Crushed by rising credit-card rates? You can fight

Sarah Jones recently failed to make a credit-card payment on time - her first miss in years. Full Story
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Huh

United States

#1 Apr 30, 2009
American Express will not back down from their rate increases. I've never missed a payment and or even been late with a payment. They increased my rat from 9% to 13%. When asked why I was told it was to make up for the people who were defaulting on their cards. I immediately paid that card off. Now if I use it I pay it off that day. They don't get a nickle from their jacked up rates. I guess that's the better way to do it anyway.
OneVoice3

Winter Springs, FL

#2 Apr 30, 2009
Check out Credit Unions, yes some have raised their APR but many have not.
Come on

Columbus, OH

#4 Apr 30, 2009
I'm in the same boat. I've not missed a payment and have good credit, but my credit cards raised my interest rate as well. I had 4 thousand dollars on my credit card, but when I saw that the interest was going to be 45 bucks for the month, I decided to pay it off vs paying off my car! I have seen some credit cards (Emerge) be as high as 31.9%. That's out of control, and anyone that uses that will never get a ahead if they are just making the minimum payment of $175 a month on say 5 Grand!
Scott

United States

#5 Apr 30, 2009
Bank of America and AMEX have never raised their rates with me. Oh wait, I never leave a balance on my cards at the end of a billing period.:)

No, I'm not rich. never have been. I'm just anal about having a balance and giving those bastages my money in the form of interest.

still, something should be done to regulate them. They are going crazy screwing people over.
Warren

Deltona, FL

#6 Apr 30, 2009
No debt, no credit card problems. People put themselves at the mercy of the lenders then cry about it.
malloy

Eustis, FL

#7 Apr 30, 2009
well Citi raised my rate from 8% to %18, Capital One from 9% to 17%. I called them both, none were willing to do anything. I both closed those account (I was with Citi for TWELVE YEARS!), they did not care at all!

“Vegas Baby!!!”

Since: Dec 06

Orlando, FL

#9 Apr 30, 2009
I will admit, I am in debt to 1 credit card company - Citibank. I have been with them for about 10 years and have always enjoyed the benefits that I receive from them. When my interest rate went up b/c of a late payment (my fault), I called to see if they would lower it - they did back to the original rate, which is less than 10%.

However, with all of that said, I have to agree wtih Warren. I, as well as millions of Americans, have put ourselves at the mercy of the credit card companies. Not fair for us to complain about something if we owe that person money. Please do not whine about "it's not fair." Fair is not being in debt to someone.
soflokid

United States

#10 Apr 30, 2009
Think its bad now? i had an old planter in which a silk ficus tree was wrapped around inside by a 1987 issue of the Miami Herald. Interestingly, i was reading the an add in there from Barnett Bank (now Bank of America) and the credit card interest rate was 14.2% and mortgages were 12%. So don't complain folks! Credit is too easily available and cheap. This is a big part of the problem we have not; the buy now pay later mentality that is pervasive in our society. High interest rates encouage savings and less borrowing. so don't complain about your interest rates - it could be 1987 again!
soflokid

United States

#11 Apr 30, 2009
malloy wrote:
well Citi raised my rate from 8% to %18, Capital One from 9% to 17%. I called them both, none were willing to do anything. I both closed those account (I was with Citi for TWELVE YEARS!), they did not care at all!
News flash! Save the money and pay cash like our grandparents did. Borrowing is what got us into the mess were in now!
Wayne

Orlando, FL

#12 Apr 30, 2009
Yes but of course because these big corporations donate a ton of money to our politicians they can do whatever they want. They bribe our politicians via the loveable lobyists
Kelly in Winter Springs

United States

#13 Apr 30, 2009
I had a credit card with BoA. My interest rate was at 7.2%, not bad for a college student. I had always been good about paying off the card every month, on time. I was 2 days late on one payment and the interest rate went up to 25%.
I called them up, and they refused to do anything about it, so I switched to a new card w/ Chase. 0% intro for 18 months and 6.6% after that.
I dont' usually carry a balance, but when I have to use for the unexpected (for example a car repair) I don't want to be drowned in interest payments.
If you are looking to switch and have good credit, just be patient for the right offer and you can solve a lot of temporary problems with interest rates.
SusanB

Casselberry, FL

#15 Apr 30, 2009
Bank of America pulled this crap on me. I have a excellent credit rating, rarely have a balance on the card of over $200 and its usually at a zero balance every 3 months or so ( I only use it for mail order presciptions). I went and got another credit card with my mortgage comapny at the same rate as BOA's before they raised it. I have always despised BOA, they have lousy customer service. The only reason I kept the card after it changed to BOA was because a small percentage of my purchases went to the Humane Society.
I hope other customers of BOA's do the same as I did and run them out of business!
Federalist Papers

San Francisco, CA

#17 Apr 30, 2009
Just do not charge more than you can pay in full when the bill comes. Its as easy as that!
Mrs Stanley

Mexico

#18 Apr 30, 2009
Please have some respect for the environment; just say no to plastic!!

Hold on, the swine flu is knocking at my front door.
FED UP

Miami, FL

#19 Apr 30, 2009
URSURY IS URSURY, ANY RATE MORE THAN 10% OVER PRIME SHOULD BE CAUSE FOR JAIL TIME FOR BANK EXECS!!!!!!!!!!
NO MORE RATES OVER 15%!!!!!!!!!
Stephens

Pompano Beach, FL

#20 Apr 30, 2009
Balony, No cred card company has lost any money. When they charge 2% plus on all purchases for an average of approx 15 days use to the merchant which is 48% per annum. The only way they can make the excuse of loseing money is forget about the money they charge the merchant for your credit.
FLAN8IVE

Port Orange, FL

#21 Apr 30, 2009
SusanB wrote:
Bank of America pulled this crap on me. I have a excellent credit rating, rarely have a balance on the card of over $200 and its usually at a zero balance every 3 months or so ( I only use it for mail order presciptions). I went and got another credit card with my mortgage comapny at the same rate as BOA's before they raised it. I have always despised BOA, they have lousy customer service. The only reason I kept the card after it changed to BOA was because a small percentage of my purchases went to the Humane Society.
I hope other customers of BOA's do the same as I did and run them out of business!
Why not just make a donation to the HS instead? Dump the BofA.
SusanB

Casselberry, FL

#22 Apr 30, 2009
FLAN8IVE wrote:
<quoted text>
Why not just make a donation to the HS instead? Dump the BofA.
I already contribute monthly to HSUS & I plan to increase my donation amount.
CHASEing away

Orlando, FL

#23 Apr 30, 2009
I have been a Chase customer for years, paying on time and even before the due date.Well guess what, I paid off my current monthly balance early and the next statement showed a late payment charge fee of $40 on a $1.20 finance charge balance that was applied at the end of the month on a $0 balance. I called them but they treat me like a criminal and did not care, they said I paid late the balance so I cancel the card right away.
Beau

Guatemala City, Guatemala

#24 Apr 30, 2009
I live in Orlando part time and in another country most of the time. While banks and credit card companies are messing with Americans in the U.S. the same companies (Citi and GE Credit for two) are putting out credit cards and hiking credit limits for customers abroad. I know because I have both U.S. and foreign cards and I now use the foreign (U.S. dollar) cards exclusively. Interesting, huh? Also, while Citibank is in so much financial trouble in the U.S. they recently put Citibank signs up in front of about 70 bank branches in my other home country. No signs of problems here. Maybe banking is more profitable abroad.

American Express in the U.S hiked my interest rates and cut my limit but now they have the audacity to charge me $150 for my 'Platinum" card annual fee. The card has 25% of its original value in terms of credit limit. I now buy one song on I-Tunes on AMEX per month just to keep it alive because I'm sure it costs them more than that to maintain the account.

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