Credit Card Execs Defend Rate Policies

Credit Card Execs Defend Rate Policies

There are 24 comments on the Orlando Sentinel story from Dec 4, 2007, titled Credit Card Execs Defend Rate Policies. In it, Orlando Sentinel reports that:

Check your holiday credit card bills closely. Some credit card companies are raising interest rates on good customers even if they pay down their balances, on time, every month.

Join the discussion below, or Read more at Orlando Sentinel.

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“Proud that Obama won”

Since: Dec 07

Australia & Texas

#22 Jan 3, 2008
Here is a little secret the Credit cards don't you to know.

As you probably have seen in the mail, you get those offers for the 1.99%, 2.99% and even a short term %0.00 interests... The banks send you those specially when you have a higher interest balance on that credit card... so when you use the check it pushes the high interest to the back of the line and the amount you are now paying if you use this check is first the low interest.

Some of the credit cards wish have those super low interest introductory rates usually give you about 6 months before they raise your interest rate.

Most of you who have had your interest rate raised to 30% will most likely be getting this offers.

As an example, Keep 3 Credit cards, 1 with a very low balance, but a high interest...

For example, lets say you have Chase ($5000 Balance), Citibank ($4500) and BankofAmerica ($20)

Now... wait for the BankofAmerica which has a balance of $20 to send you the offers, now lets say you get an offer from (Chase). Make sure you keep those checks and make sure they don't expire.

Now, send the Check from BankofAmerica to Chase ($5000), once the balance clears use the check from Chase to Citibank but leave $20 in Citibank balance.

Always keeping your interest low...

Now when ever you get the notification, or when your introductory rate is due to expire... do the exact same process as I wrote before, but you instead this time use the Citibank card as the first card to move the balance to.

Do not be afraid of fees that are charged, remember... they are usually 3% when you are paying %30... guess what, its a whole lot cheaper, and its a 1 time charge.

Banks hate it, but its perfectly legal...

Since: Sep 07

Fort Lauderdale, FL.

#23 Jan 3, 2008
Funny story.

One of my co-workers who had an empty credit card with $33000 in available credit.

He received a check and notice of 0.00% interest for 1 year, yea... 1 year.

So, he send the check to his check card for $30,000 putting it into his bank account.

Once the money was in his bank account, he invested the $30,000... in 11 months he made $17,000 in profit.

After 11 months, he cashed out the $30,000 he started with, made a 1 time electronic payment the day before his 1 year was about to expire...

I thought it was soooooo funny... and it worked beautifully.

“Proud that Obama won”

Since: Dec 07

Australia & Texas

#24 Jan 3, 2008
The reason I said that you need to keep $20 in the credit card rather than empty the credit card is because you are more likely to receive a super low interest notice if there is some balance left on the credit card.

For me, I was leaving just $0.25, for some banks it works, but not all... but with $20... you are good!

I have done this for some many of my friends and relatives, and it ALWAYS works, does not harm your credit score and you can actually get out of dept...
Blondie

London, UK

#25 Mar 26, 2014
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