Credit Card Trickery

My mother has a balance on one of my two credit cards – it’s all hers, and she’s doing a good job of paying it off because the interest rate is Prime + 1%. With interest rates, what, practically negative these days, the balance is tumbling down quite nicely. Even if she just paid the minimum (which she doesn’t), most of it goes towards the principle.

The card is a Bank of America Visa which I’ve had on the go solely for her to pay off a chunk of debt for about 8 years, and the rate has always been this really good deal. It’s fascinating that I even got such a CC offer because I’d been out of the country for 8 years before that – no income tax returns, no credit history, nothing. Just a social security number lying fairly dormant. Of course, BofA wants to change those terms desperately, so they’re playing the Payment Due date game. It varies within a 10-day range. My mom had been alerted to this sort of nonsense by a co-worker who got screwed by such shenanigans a couple of years ago, and has been vigilant for such things ever since.

After my experience a few weeks ago with Citibank jacking up my rate just because they can just in time to go all Scrooge on their customers, I’m wondering what other skullduggery you’ve all experiences with your credit card companies in the past year…?


5 Responses

  1. I’ve gotten a couple rate increase notices and one card closed for inactivity. Nothing drastic but it’s a definite change from the way they’ve been doing business. The card they closed had been inactive for years, why suddenly close it now?

  2. it’s not the worst thing out there, but my card w/ USAA (who rocks btw) just put a minimum interest rate out there now….so mine used to be Prime, but now the lowest it can get is 6% come Feb.

    you’re right though, a LOT of companies out there (good and bad) are changing things up on a whim…let’s just hope things settle down in the near future and all is well again 🙂

  3. Oh yeah. Definitely keep an eye on the due date because the cc companies are hoping to trip up people who have automatic bill pay set for a particular day of the month. The other credit card shenanigan I had to deal with is paying too early. I try to make my payments as close to the billing date as possible to reduce the balance upon which interest accrues. One month I thought I paid it on the monthly closing date but I actually paid it a day early. The cc company told me I needed to make another month’s payment within the next 2 weeks or else it was going to show that I was “late”. I asked that they apply the payment towards the following month but they refused. Hate those bastards. I’m angry at myself for even giving them the pleasure of my money.

  4. Chase bumped my minimum payment to 5% from 2%. It put a big stretch on my budget, basically eliminating all truly discretionary spending from my life.

  5. I just went the same route with various credit card companies. I had 14-15 credit cards with most of the major credit card companies, like Chase, Bank of America, Capital One, Citibank, and such. They all started raising my interest rate, for no apparent reason. My credit report was PERFECT! I have a copy of it, with nothing late, nothing overlimit, or anything like that. When one raised interest rates (while they were taking Millions & Billions from the Federal Government at 0% interest), they all raised interest rates, some to as high as 29.9% ! So, I stopped paying! Think what would happen if EVERYBODY STOPPED PAYING! They can’t handle it now, and they sure couldn’t handle it if EVERYBODY STOPPED PAYING! I talked to a bankruptcy attorney, and I plan to file for bankruptcy in the next few weeks or months, depending on what he tells me. I don’t answer my phone, I let my answering machine answer it; when the credit card companies call, I let the machine get it! Pretty soon, the machine fills up with messages, and it won’t work! Then the person on the other end gets hung up on, by my answering machine! They call right back, and the same thing happens. Pretty soon, they quit calling! Citibank has a tricky message that their machine leaves my machine: they say “please hold for an important message.” I did hold once, and a man came on who said he was with Citibank. The message may have been important to him, but it wasn’t important to me. I told him I had lost my card or had it stolen out of my car, along with the payment I was going to put in the bank to pay Citibank. He wanted to know when I planned to pay, and I told him that, if I didn’t have it, I didn’t have it! The next time they called back with their bit about “holding for an important message,” I hung up!

    I, too, gave these blood leaches a lot of money for 10-15 years, until I got smart and figured out that there was no way I was EVER going to get this paid off (I owed around $96,000 before they began adding late charges and overlimit fees and such)! My attorney said I was just throwing my money away; that I should make sure I made my house payment, my insurance payment, and those basic things like utilities and such. He said the credit card companies have to send me something in writing before they can levy any garnishment or other legal process, and he can get me filed before that happens.

    I expect to start receiving lots of letters in the mail pretty soon, as I am now around 15 days delinquent on about half of the credit cards I have. When something looks more threatening, I’ll pass it on to my attorney. Hey, if General Motors can do it, why can’t I? They “put the screws” to their creditors, just like the credit card companies have “put the screws” to this fellow, and to me. It may be legal, but IT’S NOT RIGHT! What other industry is allowed to CHANGE THE RULES as they go along? What other industry is allowed to MAKE UP THE RULES as they go along?

    The banks and credit card companies are snubbing their noses at our President! Regardless of your feelings about him, he is trying to help the LITTLE PEOPLE! The credit card companies and banks will tell him that they will do everything he wants, then they go out the door laughing, and they STILL DO WHATEVER THEY WANT! After all, it’s America, isn’t it? Screw the little guy, as he is not organized like the big companies (banks, drug companies, and such)!

    Why doesn’t EVERYONE QUIT PAYING their credit cards? The credit card companies would get more user-friendly; they would want to negotiate; they might even decide they could GET BY ON LESS PROFITS!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: