Have Your Credit Card Interest Rates Been Raised? (Full Version)

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raspberry331 -> Have Your Credit Card Interest Rates Been Raised? (5/7/2009 12:50:06 PM)

Have Your Credit Card Interest Rates Been Raised?



Miss Giggles -> RE: Have Your Credit Card Interest Rates Been Raised? (5/7/2009 12:51:06 PM)

No.



Ps103 -> RE: Have Your Credit Card Interest Rates Been Raised? (5/7/2009 1:06:19 PM)

Himself's have not. But it wouldn't matter if they were, because they are paid off each month.



metoo -> RE: Have Your Credit Card Interest Rates Been Raised? (5/7/2009 2:11:06 PM)

I don't know. I don't really pay attention. I always pay them off each month.



Coffee_Drinker -> RE: Have Your Credit Card Interest Rates Been Raised? (5/7/2009 2:31:36 PM)

Yes. Bank of America. Went from 13% to 21%. Never late. I called them and asked them why? Same old... blah, blah, blah, yada, yada, yada - checked your credit report, script reading stuff.

Bank of America is in dire financial woes (just breaks my heart... not). So, whatever state the bank was in that gave them a ticket to jack up mine and everyone else that had a credit card with them.

What can you do about it?

If your credit is good you can call another bank (I did - US Bank) and try to have your balance transferred at a lower rate (most have an introductory program on balance transfers at like 3.99% for "X" number of months.

It would probably behoove you to at least try even if you don't think you can do it. After all, it never hurts to try.



Mollymouser -> RE: Have Your Credit Card Interest Rates Been Raised? (5/7/2009 5:26:05 PM)

Actually, I have no idea. We just use the one rewards credit card and pay it off in full each month; we've never paid interest on it.



isaacsmom -> RE: Have Your Credit Card Interest Rates Been Raised? (5/7/2009 11:32:59 PM)

I don't know, we don't ever run up our balance and we pay it off very quickly if we put something on it. However, we did just get a letter from Bank of America stating they reviewed our credit report and history, blah blah and they cut our credit line in half because they realized we didn't use it. We kind of laughed about it because we couldn't even dream of charging half of half of what our limit is. It was pretty ridiculous to begin with.



letusreason -> RE: Have Your Credit Card Interest Rates Been Raised? (5/8/2009 12:37:55 PM)

yea i mentioned in another post, I had a smal but not so small balance on a PNC Bank card that had a descent rate of 6.9% for a about 8 years since I had the card.

They jacked it up so I fired them and transferred the balance (closed account).

Would this hurt their business if everyone did this for a rate hike?
Or is this what they want, to have less accounts to cut back on personel? Maybe they only want to keep a few high balance accounts?

I heard AMX was doing this a while back, paying peopel to close their accounts. But what was the reason?

Anyone?



writerchick -> RE: Have Your Credit Card Interest Rates Been Raised? (5/8/2009 4:12:43 PM)

I noticed AMEX lowered my APR a couple months ago. No idea why. Just taking the blessing and running toward the "Paid Off" line.



letusreason -> RE: Have Your Credit Card Interest Rates Been Raised? (5/13/2009 2:31:38 PM)

quote:

ORIGINAL: letusreason

yea i mentioned in another post, I had a smal but not so small balance on a PNC Bank card that had a descent rate of 6.9% for a about 8 years since I had the card.



Correction , I looked last night, it was actually Capitol One [:'(]
Just wanted to name the exact culprit.



crimsonfollower -> RE: Have Your Credit Card Interest Rates Been Raised? (5/13/2009 5:12:19 PM)

My interest rates haven't changed, but Bank of America cut my credit in half. The bad part is that I had quite a bit on it and cutting my credit amount in half, has left me with a card that I can no longer use. So in the long run, they probably will get less money out of me (it was my lowest interest rate and so I probably would have put more on it). I pray that none of my interest rates go up because I am barely making it right now as it is.



relady -> RE: Have Your Credit Card Interest Rates Been Raised? (5/13/2009 10:22:04 PM)

quote:

blah blah and they cut our credit line in half because they realized we didn't use it. We kind of laughed about it because we couldn't even dream of charging half of half of what our limit is. It was pretty ridiculous to begin with.
Keep laughing and then check your FICO score. It probably took a hit from that action that you did nothing to deserve. From what I'm hearing, banks decreasing limits can hit your score anywhere from 40-60 points or more. If this is recent you should probably pull your credit reports and FICO to see if it took a serious hit.

quote:

My interest rates haven't changed, but Bank of America cut my credit in half. The bad part is that I had quite a bit on it and cutting my credit amount in half, has left me with a card that I can no longer use. So in the long run, they probably will get less money out of me (it was my lowest interest rate and so I probably would have put more on it). I pray that none of my interest rates go up because I am barely making it right now as it is.
I would recommend that you also check your credit score. It probably took a huge hit.



GregandJenny -> RE: Have Your Credit Card Interest Rates Been Raised? (5/13/2009 11:38:11 PM)

quote:

I would recommend that you also check your credit score. It probably took a huge hit.


And do what panic?



Coffee_Drinker -> RE: Have Your Credit Card Interest Rates Been Raised? (5/14/2009 3:19:40 PM)

quote:

ORIGINAL: Coffee_Drinker

....Bank of America. Went from 13% to 21%. Never late. I called them and asked them why? Same old... blah, blah, blah, yada, yada, yada - checked your credit report, script reading stuff.


Followup from my complaint about BofA raising interest rates on my old Credit Card with them...

Guess who just bought my mortgage account? Yep... BofA...

Man O' Man... can't win for losing. At least they can't raise THAT interest rate but, if they could, I'm sure they would.
......................................................................................

Credit Score matters with CC interest rates. But, those things are designed for businesses, not the consumer. CC company's will jack up your interest rate to it's maximum if they could get away with it.

Those folks that use a card and pay it off every month - that's the right way to do it. But, if everyone did that - then these banks wouldn't be offering CC's.

Anyway, I'm preaching to the choir here.

Get your free Credit Report every year. You can actually do it three times a year (one from each consumer reporting agency). Also, if you're denied credit - you can get another freebie report on top of that.



relady -> RE: Have Your Credit Card Interest Rates Been Raised? (5/16/2009 11:43:34 PM)

quote:

And do what panic?
to be informed as to how much of a hit they took. In today's environment it's almost mandatory to keep track of your credit score. So much depends on it and the rules on what consitutes good, bad, average credit keep changing. There's not much you can do to control some of it, but just should stay informed.



GregandJenny -> RE: Have Your Credit Card Interest Rates Been Raised? (5/17/2009 9:00:55 PM)

quote:

pends on it and the rules on what consitutes good, bad, average credit keep changing. There's not much you can do to control some of it, but just should stay informed.


The crazy thing now is Experian won't even sell yu the score, just the report.



relady -> RE: Have Your Credit Card Interest Rates Been Raised? (5/18/2009 10:53:27 AM)

quote:

The crazy thing now is Experian won't even sell yu the score, just the report.
Seriously? I had no idea! They are just evil. The best way to avoid this kind of behavior is to get a credit card through a credit union. Credit Unions are more tightly regulated in their behavior and practices than are banks. In fact, I recently found out that CU's interest rates cap at 15%. At least that's what I've been told. Anyone know if that's actually true? If so, it would make a credit union the way to go for a credit card.



GregandJenny -> RE: Have Your Credit Card Interest Rates Been Raised? (5/18/2009 6:57:06 PM)

I am in the process of getting mine and my wife's paid off and gone. We will have one and that's all. This whole economic climate is reminding me that the borrower is really the servant of the lender. We are really seeing that in modern day time.


G



humbleinspirit -> RE: Have Your Credit Card Interest Rates Been Raised? (5/29/2009 11:28:51 PM)

I has been raised on 2 cards. It hasn't been too bad in retrospect but then again I am not a good credit risk anyway.



blessedinnyc -> RE: Have Your Credit Card Interest Rates Been Raised? (5/30/2009 3:47:06 PM)

quote:

ORIGINAL: letusreason

yea i mentioned in another post, I had a smal but not so small balance on a PNC Bank card that had a descent rate of 6.9% for a about 8 years since I had the card.

They jacked it up so I fired them and transferred the balance (closed account).

Would this hurt their business if everyone did this for a rate hike?
Or is this what they want, to have less accounts to cut back on personel? Maybe they only want to keep a few high balance accounts?

I heard AMX was doing this a while back, paying peopel to close their accounts. But what was the reason?

Anyone?

The problem for a lot of banks right now is that they have about $4 or $5 in equity (money they can lose without going bankrupt) for every $100 they are lending out. Historically, this number has really be closer to $10 or even $15. In order for banks to get back to $10 for every $100 they have lent out, they can either raise equity or reduce their loans.

So losing credit card customers is something that banks may be less worried about than they would have been ten years ago.

Losing depositors, however, is something different. Banks love depositors, because it's free money. They take your savings account or checking account, lend that money overnight to the federal government or other institutions, and take about 1/3 of the interest they get as net revenues and leave you with the rest. It's virtually risk-free for them. Or, for longer term stuff, they can fund their borrowing using CDs. Rather than paying 10% interest to issue bonds, they can borrow from savers at 3%.

Banks should be respecting your money right now. If they are charging you fees or otherwise not respecting your money, you should give them a call before you leave. Explain why you're leaving and tell them what they can do to keep you.

If you're a borrower, banks will sometimes be nice to you and sometimes they won't. If you're a depositor, they'll ALWAYS be nice to you (until they go bankrupt, but then the FDIC will bail you out.)



blessedinnyc -> RE: Have Your Credit Card Interest Rates Been Raised? (5/30/2009 3:52:22 PM)

quote:

ORIGINAL: relady

quote:

The crazy thing now is Experian won't even sell yu the score, just the report.
Seriously? I had no idea! They are just evil. The best way to avoid this kind of behavior is to get a credit card through a credit union. Credit Unions are more tightly regulated in their behavior and practices than are banks. In fact, I recently found out that CU's interest rates cap at 15%. At least that's what I've been told. Anyone know if that's actually true? If so, it would make a credit union the way to go for a credit card.

I think it depends on which state. If Missouri has a usury law, the CU would be subject to it because it's an intrastate loan that the state can regulate.

IMHO, Credit Unions are great places to bank. CUs are owned by the depositors, and management ultimately gets appointed by them, so let's just say that it's in the management's best interests to treat you fairly. If I had to choose between bouncing a check at a national bank, a community bank, and a local credit union, I'd almost always choose the local credit union.



GregandJenny -> RE: Have Your Credit Card Interest Rates Been Raised? (5/30/2009 4:49:18 PM)

remember scores and reports are different



Chrystal-J-007 -> RE: Have Your Credit Card Interest Rates Been Raised? (6/1/2009 11:42:55 AM)

They lowered my credit limit so low, I'm going to close the account. The ridiculous thing is, I've never been late with a payment in 10 years. You'd think they'd want to keep their good customers. But, I guess they can't make any money that way (with late fees and sky high interest).

edit for spelling.



GregandJenny -> RE: Have Your Credit Card Interest Rates Been Raised? (6/1/2009 12:12:32 PM)

quote:

They lowered my credit limit so low, I'm going to close the account. The ridiculous thing is, I've never been late with a payment in 10 years.


If you were to run your credit card up to the maximum limit before they raised it would you be able to make the minimum payments?



Chrystal-J-007 -> RE: Have Your Credit Card Interest Rates Been Raised? (6/1/2009 2:29:45 PM)

quote:

ORIGINAL: GregandJenny

quote:

They lowered my credit limit so low, I'm going to close the account. The ridiculous thing is, I've never been late with a payment in 10 years.


If you were to run your credit card up to the maximum limit before they raised it would you be able to make the minimum payments?


I guess I would say 'yes' because I've borrowed from them before to buy a fairly expensive car and I paid it off early. I think they should go by your track record--especially after the number of years I've had the card. But, with the economy and banks being in the condition they're in--I guess you should learn to expect anything.



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