do more. He proposed a bill to cap interest rates at 15 percent, similar to credit unions.

A Vermonter writes, "I am appalled at the hikes in credit card rates! Everywhere in our small town in Vermont, everyone is talking about the latest surge in interest rates. People who are never late in payments have seen their rates climb overnight. The outrage, which I am sure doesn't surprise you, is building. Doesn't anyone get it?"

Email him at this link: http://www.sanders.senate.gov/qa/creditcards.cfm

Video of Senator Sanders on Senate Floor on this issue: http://www.sanders.senate.gov/news/record.cfm?id=311950

[Canuckistanian]

52. Send your story to Sen. Bernie Sanders!

He's actively soliciting stories like yours for his push to rein in the credit card companies.

He specifically mentioned that CC companies use fraudulent methods like this just to jack up rates.

Send it in!