Credit card interest rates.

[backhoeboogie]

My payment got there two days late. ??? Dunno why. Mail running really slow? Anyway, my GM card interest rate went to over 30%. The card is paid in full every month, for the past 12 years - so interest rate is really not an issue. But that company obviously doesn't want me as a customer any longer. First "late" payment and they do this? They are going to get their payment and a shredded card. I called, went through a button pushing menu, and then talked to a foreigner, who I couldn't understand. They definately don't need my business. No more GM points for the boss lady. She's not going to be happy about it.

I am going to try the other phone numbers on the cards I have today. Some appear expired. If a foreigner answers my call, to shredder that card goes. I may get down to my debit card only.

 

[Alice]

Isn't congress investigating credit card companies and their unethical practices? You'd think while they were under investigation and scrutiny they'd be a little more customer friendly!

Alice

 

[backhoeboogie]

Isn't congress investigating credit card companies and their unethical practices? You'd think while they were under investigation and scrutiny they'd be a little more customer friendly!

Alice

Alice, They don't want me for a customer period. Cards are nice for buying online and such. Someone out there wants my business. I'll find out who it is :lol:

 

[Angus In Texas]

Credit card companies will find any excuse to screw you..... that's how they make their money. That coupled with the fact that all good paying customers have to make up the difference for all of those that default and file bankruptcy.

 

[sanchez]

Isn't congress investigating credit card companies and their unethical practices? You'd think while they were under investigation and scrutiny they'd be a little more customer friendly!

Alice

Alice, They don't want me for a customer period. Cards are nice for buying online and such. Someone out there wants my business. I'll find out who it is :lol:

Goto Amex. Nicest bunch of people around.

 

[Susie David]

Cut up all my credit cards years ago....

Believe in Will Roger's philosophy...when you find yourself in a hole, the first thing you do is stop digging.

Nothing that I need that I am willing to pay extra for(interest) just so that I can have it that day.
Not owing anybody is a sweet feeling...farm will be soon paid off as well.
DMc

 

[milesvb]

Twice in my life I've received credit card bills in the mail too late to pay on time. The first time they gave me a hard time and said I'd have to pay a late fee. I advised them to cancel my account and I would pay any remaining balance but hell would freeze over before they got that late fee. They agreed. I don't remember the issuing bank but I think it was a MC. The second time involved a Discover account. I called them, they looked at my payment history (never late, pay in full each month) and they said no problem just get the check in the mail postmarked the next day. Discover/Novus have been very user friendly and helpful in troubling situations, like when some shyster steals your card number . I use credit cards for any purchase over $5. I only use cards that pay a rebate, including gas cards, and pay the balance each month. That way they are paying me and not the other way around. Another plus to not maintaining a balance is a noticeable decrease in junk mail credit card offers.

 

[Calman]

Paid off and then schredded and cancelled all credit cards years ago.Debit card only. When you get my age your wants are not as great as they once was.(on the other hand neither is anything else) If I want to buy something I just wait till I have the money in the bank. I'm in no hurry. Usally when I get the money for it the price has came down some anyhow.

Cal

 

[Crowderfarms]

What worries me, is the younger generation using plastic money.When you pay cash for something, you feel your wallet shrink, with Credit cards, there's no emotional detachment for many folks when it comes to spending cold hard cash.

Backhoe, I'd probably done shredded that card with the lack of customer respect they are displaying.

 

[Horticattleman]

If you call em all, you will end up with only a debit card! For me unfortunately, I have to use them. Does suck if it is 1 day late the charge is $39.99 or something. If you have a Best Buy card, the number you call answers by GM card...same Dot Head. Thats why it takes so long to graduate colleg because I couldn't understand the professors either. Or maybe something else :lol:

Amex is great about service though. I have to carry a visa as backup as it isn't excepted everywhere.

 

[Txwalt]

Some of these credit card companies are just modern day loan sharks. Putting your foot down on a $40 dollar late charge can ruin your credit rating and cost you substantial dollars down the road.

Walt

 

[Lammie]

If you call and b*tch about that, they will change it. It is amazing how many people just pay the bill without looking. If there is something I do not recognize I always call about it. Which is easier said than done because my son in college has a credit card in my name, so I have to ask him first.

I stopped several billing errors. Stuff I had cancelled and things like that.

I do carry a small balance of a couple of cards. I have stopped using the bank cards and have not for a while. Just one for emergencies, tires or engine trouble for my son in school...

I do have a thing about my Kohl's card. I paid it off before Christmas just in case... :shock: ;-)

 

[branDcalf]

I had the interest go sky-high on a credit card for the one day late thing when I got called out of town because my father went into the hospital unexpectedly. They didn't budge an inch. So... I contracted with a company to offer a settlement. At the rate I was going to have to pay, there was no way I was going to get it paid off. Anyway, I end up paying about 150% of the balance (which was from medical related travel with one of my children). My other cards are at zero, but even though I've cut up the cards, I'm keeping them because having a large available credit that is not being used is good for my rating.

I'm worried, too, about the amount of credit card debt there reportedly is in this country.

 

[larryshoat]

Think how much the credit card company could make by not going to their mail box for a day or two at the end of the billing cycle. ;-)

Larry

 

[Lammie]

Think how much the credit card company could make by not going to their mail box for a day or two at the end of the billing cycle. ;-)

Larry

I'm bad about getting to the post office once a week. I just never take the time to get in there. I find that paying bills over the phone is helpful if you are just a day or so shy. Sometimes you pay a fee for it, but like, my truch payment, I pay it on the phone about every time. Insurance, too. I pay water and electric online. I am still somewhat wary of online bill pay. Identity theft scares me to death.

 

[HOSS]

I don't have a credit card for personal use. Cut those up 10 years ago. I do use one for business travel which of course is reimbursed by my company. Once when I was in China for a month my payment was a day late. When I saw the late fee I called them. Told them to cancel my card. When they asked why I told them how unhappy I was about the late fee, the interest rate and the yearly membership fee. They asked what they could do to keep my business and I said that I want the late fee removed, my interest rate lowered and the yearly fee dropped. They did it! I guess even though I pay it off each month to a zero balance from company money the charge amounts are pretty high (about 40k annually) for international travel so they are hoping that I will build a balance.

 

[sanchez]

I don't have a credit card for personal use. Cut those up 10 years ago. I do use one for business travel which of course is reimbursed by my company. Once when I was in China for a month my payment was a day late. When I saw the late fee I called them. Told them to cancel my card. When they asked why I told them how unhappy I was about the late fee, the interest rate and the yearly membership fee. They asked what they could do to keep my business and I said that I want the late fee removed, my interest rate lowered and the yearly fee dropped. They did it! I guess even though I pay it off each month to a zero balance from company money the charge amounts are pretty high (about 40k annually) for international travel so they are hoping that I will build a balance.

This is exactly what I do with my AMEX Charge Card. Most people don't know this either, but credit card companies are much more supportive of fighting off bogus charges than a traditional bank generally will be. So if you're worried about your financial info being stolen while shopping online you're better off using a credit/charge card than your debit card.

I had my wallet stolen while overseas at one point and the person went crazy with all the cards (and signed checks - stupid me) and AMEX immediately credited the charges back to my card, and issued a new card and overnighted it to me. Chase on the other hand sat on their thumbs for 30 days while they "investigated" the charges and frooze my accounts - huge pain in the butt.

 

[larryshoat]

Think how much the credit card company could make by not going to their mail box for a day or two at the end of the billing cycle. ;-)

Larry

I'm bad about getting to the post office once a week. I just never take the time to get in there. I find that paying bills over the phone is helpful if you are just a day or so shy. Sometimes you pay a fee for it, but like, my truch payment, I pay it on the phone about every time. Insurance, too. I pay water and electric online. I am still somewhat wary of online bill pay. Identity theft scares me to death.

I'm getting more that way. In Backhoe's case he has no way to prove when they actually received the payment.

Larry

 

[CowpokeJ]

My payment got there two days late. ??? Dunno why. Mail running really slow? Anyway, my GM card interest rate went to over 30%. The card is paid in full every month, for the past 12 years - so interest rate is really not an issue. But that company obviously doesn't want me as a customer any longer. First "late" payment and they do this? They are going to get their payment and a shredded card. I called, went through a button pushing menu, and then talked to a foreigner, who I couldn't understand. They definately don't need my business. No more GM points for the boss lady. She's not going to be happy about it.

I am going to try the other phone numbers on the cards I have today. Some appear expired. If a foreigner answers my call, to shredder that card goes. I may get down to my debit card only.

Same thing happened with my significant other, same card...

 

[bigbull338]

if they say my credit card payment is late i raise thunder with them.that happened the other day.an they charged me $39 late fee said my bill was late.called an told them to remove the late fee an after some talking they removed it.