Credit Card Company Greed Again.....

[Edmond]

You'd think with the economic problems, CC companies would want to give incentives for consumers to spend money.

It'll catch up with them eventually when another CC company will lower their rates and consumers will go with them. Those people will close their Citibank accounts and they will make nothing.

 

[fdcg27]

One of the women who works for me has been getting jerked around recently by one of her card issuers.
They have incresed her minimum payment to a level she cannot afford, and have also jacked up the interest rate on her balance.
They have also offered her the option of simply paying off her balance at a steep discount, a great deal, but she does not have the cash on hand to take advantage of it.
It is almost as though they are intentionally messing with her.
They should know that if she can barely make her new minimum payment, she certainly would not be able to pay off even a steeply discounted balance.
A nice single woman, who makes about $22.00/hour, who is in no way extravegant, put in an impossible position by a card issuer she had been faithfully paying for some time.

 

[xxch4osxx]

Originally Posted By: Familyguy
I just refuse to play the game. With the advent of debit cards there's absolutely no need to keep a credit card if you don't want one.

After being suckered into running up Discover/Visa/Amex in college and taking nearly 5 years to pay it all off, I have simply gotten off the ride. I cut all the cards and don't have a "credit" card to this day...almost 15 years later. I put a note on all my credit reports that I am not interested in being offered any revolving credit. That has stopped all but the most aggressive CC companies from flooding my mailbox with junkmail (I'm talking to you, CapitalOne).

Don't spend what you don't have and you can chuckle at the whole mess.
I am totally with you on this. I refuse to use credit cards as well. If I cant afford to pay for it outright, I dont buy it, plain and simple.

 

[PandaBear]

I've stopped using citi as well, they seem to be desperate for profit to get out of some internal accounting problem so they are milking their customers.

Since I do not need anything from them (their reward program aren't the best), I called and canceled my card.

 

[Shannow]

Originally Posted By: kkreit01
Don't most debt cards also function as CCs? Mine does. I can use it a Visa Debt or Credit.


Yeah they do, sortof...until you go to a motel, they scan your card, sequestering the amount of the room plus minibar, then you go to pay in the morning and don't have the funds because of the reservation of funds the previous day.

Then fight with the bank/motel for two weeks to get that "transaction" cleared.

 

[sciphi]

Or pay off the CC at the end of the month.

 

[Cutehumor]

they can raise my interest rates to 30%. I don't care, I pay my balance in full every month. Just keep my credit card rewards intact

 

[Pablo]

Borrowers can set the terms of a loan? How greedy are people these days???

 

[PandaBear]

Originally Posted By: Pablo
Borrowers can set the terms of a loan? How greedy are people these days???


The problem is not borrower set the term, but the term got changed midway through the loan.

 

[Pablo]

Read the fine print. Revolving credit has risks.