 Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 1,335
Learned Hand
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OP
Learned Hand
Joined: Jan 2005
Posts: 1,335 |
Last months I got a very nice letter from Capital One informing me that the interest rate I was paying was going to go up. They almost doubled the rate. When I called them to find out why, they basically said it was the cost of doing business in this current economy. Luckily for me I don't carry a balance, so it doesn't have any direct impact on me. I did go out and get a second Credit Card through my Credit Union at a much lower rate. I did this just in case Capital One does something else that will give me reason to drop them.
If you are carrying a balance on any of your Credit Cards I would work very hard to pay them off before they raise your rates.
Tom
Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.
Benjamin Franklin, US author, diplomat, inventor, physicist, politician, & printer (1706 - 1790)
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
I was ranting before about Citi raising my rates for no reason. They raised me from 9% to 24.99% for no reason and I had 3 accts with them. (Didn't know all 3 were through them at the time) Anyway, I called them and started bitc hing and ranting about the bailout money and was that enough they want money but are forcing people into default by raising rates on customers in good standing etc... Well I didn't get my 9% back but I got 10% on 2 of them and 15% on the other. I have paid off my Advanta since they raised me to 37%!!! I told em to stuff it too. I am in a bad place right now, living on my credit cards and looking for work.
I had Capitol one years ago and they were just jerks so I canceled the card long ago.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 2,968 Likes: 1
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 2,968 Likes: 1 |
These credit card companies are thiefs. My Discover card went from 14% to 30% and I called them and they lowered it back to 14% but I think a paid a couple months before I caught the change.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
My Discover is currently at 3% but am waiting for that to change, I know it's coming. They are the only ones who haven't yet in my case.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jul 2008
Posts: 1,440
Learned Hand
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Learned Hand
Joined: Jul 2008
Posts: 1,440 |
Quote:
I have paid off my Advanta since they raised me to 37%!!!
That's atrocious. Wasn't there a ceiling on CC rates at one time? Anyway, I hope your situation improves soon. I know it's tough to find decent work, especially up there in your area.
'08 America Blue/White; Custom Headlamps, Custom Lowers, Clearview 20", Bafflectomy
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
I just had a job offer today, not sure when I start and the pay sucks compared to what I am used to but at least I'll have benefits. I go tomorrow to get the details. Thanks for the well wishes. I'm still looking for a better job but for now at least my bills will be paid.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2006
Posts: 3,099
Loquacious
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Loquacious
Joined: Feb 2006
Posts: 3,099 |
I hope things work out for you Ian.
Remember, any job is better than no job right now.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: May 2007
Posts: 5,068 Likes: 1
Saddle Sore
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Saddle Sore
Joined: May 2007
Posts: 5,068 Likes: 1 |
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 5,268 Likes: 16
Saddle Sore
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Saddle Sore
Joined: Jan 2005
Posts: 5,268 Likes: 16 |
What have you got in your wallet?
I've got a debit card and cash!
I owe Sears about a grand on 24 months no interest loan ( flat panel LCD). I'll soon have that paid off. I couldn't turn down free financing and they beat the best price in town by 10%.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jun 2006
Posts: 1,382
Learned Hand
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Learned Hand
Joined: Jun 2006
Posts: 1,382 |
I'm a VERY RARE user of a credit card. I got fed up with them years ago and ditched all of them except my personal AMEX Optima Card (allows a balance to be carried over month to month). I also have a corporate AMEX (work use only). The personal card MAYBE gets used once every blue moon for motorcycle gas. The card is obviously paid off (we're talking less than 20 dollars worth of charges) the month of use. Anyway... apparently having a credit card and not using it actually hurts you FICO score! Not only that but I just got a letter notifying me that as a result of my use habits (i.e. I rarely used the card, when I did use the card it wasn't much, and I always paid off the balance) that they were cutting my credit limit in half!
Apparently, since they weren't making any money off of me they are going to give it to someone else that they can make it off of.
'06 TBA - Black, AI and Snorkel removed, K&N Drop In, Gutted Stock Pipes, 145/42, 2 turns out.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2009
Posts: 1,228
I live in the sun downunder
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I live in the sun downunder
Joined: Jan 2009
Posts: 1,228 |
If you can manage it do what we do. We live on our credit card and make sure it is paid in full at the end of the month. We get Visa points for every dollar we spend which we turn into cash and get it deducted from our card bill. I know that everybody is not in the situation to do this, but if you are it is the way to go. Use there money and make a profit at the end.  FrankW
FrankW
Ex Speedmaster rider, went to the Dark Side now riding an America.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jul 2007
Posts: 6,060 Likes: 6
Worn Saddle
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Worn Saddle
Joined: Jul 2007
Posts: 6,060 Likes: 6 |
NPR had a news bite today about how Congress is considering some credit reform legislation. Yeaaaah, right, I'm sure they are gonna be a big help. My Chase card did the same thing as the first thread here. I cancelled them, promptly. After I pay them off, I promised them I would never carry another Chase care ever, and I would tell all my friends (both of them). I don't know squat about big business and high finances, but I'm gonna say for the record of the common man, interest rates on credit cards of 18% and higher is highway robbery, loan sharkerey and should be illegal. 
Fidelis et Fortis
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 1,018
Learned Hand
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Learned Hand
Joined: Jan 2005
Posts: 1,018 |
Most states did have laws governing interest rates. Seems though two states. Delaware and I don't remember the other ,didn't. So guess where most credit card companies are based...check your card.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
I know most of mine are out of Wilmington , Del.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2005
Posts: 20,096 Likes: 2
Fe Butt
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Fe Butt
Joined: Feb 2005
Posts: 20,096 Likes: 2 |
Holy CRAP!!! I just checked MY credit card and found that its based out of Lagos NIGERIA!!!  (MAN!!!...so THAT'S WHY my balance hasn't gone down for 5 friggin' years, even though I've NEVER been late EVEN ONCE with a friggin' payment!!!)  
Yep! Just like a good Single Malt Scotch, you might call me "an acquired taste" TOO.(among the many OTHER things you may care to call me, of course)
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
So you are the one behind those Nigerian scams!
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 371
Adjunct
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Adjunct
Joined: Jan 2005
Posts: 371 |
If you live within your means and budget sensibly, you'll eventualy get what you need, not what you think you want, because of a whim. I do'nt have any credit cards, but have a debit card that I use reluctantly. I refuse to line the fat cat companies pockets, discount for cash is the way forward. I also do'nt work and if I can live and enjoy myself without the leeches in my wallet, there's hope for others to do the same.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Mar 2008
Posts: 35
Greenhorn
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Greenhorn
Joined: Mar 2008
Posts: 35 |
Quote:
I just had a job offer today, not sure when I start and the pay sucks compared to what I am used to but at least I'll have benefits. I go tomorrow to get the details. Thanks for the well wishes. I'm still looking for a better job but for now at least my bills will be paid.
I hear ya on the work the oil patch dried up last Nov. I managed to find 40 days work as a safety advisor on a siesmic crew in Northern Sask. they had signed me to a contract for 90 days job was finished in 40 ... No work here in Eastern Canada 
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
Quote:
If you live within your means and budget sensibly, you'll eventualy get what you need, not what you think you want, because of a whim. I do'nt have any credit cards, but have a debit card that I use reluctantly. I refuse to line the fat cat companies pockets, discount for cash is the way forward. I also do'nt work and if I can live and enjoy myself without the leeches in my wallet, there's hope for others to do the same.
I had no income and looking for a job so I thank God I had my cards or I would have no electricity, food, TV, etc...I never carried a balance before but darn glad I kept the cards around. I used to use them for mail order and to order parts for my business. That way I didn't have to wait for my check to clear. I always paid off the balance but my work dried up.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 6,681 Likes: 1
Bar Shake
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Bar Shake
Joined: Jan 2005
Posts: 6,681 Likes: 1 |
Quote:
What have you got in your wallet?
I've got a debit card and cash!
Amen, brother!!
"Catching a yellow jacket in your shirt at seventy miles per hour can double your vocabulary" Author unknown
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 1,335
Learned Hand
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OP
Learned Hand
Joined: Jan 2005
Posts: 1,335 |
Quote:
Quote:
What have you got in your wallet?
I've got a debit card and cash!
Amen, brother!!
I remember reading a report a couple of years ago that the banks want everyone to get into the habit of always using their debit card, and then at some point down the road they will start charging the debit card holder per transaction. Which is the main reason I don't use a debit card. The second being they don't insure the debit card as well as a credit card.
Tom
Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.
Benjamin Franklin, US author, diplomat, inventor, physicist, politician, & printer (1706 - 1790)
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 6,681 Likes: 1
Bar Shake
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Bar Shake
Joined: Jan 2005
Posts: 6,681 Likes: 1 |
When they start charging per transaction then I will just have cash in my wallet. I can't rememeber when I first got a debit card but I think it has been over 10 years w/o a charge. It seems to me that banks are so competetive at the present time that it won't happen anytime soon. Thats why you see more and more free checking acccounts offered. If you are going to go with a credit card I read that Credit Unions are the only way to go. They offer the best rates period. I'm not sure what you mean by the credit card being better insured though then a debit card. A couple of years back Gas stations were charging holders a payment until their charge cleared. $50 or so. But you get by that by just pressing credit. That is the only time I have heard a down side to debit cards. 
"Catching a yellow jacket in your shirt at seventy miles per hour can double your vocabulary" Author unknown
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
I don't know about that. How many credit unions offer 3%? That's what my Discover is right now. Until this whole rate thing my cards were all 9% or less except Advanta that was around 15%. My bank is not in any trouble it is a local bank with good lending practices plus if I argue with a teller I always win, even when I'm wrong. My step dad is on the board of directors.
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2006
Posts: 7,694 Likes: 22
Monkey Butt
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Monkey Butt
Joined: Jan 2006
Posts: 7,694 Likes: 22 |
Credit cards are all evil. Sometimes, like in Dogs case, they are a needed evil. The real symptom of credit card use being out of control is when they are a necessary part of monthly life.
If the credit card is being used because the cash just is not there then there is a pretty big problem.
Working in the insurance industry I deal with folks every day involving their money. I am starting to think the average American has a mortgage, two car payments, and 20k in credit card debt. I am starting to think the average American has less than 1 months bills in the bank in cash.
I have absolutely no data to support the above it just seems that way.
If I am remotely close in my assumptions, the sky is falling. The last two Secretaries of the Treasury keep saying we need to help banks get back to lending again.
NO!!!! Please stop lending!!!!!!!!!! Mr. banker.
It appears the entire economic wealth of our nation involves debt. "Consumer spending went up 1% last month" types of statements make me cringe if the bulk of the went up part was on plastic. That really means consumer debt went up another %.
I encourage all to pay them off one at a time to the point where it hurts to get it done. They will drain you dry. You will never get ahead with them weighing you down.
/end of rant
I try to aggravate one person a day. Today may be your day.
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Jan 2005
Posts: 5,268 Likes: 16
Saddle Sore
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Saddle Sore
Joined: Jan 2005
Posts: 5,268 Likes: 16 |
Quote:
Quote:
Quote:
What have you got in your wallet?
I've got a debit card and cash!
Amen, brother!!
I remember reading a report a couple of years ago that the banks want everyone to get into the habit of always using their debit card, and then at some point down the road they will start charging the debit card holder per transaction. Which is the main reason I don't use a debit card. The second being they don't insure the debit card as well as a credit card.
Tom
My debit card is also a Visa card. I believe anything over $50.00 is insured by Visa in the case of theft. I could be wrong, I've been wrong before but I did stay at a Holiday Inn Express last night. 
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Re: Credit Card % increase (or how high can they go)!!
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Joined: Feb 2007
Posts: 23,227 Likes: 62
Fe Butt
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Fe Butt
Joined: Feb 2007
Posts: 23,227 Likes: 62 |
Right now you described me Ron, sad but true. No car payment but house and credit card with no money in the bank anymore. It really drives me nuts too, I never used to have credit cards until I tried to get my first house loan and found out that no credit was worse than bad credit and to me that is wrong. I was in my 30s and didn't owe anyone a single dime. The banks didn't care but seems to me to make it over 30 years with no debt should have qualified me for a loan. Even now as bad as things are I haven't missed a payment on anything.
Now it's supposed to be 86º F here today so we are going out for a ride!
I learned all I need to know about life by killing smart people and eating their brains.
Eat right ,Exercise ,Stay fit, Die Anyway!
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