Today we got a notice from Chase that all balances would be prime plus 12 percent or 15% at today's rate.

I'll make sure not to carry a balance period from now on.

I sure do feel like this new credit card law is now going to punish those of us who are responsible with them, we are essentially going to have to pay for the people who are not responsible with credit cards. These days I cannot turn on XM talk radio without hearing a commercial about "if you are 10,000.00 in credit card debt there are now laws to protect you". WTF? It makes you want to run out and charge up a bunch of stuff and then let someone else worry about it.

Rant over

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Quote, originally posted by TritonAL 186 »

All the banks are raising their rates to 12-15% plus prime , because of the new regulations that are coming in Feb of 2010, I believe. They are getting ahead of the boat now , even after President Obama asked them not to raise rates. I love the way they respect Obama's wishes........

Respect his wishes???? LOL hell, he gave them the time reprieve that is allowing this to happen....So, in essence, they are respecting his wishes.

I can explain it to you but I can't understand it for you

I thought I would be on easy street by now but somehow I missed the off ramp!

This is what I figure as well, I predicted the days of using the card to gain points were over when all this started. I guess them hiking rates is the first step. It's ashamed since we normally have at least two weeks free in any Marriott with points each year.

Like you I look for them to really clamp down on folks who refuse to carry a balance. Not having a balance on a rare occasion or available credit you don't use will eventually mess up your beacon score from what I understand. If that is so this will affect purchases other than just credit cards.

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I have a zero balance and 25K limit, and keep the card in a desk.

Up yours Citi.

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Quote, originally posted by MMesplay »

Yup, got my letter the other day from Chase. I, too, don't carry a balance and definetely won't now. I like being punished for being responsible

Chase sent me the letter a few months ago...and I never carry a balance. Use it for the points.

If there becomes a fee for no balance, I'll pay it all but a dollar each month.

I can explain it to you but I can't understand it for you

I buy a Big Gulp each month just to piss them off. I think that's why they jacked my chit. F 'em.

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Quote, originally posted by EdDavisKY »

We do not carry a balance on CC at all, pay them off each month. Got one of those letters last week on a Visa, called them and told them to cancel our credit card........all the sudden the rate dropped back down

I believe, if you do not carry a balance, they are trying to run you off.

I can explain it to you but I can't understand it for you

"War is a ruthless, brutal, bloody business and any attempt to make it less so only extends it."

They are already doing it. People are getting mad over the fees they are adding because they dont carry a balance, and canceling their cards. Problem is when they cancel, it hurts their credit rating.
Nice choice for doing the responsible thing, get socked with a fee, get socked with your rating,or carry a balance and get socked with interest.

Sure glad the gooberment stepped in to fix things......

Steve

Your probably right, but it's a game. I'm using them (their available credit) to keep a strong A rating. They can make it 100% and I'll still keep the card open. I'd just better not F'up and use it one day for a big purchase.

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What I'm afraid may happen is interest will start at purchase time. Then, whether you pay it off or not, you get charged interest.

Don't know if it is legal, but it is my fear.

I can explain it to you but I can't understand it for you

I think your right..Best advise is to not use them and only then for emergencies..I got the same letter and told them to cancel my card. Ridiculous. Then they sent me another letter a week or so ago asking for my business back , I called and ripped into them like a good Drill Sergeant should..lol Screwing the Soldier.

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Quote, originally posted by GregA »

Citi sent me a really nice letter last week saying my rate was going to 25.99%. Said it was so they could still offer fine services to their customers. I have a zero balance and 25K limit, and keep the card in a desk. Up yours Citi.

I told them the same thing a couple years back when they raised my rate from 6.9% to 8.9% because they said it was now the lowest rate they offered.

The only credit card company I can honestly say I have been happy with is my Cabela's Visa, the rate is higher at 10.9% but they don't pull crap all the time, my terms haven't changed since I signed up and they don't operate like the others where they send you 50 pcs of junk mail and then slip you a terms change notice so you don't even read it

Oh by the way; if anyone needs a cc with a low rate simply just upgrade to a newer card with your current provider

If they don't; contact me and I'll let the administration know your concerns.