Casper Posted December 18, 2009 Report Share Posted December 18, 2009 We had a card at 8.99%. They raised it to 14%. That sucks, it's bullshit, whatever. Today we get a letter saying they're raising it to 29.99%!!! What the fuck are these companies thinking? Needless to say, it's been paid in full, closed, and they were basically told to fuck off. Seriously guys, watch your interest rates. The letter was just a plain white envelope, the kind I usually throw away because it's junk mail. Quote Link to comment Share on other sites More sharing options...
oh8sti Posted December 18, 2009 Report Share Posted December 18, 2009 I heard some are up to 79% Quote Link to comment Share on other sites More sharing options...
LJ Posted December 18, 2009 Report Share Posted December 18, 2009 I heard some are up to 79% Unpossible in Ohio Quote Link to comment Share on other sites More sharing options...
oh8sti Posted December 18, 2009 Report Share Posted December 18, 2009 Unpossible in Ohio Read it in USA today Quote Link to comment Share on other sites More sharing options...
evan9381 Posted December 19, 2009 Report Share Posted December 19, 2009 first premeir or something is doing it as a "test" i read yesterday. didnt say where it was going on, but it is. Quote Link to comment Share on other sites More sharing options...
Pedro1647545510 Posted December 19, 2009 Report Share Posted December 19, 2009 I heard some are up to 79% Yeah, crazy isn't it. I read that article today as well. http://www.cbsnews.com/stories/2009/12/18/business/main5995218.shtml Quote Link to comment Share on other sites More sharing options...
87GT Posted December 19, 2009 Report Share Posted December 19, 2009 Call them and tell you are canceling the card for raising the rate. They will probably lower it to get you to stay. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted December 19, 2009 Report Share Posted December 19, 2009 Yeah, I had a card with 0 balance, send me a notice that my rate was going to 24%, I called and said "so because I'm responsible and pay my bills your practice is to try to screw me?" I got "Yes". I said close the account. This was CITI. Quote Link to comment Share on other sites More sharing options...
Guest Removed Posted December 19, 2009 Report Share Posted December 19, 2009 i seen the 79% thing yesterday...im like fuck that shit.. im glad i dont have them Quote Link to comment Share on other sites More sharing options...
evan9381 Posted December 19, 2009 Report Share Posted December 19, 2009 pay CCs of monthly and it wont matter. ive paid less than $7 in intrest on my CC since 2008. not a penny this year. there is also no annual fee and ive redeemed $150 in rewards cash from them...so im up $142.xx Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted December 19, 2009 Report Share Posted December 19, 2009 Call them and tell you are canceling the card for raising the rate. They will probably lower it to get you to stay. Wrong... Of my 5 cc's only AE lowered my interest rate back. My mastercard of 13 years told me tough luck. Quote Link to comment Share on other sites More sharing options...
87GT Posted December 19, 2009 Report Share Posted December 19, 2009 Wrong... Of my 5 cc's only AE lowered my interest rate back. My mastercard of 13 years told me tough luck. Then fuck them cancel the card. You can get a better rate elsewhere. Quote Link to comment Share on other sites More sharing options...
jerrodh Posted December 19, 2009 Report Share Posted December 19, 2009 Yeah but opening and closing credit card's is pretty much worse tha dealing with a higher rate. It's a shitty situation all around honestly your never win unless as stated you pay off monthly. Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted December 19, 2009 Report Share Posted December 19, 2009 They are raising them because of the billions they are losing come 2010 thanks to all of the new Card Act Laws going live. Not saying it's right, but that's how it is. Pres / Congress tell them they can't charge for X, Y, and Z, so they increase the Hell out of A, B, and C. Maybe the gov't should just have stayed out of it, and let people read their credit card agreements, and decide for themselves if they have the ability to repay their debts.?.? Quote Link to comment Share on other sites More sharing options...
RX-7 Addict Posted December 19, 2009 Report Share Posted December 19, 2009 Not saying it's right, but that's how it is. Pres / Congress tell them they can't charge for X, Y, and Z, so they increase the Hell out of A, B, and C. Maybe the gov't should just have stayed out of it, and let people read their credit card agreements, and decide for themselves if they have the ability to repay their debts.?.? +10000000 The government doesn't f**king get it. And now that Bernanke said no fed funds rate increase for a long time (and prime is closely linked to fed rate) there is no need to raise interest rates Quote Link to comment Share on other sites More sharing options...
Draco-REX Posted December 19, 2009 Report Share Posted December 19, 2009 They are raising them because of the billions they are losing come 2010 thanks to all of the new Card Act Laws going live. Not saying it's right, but that's how it is. Pres / Congress tell them they can't charge for X, Y, and Z, so they increase the Hell out of A, B, and C. Maybe the gov't should just have stayed out of it, and let people read their credit card agreements, and decide for themselves if they have the ability to repay their debts.?.? How DARE you suggest people have some personal responsibility?! I'm so offended, I'm going to sue Microsoft, Samsung, CR, Road Runner, and my grade school English teachers for making me able to read that! Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted December 19, 2009 Report Share Posted December 19, 2009 Why close them? As long as there is no annual fee and no balance, why get rid of that credit history by closing the account? Quote Link to comment Share on other sites More sharing options...
KillJoy Posted December 19, 2009 Report Share Posted December 19, 2009 THIS has been discussed here before.... :thumbup: KillJoy Quote Link to comment Share on other sites More sharing options...
Mensan Posted December 19, 2009 Report Share Posted December 19, 2009 Why close them? As long as there is no annual fee and no balance, why get rid of that credit history by closing the account? Because open credit is bad for your report. Though, if the account is old enough, the open credit could be offset by the length of time the card has been open. Both are items off of which your credit score may be based. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted December 19, 2009 Report Share Posted December 19, 2009 Why close them? As long as there is no annual fee and no balance, why get rid of that credit history by closing the account? Thanks, I was thinking the same exact thing. As long as there's no annual fee why lose the credit history you have with that particular companyJust dont use the card. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted December 19, 2009 Report Share Posted December 19, 2009 Ben, last I checked the state of Ohio has a cap of 24.99%. Double check that. If it is still 24.99%, cantact the attorney generals office and file a complant. To do business in Ohio, you have to go by state rules, unless a fed law trumps it. No fed law is out on rates that I'm aware of. Quote Link to comment Share on other sites More sharing options...
OGRE Posted December 19, 2009 Report Share Posted December 19, 2009 How about . . . you dont use a credit card unless you have MONEY to cover it when the bill comes? Fucked up idea, huh? Quote Link to comment Share on other sites More sharing options...
Mojoe Posted December 19, 2009 Report Share Posted December 19, 2009 How about . . . you dont use a credit card unless you have MONEY to cover it when the bill comes? Fucked up idea, huh? How about thats not the issue he's asking bout and "no shit" be the simple sneer you much be looking for. Quote Link to comment Share on other sites More sharing options...
LJ Posted December 19, 2009 Report Share Posted December 19, 2009 Because open credit is bad for your report. Though, if the account is old enough, the open credit could be offset by the length of time the card has been open. Both are items off of which your credit score may be based. Open credit isn't BAD for your report, it just doesn't help very much if you don't carry any balances. If you do carry a small balance, it is helpful. Let's say you have 2 credit cards at $5,000 limit each. You carry $2500 on one of them. If you close one of the cards, you go from using 25% of your available credit to 50% of your available credit. I know guys who have $200,000 credit limits and have credit scores in the 800;s. Quote Link to comment Share on other sites More sharing options...
Bam Posted December 19, 2009 Report Share Posted December 19, 2009 First off, If you're smart and do not carry balances, interest rates don't matter. PERIOD. I use my CC's to make purchasing things easier, as well as the rewards. Second, carrying a balance DOES NOTHING for your credit, it just simply costs you money in interest. Third, having OPEN/UNUSED credit does NOT negatively affect your score as long as you have proven responsibility in the past. I speak from personal experience as well as knowing many in the related fields. I have PLENTY of available credit, have NEVER carried a balance, and have a nearly perfect credit score. I had no problem obtaining multiple car loans and two mortgages due to my amount of unused credit. I agree the rate hikes suck, but there is no point in closing an older card and losing all that history just because you want to "stick them" with losing you as an account holder. They could give two shits less, they have millions of other minions to earn money from and if anything, without you they have one less liability on their hands. Quote Link to comment Share on other sites More sharing options...
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