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Old 12-12-2008, 10:42 AM
 
673 posts, read 2,501,423 times
Reputation: 407

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We cut up the Chase cards today. Our personal cards went to 20.99%. Our business cards went to 27.99% Our other credit card rates, including some from BofA and Citigroup, are a fraction of these rates. It made for an easy decision.
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Old 12-12-2008, 10:43 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,953,059 times
Reputation: 3698
what does it matter if you pay in full each month?
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Old 12-12-2008, 10:45 AM
 
Location: southern california
57,831 posts, read 76,785,039 times
Reputation: 51153
read your profile its blank. if you are woman this is very good news.
if you are a guy this is normal behavior no extra points.
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Old 12-12-2008, 10:46 AM
 
Location: North Florida
414 posts, read 1,679,879 times
Reputation: 349
Quote:
Originally Posted by CouponJack View Post
what does it matter if you pay in full each month?
Because not everyone is in this financial situation yet. I'm working on being able to pay my bill in full each month, but I'm not quite there. Some people rely on credit cards for emergencies, too. I'm not saying it's right, but everyone has circumstances and we all haven't always made the best decisions.
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Old 12-12-2008, 10:47 AM
 
673 posts, read 2,501,423 times
Reputation: 407
We are fortunate to have enough income to pay off our credit cards monthly. But what about those who aren't so fortunate? Credit cards are about the only form of unsecured financing available to the majority of our population. And there are people using credit cards out of necessity for utilities, etc. So don't be so quick to judge, Jack.
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Old 12-12-2008, 10:49 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,953,059 times
Reputation: 3698
Quote:
Originally Posted by crash330 View Post
Because not everyone is in this financial situation yet. I'm working on being able to pay my bill in full each month, but I'm not quite there. Some people rely on credit cards for emergencies, too. I'm not saying it's right, but everyone has circumstances and we all haven't always made the best decisions.
If someone has an emergency, the late fees can be wiped away...I have personal experience doing that.

If you engaged in financial bad behavior (which this sounds like), then don't throw the cc under the bus for your mistakes.....
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Old 12-12-2008, 12:26 PM
 
Location: Los Angeles Area
3,306 posts, read 3,552,724 times
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Just to note, you may just get similar rate increases from your other cards. Citi raised my rate to something ridiculous. I had just purchases some equipment on it that I wasn't going to pay off for 2 months or so. Luckily, I did better this holiday season than I was expecting so I just paid it off a couple of days ago. I'm not going to close it though.

Bank of America is the only company that I haven't seen rate increases from.

Anyhow, a lot of people are going to get a long due lesson in finance. Credit is not savings.
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Old 12-12-2008, 12:33 PM
 
Location: Fort Myers Fl
2,305 posts, read 2,748,680 times
Reputation: 917
Chase did that to me 6 months ago. That is when I removed it from my wallet and put it in my safe.
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Old 12-12-2008, 12:46 PM
 
Location: New Jersey
1,181 posts, read 2,789,542 times
Reputation: 460
The cc companies don't usually arbitrarily raise rates. They use some kind of logic. A friend got her raised because they pulled her credit and found that it dropped. Another was raised because when they went back 6 months, they found a late payment. Look at your initial terms and conditions. Rate increases are not random, but they will look for any reason to do it if they can.
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Old 12-12-2008, 12:47 PM
 
19,090 posts, read 20,635,049 times
Reputation: 8353
Hehehe... I locked in a 0% APR for "life" with Discover a couple of years ago and transferred 18k of my mother's loans to it... I paid off all but 2k and its still at 0% APR... I saved lots her lots of money (unfortunately she gambled it all away)...
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