Started a new facebook group aimed at predatory credit practices - Tilted Forum Project Discussion Community

Paq · 03-05-2009, 12:58 PM

Hey, I don't know if some of you have had issues, but this is something that is important to me.

1, I use credit cards for everything. I pay them off monthly, but i like getting points and cash back rewards, etc. This isn't about a company changing my limit or anything like that.

2. I've never missed paying off a card, never had real issues with them, etc.

now...that said, 1 of my cards started randomly assigning my payment due date. it's been th 3rd for 6 yrs, now it's the 2nd...no, 8th..no 15th..no 12th..no 9th..no 7th..no 2nd..no 3rd...

just randomly changes dates.... Oh, and they started a 'rush payment' fee of 15 bucks if you pay any less than 3 days in advance. none of my other cards have anything close.

then, another card i've had for years went from 12% to 31%. When i contacted these companies asking why, i was blown off and told they were adding new conveniences and services and basically told to just bend over and take it up the keister..and no, they weren't buying me dinner, either.

SO, i thought i'd start a facebook group and shine a bit of light on these companies. I know it likely won't do much good, but i feel that knowing which companies are likely to screw you will likely save you some heartbreak and hassle later on.

so
My Credit Card Company has issues.... | Facebook go, rant, or just watch. It's a very new group, so give it out, get people to come. I know there are some horror stories out there.

Thanks

Glory's Sun · 03-05-2009, 01:03 PM

not on facebook.. but

I have a capital one platinum card... nice limit and sitting at 7%. They just sent me a letter that I had to laugh at.

It started off with "The economy is bad these days.. we understand that people are finding it more and more difficult to make ends meet" (now I've never missed a payment and kept the balance less than 50%) they go on to say that "we have reviewed our credit policies and have decided that in January 2010, your APR will be moved to 17.9% on balances and purchases and a default rate (I'm guessing that means if I default on payment) of 29.4%"

I cracked up. Times are tough so here's a healthy dose of 'FUCKYOU!' I could understand if it was someone who had iffy credit.. but I don't.

So they gave me the option of not accepting the changes and canceling my account before January 2010 or to accept the changes. Guess which one I picked?

I've never had any issues with Cap.One, but this was just too much insanity to keep them as a creditor. Guess I'll be sticking with AmEx.

Paq · 03-05-2009, 01:10 PM

THAT IS EXACTLY WHAT I'M TALKING ABOUT!!!!

When you have great credit and they decide....gee, you can afford to take it up the kiester. We have to make money, you only have to eat a little bit each day, just skip lunch, you can afford it.

Citi did this exact thing to me. just a big Fuuuuuuuuck yewwwwwwwwwww from companies.

Glory's Sun · 03-05-2009, 01:13 PM

Quote:

Originally Posted by Paq

THAT IS EXACTLY WHAT I'M TALKING ABOUT!!!!

When you have great credit and they decide....gee, you can afford to take it up the kiester. We have to make money, you only have to eat a little bit each day, just skip lunch, you can afford it.

Citi did this exact thing to me. just a big Fuuuuuuuuck yewwwwwwwwwww from companies.

I wouldn't touch a citi card. Never heard anything good about them. Same with Chase. They will fuck your ass till you bleed and laugh all the way to the bank.

Cynthetiq · 03-05-2009, 01:43 PM

Actually, if you read the small extra fine print of those terms they send it says that they can change their terms with just a mailing. The usury laws are no longer existent and the banks operate like the mafia but legalized and now subsidized by the taxpayer.

As for your changing date, you have to again read the fine print. You'll see that your due date is probably something like 23 or 25 days which is why it shifts from month to month. Again a shady practice because if you miss the date, they can assess late fees and impound maximum rates so if you were at 0% transfer balance, a missed payment can shoot that right up to 29%.

I've already instructed Skogafoss to get off the idea that we're getting mileage for "free" because the blade they potentially hang over our necks is not for me. I'm happy to move back to cash.

Glory's Sun · 03-05-2009, 01:48 PM

Quote:

Originally Posted by Cynthetiq

Actually, if you read the small extra fine print of those terms they send it says that they can change their terms with just a mailing. The usury laws are no longer existent and the banks operate like the mafia but legalized and now subsidized by the taxpayer.

Oh I know they can change their rates like that. I just laughed at how they tried to position it. It was like they were trying to be the victims of the poor economy so I had to pick up the slack for those who don't pay their bills. a 10% increase and I'm supposed to feel sorry for the bank

imagine that.

Cynthetiq · 03-05-2009, 01:53 PM

here's a consumerist connection of people making the same claims.

Harsh Truths: Why Can Capital One Raise My Rates Just Because The Economy Is Bad?

inBOIL · 03-05-2009, 03:00 PM

Quote:

Originally Posted by Cynthetiq

the blade they potentially hang over our necks is not for me. I'm happy to move back to cash.

Many of the credit card companies will find themselves without responsible customers because of this. They put themselves in this position by replacing regular fees with penalties (a good marketing practice if you assume that the economy will stay strong). That required them to gain a larger share of their income from people who acted irresponsibly, which required them to shift some of that debt onto responsible customers when the economy went in the toilet.

If they had stayed with regular fees, they still would have taken a hit from the economy, but they wouldn't have lost as much money to people who couldn't afford to pay them back. Of course, once the first big company does away with regular fees, it's hard to compete if you don't follow suit.

Baraka_Guru · 03-08-2009, 01:13 PM

Quote:

Originally Posted by guccilvr

[...] they go on to say that "we have reviewed our credit policies and have decided that in January 2010, your APR will be moved to 17.9% on balances and purchases and a default rate (I'm guessing that means if I default on payment) of 29.4%"

I cracked up. Times are tough so here's a healthy dose of 'FUCKYOU!' I could understand if it was someone who had iffy credit.. but I don't.

I find this odd because my line of credit and my credit card have both gone down by about 2 percentage points. (Or, essentially, decreases of about 22 and 18% respectively--on what were already reasonable rates of 9 and 11% respectively.) This is mainly because of the Bank of Canada's steady rate cuts, and the coinciding cuts of the banks' prime rates. That's right. The credit products are at two different banks.

You, my friend, are a victim of predatory credit practices. But I see you have no need of telling.

ngdawg · 03-08-2009, 07:38 PM

My dad, who is 79, kept a couple of Bank America credit cards stashed away for "just in case". One was a $27k card, the other $30k. He kept a running balance on the smaller one of under $200. BA sent him a notice saying they were cancelling both cards for "lack of activity". In other words, we don't want to risk you actually having to USE all that credit.....

That was his "hospital and/or funeral" back up. Now he's fucked.

I have a WAMU now Chase card and no sooner did they take it over then they raised the rate to 18.7%. When I called to say that's ridiculous and asked why, they responded my "history" was less than stellar. My history-I paid off the balance and $4.95 in interest remained that I didn't know about, then I had to start using the card a few months later, believing it was at 0.

Can't win.....what's worse is I used to be able to use the "I keep getting offers with 0%, so y'all just mark this as closed and I'll go to one of those" and they'd drop the rate. Now, nothing comes along.

Lindy · 03-09-2009, 06:37 PM

Quote:

Originally Posted by Paq

Hey, I don't know if some of you have had issues, but this is something that is important to me.

1, I use credit cards for everything. I pay them off monthly, but i like getting points and cash back rewards, etc. This isn't about a company changing my limit or anything like that.

2. I've never missed paying off a card, never had real issues with them, etc.

now...that said, 1 of my cards started randomly assigning my payment due date. it's been th 3rd for 6 yrs, now it's the 2nd...no, 8th..no 15th..no 12th..no 9th..no 7th..no 2nd..no 3rd...This doesn't make sense. Why would they do this?? Unless it is a billing software glitch, or something like that. What card or bank is this? Why not name names, here, and see if anyone else has had the same issue??

just randomly changes dates.... Oh, and they started a 'rush payment' fee of 15 bucks if you pay any less than 3 days in advance. Who are these guys? none of my other cards have anything close.Then use your other cards. I have a card with a local credit union. If I'm running close to the deadline, I just make my payment at a branch. They have even refunded late fees a couple of times when I was a day or two late. Probably wouldn't do that if I was late very often, though. They don't offer a great rewards program, but I don't have to feel like I'm playing with snakes when I deal with them.

then, another card i've had for years went from 12% to 31%. But if you really pay them off monthly, what does this matter?? Whether it is 12% or 31%, you won't be paying it.When i contacted these companies asking why, i was blown off and told they were adding new conveniences and services and basically told to just bend over and take it up the keister..and no, they weren't buying me dinner, either.

SO, i thought i'd start a facebook group and shine a bit of light on these companies.Again, it is hard to "shine light" without naming names. I know it likely won't do much good, but i feel that knowing which companies are likely to screw you will likely save you some heartbreak and hassle later on.If you don't like their rules, then don't play their game. Pay off the card, and send them a letter asking that your account be closed, and that they send you an acknowledgement that it has been done. It will show up on your credit report as "closed at cardholder's request."

Lindy

Paq · 03-09-2009, 08:11 PM

hey lindy, thanks for the response. HSBC is the card with the newly initiated random due date policy..also with the late fee policy.

As for the 12-31% rate, 2 banks just did this: capital one financial and Citibank. It doesnt' matter to me what my interest rate is right now..but say i have to carry a balance....or say someone is borderline and they are carrying a balance. I want to know which cards are likely to try to shaft me.

I only made this thread to show my new facebook site, didn't even think i could use this thread as well, but it seems to be working just as well or better.

now, i've contacted about the due date and they completely ignored the questions regarding the dates nd they focused instead on what they were doing that would warrant hte additional charges..That was with HSBC. When i contacted citi, i was given the "economic times are such that we have to raise our interest rates" ...which is just hard to swallow bc i'm not exactly in teh position to help them with their bottom line.

I hve paid off the cards and changed any recurring billing to my amex, but i don't want to mess with my credit score by closing out several cards at once. Also, i don't know if i'll 'need' them in the future anyway.

ngdawg · 03-09-2009, 08:37 PM

My Wamu card plays with dates as well and, maybe it's paranoia, but the dates always seem to fall on a Sunday. Maybe because if they're mailed, they can tack on late fees that Monday. I pay online, so it's not an issue really.
The interest rate fell this month, from 18.74% to 16.67%, still big, but not quite as bad. I'm making minimum rounded to the next $5 until I'm working again and not using it. I should have it paid off at that rate in 60 months.

Lindy · 03-10-2009, 09:15 AM

Interesting. I just looked at my most recent AmEx bill. Closing date 2/22/09, payment due date 3/09/09. With February being a short month, that's only 15 days between billing and payment due, and it always takes 2 or 3 days before I actually have the bill in my hands.
So, I looked back through the last year's statements. Closing dates were always the 22nd or 23rd, and payment due dates were usually 16th to 18th, (a "grace period" of 25-27 days -plenty of time,) EXCEPT the 9/22/08 bill had a due date of 10/7/09, only 15 days later. Random, just like Paq's experience.

Quote:

Originally Posted by ngdawg

....but the dates always seem to fall on a Sunday. Maybe because if they're mailed, they can tack on late fees that Monday.

Along the same lines --I live in Boston, but mail my AmEx payment to Dallas, TX. I've always wondered if AmEx has their Texas customers mail their payments to somewhere in New England, just to generate more late charges.

Lindy

Redjake · 03-12-2009, 02:09 PM

There is a little mini story on the news right now about this. Saying how everyone's rates are going up and limits are getting cut. They mentioned some of the exact same stories and exact same companies - pretty wild.

03-05-2009, 12:58 PM	#1 (permalink)
Paq Junkie Location: South Carolina	Started a new facebook group aimed at predatory credit practices Hey, I don't know if some of you have had issues, but this is something that is important to me. 1, I use credit cards for everything. I pay them off monthly, but i like getting points and cash back rewards, etc. This isn't about a company changing my limit or anything like that. 2. I've never missed paying off a card, never had real issues with them, etc. now...that said, 1 of my cards started randomly assigning my payment due date. it's been th 3rd for 6 yrs, now it's the 2nd...no, 8th..no 15th..no 12th..no 9th..no 7th..no 2nd..no 3rd... just randomly changes dates.... Oh, and they started a 'rush payment' fee of 15 bucks if you pay any less than 3 days in advance. none of my other cards have anything close. then, another card i've had for years went from 12% to 31%. When i contacted these companies asking why, i was blown off and told they were adding new conveniences and services and basically told to just bend over and take it up the keister..and no, they weren't buying me dinner, either. SO, i thought i'd start a facebook group and shine a bit of light on these companies. I know it likely won't do much good, but i feel that knowing which companies are likely to screw you will likely save you some heartbreak and hassle later on. so My Credit Card Company has issues.... \| Facebook go, rant, or just watch. It's a very new group, so give it out, get people to come. I know there are some horror stories out there. Thanks __________________ Live. Chris

03-05-2009, 01:10 PM	#3 (permalink)
Paq Junkie Location: South Carolina	THAT IS EXACTLY WHAT I'M TALKING ABOUT!!!! When you have great credit and they decide....gee, you can afford to take it up the kiester. We have to make money, you only have to eat a little bit each day, just skip lunch, you can afford it. Citi did this exact thing to me. just a big Fuuuuuuuuck yewwwwwwwwwww from companies. __________________ Live. Chris

03-05-2009, 01:43 PM	#5 (permalink)
Cynthetiq Tilted Cat Head Administrator Location: Manhattan, NY	Actually, if you read the small extra fine print of those terms they send it says that they can change their terms with just a mailing. The usury laws are no longer existent and the banks operate like the mafia but legalized and now subsidized by the taxpayer. As for your changing date, you have to again read the fine print. You'll see that your due date is probably something like 23 or 25 days which is why it shifts from month to month. Again a shady practice because if you miss the date, they can assess late fees and impound maximum rates so if you were at 0% transfer balance, a missed payment can shoot that right up to 29%. I've already instructed Skogafoss to get off the idea that we're getting mileage for "free" because the blade they potentially hang over our necks is not for me. I'm happy to move back to cash. __________________ I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. What's the best nation in the world? DO-NATION!

03-05-2009, 01:53 PM	#7 (permalink)
Cynthetiq Tilted Cat Head Administrator Location: Manhattan, NY	here's a consumerist connection of people making the same claims. Harsh Truths: Why Can Capital One Raise My Rates Just Because The Economy Is Bad? __________________ I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. What's the best nation in the world? DO-NATION!

03-08-2009, 07:38 PM	#10 (permalink)
ngdawg peekaboo Location: on the back, bitch	My dad, who is 79, kept a couple of Bank America credit cards stashed away for "just in case". One was a $27k card, the other $30k. He kept a running balance on the smaller one of under $200. BA sent him a notice saying they were cancelling both cards for "lack of activity". In other words, we don't want to risk you actually having to USE all that credit..... That was his "hospital and/or funeral" back up. Now he's fucked. I have a WAMU now Chase card and no sooner did they take it over then they raised the rate to 18.7%. When I called to say that's ridiculous and asked why, they responded my "history" was less than stellar. My history-I paid off the balance and $4.95 in interest remained that I didn't know about, then I had to start using the card a few months later, believing it was at 0. Can't win.....what's worse is I used to be able to use the "I keep getting offers with 0%, so y'all just mark this as closed and I'll go to one of those" and they'd drop the rate. Now, nothing comes along. __________________ Don't blame me. I didn't vote for either of'em.

03-05-2009, 01:03 PM	#2 (permalink)
Glory's Sun Registered User	not on facebook.. but I have a capital one platinum card... nice limit and sitting at 7%. They just sent me a letter that I had to laugh at. It started off with "The economy is bad these days.. we understand that people are finding it more and more difficult to make ends meet" (now I've never missed a payment and kept the balance less than 50%) they go on to say that "we have reviewed our credit policies and have decided that in January 2010, your APR will be moved to 17.9% on balances and purchases and a default rate (I'm guessing that means if I default on payment) of 29.4%" I cracked up. Times are tough so here's a healthy dose of 'FUCKYOU!' I could understand if it was someone who had iffy credit.. but I don't. So they gave me the option of not accepting the changes and canceling my account before January 2010 or to accept the changes. Guess which one I picked? I've never had any issues with Cap.One, but this was just too much insanity to keep them as a creditor. Guess I'll be sticking with AmEx.

03-09-2009, 08:11 PM	#12 (permalink)
Paq Junkie Location: South Carolina	hey lindy, thanks for the response. HSBC is the card with the newly initiated random due date policy..also with the late fee policy. As for the 12-31% rate, 2 banks just did this: capital one financial and Citibank. It doesnt' matter to me what my interest rate is right now..but say i have to carry a balance....or say someone is borderline and they are carrying a balance. I want to know which cards are likely to try to shaft me. I only made this thread to show my new facebook site, didn't even think i could use this thread as well, but it seems to be working just as well or better. now, i've contacted about the due date and they completely ignored the questions regarding the dates nd they focused instead on what they were doing that would warrant hte additional charges..That was with HSBC. When i contacted citi, i was given the "economic times are such that we have to raise our interest rates" ...which is just hard to swallow bc i'm not exactly in teh position to help them with their bottom line. I hve paid off the cards and changed any recurring billing to my amex, but i don't want to mess with my credit score by closing out several cards at once. Also, i don't know if i'll 'need' them in the future anyway. __________________ Live. Chris

03-09-2009, 08:37 PM	#13 (permalink)
ngdawg peekaboo Location: on the back, bitch	My Wamu card plays with dates as well and, maybe it's paranoia, but the dates always seem to fall on a Sunday. Maybe because if they're mailed, they can tack on late fees that Monday. I pay online, so it's not an issue really. The interest rate fell this month, from 18.74% to 16.67%, still big, but not quite as bad. I'm making minimum rounded to the next $5 until I'm working again and not using it. I should have it paid off at that rate in 60 months. __________________ Don't blame me. I didn't vote for either of'em.

03-12-2009, 02:09 PM	#15 (permalink)
Redjake I'm a family man - I run a family business. Location: Wilson, NC	There is a little mini story on the news right now about this. Saying how everyone's rates are going up and limits are getting cut. They mentioned some of the exact same stories and exact same companies - pretty wild. __________________ Off the record, on the q.t., and very hush-hush.