Credit Card Bonanza - Lead Me Not Into Temptation!!

[BEEDEE]

Those credit card companies just want to suck you in and load you up with debt. They have no morals IMHO.

Brian

[Southern Breeze]

If you can't figure out what to do with it, send it to me.

[Tommie]

Everyone that has and uses credit cards had BETTER be paying close attention to thier credit card statements.

A month or so ago many of the bigger banks had been giving notice to card holders that rates on thier cards were going to increase.
It says you can call and reject the higher rate but if you do reject the rate it stays at what is current,but if you use the card after that it automaticly raises the rate on your balance.

OK that being said heres what happened to me.
I use two major credit cards to make purchases for monthly expenses to run my business.Most of the expense is to purchase material to complete jobs.
These two cards are paid in full when a job is complete which in some cases runs from a month to two or three.No problem.The rates 5.9% which im willing to pay for useing thier money which at times runs up to five to ten thousand.

Saturday I recieved a statement on one of the cards that is near ten thousand,and noticed the rate jumped to 21.99.YIKES.
I had no idea why because I never even noticed the warning on past statements about the change and must reject it,so I knew nothing about the why.
After spending about two hours on the phone with the bank,and they reviewing my history,they agreed to drop the rate back to 5.9 but told me if I used the card again until I hear from them the balance would increase back to 21.99.
I thanked the guy very much and then told him "Guess what i'm doing".
He said "what"?. I said " Cutting you card into itty bitty pieces" and hung up.

So keep a very close watch on your statements.

[BroosterB1]

No Ron donna do it, they just wanna make you feel all woolsy
woolsy, then jack your interest rate!

On the other hand.......Five weeks on LIttle beach, Kamolai I Or II, heck five weeks anywhere on Maui Course yah might not come back.....

[Ian.MacAllan]

Those credit card companies just want to suck you in and load you up with debt. They have no morals IMHO.

Brian

This is true. They are also struggling from having loaned so much to people who are not paying it back. From their point of view it makes sense to encourage us who do pay our debts to get in deeper. If they don't get carrying charges from us (because we pay off in full every month) they still get the merchants' fees on our purchases. They trust us not to let them push us into default.

Of course much of their recent experience should have taught them that many of us can't be trusted that way, but there are slow learners in every occupation.

.