20 dirty credit card tricks

[Frankie]

Yeah I think Credit cards are for the credit card companies. I think for the most part not a good thing to get dependent on. And no one is forced to get hooked on them. I only feel a little sorry for those that get in over their heads. Each case is different, but I believe dept is brought on by excessive spending. I am doing just fine without having a credit card.

You may be right about excessive spending, but Bank of American just sent out notices to many of their long-time customers, current on their payments, that they were raising their interest rates...a lot. They gave them a very short time to notify them, in writing, that they were going to stop using the cards and pay off the debt at the current interest rate.

http://www.businessweek.com/bwdaily/dnf ... 105146.htm

 

[TexasBred]

Yeah I think Credit cards are for the credit card companies. I think for the most part not a good thing to get dependent on. And no one is forced to get hooked on them. I only feel a little sorry for those that get in over their heads. Each case is different, but I believe dept is brought on by excessive spending. I am doing just fine without having a credit card.

You may be right about excessive spending, but Bank of American just sent out notices to many of their long-time customers, current on their payments, that they were raising their interest rates...a lot. They gave them a very short time to notify them, in writing, that they were going to stop using the cards and pay off the debt at the current interest rate.

http://www.businessweek.com/bwdaily/dnf ... 105146.htm

Frankie, man that's your opportunity to call them and tell them to cancel the card cause you're moving your business. The'll do about anything to keep that card in your pocket. I've worked with several young folks on credit card situations like that and the cc company always blinked first. The last thing they want is for you to surrender that card.

 

[Frankie]

Yeah I think Credit cards are for the credit card companies. I think for the most part not a good thing to get dependent on. And no one is forced to get hooked on them. I only feel a little sorry for those that get in over their heads. Each case is different, but I believe dept is brought on by excessive spending. I am doing just fine without having a credit card.

You may be right about excessive spending, but Bank of American just sent out notices to many of their long-time customers, current on their payments, that they were raising their interest rates...a lot. They gave them a very short time to notify them, in writing, that they were going to stop using the cards and pay off the debt at the current interest rate.

http://www.businessweek.com/bwdaily/dnf ... 105146.htm

Frankie, man that's your opportunity to call them and tell them to cancel the card cause you're moving your business. The'll do about anything to keep that card in your pocket. I've worked with several young folks on credit card situations like that and the cc company always blinked first. The last thing they want is for you to surrender that card.

I'm not so sure that's true any more. I don't have one of their cards, but BOA bought out Countrywide Mortgage company last year. The Feds are investigating Countrywide for fraud and BOA may be looking at some large costs from that. They may be trying to shed some of their credit card customers, based on something, whom they feel may default. Or they may be hoping for a cash infusion from people transferring their debt to other cards. That's what is so wrong about this to me. They won't say why they've selected these customers for a rate increase. And there's no law that they have to.

And you can't call them. You have to put it in writing.

 

[kerley]

Frankie, thank you for this post.