How many people has had their interest rate increase on a CC (without reason)?

[mikeofaustin]

I've recently carried about a 2K tab on on CC, and the one other I recently zero'd out. But yet one day, I got a letter stating that they were increasing my interest rate from 7.9% to 14%. I called them up and said, "If you don't keep it at the previous rate, I'll pay it off right now completely, and you'll not get another dime of interest from me.". They refused (actually, the person with the east Indian accent refused), so I thanked him and payed it off in full the same day. Now, I'm hearing where a lot of people are having their interest rate raised for no reason.

So, what doesn't make since, is that CC companies are supposed to make money from interest. So why are they so disloyal now to the poeple that are the 'prime' people of their business? I would think that they would want to keep the prime people and crush the late payer, but that's not the case. Perhaps there will be a time where they find that they are now losing money because they have no interest from prime people coming in? It makes no business since to me.

 

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[Shortstack]

A whole lot of the crap that's been happening since November 2008 makes no business sense; unless you're talking about crushing the business.

 

[mikeofaustin]

A whole lot of the crap that's been happening since November 2008 makes no business sense; unless you're talking about crushing the business.

Yep, and another thing I failed to mention. One day, I see someone drive by my house taking pictures of it. I jump in my car and chase him down and ask him what the heck... he tells me that he was commissioned from a bank to take photos of delinquent accounts. I later learn that my mortgage company had changed their account numbering without telling me. So, they have my money, but it wasn't' working toward my mortgage account. I went through the whole ordeal of showing them that I clearly did have money in my bank account to pay for the mortgage, and they said, "We'll were sorry, you still have to pay for the $199 fee for being delinquent against your account, because we had to hire someone to take photo's of your estate.

After many months of crap, I finally got tired of it and said "I need a contact and a phone number for your legal department because I'm now going to litigate". As soon as I said that, my troubles were over. They removed any B.S. fees and never bothered me again.


Perhaps it will work with these CC companies.

 

[GibH]

You can decline the increase if you want, you just won't be able to use the account anymore. The banks are raising rates now because of mickey mouse legislation that was supposed to protect the consumer goes into effect next year. When the legislation passed, it should have went into effect immediately. Gov't can't get anything right. Actually, I'm sure it went just the way it supposed to. Give the thieves ample oppotunity to rape and pillage while it was still legal. In case nobody has noticed, it doesn't matter which party a politician belongs to anymore, they are all bought and paid for by some special interest.

 

[Lasivian]

The "Reason" is simple capitalist economics, "Charge what the market can bear".

 

[GibH]

The "Reason" is simple capitalist economics, "Charge what the market can bear".

If that were the case, they would have been charging those rates all along. Even customers who've never been late or near their credit limits are getting rate jacked. The banks are getting the increases in before the Card Act goes into effect. Had the Act put the new rules into effect when it was passed and shut the door immediately, your congressman and senator would have lost a lot of campaign money.

The "Reason" is simple greed, the same greed that got us into the economic mess we are in. The banks are greedy for your money, our elected representitives are greedy for the lobbyist perks and campaign funds.

 

[Libralabsoldier]

You are acting like this is something new?

 

[mrs.oroblanco]

On November 30th, the laws will change, where the CC companies will not have so much freedom in the "charge whatever rate we choose" area.

Also, anything you bought BEFORE their notification will have to be charged the original rate. So, they are all raising their interest rates BEFORE the new laws take affect.

After November 30th, if they raise your interest rate, they cannot charge the new rate to anything that is already on your account, only on new purchases.

B

2 of ours were raised just this past week. Never had a late payment, and don't usually carry a balance.

 

[treetop]

I just hope that everone that votes remember all this there doing Come election time

 

[RPG]

I don't have a CC and haven't in ten years. That's when I paid my last one off and don't plan to get another one.

 

[Libralabsoldier]

I use cash for as much as I possibly can, when I can.

 

[mrs.oroblanco]

I'll remember - but I am in favor of the new law.

What the legislators missed, was making sure the CC companies couldn't go bananas in between the time the law was passed and when the law goes into effect.

It should have gone into effect immediately.

B