33 replies to this topic

[cgnx]

They have different rules for different people IT. YOU may have gotten that offer, but she may NOT have. Not all cardholders from the same Bank get the same terms. I know people who get higher cash rewards than others as an example. They work each individual, individually.
Don't ever, if you can get a balance you have to roll over, but if you do you will be at the mercy of the bank, and they will take advantage of the contract which does give them the ability to bleed you dry. I agree it is in the contract but I also believe this is wrong. No credit card freezes the rate. So it is this ability to raise rates at will which is what I disagree with. This practice should be terminated and not allowed.

Because bottom line, people can refuse to pay. It will go to collection, and then can choose to pay a portion of what they owe or or pay nothing. And after 2 or 3 years they will owe nothing as long as they ignore the debt entirely. There credit may get screwed up for a time but there credit must already be screwed up already. So I say play by the rules and don't pay them a dime. First get all the facts and understand the rules of the GAME. She can play hardball too.

In a few years another dumb bank will send her a new card in the mail once again. They never learn.

Somebody around here has had their head up their butt for too long. The scumbag banks haven't had to have a reason for doing anything at anytime. And they have taken advantage of it to the max. And no, you didn't have to have a late payment with them or anybody else for this to happen. I have several open, unsecured lines of credit both in my name and in the name of my business even though BLAH, BLAH, BLAH...

Evidently you're referring to me as having had my "head up their butt for too long".

So let me simply repeat since you evidently are incapable of reading:

I have a Bank of America credit card. I've had a satisfactory account with them since 1994. My rate was recently increased from about 9% to 15%. In the letter they sent me informing me of this change, they said that I could stay at the same rate (9%) provided my made no new charges on my account. I could simply pay off at the old rate under my prevailing terms at the time.

When you make a late payment, they raise the rate. It's possible if you make a late payment on another credit card, or have some other type of problem with some other type of account that appears on the credit report, they raise your rate or change your terms.

By the way, Bank of America was not the only one who made this same deal. So did American Express. I have a business account with American Express. A large, unsecured credit line that I use for rehabbing rental property. The rate was increased from 9.9% to 11.99%. I could stay at the 9.9% as long as I paid as agreed, and did not use the line for further charges.

I would suggest that people who had their rates increased to 30% had something going on that you don't know about. If this happened to you, then i would suggest you haven't told us the entire story. Either way, I'm not defending the banks. But let's face it, if you bought something and charged it, you owe for it. The agreement you signed permits the banks to change the terms...you know that, or should have known it.

I would suggest to those of you who don't like the new deal with your bank, think hard before you "revolt". There are consequences. Your credit score is now used in most areas of your life...and by not paying you will be trashing your credit score, at a minimum. Would it surprise you to know that insurance companies check your credit? That they base their rates on your credit score? That they may decline your insurance completely if your credit is bad enough. So in your effort to hurt the bank, you may end up hurting yourself more than you currently can foresee.

IT

[Iblayz]

So let me simply repeat since you evidently are incapable of reading:

Apparently you think that everyone else is stupid and you are the only one who truly understands this. I have managed multiple open accounts for well over twenty years because of my business and the cash flow demands that it creates. I have chosen to do it this way rather than risk my home as security. I wasn't born with a silver spoon in my mouth....in fact I wasn't born with a spoon in my mouth period. I started with $250.00 and nothing else.....no property, no assets....nothing. My business has and continues to generate hundreds of thousands in revenue....and I'm not talking low hundreds. I have five accounts with Amex, four accounts with Chase, four accounts with Bank of America, two accounts with Citi, and one each with HBAC and Discover. You think that you are educating me. You are not. You think that you are telling me things that I do not know. You are not. I have managed the above with very high credit scores for many, many years and continue to do so.

You have now made reference twice to the fact that the only way that the banks can or will raise someone's interest rate to an astronomical level is if the cardholder does something like make a late payment or raise some kind of red flag. YOU ARE DEAD FREAKIN wrong about this. The rules have been changed and some of them are already in place with the remainder to take effect next year. But, for years the pigs have been able to raise interest rates on EXISTING balances for absolutely NO REASON. The only requirement was that they give the customer advance notice. Those notices gave the customer an out to remain at the current terms if they chose but the account would be closed. And that was the crux of the matter. Because of the influence of credit scores on everyday life they had their own customers over a barrel. Many people could not afford to close accounts because of the negative effects on credit scores.....especially over the last two years with access to new credit hard to come by. Some of them were facing challenges that forced them to hang on to the lines as a backstop but for no reason other than the banks whim they were stiff-armed into swallowing much, much higher rates and they did NOTHING to deserve it. You think that all banks have treated everyone just like they treated you? If so, again you are wrong. They have had a license to do just about anything they want at any time for way too long.

[IndexTrader]

You have now made reference twice to the fact that the only way that the banks can or will raise someone's interest rate to an astronomical level is if the cardholder does something like make a late payment or raise some kind of red flag. YOU ARE DEAD FREAKIN wrong about this. The rules have been changed and some of them are already in place with the remainder to take effect next year. But, for years the pigs have been able to raise interest rates on EXISTING balances for absolutely NO REASON. The only requirement was that they give the customer advance notice. Those notices gave the customer an out to remain at the current terms if they chose but the account would be closed. And that was the crux of the matter. Because of the influence of credit scores on everyday life they had their own customers over a barrel. Many people could not afford to close accounts because of the negative effects on credit scores.....especially over the last two years with access to new credit hard to come by. Some of them were facing challenges that forced them to hang on to the lines as a backstop but for no reason other than the banks whim they were stiff-armed into swallowing much, much higher rates and they did NOTHING to deserve it. You think that all banks have treated everyone just like they treated you? If so, again you are wrong. They have had a license to do just about anything they want at any time for way too long.

Based on their agreements, the banks could always do as they chose. That I agree with. However, when you say "astronomical" when referring to rates, that you mean 30%, which is what I said, and what the girl in the video said, then I think you are absolutely wrong. I don't think anyone had their rate increased to 30% without an underlying problem of some type. And I've given you two examples of lines that were increased, but with the right to stay at the original rate provided no additional charges were made. I'm certainly open to some type of FACTS concerning your assertion that a bank raised someone's rate to 30% with no reason at all other than because their agreements said they could.

By the way, I'm not trying to educate you. The only reason I responded to you to begin with is that you insulted me. You continue to insult me. Aside from that, I think your information is incorrect.

This will be my last response to you unless you provide some type of fact rather than your emotional diatribe and insults.

IT

[Iblayz]

This will be my last response to you

And with Hiker I would say......wonderful.