Seems that the CC companies are jumping out in front of USA Gov. CC controls due Q1 2010. I received 2 letters from 2 CC companies that will remain nameless. They are both increasing interest rates to 30% on any all balances. Although nameless we bailed both of these companies out with TARP money.....now this!! I retired my membership on both of those CCs today because I don't use them & I don't need them. This is a heads up to all of you so you can avoid this rip off.
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Read Those Credit Card Letters!!!
- Thread starter whitedust
- Start date
yamahauler
Active member
whitedust....yup, got the same letters from HSBC. I am getting very fed up with these and am going to start checking out some local credit unions for credit cards. Just got an auto loan from them and they were absolutely great! One thing the bailout has opened my eyes up too is to support the smaller successful banks/credit unions.
The 30% increase has also been featured on national TV news but I think most people will be coldcocked when they receive their cc bill. This is outrageous more like a shark loan!! CC companies don't break your legs just your hearts. Everyone should drop membership in these cards ASAP. This will kill the recovery for sure & send Xmas retail in the dumper. Call your CC company ASAP & ask interest questions so you can adjust your spending with that card.
yamahauler
Active member
White....Luckily I don't have revolving credit so credit cards do actually lose money from my wife and I. We use them for the convenience and rewards (they are shrinking fast). I was thinking about moving my accounts from the big bank, only thing is if you traveler you have to make sure you have a credit card, or lots of cash (not good idea), or a bank that won't charge you at the ATM but that is very rare. I guess it goes back to the convenience of the big banks being nation wide. But I am almost at my ends with the big banks and ready to make a switch.
yamahauler: I use my ccs in the same way you do but my kids charge anything & everything on ccs. They were not raised that way but live that way now. Unless Obama steps in & freezes cc interest rates ASAP the retail recovery will lock up tight. 30 cents on the dollar is NUTS & I think all cc companies will follow suit same as airlines did with charging for baggage. Industry also uses ccs so the economic backlash runs deep. This is legal unless Obama steps in quickly with a freeze. This is unreal for bailed out banks! I'm PISSED!!
A little off topic, but has anybody received a homeowners insurance renewal? I have had no claims and it went up $300 a year! OUCH! I am getting new quotes and they are still $200 higher than last year..what the bleep!
Auto insurance has gone up also!
I'm a licensed electrician in WI but now I have to register that state given license with the state for $100! What the heck!?
Auto insurance has gone up also!
I'm a licensed electrician in WI but now I have to register that state given license with the state for $100! What the heck!?
yamahauler
Active member
Yes, those rates went up this year for me as well. Not one claim for anything on my home or car in 10 years and they both went up again and again. This year I had it and got some quotes and wouldn't you know it, I am going to save $1100.00 a year by switching. I am receiving more coverage on all of my cars and house. The policies are the same, I read them front to back. Talked with my former agent and he said it was a no brainer and I should switch. I thought that was crazy hearing that from my former agent, but glad he was honest.
But low n behold, we switch and 1.5 mths pass and my wife totals car....
But low n behold, we switch and 1.5 mths pass and my wife totals car....
yamahauler
Active member
samc--luckily not. I already checked and it will be about $100.00 more when I renew in 6 mths.
dc: How much do ccc charge you when a consumer uses a card?
dc: How much do ccc charge you when a consumer uses a card?
anonomoose
New member
Usually the charge to a company is 3% of the bill. Bigger companies cut better deals, but they are all sort of close. So even if they have to give you back 1% of the money, they still make 2% on everything you buy, and if you don't pay the loan off when the bill comes...they really make the bread.
It doesn't matter what company or where you live, when a company sends you a letter that the rate is going up...they are really telling you...that they don't want you anymore. Hunt around and get a better rate, and move on. Small credit unions are great places to keep your business with. They didn't do the big derivative gamble that the big financials did and so the credit unions are not worried about people with marginal credit. The big banks like Citi need to have a certain average credit rating level, or they get grouped into risky banking portfolio, and it costs them...so they send out selective notices to get rid of those who weren't bad credit risks, but suffer from a less than stellar credit rating.
Just shop around and move your card over...there are lots of companies willing to take your credit line on.
Insurance companies seem to go thru revolutions from time to time...no wonder your agent encouraged you to move on...he knew what you would find out. Dumb as it sounds, staying in one place costs you far more than if you move from time to time and keep a weather eye out for a better deal. Eventually the stupid companies will see the error of their ways, and they will then turn the train around and lure back customers with cheaper rates...but they won't offer that to anyone who is still with them...becaus they know people don't like to switch. Remember, if you get several tickets or accidents, you are then stuck with that company or pay thru the nose moving to another one.
This is why I insure with two different companies and never give all my business to one company...they don't seem to scrutinize as hard if you are already with them...if the other company gets upity, then you just put the insurance over to the other company.
It doesn't matter what company or where you live, when a company sends you a letter that the rate is going up...they are really telling you...that they don't want you anymore. Hunt around and get a better rate, and move on. Small credit unions are great places to keep your business with. They didn't do the big derivative gamble that the big financials did and so the credit unions are not worried about people with marginal credit. The big banks like Citi need to have a certain average credit rating level, or they get grouped into risky banking portfolio, and it costs them...so they send out selective notices to get rid of those who weren't bad credit risks, but suffer from a less than stellar credit rating.
Just shop around and move your card over...there are lots of companies willing to take your credit line on.
Insurance companies seem to go thru revolutions from time to time...no wonder your agent encouraged you to move on...he knew what you would find out. Dumb as it sounds, staying in one place costs you far more than if you move from time to time and keep a weather eye out for a better deal. Eventually the stupid companies will see the error of their ways, and they will then turn the train around and lure back customers with cheaper rates...but they won't offer that to anyone who is still with them...becaus they know people don't like to switch. Remember, if you get several tickets or accidents, you are then stuck with that company or pay thru the nose moving to another one.
This is why I insure with two different companies and never give all my business to one company...they don't seem to scrutinize as hard if you are already with them...if the other company gets upity, then you just put the insurance over to the other company.
S
skylar
Guest
Oh yea, Citi financial can kiss my azz! We got our letter two months ago, raising our rate to 29.99%, or we can close the account. So we closed it. Fricken crooks. Our tax money bails out those those SOB'S, and they pull this crap! And why didn't our elected officials make the soon to be new law effective NOW, instead of next year? RAT BASTAGES all of them.
skylar is correct the cc companies are jumping to 30% interest now because they can unless Obama freezes them ASAP. Maybe amoose is right......I don't use those ccs so maybe they wanted me to terminate the cards & raised to 30% to get me off the roles. Either way I'm done with them but I feel sorry for anyone who was carrying a balance & got hit with 30%. Those people GOT SCREWED big time with their own bailout money. They are back stabing RAT BASTAGES SCUM OF THE EARTH all of them!
thunderstruck88
New member
I'd rip up all the credit cards and save up in the bank if you want something pay with cash or a check and tell the credit cards to kiss my grits <font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font> Stores still take cash to and you will have NO Bills to pay later on . Just a thought