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Old 02-25-2010, 11:04 AM
 
Location: Colorado
4,308 posts, read 11,951,053 times
Reputation: 4428

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I truly don't understand the CC companies doing this! Part of the problem with people being so horrendously in debt in the US is the ridiculous use of credit cards. Limits are constantly being raised, companies send out pre-approved cards ALL the time and so many people are in serious debt and filing for bankruptcy because they have too many maxed out cards! Why wouldn't companies reward someone who doesn't use their card so much?! I asked my company last year to reduce my limit by half and within 6 months they upped it again. It's idiotic and utterly irresponsible.
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Old 02-25-2010, 11:21 AM
 
Location: Charlotte. Or Detroit.
1,455 posts, read 3,689,724 times
Reputation: 3269
Quote:
Originally Posted by chilaili View Post
I truly don't understand the CC companies doing this! Part of the problem with people being so horrendously in debt in the US is the ridiculous use of credit cards. Limits are constantly being raised, companies send out pre-approved cards ALL the time and so many people are in serious debt and filing for bankruptcy because they have too many maxed out cards! Why wouldn't companies reward someone who doesn't use their card so much?! I asked my company last year to reduce my limit by half and within 6 months they upped it again. It's idiotic and utterly irresponsible.
You actually kind of answer your own questions there.
The credit card companies are in business to make money, and lots of it. Laws recently went into effect which place a bunch of restrictions on things the credit card companies used to be able to do -- like raising interest rates on existing balances, etc. I don't remember all the details (google is your friend), but the long and the short of it is that in order to protect us, Congress cut deep into the pockets of the credit card companies. Also, more people than ever are defaulting on credit cards -- going bankrupt and stiffing the credit card companies on what they owe them. So what this all adds up to are credit card companies looking for ways to replace that income. Unfortunately, those of us who use the credit cards responsibly -- paying off the balances in full each month -- are the ones who the credit card companies make very little money from. So now they come after us. Which sucks, because the end result of Congress' efforts to protect the people who ran up big balances and paid late or not at all is that the rest of us are going to have to pick up the slack, or get rid of our credit cards. At least that's the way I see it. I don't completely understand it either. And it IS frustrating.
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Old 02-25-2010, 11:40 AM
 
2,288 posts, read 4,800,226 times
Reputation: 1725
Quote:
Originally Posted by Timm View Post
You actually kind of answer your own questions there.
The credit card companies are in business to make money, and lots of it. Laws recently went into effect which place a bunch of restrictions on things the credit card companies used to be able to do -- like raising interest rates on existing balances, etc. I don't remember all the details (google is your friend), but the long and the short of it is that in order to protect us, Congress cut deep into the pockets of the credit card companies. Also, more people than ever are defaulting on credit cards -- going bankrupt and stiffing the credit card companies on what they owe them. So what this all adds up to are credit card companies looking for ways to replace that income. Unfortunately, those of us who use the credit cards responsibly -- paying off the balances in full each month -- are the ones who the credit card companies make very little money from. So now they come after us. Which sucks, because the end result of Congress' efforts to protect the people who ran up big balances and paid late or not at all is that the rest of us are going to have to pick up the slack, or get rid of our credit cards. At least that's the way I see it. I don't completely understand it either. And it IS frustrating.
Great post, Timm.
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Old 02-25-2010, 11:41 AM
 
Location: Colorado
4,308 posts, read 11,951,053 times
Reputation: 4428
Quote:
Originally Posted by Timm View Post
You actually kind of answer your own questions there.
The credit card companies are in business to make money, and lots of it. Laws recently went into effect which place a bunch of restrictions on things the credit card companies used to be able to do -- like raising interest rates on existing balances, etc. I don't remember all the details (google is your friend), but the long and the short of it is that in order to protect us, Congress cut deep into the pockets of the credit card companies. Also, more people than ever are defaulting on credit cards -- going bankrupt and stiffing the credit card companies on what they owe them. So what this all adds up to are credit card companies looking for ways to replace that income. Unfortunately, those of us who use the credit cards responsibly -- paying off the balances in full each month -- are the ones who the credit card companies make very little money from. So now they come after us. Which sucks, because the end result of Congress' efforts to protect the people who ran up big balances and paid late or not at all is that the rest of us are going to have to pick up the slack, or get rid of our credit cards. At least that's the way I see it. I don't completely understand it either. And it IS frustrating.
Of course. It's always the responsible ones who end up paying for everyone else's mistakes. Bah humbug!
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Old 02-25-2010, 12:44 PM
 
Location: EPWV
11,624 posts, read 6,402,594 times
Reputation: 12827
Quote:
Originally Posted by GypsySoul22 View Post
It was Citibank.
They suck.
I don't care. It's my right as a consumer to say what I want.

It was a diamond preferred card I barely used but it would have been NICE to keep it. I can't afford to pay $60 a year (I am currently out of work) for some card I do not use often.

I had the card since 1988. The guy on the phone barely spoke coherent English (he was Hispanic). I was not nasty or blaming. I said, is there a place I can lodge a complaint?

He said, "Ma'am, I have had over 1,000 people cancel cards lately."

Funny how people get 'rewards' for charging a bunch of stuff but we who pay quickly or never charge get 'shafted.'
I received two notices in past month regarding two of our "services" card fees. Said if we don't keep it active, by making a purchase soon, they will charge us a fee. One of those cards my dh got, so I'm not totally sure right now which one that is for. Reminding myself to look into it tonight and maybe agree with dh, that it's not worth it to keep, shred it and send back to the company. The other one, is a health card. It will allow you to put the balance of a [participating] doctor and/or veterinarian on the card and you pay per allotment. Sometimes, if there's some kind of a special going on - no interest, if paid by a certain time-frame. That could be helpful in a pinch, but it just irks me that they have to attach a fee for inactivity

I agree w/ Gypsy, you'd think they would want to keep us as customers.
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Old 02-25-2010, 12:48 PM
 
938 posts, read 1,095,836 times
Reputation: 184
Quote:
Originally Posted by GypsySoul22 View Post
It was Citibank.
They suck.
I don't care. It's my right as a consumer to say what I want.

It was a diamond preferred card I barely used but it would have been NICE to keep it. I can't afford to pay $60 a year (I am currently out of work) for some card I do not use often.

I had the card since 1988. The guy on the phone barely spoke coherent English (he was Hispanic). I was not nasty or blaming. I said, is there a place I can lodge a complaint?

He said, "Ma'am, I have had over 1,000 people cancel cards lately."

Funny how people get 'rewards' for charging a bunch of stuff but we who pay quickly or never charge get 'shafted.'

Same here. I have a spectacular bill paying record but when I asked Bank of America to lower my rate during the economic collapse, they spit in my face and raise it from 13% to 21%. I immediately close that card on my next statement and sent a HOT letter to the Accounting dept, the VP of Operations and I mentioned the little ditzy broad's name who gave me the hard time when I tried to get the rate lowered.

"I'm just doing my job", she said..sounded like a fkn zombie.
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Old 02-25-2010, 12:51 PM
 
48,516 posts, read 85,116,437 times
Reputation: 18083
Bascially it will just change with the new rules;more to like it was in years past when fees for small users to make them worth while financing for 30 days free and maintaining the acounts cost.I have always paid mine off each month and so far not been notified but I expect to on at least one.I'll just replace that with a debt card at my credit union if need be.Bascailly it was nice while it lasted is my attiude towards the changes for all that convenience ;free credit and rewards at the same time.I bet the real losers are sales in store fronts to a degree and especailly on line stores that depend on credit cards so much.Alot of people are bascially going to pay the fee or have no credit available by card and have to go to debt cards.

Last edited by texdav; 02-25-2010 at 01:05 PM..
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Old 03-10-2010, 12:49 PM
 
Location: Keonsha, Wisconsin
2,480 posts, read 2,910,876 times
Reputation: 580
I've heard that if a person has a credit card, and they either don't use it, or the person pays their outstanding balance every month, you're considered a deadbeat simply because you're not paying them any interest.

Don't kow if that's true or not.

I cancelled a credit one card not too long ago because of the annual fees, they tried to talk me out of cancelling it by making ridiculous offers of no fees for 6 months.


I have a car loan with citifinancial/auto, they're raping me.
I believe anything that says CITI about it, people should stay way far away from. IMO
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Old 03-10-2010, 02:00 PM
 
48,516 posts, read 85,116,437 times
Reputation: 18083
Quote:
Originally Posted by GypsySoul22 View Post
I refuse to PAY NOT to use my card.
A certain bank was going to charge me $60 a year because I don't have any balance on my card!

I told the guy I have had this card since 1988, and it is a joke to expect me to pay 'for the privilege' of keeping a credit card.

So, now I am down to one card. I don't care. I hard charge anything, anyhow.

Anyone else canceling cards lately?
Basically the cost for them is not worth servicing the account as it wasn;t worth having the card for the fee to you. Both make sense really.
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Old 03-10-2010, 02:39 PM
 
2,002 posts, read 4,125,433 times
Reputation: 1756
Quote:
Originally Posted by Hombre57 View Post
I have a car loan with citifinancial/auto, they're raping me.
I believe anything that says CITI about it, people should stay way far away from. IMO
I agree.

I have two CC with them and they're raping me too. Thank god it's not too much so I'm paying the balance ASAP and thinking of closing the cards.
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