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Change in CC Terms!

November 20th, 2006 at 04:46 pm

My wife's CC sent her a notice of a change in terms. 32% is the new default rate. The penalty fees are up to 39 dollars.

Interest accrues from the time you charge something and your rate can go up due to adverse info on your credit report. This is the final straw with these clowns! I am dipping into the EF and I am paying off the damn CC debt once and for all!

Cash and carry is the order of the day. I have had enough of this crap! Damn!

Posted in Credit Card Debt | 16 Comments »

16 Responses to “Change in CC Terms!”

  1. tinapbeana Says:
    November 20th, 2006 at 04:49 pm 1164041367
    1164041367

    wow, price, that bites! i know it's harsh to have to pay it out of the EF, but at the same time you can start the year with a clean slate which is pretty durn cool.

  2. Aleta Says:
    November 20th, 2006 at 05:03 pm 1164042185
    1164042185

    Maybe it was just the incentive you needed to do something that you really wanted to do in the first place. Maybe they did you a favor and hurt themselves in the long run.

    Good luck and congratulations on already starting off your new year with one thing crossed off your list. Believe me, if you NEED and I mean NEED a credit card, there's hundreds out there willing to give you one. One is good for renting cars, booking hotel reservations, etc so that it's there if you need it.

  3. PRICEPLUS Says:
    November 20th, 2006 at 05:03 pm 1164042189
    1164042189

    I really hate to use the EF but as you say Tina I will starting off the new year fresh and clean! These danm CC people are EVIL!!!!

    Aleta, you are right they did do me a favor. I am getting this damn burden off myback. It just burns me that they try and catch you with any sort of fees or penalties as you pay off your CC! The CC folks are EVIL!!!!

  4. Lau Says:
    November 20th, 2006 at 05:12 pm 1164042772
    1164042772

    32%??? That's insane. This same thing happend with one of DH's card not too long ago. I had him call the customer service but they couldn't do anything about it. Fortunately, it only applies to new charges on the card, which won't happen, but still!

    And BTW, I must have deleted your PM since I did not recognize the sender... Do you mind sending it again?? -Thank you!

  5. PRICEPLUS Says:
    November 20th, 2006 at 05:15 pm 1164042949
    1164042949

    32% is beyond insane! I'll forward the info on the photo electric light sensor again!

  6. janH Says:
    November 20th, 2006 at 06:03 pm 1164045831
    1164045831

    I am starting to loathe credit card companies and their costs. I know they were terrific after the hurricane, but some of these other practices......

  7. PRICEPLUS Says:
    November 20th, 2006 at 06:17 pm 1164046633
    1164046633

    janH, I have been loathing them for quite a bit now! They are trying to squeeze people something awful now! They just never stop! Thank goodness I now have the means to get out form under!

  8. Lau Says:
    November 20th, 2006 at 06:36 pm 1164047787
    1164047787

    Thanks Paul! I'll be sure to look for it.

  9. Ima saver Says:
    November 20th, 2006 at 06:53 pm 1164048802
    1164048802

    Good for you Paul!!

  10. PRICEPLUS Says:
    November 20th, 2006 at 06:54 pm 1164048896
    1164048896

    Lau, it is a great device. I am able to go into the laundry and the light goes on automatically. It turns off automatically after 4 minutes if there isno motion in the immediate area. I have found it to be a God send!

    Julie, I am so looking forward to paying this off!!

  11. carol Says:
    November 20th, 2006 at 09:41 pm 1164058916
    1164058916

    32%???!! Excuse me while I go and take two asprin. Ahh yes now I remember why I'm in NO hurry to ever get a credit card.

  12. PRICEPLUS Says:
    November 20th, 2006 at 11:46 pm 1164066371
    1164066371

    32% would require a good bit more than aspirin for me. The more I think about it the more I become enraged!

    My wife called them and they said she could opt out. Whatdoes that mean? It was explained she could keep the present 29% default rate. Huh? My wife asked why wouldn't everyone opt out and the rep hemmed and hawwed! If you throw out those little announcements they send without reading them carefully you could find yourself agreeing to a new set of CC terms by default!

    CC companies are EVIL!!!

  13. jersey jen Says:
    November 21st, 2006 at 03:38 am 1164080298
    1164080298

    oh my, is that even legal? is this
    Text is Citi and Link is citicards.com
    Citi? i got a letter from them and i just stopped using the CC. good thing i was thinking about switching my primary CC already.

  14. PRICEPLUS Says:
    November 21st, 2006 at 05:32 am 1164087131
    1164087131

    Nope! It used to be a Bank One Card and now it is Chase. I tell you jen they are really crazy with this stuff. Citibank is really no better from what I am told. They want to enslave you in debt. The only way to win at this credit card game is never to playat all! Cash and carry is my new mantra!

    Oh, and it is legal! The banks set up their CC services in states with very loose usury laws. 32% default rate is nuts! They will look at your credit report and see if their is something there with which to raise your rate to 32%. Universal default is the term! So if one of any of your bills is accidentally late our pals at the CC compaqny can by default raise your interest rate. They can go to hell! They are EVIL!! I'll pay cash thank you!!

  15. debtfreeme Says:
    November 21st, 2006 at 09:10 pm 1164143424
    1164143424

    i remember reading that your wife had some where inthe neighborhood of $650 in overdraft fees? Some banks report that which is what might have caused the changes in terms to this.

    usually when you opt out they close the card. did they offer that to your wife?

  16. PRICEPLUS Says:
    November 21st, 2006 at 09:53 pm 1164146027
    1164146027

    debtfree, she called the bank and they told she could opt out and the default rate would remain at 29%!!! Wow! What a break says I!Rolleyes
    They said nothing about closing the card. Wait till those rats get the check paying the debt in full! DW has her other account with Chase and so her debit card is with them. As far as I know she has always paid this in full. I guess if she is fibbing then I understand why the CC demons want to raise the default rate!

    Thid month she went 427 over. God I wish she was not a spendthrift!!!Frown
    God, I hate all this stuff with the CCs!!!

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