Credit Card Companies Shooting Themselves In The Foot! (credit cards, payment, interest rate)

[SSWM]

Are the credit card companies ever going to learn about their customers needs? Apparently not according to the WSJ.
The Wall Street Journal

I guess business is business, even if it's bad.

[oleo]

I disagree.

It appears the credit card companies, like many businesses, are positioning themselves to be profitable.

[desertsun41]

I agree but I love it. They are shooting themselves in the foot only I wish they would use nuclear bombs rather then little .22s. And may they all burn in a burning hell too.

[elsapo]

people who hold credit cards and do not use them are actually a loss for credit card companies. Paerwork, data storage, etc... cost money, by slashing these clients credit card companies are saving on overhead.

Credit companies have no loyalty, if you are a smart consumer shop around for the lower interest and drop your current creditor, see how much they miss you.

[Snafu]

Exactly the point - I aim to cost THEM money. I have a card that I DO (ok, that's past tense now) use quite a bit, but I pay it off every month. They did not cut my limit, however, they raised my interest rate by 10%, and I had never been late nor missed a payment in over 10 years! I called the company and spoke with several agents and supervisors - and they could have cared less about my concerns. I realize that since I pay off my balance every month, the interest rate is moot, but if I DO need to carry a balance for a month or two my interest rate was raised for no good reason.

At first I was going to close the account immediately, but I figure I'll nickel and dime them to death like they want to do to everyone else... I changed my statements back to paper so they waste money on postage, and I'll keep the account open and unused until they close it on their own.

Petty? Sure it is, but I'm just tired of being on the receiving end of greed, lack of foresight, and complete absence of any type of customer service.

[elsapo]

Snafu,

my hat´s off to you my friend, I stand 100% behind you!

[Kaye02]

Originally Posted by Snafu

Exactly the point - I aim to cost THEM money. I have a card that I DO (ok, that's past tense now) use quite a bit, but I pay it off every month. They did not cut my limit, however, they raised my interest rate by 10%, and I had never been late nor missed a payment in over 10 years! I called the company and spoke with several agents and supervisors - and they could have cared less about my concerns. I realize that since I pay off my balance every month, the interest rate is moot, but if I DO need to carry a balance for a month or two my interest rate was raised for no good reason.

At first I was going to close the account immediately, but I figure I'll nickel and dime them to death like they want to do to everyone else... I changed my statements back to paper so they waste money on postage, and I'll keep the account open and unused until they close it on their own.

Petty? Sure it is, but I'm just tired of being on the receiving end of greed, lack of foresight, and complete absence of any type of customer service.

Snafu, are you not worried about your credit score dropping if they close your account? I'm just wondering because I'd like to do the same, but I'm worried it'll lower my score

[Snafu]

No, I'm not worried that much about my credit score. Since I pay off the balance every month anyway, I don't figure that it will have that great an impact. Aside from that, judging by comments I've seen posted by a lot of other credit card holders, the next step would be for them to cut my limit anyway.

I have since gone on-line and found a replacement card with rates equal to Capital One's (blech, yuk, phooey) former rate on my card, so my overall credit limit will be right back to where it was - even if/when Capital One finally realizes they've lost my business.

Good luck with whatever you decide... I'd say to make 'em waste the postage on you for a while before you decide to cancel the card... but that's just me!

[Kaye02]

Snafu- I pay my entire balance off each month, as well, so that's not a problem. My main concern is that it will lower my score if my account gets closed, and that it will hinder my job search after I get out of grad school. Employers seem to be putting more emphasis on these credit scores, unfortunately.

[texdav]

Originally Posted by Snafu

Exactly the point - I aim to cost THEM money. I have a card that I DO (ok, that's past tense now) use quite a bit, but I pay it off every month. They did not cut my limit, however, they raised my interest rate by 10%, and I had never been late nor missed a payment in over 10 years! I called the company and spoke with several agents and supervisors - and they could have cared less about my concerns. I realize that since I pay off my balance every month, the interest rate is moot, but if I DO need to carry a balance for a month or two my interest rate was raised for no good reason.

At first I was going to close the account immediately, but I figure I'll nickel and dime them to death like they want to do to everyone else... I changed my statements back to paper so they waste money on postage, and I'll keep the account open and unused until they close it on their own.

Petty? Sure it is, but I'm just tired of being on the receiving end of greed, lack of foresight, and complete absence of any type of customer service.

In the end you just driveup cost to tohers. In teh end the credit cards companies will just asjustto the situation as they are now . Many of the cahnegs are forceed by governmnet. if you pay off every month most are still making moenyas they get a per centaage of everything you buy with them.Nobody makes you accept any unsecrued credit really. They just write off the postage by the way as a cost of business.