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Wow, thanks for the tip about the Chase Amazon card! Right now I have a WorldPoints (used to be MBNA but they were bought out by Bank of America) American Express card which I use instead of cash for everything and pay off every month. One of the WorldPoints rewards is a $50 Amazon gift certificate which costs 6500 points (used to be 6000 points but they recently upped it). I also have a WorldPoints Master Card which I just keep in my wallet in case I'm someplace that doesn't accept American Express (yes there are still places that don't), and also a WorldPoints VISA which I use for Internet transactions only... nothing else. Points can be transferred between any of these cards, so that lets me move points over to the Amex as soon as I get a total of 6500 and thus can order yet another Amazon GC.
Humanoid, if you prefer an Amex Card you could switch to the Bank of America WorldPoints one. It is a no-fee card, and you would also have the benefit of being able to use your points for Amazon gift certificates.
AFAIK, Bank of America is the only bank authorized to issue Amex cards (other than Amex itself) as per the prior agreement between Amex and MBNA which B of A subsequently took over.
Credit card companies are trying to get rid of people who they think may default in the future. If you always pay your balance in full and are now allowing debt to pile on the card, even though you do not default, you may be a problem in the near future for them.
If you only pay the minimum they might think you are a problem.
They are also decreasing people's credit limits.
They are anticipating a much worse financial picture for this country and many more job losses and are trying to set free people who might be a problem in the future.
With credit cards, you sign an agreement but they can change their side of it any time they please.
No other legal contract does this.
I would pay everything off, keep the card, and just charge small items on it that I pay off entirely at each billing period.
This is indicative of a tightening of control on personal financial behavior. First, the outrage was felt when CC companies began charging late fees for payments that arrived on the due date, but were not processed by a certain time of day on that due date. Once people starting catching on to that and made sure they mailed payments early, CC companies began raising interest rates on people who bought "risky" items with their cards, such as cigarettes or junk food.
On the other hand, I recently read of a woman who had cleared all of her outstanding debts, and discontinued credit use altogether, and her car insurance rate increased. Why? Her FICO score went down because she wasn't using any credit cards! It boils down to this: If they can't track you because you're using cash, you're screwed. If you do charge and fall behind, you're screwed. If you charge and pay on time, but use too much or too little credit, you're screwed.
Not only that, but make sure you don't charge more than approximately thirty percent of your available limit. And don't charge items like soda, Oreos, and chips. That's now considered risky behavior, and your health insurance and life insurance providers may very well be notified. Someone on here mentioned shopping at higher end stores, I guess so the CC companies won't think that you have to shop at Wal Mart and Dollar Tree by necessity; that's a new one!!
Wow, thanks for the tip about the Chase Amazon card! Right now I have a WorldPoints (used to be MBNA but they were bought out by Bank of America) American Express card which I use instead of cash for everything and pay off every month. One of the WorldPoints rewards is a $50 Amazon gift certificate which costs 6500 points (used to be 6000 points but they recently upped it). I also have a WorldPoints Master Card which I just keep in my wallet in case I'm someplace that doesn't accept American Express (yes there are still places that don't), and also a WorldPoints VISA which I use for Internet transactions only... nothing else. Points can be transferred between any of these cards, so that lets me move points over to the Amex as soon as I get a total of 6500 and thus can order yet another Amazon GC.
That is not a good deal. That gives you a point value of less than 1 cent per point. Shop around. If you want an Amex, the Amex Blue Cash gives you real money at a higher point value, which you can spend at Amazon if you want to.
If you like WorldPoints the Fidelity WorldPoint card also has no annual fee and gives you 1.5 cents per point in cash back (5000 points == $75).
We have been Washington Mutual customers for MANY years (15+). They were recently acquired by JP Morgan Chase (this ruined Wamu). We have a visa card that we use pretty regularly. We charge it up and pay it off several times a year. Never a late payment, we always pay way more than the minumum due.
Previously we had an interest rate of about 8%, then about 3 months ago it went up to 14%. It bothered me, but I didn't do anything about the increase. So then we just got our bill for this month - and the interest rate went up to 30.9%.. We have excellent credit, no late payments to anyone!
I called them and they told us "tough luck" there is nothing we can do. They had no reason for the increase, and just kept telling us they were sorry. Sorry is right! We're going to pay off the balance and cancel our account.
They are not going to make a single penny more off of us!
That's interesting that you posted this, because I can remember a post you wrote in the California forums stating what a satisfied WaMu customer you are. I was a WaMu customer for over 20 years until I left them over a year ago and put my money in a local credit union. After experiencing the exceptional customer service at the credit union vs. at WaMu, I thought I died and went to banking heaven!
So let me ask you this (inquiring minds want to know!): Since you stated that WaMu sucks as a credit card company now that they're part of Chase, how do you like them as your banking provider? I'd be very interested to know.
That's interesting that you posted this, because I can remember a post you wrote in the California forums stating what a satisfied WaMu customer you are. I was a WaMu customer for over 20 years until I left them over a year ago and put my money in a local credit union. After experiencing the exceptional customer service at the credit union vs. at WaMu, I thought I died and went to banking heaven!
So let me ask you this (inquiring minds want to know!): Since you stated that WaMu sucks as a credit card company now that they're part of Chase, how do you like them as your banking provider? I'd be very interested to know.
After our 'wonderful' (NOT) experience with customer service, we have moved all our accounts. We still have our mortgage there, and it will probably stay because we have a great rate - but we paid off our credit card balance are not going to use our credit card much at all from here on out, and basically I'm done with dealing with them. I am really so upset, still, over the whole interest rate hike thing. I think the thing that bugs me the most is that we are really good customers. We have a long history with them, several investment accts, checking, savings, our mortgage and the credit card. We pushed lots of money through that bank. We always pay on time, we have plenty of money in all our accounts, no reason to 'dump on us'. I don't have any complaints with the branch & our accts that we had there, we simply decided to move on.
If Chase is going to handle WaMu's work in the same way that they handle their own, vis-a-vis actual banking versus the credit card arm, that means they're really separate entities. We've banked with Chase for years and honestly they are great in the branch we use. Can't say enough good things about them, truly! My SO has two Chase credit cards and although we've never had a problem, he has had questions once or twice; the branch people really have no input or influence on what the credit-card arm of Chase does. All our Chase banker can do is to call the same 1-800 number that any Chase cardholder would call, and ask the same questions. The banking side really has no control over what the credit card side does, and vice versa.
Frankly, you aren't "punishing" Chase Card Services at all by pulling your bank accounts out of JPMorganChase. If anything, you're punishing WaMu-now-Chase Bank, which apparantly hasn't done anything "wrong" as long as nothing on your banking end has changed for the worse. But Chase Card Services couldn't care less about where your accounts are or aren't; the only way to punish them is to stop using their card, which you've already decided to do.
I wouldn't sacrifice a good banking relationship just because I didn't like what their credit-card arm was doing; I'd simply stop using the (bad) card and keep the (good) banking. But that's just MHO.
We have been Washington Mutual customers for MANY years (15+). They were recently acquired by JP Morgan Chase (this ruined Wamu). We have a visa card that we use pretty regularly. We charge it up and pay it off several times a year. Never a late payment, we always pay way more than the minumum due.
Previously we had an interest rate of about 8%, then about 3 months ago it went up to 14%. It bothered me, but I didn't do anything about the increase. So then we just got our bill for this month - and the interest rate went up to 30.9%.. We have excellent credit, no late payments to anyone!
I called them and they told us "tough luck" there is nothing we can do. They had no reason for the increase, and just kept telling us they were sorry. Sorry is right! We're going to pay off the balance and cancel our account.
They are not going to make a single penny more off of us!
The same thing happened to me, albeit a bit lower on the interest. I got it in the mail today actually. Havent been late on anything in years and always make very large payments. Looks like I wil be getting a second job to expedite paying everything off and then I am done
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I was a WaMu customer for over 20 years until I left them over a year ago and put my money in a local credit union. After experiencing the exceptional customer service at the credit union vs. at WaMu, I thought I died and went to banking heaven! 
