CountDorkula Posted June 2, 2010 Posted June 2, 2010 SO my credit card company informed me a couple months ago they were raising my interest rate to 29.95%. Which already pissed me off enough. I open up my monthly bill, and i get hit with this "ProRat Annfee" (monthly fee) of $37.50. I have quite a substantial amonut on this card, thank you school loans and text books. I made a $200 payment last month but after the interest rate and montly fee were charged it turned out to be around 97 dollars. Basically i am giving away 103 dollars every month. I called and let them know my dissastisfaction, and told them i am going to transfer my funds. The clerk i was talking to told me they would have to charge me transfer and 0 balance fees. WTF!!!!!! Questions for anyone who can answer them. They never informed me they were going to start charging a monthly fee, can they do so without notifying me first? Can they slam me with charges if i transfer my balance to a different card? Thanks to anyone who can answer them. Sorry i had to rant, I am royaly pissed right now.
erynthered Posted June 2, 2010 Posted June 2, 2010 You can thank your Gov'ment for that I'd guess.............................Read this.
Magox Posted June 2, 2010 Posted June 2, 2010 The intentions of the government were good, too bad they didn't have the forsight to see the unintended consequences of their actions. It's really not that difficult to understand, if you take away a source of revenue stream from a company, they are only going to make it up from somewhere else. I knew this was going to happen, I spoke about it ad nauseum. I cancelled two of my credit cards, and one of them specifically blamed the new credit card legislation for the new annual fees that they were to be charging me.
Clip Smith Posted June 2, 2010 Posted June 2, 2010 The Clipper has the $2400 for you if you happen to have 2 cute sisters and a 1973 Chevy Conversion van with a waterbed in the back.
DC Tom Posted June 2, 2010 Posted June 2, 2010 They never informed me they were going to start charging a monthly fee, can they do so without notifying me first? Probably not...depends on when they did it. They're supposed to notify you and give you an opportunity to close the card and pay it off. Can they slam me with charges if i transfer my balance to a different card? HELL no. Providian used to do just this sort of thing (charged my brother $100/month "zero balance" fee, then charged him $100 to cancel the friggin' card). I still get settlement checks from the class action lawsuits those practices generated.
CountDorkula Posted June 2, 2010 Author Posted June 2, 2010 The Clipper has the $2400 for you if you happen to have 2 cute sisters and a 1973 Chevy Conversion van with a waterbed in the back. I have one part of that down, not going to tell you which part. . . Probably not...depends on when they did it. They're supposed to notify you and give you an opportunity to close the card and pay it off. HELL no. Providian used to do just this sort of thing (charged my brother $100/month "zero balance" fee, then charged him $100 to cancel the friggin' card). I still get settlement checks from the class action lawsuits those practices generated. Im going to have to go back and look, and the full statement of if they put a notification in, I dont ever remember seeing any sort of informative statement, just the we are goignt o raise your interest rate so high, we will have you by the thing. What actions did you\your brother have to take to settle this?
Live&DieBillsFootball Posted June 2, 2010 Posted June 2, 2010 SO my credit card company informed me a couple months ago they were raising my interest rate to 29.95%. Which already pissed me off enough. I open up my monthly bill, and i get hit with this "ProRat Annfee" (monthly fee) of $37.50. I have quite a substantial amonut on this card, thank you school loans and text books. I made a $200 payment last month but after the interest rate and montly fee were charged it turned out to be around 97 dollars. Basically i am giving away 103 dollars every month. I called and let them know my dissastisfaction, and told them i am going to transfer my funds. The clerk i was talking to told me they would have to charge me transfer and 0 balance fees. WTF!!!!!! Questions for anyone who can answer them. They never informed me they were going to start charging a monthly fee, can they do so without notifying me first? Can they slam me with charges if i transfer my balance to a different card? Thanks to anyone who can answer them. Sorry i had to rant, I am royaly pissed right now. A lot of credit cards added new charges but I don't think that they can put new terms into effect without notifying you. One of the big things was supposed to be full transparency of charges. I would ask them for a printed list of new fees. You should definitely find a new card pronto and transfer your balance asap. You need to get yourself out of credit card debt ASAP. If you have home equity, get a heloc and pay off the cards. Refinance your car if you can to get cash out. Or hit up your family for some low interest loans. I have about 10 credit cards. I use 2 of them all of the time and pay off my balance each month. The only change that I have seen from any of my cards is an increase in the grace period from 20 to 25 days on a couple of them. I have not had any card tell me they were adding an annual fee nor has any of them made any change in their rewards program. Some of them may have increased their rate, but since I have never paid a dime in interest on any card, I never pay any attention to rate increases.
CountDorkula Posted June 2, 2010 Author Posted June 2, 2010 Yo, check it homie, don't carry a balance. Working on that part, I built up a balance when i was younger and stupid and only made minimum payments because there was no interest on anyhting under $500. Well i went over 500, way over, and now i a paying for it. It is my fault that i am in the debt i am, I was dumb about it, but i still should not have to pay almost 30% interest plus alomost $40 a month, for reasons un-announced to me. . . .Because others cant pay their bills, i have to suffer the consequences?
erynthered Posted June 2, 2010 Posted June 2, 2010 . . .Because others cant pay their bills, i have to suffer the consequences? Because 15 million out of 350 million dont have health care should I pay the consequences?? Its all about you NOW, aint it!
CountDorkula Posted June 2, 2010 Author Posted June 2, 2010 Because 15 million out of 350 million dont have health care should I pay the consequences?? Its all about you NOW, aint it! I gues I should not have used I, but should have used others have to pay, for people whould could not afford what they acquired in debt. To answer your question, no you should not. . .
The Dean Posted June 2, 2010 Posted June 2, 2010 I'm guessing you will find you were notified, but that notification was buried in the middle of the usual drivel of small print. Companies that use sleazy tactics will often try to find another way to screw you with new sleazy practices if some of their old sleaze results in regulation designed to protect the consumer. Then these sleazy companies will blame whatever regulation was passed as the reason they had to resort to this new sleaze. Of course, some will always blame the gov't for the new sleaze, instead of pointing the finger at the real source: The corporate greed of some slimy companies that show zero concern for serving their customers in an ethical manner.
erynthered Posted June 2, 2010 Posted June 2, 2010 I gues I should not have used I, but should have used others have to pay, for people whould could not afford what they acquired in debt. To answer your question, no you should not. . . Enjoy it. We're !@#$edd
BuffaloBill Posted June 3, 2010 Posted June 3, 2010 Assuming you have solid credit I would suggest that you go to your bank and ask them to see if they can help you with a loan that has far better terms. If your bank will not shop around. My primary credit union offers signature lines of credit (I do not use it) at 8% for example. You can do far better than 29% interest and all sorts of hidden fees.
Lurker Posted June 3, 2010 Posted June 3, 2010 The corporate greed of some slimy companies that show zero concern for serving their customers in an ethical manner. Commie! OP, close the account and pay off the outstanding balance via monthly payments. I suspect that will do away with some of the monthly fees. New Credit Card Regs
stuckincincy Posted June 3, 2010 Posted June 3, 2010 CiTi bank tried a fast one a while back (the card was originally issued by AT&T - a company I despise). I very infrequently use if, much preferring Discover. The cards I've had from them are silver with an orange edge. The orange edge is a good idea - makes it recognizable. When Citi sent me a new card last year, it was silver with an orange edge. I think they figured that I'd use if by mistake, instead of the Discover.
Magox Posted June 3, 2010 Posted June 3, 2010 CiTi bank tried a fast one a while back (the card was originally issues by AT&T - a company I despise). I very infrequently use if, much preferring Discover. The cards I've had from them are silver with an orange edge. The orange edge is a good idea - makes it recognizable. When Citi sent me a new card last year, it was silver with an orange edge. I think they figured that I'd use if by mistake, instead of the Discover. Man, you are one pretty fart smeller...
stuckincincy Posted June 3, 2010 Posted June 3, 2010 Man, you are one pretty fart smeller... Fanks!... I'll relate the AT&T story. Cinti Bell had a glitch - upshot, AT&T tried to hit me with $200 top-rate long distance charges. I spent, oh, 2 hours on the phone bouncing around from this and that one of their lying curs. I would guess I spoke to 15 people, at a minimum. They sent me letter threatening to sue me. I contacted the Ohio Pub. Utility commission, and to my utter surprise, shook their tree and ended the nonsense. They were notorious with billing due date manipulation. Like clockwork, they'd delay mailings in Nov. and Dec. and speed up the due date - hoping to snag folks with late fees during the holiday season, or cash in with a charge for a phone payment. Hard to think of one praising a credit card company, but Discover is a decent outfit. Clear billings, their cash back bonuses. Never had a single problem. When they issue a new card, I call'em to activate, they are competent, and thank me for being such a long customer of theirs. I tell 'em of course, you've always been upright with me. They do try to sell a little business, but they take no for an answer...immediately. If AT&T was the only phone company out there, screw them. Smoke signals, semaphore flags, whatever.. .
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