Check your Credit card interest rates!!

[clayinaustin]

Well it turns out what these DB's did was let me go over my limit by like 100 bucks. They they said that allows them to raise the rate up to the max. So they will loose me as a customer weather I cancell the card or not. Stupid is as stupid does.

Yep. That happened to me two years ago. I went over my limit by $12, so they doubled my interest rate. I couldn't pay that card off fast enough.

P.S. It was Bank of America. They lost me as a customer forever.

 

[Big Time]

Here's how one person got there % dropped back down....

http://money.cnn.com/2009/09/29/new...k_of_america/index.htm?postversion=2009092912

 

[Shah Mat]

Here's how one person got there % dropped back down....

http://money.cnn.com/2009/09/29/new...k_of_america/index.htm?postversion=2009092912

That's pretty creative....and funny that it (may have) worked.

 

[clayinaustin]

BofA: Credit card rates won't go up ahead of law

NEW YORK – Bank of America Corp. on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.

Since most Bank of America customers have variable rate cards, however, they could still see their interest rates go up. The interest on variable-rate cards is tied to the rise and fall of the prime rate.

Those previous moves to variable rate cards somewhat blunts Bank of America's announcement Tuesday that it will not implement rate hikes based on a customer's risk or market conditions. The company also said it will continue to re-price customers who are late on two or more payments in a one-year period.

 

[Offshoredrillin]

Ive done the same with a couple of mine, my business puts out a 6k a month to cards, I'm knocking them down and only keeping two, just not worth it any more, i would rather put that money in a standard savings and make 4% than pay them a dime...funny thing is, now I get calls to ask why I'm not using them, the person on the line gets upset when I say their employer sucks and more people like me may put them out of a job.

 

[JupiterSunsation]

For any of you really fed up that can't make the higher payments.......let them go 60 days past due and they will put you on a fixed rate hardship program for 6-8% fixed for life. Downside is it dings your credit but you will get your payment cut in half. The system will let them drop the payment as low as 1.8% of the outstanding balance. The other catch is you cannot use the card anymore and the account is considered closed. If you have a cash position you can negotiate the payoff as low as 50% but they will 1099 you the difference. They want somewhat of an income statement from you showing you can make the lower payments but you have to have $100 or so left over after all your bills are paid. If they take this route with you, they cannot re-negotiate later on the rate or payment and if you default it goes right to charge off status.

My wife has a co-worker that got hammered with everything from child health issues, to an inflated home loan with an adjustable rate and on top of it has taken a 70% paycut. She was considering bankruptcy but her earned income was too high so they wanted her to repay the debts under Chap 13. Girl is early 40's, made 200K a year for the last 10 years. Lived very simple and drives a 10 year old Camry. She just got hit with the perfect storm of conditions and it really wrecked her family.

 

[Tommy Gun]

I use a credit card for most purchases (unless they offer a price break for cash) and pay the balance in full each month. The card amasses airline points that I then use to fly for free.

 

[clayinaustin]

I use a credit card for most purchases (unless they offer a price break for cash) and pay the balance in full each month. The card amasses airline points that I then use to fly for free.

The credit card companies have a name for people like you... DEADBEAT :26: