   |  Can't Take Credit for ThatOctober 21, 2009 at 12:10 am by john Can't Take Credit For That For the last six months, we've heard some pretty horrible stories about credit card rate hikes, abrupt cancellations, and conversations bordering on abuse from credit card phone operators. Just recently a friend of ours had their rate hiked to 29.99% after spending and fully paying off $1500 in two months on travel. When they called the bank (rhymes with "shittybank") they said, and I quote, "we no longer want you as a customer". Be a lot more helpful if they would tell us that up front rather than sending tiny little pamphlets with even tinier print saying "dear customer, we'd like to kill your pet dog or kick your grandmother down the stairs but since that's trespassing, we're just going to double your interest rate and if you don't opt out via carrier pidgeon TOMORROW there's nothing you can do about it." So we had this idea...we have many thousands of you here on our email list and we want to know what's going on with your credit cards during this very difficult year. Go to our blog HERE and comment, and we'll compile all the stories and send them on to our Congressman. You can use your name or post anonymously...entirely up to you. Leave a comment  Erika Icon said:I'm glad it's not just me. I had a bankruptcy abut 5 years ago and thought my issues were due to that. I had one card want to raise my rates from 22 to 24% and another from 13 to 19.99% because I was close to my limit, even though I always paid on time and paid more than the minimum. I closed those accounts and have paid them down substantially. Now, my last credit card want to raise my rates from 15 to 19.99 percent, but I need at least one card. All 3 cards were through the same company, but acted liked they were all different. It really sucks that these credit card companies are such outright f-ing pirates. They need to be stopped. October 22, 2009 2:06 PM Don M said:We have perfect credit with scores in the top 1% tier and both Shittybank and Hells Cargo (tip o' the hat to MitchellR) along with Rapacious BilkS raised rates for absolutely no reason, including on cards with $0 balance! So I joined a credit union and I'm in the process of dumping all other credit cards. I encourage everyone to do the same. It's the only tangible way of protesting. Credit unions are easy to find, free ATM use, and fixed low credit card rates with no late fees and no overbalance fees. Mine would even refrain from penalizing me if I was ever late on a payment! October 22, 2009 3:04 PM Karl in Pasadena said:Great idea, this. We, too, have cancelled two of our three credit cards (B of A and Chase) due to interest rate increases. We kept the third account open and are paying it off in full each month (like our parents did!). The banks are destroying their relationships with their customers, imo. Unfortunately, the burden of this usury, including pay-check advance operations, falls on lower-income folks. It is practically criminal, certainly predatory. October 22, 2009 5:59 PM Stasi said:I have no idea what our interest rates are because (knock on wood) I've never had to carry a balance. But I like forum! Can we bitch about health insurance next week? October 22, 2009 10:37 PM Plastic Holder said:Had a Hells Cargo card for 10+ years with a $14,500.00 credit line, and a balance of $800.00. Last month got notice they are cutting my credit line to $1450.00. (There goes my FICO score!) And now they are raising my interest to 21%. Another card is rasing my rate from 14.9% to 19.9% and doubling the minimum payment. Am opting out of both. Hope their stagecoach crashes over a cliff, but spare the horses, who are helpless victims like us. Time to move foward to a cash only basis. October 23, 2009 6:58 PM GirishLaikhra said:Excellent site, keep up the good work. I read a lot of blogs on a daily basis and for the most part, people lack substance but, I just wanted to make a quick comment to say I’m glad I found your blog. Thanks, A definite great read…------Girish ------<a href="http://www.virgincreditcardsite.com" rel="dofollow" >virgin credit card</a>--virgin credit card November 11, 2009 2:26 PM v3 freaks said:I was really affraid to take many credit cards.http://www.createwealthforlife.com <a href="http://www.createwealthforlife.com">Make Money Online</a> July 23, 2010 10:35 PM |
After 20+ years with the same card company (rhymes with Hells Cargo), they just raised my rates to 21%. Unbelievable. I think I originally got the card because it had one of the lowest rates in town. Good thing I don't spend more than I can pay off every month.
October 22, 2009 9:34 AM