Credit Card Rates

[blowndodge]

financial publications have recently reported that major credit card companies that have reported record losses due to the housing forclosure debacle had have been sending out notices to comsumers with good credit and no deliquencies.

These notices are that the interest rate on their balance is going up. To some it's from 9.9% to 24%. Your only option is to pay the balance off right now (which for some is impossible) or pay the increase rate.

There is no law forbidding this. For those who have outstanding balances you should check your statements to see what your interest rate is.

Bank companies that make huge profits give millions of dollars in bonuses to the few executives but when they lose money they socialize the losses to the American Consumer. How cool is that?

A friend of mine called me yesterday and told me Am. Ex. just sent him a notice that his credit limit was being reduced. He's never missed or been late on a payment. They said he was over extended.

[socwkbiker]

They are going to do whatever they can to recoup what they've lost, even if it means ruining the consumer credit market.

[jussmatt]

Thank goodness I don't carry any balances!!! I have one credit card I use for Internet purchases so I can dispute issues incase somebody either gets my information, or I get stiffed. That credit card has a low limit on it on purpose...so I won't get screwed if someobody gets my info. Other than that...they can all kiss my A$$!!! I got into a HUGE fight with Non-Am. Express and I won't use them for a damn thing anymore! Credit card companies can go to hell as far as I'm concerned...they target young, un-educated or experienced consumers who have little or no credit history and give them huge limits knowing they will run the card up without ever being able to pay it off!! My nephew turned 18...received 4 credit card pre approvals in one day... He's NEVER applied for any of them!! We had to sit down and have a real talk with him about the traps that are out there!!! That's something they should be teaching in High Schools!!

I have discover card and I use it for everything I am going to buy anyway like groceries, gas, bills, whatever. I pay it off every month and they give you cash back on every purchase. 1% cash back on most purchases 5% cash back on some purchases like gas. So they usually end up paying me about 20 bucks a month for using the card to buy things I'm going to buy anyway.

that's awesome...but they are counting of the majority...who don't pay it off every month...

[blowndodge]

there's over a trillion in debt, do the math! As JussMatt says, if you can't pay it off at the end of the month, you shouldn't be using it! PERIOD!!!

there's over a trillion in debt, do the math! As JussMatt says, if you can't pay it off at the end of the month, you shouldn't be using it! PERIOD!!!

Now you tell me!!!!!!!!!!! (*&^%$%^&*&^%$#@!!!!!

[socwkbiker]

Fine dad! Geez!

[ells]

cc interest rates on carried balances have always been outrageous. If you can find a better interest rate elsewhere (or especially if you can't find a better rate), you really shouldn't be using them. You're spending a lot of money for nothing other than satisfying that instant gratification thing,... well okay, that might be worth something.

[blowndodge]

Nico, go to your room!! Leave the card!!

Nico, go to your room!! Leave the card!!

I am.... and I did..... ::)

[audiogooroo]

I have discover card and I use it for everything I am going to buy anyway like groceries, gas, bills, whatever. I pay it off every month and they give you cash back on every purchase. 1% cash back on most purchases 5% cash back on some purchases like gas. So they usually end up paying me about 20 bucks a month for using the card to buy things I'm going to buy anyway.

Same here Wolfman.
I use Discover for all of my business travel expenses and pay it off every month. Been doing that for years and usually get about $300 per year back from them. Can't beat it.

[ells]

I try to use my Discover everytime too but find lot of places don't accept it, is that just me? I might get about $100 per year in rebates.

Virtually everybody in Utah takes discover with the exception of a few fast food places. When I travel outside of Utah I find that it's not as widely accepted. I was told by one motel I was staying at that they hate discover because their fees are really high. If I remeber right they said discover charges the business a 6% transaction fee everytime it gets swiped.