RUFDRAFT Posted April 1, 2009 Report Share Posted April 1, 2009 I've got a Sears MasterCard owned by Citigroup. I've had the card for 29 years. The interest rate on my statement last month was 10.24%. I opened this month's statement and it was 21.99%. I called them to confirm. Yep - that's the new rate! "For everyone," she said. So - I "opted out" of that account. I'll pay off my balance at 10.24 until its paid off. Amazing. Link to comment Share on other sites More sharing options...
DDT Posted April 1, 2009 Report Share Posted April 1, 2009 Pay it off every month makes it a monthly free loan.......They hate that............. Link to comment Share on other sites More sharing options...
SGT/SC2873 Posted April 1, 2009 Report Share Posted April 1, 2009 ouch! Afraid this is going to be the norm for the next year or so. Think the banks were bad, just wait! Craig Link to comment Share on other sites More sharing options...
blkGT500nCA Posted April 1, 2009 Report Share Posted April 1, 2009 OUCH! My capital one said that my rate would go from 11 something to 29%, but only if you make 2 late payments. Link to comment Share on other sites More sharing options...
jdscooby Posted April 1, 2009 Report Share Posted April 1, 2009 Yep, lots of them doing it. Link to comment Share on other sites More sharing options...
blkGT500nCA Posted April 1, 2009 Report Share Posted April 1, 2009 Pay it off every month makes it a monthly free loan.......They hate that............. Yes they do! Link to comment Share on other sites More sharing options...
RUFDRAFT Posted April 1, 2009 Author Report Share Posted April 1, 2009 I have no late payments on the card. And not everyone can pay off the balance every month. Link to comment Share on other sites More sharing options...
shel-b001 Posted April 1, 2009 Report Share Posted April 1, 2009 Wow thats high I always make sure mine is paid up every month so there is no interest charge Link to comment Share on other sites More sharing options...
mr4teth Posted April 1, 2009 Report Share Posted April 1, 2009 I've got a Sears MasterCard owned by Citigroup. I've had the card for 29 years. The interest rate on my statement last month was 10.24%. I opened this month's statement and it was 21.99%. I called them to confirm. Yep - that's the new rate! "For everyone," she said. So - I "opted out" of that account. I'll pay off my balance at 10.24 until its paid off. Amazing. Citigroup are a bunch of whores! They bent me over earlier this year ..BAD! I fought back and finally got the difference back from my standard 9% and the 29% they charged me! There’s no wonder why they’re in trouble! They play games with people who have good credit and “we” simple take our business elsewhere …..then who are the stuck with? Boges who simply default on their financial responsibilities! Link to comment Share on other sites More sharing options...
DDT Posted April 1, 2009 Report Share Posted April 1, 2009 I decided to use the credit card checks they send you for the Holidays.......... Did not read the fine print.........Friggin 10% charge on every check amount........ Link to comment Share on other sites More sharing options...
David Hawkins Posted April 2, 2009 Report Share Posted April 2, 2009 The Bad thing is that, if you Pay it OFF and Cancel the card, it shows BAD on your Credit Report, so they have you by the Nads...... Link to comment Share on other sites More sharing options...
jdscooby Posted April 2, 2009 Report Share Posted April 2, 2009 The Bad thing is that, if you Pay it OFF and Cancel the card, it shows BAD on your Credit Report, so they have you by the Nads...... That's why they recommend paying it off but keeping the account open. Just don't use the card anymore. Link to comment Share on other sites More sharing options...
David Hawkins Posted April 2, 2009 Report Share Posted April 2, 2009 That's why they recommend paying it off but keeping the account open. Just don't use the card anymore. And keeping the Account Live, you either PAY a Monthly Fee or Yearly Fee to have the Card........... It's like the Credit Card Mafia........ "If you Cancel our Card, we will report it as a "Canceled Card" to damage your Credit, so Pay Us are Fees or ELSE" Link to comment Share on other sites More sharing options...
MY500SS Posted April 2, 2009 Report Share Posted April 2, 2009 Pay it off every month makes it a monthly free loan.......They hate that............. +1 We use our air miles card for most everything and keep it paid if full every month. No interest, no fees and free airline tickets :happy feet: Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted April 2, 2009 Report Share Posted April 2, 2009 I've got a Sears MasterCard owned by Citigroup. I've had the card for 29 years. The interest rate on my statement last month was 10.24%. I opened this month's statement and it was 21.99%. I called them to confirm. Yep - that's the new rate! "For everyone," she said. So - I "opted out" of that account. I'll pay off my balance at 10.24 until its paid off. Amazing. Sad part is you lowered your credit score doing that. It's a scam weighted in favor of the banks. This is the CitiGroup that if not for the TARP $$$ would have gone bankrupt. So there's your thanks! Bend over! Link to comment Share on other sites More sharing options...
ilmor Posted April 2, 2009 Report Share Posted April 2, 2009 Yep, thanks to all the so-called stimulus package, extreme interest rates and inflation are on their way. Be prepared! Link to comment Share on other sites More sharing options...
jdscooby Posted April 2, 2009 Report Share Posted April 2, 2009 +1 We use our air miles card for most everything and keep it paid if full every month. No interest, no fees and free airline tickets :happy feet: Exactly what we do :happy feet: Link to comment Share on other sites More sharing options...
mywickedshelby Posted April 2, 2009 Report Share Posted April 2, 2009 Exactly what we do :happy feet: Me too, the card I have charges 20.9%, but they never see a dime. Link to comment Share on other sites More sharing options...
MY500SS Posted April 2, 2009 Report Share Posted April 2, 2009 Exactly what we do :happy feet: Only problem, we have over 400k miles . What the heck has Marji been buying. Link to comment Share on other sites More sharing options...
David Hawkins Posted April 2, 2009 Report Share Posted April 2, 2009 I need my Card to Book Hotel Rooms for the Out of Town Car Shows........................ Link to comment Share on other sites More sharing options...
kstrong Posted April 2, 2009 Report Share Posted April 2, 2009 I played the "balance transfer" game on a few cards. Visa with zero balance. Thay offer 1.9% for 6-9 mos if you transfer your balance to their card. Do not put anything else but balance transfer on that card. Make better than minimum payments. Before your offer expires transfer the balance of the card to one of the others that now offers a balance transfer. I checked my credit score, it is over 800. :happy feet: Note; Canada The system of credit reports and scores in Canada is very similar to that in the United States, with the same three reporting agencies active in the country: Equifax, TransUnion, and North Credit Bureaus (an Experian company). There are, however, some key differences. One such difference is that, unlike the United States, where a consumer is allowed only one free copy of their credit report a year, in Canada, the consumer may order a free copy of their credit report any number of times in a year, as long as the request is made in writing, and as long as the consumer asks for a printed copy to be delivered by mail.[1][2] This request by the consumer is noted in the credit report, but it has no effect on their credit score. According to Equifax's ScorePower Report, FICO scores range between 300 and 900. Link to comment Share on other sites More sharing options...
David Hawkins Posted April 2, 2009 Report Share Posted April 2, 2009 I played the "balance transfer" game on a few cards. Visa with zero balance. Thay offer 1.9% for 6-9 mos if you transfer your balance to their card. Do not put anything else but balance transfer on that card. Make better than minimum payments. Before your offer expires transfer the balance of the card to one of the others that now offers a balance transfer. I checked my credit score, it is over 800. :happy feet: Note; Canada The system of credit reports and scores in Canada is very similar to that in the United States, with the same three reporting agencies active in the country: Equifax, TransUnion, and North Credit Bureaus (an Experian company). There are, however, some key differences. One such difference is that, unlike the United States, where a consumer is allowed only one free copy of their credit report a year, in Canada, the consumer may order a free copy of their credit report any number of times in a year, as long as the request is made in writing, and as long as the consumer asks for a printed copy to be delivered by mail.[1][2] This request by the consumer is noted in the credit report, but it has no effect on their credit score. According to Equifax's ScorePower Report, FICO scores range between 300 and 900. Yes, Once a Year we can get a copy for Free (but no Score) and I was also told that, if someone runs a Credit History on you (like a Car Dealership) you can get a free Copy of your Report then to. The last couple of times I bought Mustangs, they ran my Credit and I asked them for my Score which they gave me. I had great Credit before, it sucks now, but it is climbing back up. Link to comment Share on other sites More sharing options...
David Hawkins Posted May 14, 2009 Report Share Posted May 14, 2009 OBAMA TO THE RESCUE: RIO RANCHO, New Mexico (Reuters) – President Barack Obama urged the U.S. Congress on Thursday to pass a credit card reform bill by the end of May that would ban unfair rate increases and end abusive penalties. "It's time for strong and reliable protections for our consumers. It's time for reform that is built on transparency, accountability, and mutual responsibility," Obama said in remarks prepared for delivery at an event in New Mexico. But I heard that it wont actuall go into effect until NEXT YEAR....................... Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted May 14, 2009 Report Share Posted May 14, 2009 OBAMA TO THE RESCUE: RIO RANCHO, New Mexico (Reuters) – President Barack Obama urged the U.S. Congress on Thursday to pass a credit card reform bill by the end of May that would ban unfair rate increases and end abusive penalties. "It's time for strong and reliable protections for our consumers. It's time for reform that is built on transparency, accountability, and mutual responsibility," Obama said in remarks prepared for delivery at an event in New Mexico. But I heard that it wont actuall go into effect until NEXT YEAR....................... There are reforms coming but a rate cap added to the bill didn't make it out of the Senate today: http://www.nytimes.com/2009/05/14/us/politics/14cards.html Oh well... Link to comment Share on other sites More sharing options...
David Hawkins Posted May 14, 2009 Report Share Posted May 14, 2009 I just wish that they would fix it so if YOU canceled the Card, it would show up on your Credit Report that the Card was Canceled by the Card Holder because it was not needed. As it stands now, it just states that the Card was "CANCELED" and it reflects bad on your Report. Link to comment Share on other sites More sharing options...
stormeaston Posted May 14, 2009 Report Share Posted May 14, 2009 Gonna keep an eye on this! Link to comment Share on other sites More sharing options...
EL SHELBY Posted May 14, 2009 Report Share Posted May 14, 2009 OBAMA TO THE RESCUE: RIO RANCHO, New Mexico (Reuters) – President Barack Obama urged the U.S. Congress on Thursday to pass a credit card reform bill by the end of May that would ban unfair rate increases and end abusive penalties. "It's time for strong and reliable protections for our consumers. It's time for reform that is built on transparency, accountability, and mutual responsibility," Obama said in remarks prepared for delivery at an event in New Mexico. But I heard that it wont actuall go into effect until NEXT YEAR....................... And, until it does go into effect be prepared to bend ever. :o BOA sent me a letter a couple months ago informing me my rate would be moved from 9% to 19% and gave me the option to freeze the card which would hold the rate at 9% but would also keep me from using it. I pay at least twice my minimum payment monthly and I break that up into two payments a month (pay every two weeks) and my balance never goes over half of my available limit. I'm certain I received this letter because they knew Washington was about to make nearly impossible to raise our rates. There is a law that goes into effect soon that requires the banks to give you a 45 day notice prior to a rate hike. At the moment the letter is completely voluntary. I guess I’m lucky to have received a letter? :huh: Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted May 14, 2009 Report Share Posted May 14, 2009 I just wish that they would fix it so if YOU canceled the Card, it would show up on your Credit Report that the Card was Canceled by the Card Holder because it was not needed. As it stands now, it just states that the Card was "CANCELED" and it reflects bad on your Report. it's not just that but it kills your debit to available credit ratio. When you cancel the card the available credit goes to "0" so your balance is treated as 100% of your available credit so your ratio is reduced and your credit rating suffers. This creates a domino effect with that triggering another creditor to lower your credit limit, which further lowers your ratio, and so on and so on, until even though you have never missed a payment on anything your credit rating basically sucks! Link to comment Share on other sites More sharing options...
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