U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 04-06-2009, 09:04 PM
 
Location: State of Being
35,886 posts, read 62,172,922 times
Reputation: 22160

Advertisements

Quote:
Originally Posted by ohioaninsc View Post
US Bank has done nearly the samething w/ my lone credit card...my Visa through there, which I have had for 10 yrs (my mom cosigned for it when I was in college, since then, her name is off of it, but it definitely helped me build some better credit then)...anyways, my fixed interest rate was 9.49%, and just recently they moved me to a variable rate at 17.99%...needless to say, I called raising a storm w/ them, & so did my mother and they actually dropped us back down to 12.99% for both my card and hers.
The only reason I even do checking w/ B of A, is b/c they are the only bank branch here in the Carolinas that also has ATMs in OH and other places I travel...as much as I travel, ATM fees would really hurt.
I am glad you were able to accomplish something w/ your bank. I was flat out told they could do nothing except freeze my account at the current rates. If I use them ever again, I will be billed interest of 21.74. Of course, they said who knows - maybe in 2011 - the rates would go down.
Quick reply to this message

 
Old 04-06-2009, 09:05 PM
 
2,560 posts, read 5,724,821 times
Reputation: 1051
Quote:
Originally Posted by businessperson View Post
Ani,

Same thing happened to me. They raised my interest rate for no reason. When I called them about it they were so rude it was unbelievable. I told the rep to tell her supervisor that I AM NOT going to pay for John Thien's $87,000 rug and they could stick my card where the sun doesn't shine. I called Capitol One and transferred my balance at ZERO % for a year. I refuse to do business with BofA EVER again.
Our Capital One was at 9.9% and they are raising it to 21%! Keep your eye out on them.
Quick reply to this message
 
Old 04-06-2009, 09:10 PM
 
Location: State of Being
35,886 posts, read 62,172,922 times
Reputation: 22160
Quote:
Originally Posted by nascarnancy View Post
Our Capital One was at 9.9% and they are raising it to 21%! Keep your eye out on them.
Oh, it appears all banks are going to be doing some form of this outrageous gouging.

I just can't believe we bailed this banks out and they turn around and stick it to us this way!!!

I can understand their raising interest rates if people are delinquent with payments. But I HAVE NEVER MISSED PAYMENTS!!!! And when you have had cards longer than 10 years, have good credit - it is just hard to fathom that this is how consumers get "thanked" for their business.
Quick reply to this message
 
Old 04-06-2009, 09:27 PM
 
2,560 posts, read 5,724,821 times
Reputation: 1051
Quote:
Originally Posted by anifani821 View Post
Oh, it appears all banks are going to be doing some form of this outrageous gouging.

I just can't believe we bailed this banks out and they turn around and stick it to us this way!!!

I can understand their raising interest rates if people are delinquent with payments. But I HAVE NEVER MISSED PAYMENTS!!!! And when you have had cards longer than 10 years, have good credit - it is just hard to fathom that this is how consumers get "thanked" for their business.
That's the same argument DH and I have.
Quick reply to this message
 
Old 04-06-2009, 10:33 PM
 
1,343 posts, read 2,699,222 times
Reputation: 973
So they charge you 21% while their own cost of funds has been reduced by the Fed to almost 0%? Nice work if you can get it. As a saver I can barely earn 2% on my money. Of course from the bank's point of view, they have to charge 20% on credit cards to make up for the large number that will go into default.
Quick reply to this message
 
Old 04-06-2009, 10:36 PM
 
32 posts, read 102,445 times
Reputation: 44
I think as a symbolic gesture we should send all of our credit card bills to congress stamped "REQUESTING BAILOUT". Black out your account number and flood the congressional mail office with credit card bills.
Quick reply to this message
 
Old 04-06-2009, 10:58 PM
 
Location: Huntersville
1,852 posts, read 4,415,633 times
Reputation: 519
Eh, not that I like it, but.. .eh it's all Banks. All Credit Card companies. Right now I wouldn't carry a balance anywhere other than a mortgage if I can help it. Like you said check out a credit union, opening up one new credit card won't hurt your cc score. If you did it often maybe. We need to hold out a year, then we may see the offers in 2010, then you can stick it to those who stuck you.

It sucks, and the new laws may help a bit. But part of that is they can't raise rates on your current balance, unless you miss a payment, thats the legal part. They can raise your rates on new business with a certain amount of notice, minimum of 30 days.

These are rates like back in the early days. I look at it this way, too many people screwed it up for the good payors. Again, not giving the Banks a free pass, or the government, but how about all those people defaulting. It's the good payors that pay for everyone else's mistakes. LIke car insurance. My rates go up when more people have accidents. They have to cover their costs.
Quick reply to this message
 
Old 04-06-2009, 11:57 PM
 
Location: Union County, North Carolina
4,282 posts, read 5,788,224 times
Reputation: 3436
Quote:
Originally Posted by nascarnancy View Post
Our Capital One was at 9.9% and they are raising it to 21%! Keep your eye out on them.
nascarnancy - "Spaghetti Jimmy" wants to know "what's in your wallet?" I guess after that rate hike ....not much!

Last edited by TheEmissary; 04-07-2009 at 12:08 AM..
Quick reply to this message
 
Old 04-07-2009, 12:34 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,759 posts, read 6,342,173 times
Reputation: 2095
NORTH CAROLINA, the legal interest rate and the general usury limit
is 8%. However, there is a provision for a variable rate, which is
16% or the T-Bill rate for non-competitive T-Bills. Above $ 25,000
there is no express limit. However, the law providing for 8% is still
on the books- be careful and see a lawyer!
Quick reply to this message
 
Old 04-07-2009, 01:23 AM
 
Location: Findlay, OH
650 posts, read 1,982,414 times
Reputation: 323
Quote:
Originally Posted by anifani821 View Post
There is a credit union for anyone who lives in MECK. I have meant to check them out but never have.

I still can't believe that BofA has the nerve to treat consumers - GOOD CONSUMERS - this way!!!

I have never had a credit card w/ a variable rate until these banks decided to play dirty. I have very good credit scores and so I am watching the ballgame while also surfing online to see what options I may have w/ finding another credit card.

I am incensed that Congress has allowed these banks to have the leeway to even do such things to consumers who have followed the rules, paid on time, etc. We must keep in mind that these banks could not get away w/ this if Congress had not passed laws that ALLOW it!!!
Hey, that might just be the key to get into a CU. I should've have done this last year, but I forgot. Thank you, Ani.

In a very Machiavellian manner, I believe the BoA is putting its chips on more people willing to put up with this than do business elsewhere. It wouldn't surprise me if the ones that tow the line after the initial shakeout support operations well enough. This could fit a basic exercise with a supply and demand chart and a supply curve shift right. My question then becomes: how elastic is the demand for personal credit?

Now, with a little more empathy, you're right. There's no joy in paying your bills on time and receiving a rate increase. It's not in as much as a reward being sought, rather an act of acknowledgement, a desire for some modicum of consideration on the part of the creditor that the debtor is, indeed, using the card in ernest.

Do they truly care about what they've done? In short, no. As long as they do not have to look a debtor in the eye, they will not feel one bit sorry for making a "business decision". Wryly enough, if the creditor couldn't turn to the good customers, they would have a big problem.

You may have some idea of where I stand with the government, and I will say for the record that I've been called combative and cynical by my peers. That being said, I think Congress would be of little help in this situation regardless. In my opinion, there's much more to this than we know about (i.e. Gentlemen's agreements at the country club). No matter how good the intentions start out, you add in donations, gifts, and all around hobnobbery and get a mess.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top