| Author |
Message |
Ben Cannon (Artherd)
Member
Username: Artherd
Post Number: 793
Registered: 6-2002
| | Posted on Saturday, August 30, 2003 - 12:24 am: | |
Short answer: they probally can, but fight back.
Keep floating around to the 6-month-no-intrest CCs. (though watch out doing this, as it puts many inquiries and new accounts on your credit report. Keep a few cards you rarely use, but float the major one around.)
There is a special place in hell reserved for insurance company and creditor executives.
PS: no offence to ins co or credit execs ;) |
rich stephens (Dino2400)
Member
Username: Dino2400
Post Number: 558
Registered: 10-2001
| | Posted on Wednesday, August 27, 2003 - 3:42 pm: | |
I've done that as well. It's amazing what you can get out of companies if you just ask (and threaten to take your business elsewhere). One exception was comcast cable internet who wouldn't budge off the 50-something bucks they were charging me - I mentioned that I was considering going to DSL for $29.99 locked in for a year and they said they couldn't do anything. Needless to say I'm on DSL now. |
Rosso (Redhead)
Member
Username: Redhead
Post Number: 347
Registered: 12-2001
| | Posted on Wednesday, August 27, 2003 - 1:04 pm: | |
Luke-
In the past when I have told a cc company I am switching for a lower intrest rate, they will do whatever they have to/need to to keep me. Try it, if they call your bluff, then cancel. |
John Do'h (Combover)
New member
Username: Combover
Post Number: 28
Registered: 8-2003
| | Posted on Wednesday, August 27, 2003 - 10:11 am: | |
If your balance is really low, you'd probably be better off with a card that offers an introductory period with no interest rate. That way all your payments will go towards the balance and you won't have to worry abouut interest rates.
As Art mentioned, this is how they make money, so there is no real solution-other than to transfer balances when it occurs. |
Lucas Taratus (Karmavore)
Member
Username: Karmavore
Post Number: 388
Registered: 12-2002
| | Posted on Wednesday, August 27, 2003 - 9:56 am: | |
That is yet another reason credit card companies are dangerous. What if you have a large balance and they decide to jack your rates -- that could hurt! Potential tough lesson avoided...
Luke. |
PeterS (Peters)
Intermediate Member
Username: Peters
Post Number: 1387
Registered: 1-2003
| | Posted on Wednesday, August 27, 2003 - 9:48 am: | |
Lucas..Hey, thats life! Vote with your feet and take your business someplace else. Credit card companies are dying for new biz. You should start with a call to your current cc company and threaten them with your business if they do not adjust your rate. They probably spend $1-2K per account in advertising to get peoples business. They will do about anything not to lose a current customer. |
Johnny Bravo (Johnny_bravo)
New member
Username: Johnny_bravo
Post Number: 15
Registered: 7-2003
| | Posted on Wednesday, August 27, 2003 - 9:42 am: | |
You won't find a bank out there that won't do this. Every single credit card issuer has this in their agreements so it allows them to wheel and deal more and they can get away with it because they do put it in writing. In your case since your original bank sold your account to another bank what possibly happened is the new bank reviewed your account & saw that it was almost paid off and wouldn't make much money off of you so it would be cheaper for them to lose the account than to keep it(no need for any maintenence which costs them a lot of money). I used to work for a bank's credit card division and then for a credit counseling agency so I'm very familiar with that situation. It may not be a good way to keep customers (especially the ones that actually pay attention to their statements), but it's legal and it makes the banks money. |
Lucas Taratus (Karmavore)
Member
Username: Karmavore
Post Number: 387
Registered: 12-2002
| | Posted on Wednesday, August 27, 2003 - 9:11 am: | |
Yeah, that ain't right. So it is possible to get a fixed rate that truly can not change?
Any recomendations?
Thanks a mil guys!
Luke. |
arthur chambers (Art355)
Intermediate Member
Username: Art355
Post Number: 2464
Registered: 6-2001
| | Posted on Wednesday, August 27, 2003 - 9:09 am: | |
Time to change card companies. I bet your agreement with them allows them to do this. They usually sneak this in with the month bill mailing, which nobody ever reads.
Art |
John Do'h (Combover)
New member
Username: Combover
Post Number: 26
Registered: 8-2003
| | Posted on Wednesday, August 27, 2003 - 9:09 am: | |
Check your credit agreement, but probably. Usually they have to give you 30 days notice before changing rates. That's the latest scam they're using. I get offers all the time for 4.99% LIFETIME, but the small print says they have the right to change the interest rate later. On the bright side, you shouldn't have any problems finding a card to swap the balance over to. After all, do you want to stay with them anymore? |
Ryan Alexander (Ryalex)
Junior Member
Username: Ryalex
Post Number: 63
Registered: 8-2003
| | Posted on Wednesday, August 27, 2003 - 9:08 am: | |
I had my credit card co. get sold to another (the Associates to Citigroup), and they changed some stuff too... they legally just have to let you know of the changes.
I am trying to pay that one off and get rid of it anyways, as it was my first card, w/high %. |
Lucas Taratus (Karmavore)
Member
Username: Karmavore
Post Number: 386
Registered: 12-2002
| | Posted on Wednesday, August 27, 2003 - 9:00 am: | |
I had a Fleet Platinum Card with a small balance that is almost paid off. It had a FIXED interest rate of 9.99%. Which, I thought, was quite reasonable.
Recently, Fleet sold a bunch of their accounts to FNB Omaha. My account now has a VARIABLE rate, which just so happens to be at 9.99%.
Seems real bloody unfair that your rate can change in the middle of the game, but is it legit?
It also seems like a way for them to get out of low yielding since I hadn't made a purchase in a long time and was almost paid off.
Luke. |