Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes, they still make a small amount of money from the merchant. But they have decided that it's not enough. Does not any business have the right to decide that they will not do business with someone if they don't make their desired profit on that business?
The issue here is not that they lower the credit limit. The issue is that they did it without any warning and that they charged an over the limit fee.
I think they probably chose his account because of his age. They probably are unaware of his assets.
The issue here is not that they lower the credit limit. The issue is that they did it without any warning and that they charged an over the limit fee.
I think they probably chose his account because of his age. They probably are unaware of his assets.
How would they know his age? I've never been asked for my age when applying for a credit card, just had to gertify I was over 18 by signed the application.
Update, my dad called his Ameriprise Stock Broker were his big money is and they gladly gave him a cc without a limit. Something called the black card??
Quote:
Originally Posted by Proud Rowlett Owner
Whatever the black cc is? I don't know my dad just told me his broker is sending him "the black card". Is that a good thing or a bad thing? My dad is 71 so if I am not in the same room with him he doesn't get all the details...or if he does get all the details he doesn't listen.....so I am waiting for the black card to get here.
Quote:
Originally Posted by Moonwalkr
I enjoy poking holes in tall tales here too. You also have to charge about $250K a year on your AmEx platinum to be offered a Centurion card. Membership has its privileges, but enjoy paying the exorbitant fees for those privileges!
Either way I would stay away from it because of the $495 annual fee.
If they are willing to offer him a black card then I am sure they can give him a regular no annual fee card.
The issue here is not that they lower the credit limit. The issue is that they did it without any warning and that they charged an over the limit fee.
I think they probably chose his account because of his age. They probably are unaware of his assets.
They are much more likely to know, and care about, his assets than his age, and his spending & paying history more than either. As to the lack of notification, I doubt it. My guess is that he was notified but never read the notification.
They are much more likely to know, and care about, his assets than his age, and his spending & paying history more than either. As to the lack of notification, I doubt it. My guess is that he was notified but never read the notification.
How can they know about his assets? Whenever I have applied for a cc they only asked about income. Never assets.
She said they mailed the letter 2 days before he was declined for a gas purchase. I usually believe what people say unless they give me reason not to believe them.
I say hogwash. Show me a documented example of any credit card company that has destroyed anyone's perfectly good credit, for any reason, let alone no reason.
Moderator cut: Rude
The credit card companies are so honest and they dont make enough money off $5000-$6000 of charges a month at 3%-4% x's millions. Do you have any idea what % feds are loaning monay at right now????
I am speaking from experience not hot air. Are you sure you dont work for the credit card companies? Moderator cut: Personal attack You obviously didnt mind bailing out the banks so bailing out the credit card companies shouldnt bother you either because they need to make money too right?
Last edited by Green Irish Eyes; 06-05-2009 at 07:13 PM..
Reason: Rude/personal attacks
I say hogwash. Show me a documented example of any credit card company that has destroyed anyone's perfectly good credit, for any reason, let alone no reason.
Moderator cut: Rude
The credit card companies are so honest and they dont make enough money off $5000-$6000 of charges a month at 3%-4% x's millions. Do you have any idea what % feds are loaning monay at right now????
I am speaking from experience not hot air. Are you sure you dont work for the credit card companies? Moderator cut: Personal attack You obviously didnt mind bailing out the banks so bailing out the credit card companies shouldnt bother you either because they need to make money too right?
First, you are rude and condescending, which ar both lousy conversation tactics.
Second, your link is a blog and does not provide any proof of anything. In fact, it doesn't even pretend to show an example, so I'm not sure how you think that would have been relevant to my request for documented evidence. So I'll repeat it. You commented that credit card companies being "allowed to destroy perfect credit for zero reason, is becoming typical American practice". Show me an example where a credit cardd company had done so even once or twice, let alone as a practice.
Third, don't presume to know what I support or supported. This discussion is not about the bank bailouts, it's about a guy who complained that his dad's credit limit got cut, and the right of credit card companies to make money, whether you like it or not. Yes, the credit card companies are in business to make money. Can we agree on that point to start the conversation? Or do you feel that statement is somehow not true?
You have posted a lot of angry rhetoric about what you feel, but no facts to back any of it up.
Last edited by Green Irish Eyes; 06-05-2009 at 07:15 PM..
Reason: Edited quoted text/deleted reference to reporting to Mod
I enjoy poking holes in tall tales here too. You also have to charge about $250K a year on your AmEx platinum to be offered a Centurion card. Membership has its privileges, but enjoy paying the exorbitant fees for those privileges!
I dont think the OP said he was getting a Centurion card but another poster suggested that maybe this black card was from AmEx...
First, you are rude and condescending, which ar both lousy conversation tactics.
Second, your link is a blog and does not provide any proof of anything. In fact, it doesn't even pretend to show an example, so I'm not sure how you think that would have been relevant to my request for documented evidence. So I'll repeat it. You commented that credit card companies being "allowed to destroy perfect credit for zero reason, is becoming typical American practice". Show me an example where a credit cardd company had done so even once or twice, let alone as a practice.
Third, don't presume to know what I support or supported. This discussion is not about the bank bailouts, it's about a guy who complained that his dad's credit limit got cut, and the right of credit card companies to make money, whether you like it or not. Yes, the credit card companies are in business to make money. Can we agree on that point to start the conversation? Or do you feel that statement is somehow not true?
You have posted a lot of angry rhetoric about what you feel, but no facts to back any of it up.
Documented evidence? I beat this horse enough. BTW, watch CNN, Fox News or MSNBC for the facts about this.
I prefer to read.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
