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Banks punish perfect customers- Top Stocks - MSN Money
"There is a big segment of their population that they will have never made any money on, which is people who pay their bills on time every month," a research director at CreditCards.com told CBS News.
Citibank yanks customer cards- Top Stocks - MSN Money
AP reports that Citi closed the accounts on Wednesday, but sent out letters Monday informing customers of the change. So Citibank waits until the last minute to tell customers, most of whom probably didn't receive the news before their cards were shut down.
Banks punish perfect customers- Top Stocks - MSN Money
"There is a big segment of their population that they will have never made any money on, which is people who pay their bills on time every month," a research director at CreditCards.com told CBS News.
Citibank yanks customer cards- Top Stocks - MSN Money
AP reports that Citi closed the accounts on Wednesday, but sent out letters Monday informing customers of the change. So Citibank waits until the last minute to tell customers, most of whom probably didn't receive the news before their cards were shut down.
The above is from the links
Citibank sent me a letter this week stating that they were raising my interest rate to a whopping 29.99%. And I really dont understand why, we never keep a balance on it. I use it for gas and pay off the balance in full every month. I dont really care but its kind of dumb to target those that pay. And another thing if they keep raising people's interests rates like that and they do have a balance, people are going to stop paying. Plain and simple. If you have a $10,000 balance and they raise it like that and you dont have the funds to pay it in full, you can no longer pay the minimum. Go figure.
Citibank sent me a letter this week stating that they were raising my interest rate to a whopping 29.99%. And I really dont understand why, we never keep a balance on it. I use it for gas and pay off the balance in full every month. I dont really care but its kind of dumb to target those that pay. And another thing if they keep raising people's interests rates like that and they do have a balance, people are going to stop paying. Plain and simple. If you have a $10,000 balance and they raise it like that and you dont have the funds to pay it in full, you can no longer pay the minimum. Go figure.
Not only but might they stop paying but they are probably going to stop shopping and that may be why the momentum in increased consumer spending is slowing down. I wonder if they are factoring in the capacity to continue paying when deciding who to raise the rates on? They do have access to your credit report. If your credit utilization isn't that high and you only have one or two cards and they are also raising their rates will that make you a target? If you have a score of 780 and a lot to lose by not paying are you more of a target than someone who has fallen to a 550 and nothing much more to lose?
"KILL YOUR CREDIT CARDS!!!" These banks need to be punished. When they started raising my rates to ridiculous levels (yes I have perfect credit), I started closing them. I now have one left and as soon as I pay it off, I'm closing it too. You can use a debit card for anything you can use a credit card for. You don't need a FICO score either. That's a myth banks perpetuate in order to keep you in debt.
"KILL YOUR CREDIT CARDS!!!" These banks need to be punished. When they started raising my rates to ridiculous levels (yes I have perfect credit), I started closing them. I now have one left and as soon as I pay it off, I'm closing it too. You can use a debit card for anything you can use a credit card for. You don't need a FICO score either. That's a myth banks perpetuate in order to keep you in debt.
If you want to buy a home somewhere that's not in Deliverance, WV, you better have a FICO score. If you ever think you will need credit again, then by killing all your credit cards you are only punishing yourself. But if you have a paid off house, money in the bank and health insurance, hey, at that point credit is a luxury, not a necessity.
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. And I really dont understand why, we never keep a balance on it. I use it for gas and pay off the balance in full every month. I dont really care but its kind of dumb to target those that pay
. And another thing if they keep raising people's interests rates like that and they do have a balance, people are going to stop paying. Plain and simple. If you have a $10,000 balance and they raise it like that and you dont have the funds to pay it in full, you can no longer pay the minimum. Go figure.
