5 Ways to Respond to a Credit Card Interest Rate Increase

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Replied by Meya on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Lolz!!! Only in a perfect world. But you are so correct about paying them off, this has made me pay even harder. I told my husband that we are going to be stuck for a while because I need to put more money into these cards and much faster because I can not see myself paying these high Apr's on any other of my cards. Yeah, I seen that little imprint in the contract, but they have never went this whacked. I only seen the hikes kick in when someone was hardly paying or was late. If they try to mess me over, the would want to take a look at my invisible contract.......I WILL PUT IN A LONG WAIT-LINE BEFORE I SUFFER!:innocent:
10 years 2 months ago #1

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Replied by smcc on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Hold on guys, when we all signed for these Credit Cards, in the paperwork that came with your new card it stated that they (Financial Institutions) had the right to make changes at will. Now I know that Big Brother is coming down harshly on the consumer but we can't say that we were not aware that this situation could not arise.

Best thing to do is pay off your cards and then pay them off within the billing cycle you use them in. That way no matter what they do, outside of an annual fee, these other fees don't affect us. Then again, in a perfect world right :cool:
10 years 2 months ago #2

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Replied by ColoNative on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

We should all jump on the credit union bandwagon. As a credit union member you have a say in who runs it and you are a partial owner. Credit union credit cards usually have better rates and they don't mess with you like the major banks.
Just for grins and giggles you all should look at some credit unions to see what they offer.
10 years 2 months ago #3

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Replied by Meya on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

it seems no one is safe.................... My personal choice is to payoff all of my cards and never use them again................. I don't like it when someone changes the rules, anytime they wish, to suit their needs.

This is exactly how I feel!
10 years 2 months ago #4

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Replied by Meya on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

this madness must stop

:white-flag: :white-flag: :white-flag:
10 years 2 months ago #5

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Replied by Meya on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Thanks everyone! That did cheer me up, but wait till you hear this one. I went to make my payment to Travelocity (a measly $24) and I was shocked to see that they went from a high 17% to a whooping 27% on purchase APR. I use them for itunes when I purchase songs, and I also use them for my Fastrack (device that is used for prepaid toll bridges). My fastrack was only in $25 increments, and I would at least let them have some type of finance on my $10 purchases from Itunes. I am not using them for nothing now. I don't care if I did pay it off before the statement cuts. They never gave me a cli or anything and they were on the top of the list to get closed when I start shopping for prime cards.

Right about now, I don't even want credit cards anymore, I was doing just fine with debit cards. The moment I tried to do right and rebuild, they are treating me like a 10th class citizen. At least I won win I dogged everyone in the past, as soon as a sista establish some integrity....baaaam, she gets shot down by people she never seen before.:upset:
10 years 2 months ago #6

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Replied by charonh on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

I'm sorry to hear it to, it seems no one is safe. My personal choice is to payoff all of my cards and never use them again. I don't like it when someone changes the rules, anytime they wish, to suit their needs. This economy has really changed my overall view of credit and how I shall deal with banks moving forward.
10 years 2 months ago #7

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Replied by skeewee08 on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Wanderer & Meya sorry to hear that; that really does suck... my husband just got his notice in the mail as well... luckily we paid them off... this madness must stop:upset:
10 years 2 months ago #8

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Replied by ColoNative on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

I am about to call them Tuesday morning and go smooth off. I was at 10% now I am at 17% for no reason at all. They was darn near paid off, how and why would they do this to me? I was never late, never over the limit with anyone, and now they clown me like this. I am not going out like this, I would rather close it. This is why I am scared to call in for cli's, I think they start looking through our files and say, "Oh here is one person we forgot. Let's slam dunk on her!"


Sorry to hear it Meya. I don't think it was a personal attack on you :white-flag:This is just the economy and those new UDAP laws going into effect. Credit is going to be a lot more expensive and harder to get going forward. It's a new era I am affraid. :worried:
10 years 2 months ago #9

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Replied by ColoNative on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Capital One just increased my Platinum MC with a $750 CL (account since 2005 steps capped with no CL increase) from 7.9% Purchases & Cash to 17.9% Purchases and 23.4% Cash. Also I have a $19 AF. All payments were on time or early. My action to close the account


I received my change in terms (CIT) letter a few months ago for changes starting with the May 2009 billing statement, so I was not too surprised. They left my purchase APR alone at 10.9% but my cash was raised to 24.9%. All the more reason not to take cash out I guess.
My suggestion to you is, yes, it does bite the big one, but that is a 4 year old tradeline and it would be detremental to your credit score to close it. Keep it open and use it for very small purchases to keep it active. Then next year call and ask for a lower APR.
I hate to say it but this is going to happen to everybody with almost every bank, so we cant just start closing down accounts.
10 years 2 months ago #10

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Replied by Meya on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Good lord! I was just about to come in here and say the same thing in the cap 1 thread, glad this thread was updated because it applies to us.:worried: The cold part about it, I received this a couple of days ago, but I never opened it because I thought it was one of those car loan letters or checks, so I threw it in the pile with the rest of the letters that were about to be shredded. Today I just so happen to start shredding and then I saw the letter.

I am about to call them Tuesday morning and go smooth off. I was at 10% now I am at 17% for no reason at all. They was darn near paid off, how and why would they do this to me? I was never late, never over the limit with anyone, and now they clown me like this. I am not going out like this, I would rather close it. This is why I am scared to call in for cli's, I think they start looking through our files and say, "Oh here is one person we forgot. Let's slam dunk on her!" :upset:
10 years 2 months ago #11

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Replied by Wanderer on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Capital One just increased my Platinum MC with a $750 CL (account since 2005 steps capped with no CL increase) from 7.9% Purchases & Cash to 17.9% Purchases and 23.4% Cash. Also I have a $19 AF. All payments were on time or early. My action to close the account.:white-flag:
10 years 2 months ago #12

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Replied by skeewee08 on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

Well once again it depends on the Credit Union I guess I know for us we are still doing signature loans, my husband got a $1,000.00 signature loan, paid it off to establish a relationship then got a larger amount to pay of a couple of credit cards that he had.

I can only speak of the Credit Union that I work at and those that are around my area(going to monthly Credit Union meetings and checking web-sites) and they do offer signature loans to pay off credit cards as well as collateral loans. If a member comes in and states they need a loan to pay of credit cards we would not push them to get another credit card when obvious they are trying to get out of that situation...

These are just options to respond to CCIR as the post stated. Also it depends on the relationship you have as well...
10 years 2 months ago #13

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Replied by ColoNative on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

A signature loan is a thing of the past. Depending on the size of the loan, they will offer you to apply for a credit card with a balance greater than what you need vs a signature loan. Meya and I talked about this on another topic.........

Collateral Loan - the bank will want want you to do this with liquid assets. i.e. CD, Money Market Accounts, Savings Acct, etc., then you have to ask yourself is the interest that I will lose by liquidating one of these assets less than the interest being charged on my Credit Card. If it is its better to liquify the asset and pay off the card


There are still credit unions that offer Signature (personal) loans. You just have to look.
But you do have a point. My sister applied for a loan at US Bank a few years ago and they offered her a low rate Visa card instead. In some cases the credit card may be a better offer; but many of us already have too many revolving trades and an installment loan could help beef up a persons credit rating.
10 years 2 months ago #14

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Replied by smcc on topic Re: 5 Ways to Respond to a Credit Card Interest Rate Increase

A signature loan is a thing of the past. Depending on the size of the loan, they will offer you to apply for a credit card with a balance greater than what you need vs a signature loan. Meya and I talked about this on another topic.........

Collateral Loan - the bank will want want you to do this with liquid assets. i.e. CD, Money Market Accounts, Savings Acct, etc., then you have to ask yourself is the interest that I will lose by liquidating one of these assets less than the interest being charged on my Credit Card. If it is its better to liquify the asset and pay off the card
10 years 2 months ago #15

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