Comments on: Upset that your credit card company changed the rules?

By: Grace

Grace — Mon, 02 Feb 2009 21:04:56 +0000

One of my credit cards is with Chase. Another (WAMU) is moving over to Chase. I have done nothing but make payments on these cards for the past two years (actually the cards themselves are in the ice-cube tray at the back of my refrigerator). I don’t like to think what my interest rate would jump to if I missed a payment, but at least I’d have a sense of being at fault. Even a move to increase the minimum payment would be alright with me since I try to make larger than minimum payments each month. But a $10 a month “service” fee out of the blue? That would really tick me off. It hasn’t happened yet, but I’m already checking out options if they try that with my accounts.

By: David

David — Tue, 27 Jan 2009 18:09:52 +0000

One thing I didn’t realize until recently is how drastically balance transfer rates go up if you miss a payment.

Luckily it was while I was researching balance transfer terms, so I wasn’t affected.

But for most of the cards I looked into, the APR jumps to anywhere from 25%-40%. This could be a crippling mistake for people, especially if they’ve transferred a high balance.

By: Michael @ The Life Insurance Insider

Michael @ The Life Insurance Insider — Mon, 26 Jan 2009 17:05:07 +0000

This is the main reason I finally closed all my credit card accounts and switched to the debit card. A few airline miles or reward points is not worth the fact that I was helping to support an industry that has gone beyond simply making money by loaning out money and collecting interest. Now it seems like they truly think they can abuse people to increase their revenues and there is nothing anyone can do about it. It’s legal but that doesn’t make it right.

By: debtmaven

debtmaven — Mon, 26 Jan 2009 02:22:31 +0000

That is so true! I just opened a discover card recently and have been mulling over whether or not I should try and move more of my 10% personal line of credit (they just raised the rates on me a few months ago) to a lower rate credit card (provided there are offers still out there).

With all the uncertainty and upset in the credit world, I have decided to stay where I’m at and keep it at 3 individual debts (an SBA loan, a line of credit, and discover). I don’t know if I could do well at paying off my existing debt any faster if I had a 4th one and a minimum payment doubled, nor if the interest rate went up significantly for any of them.

I *am* trying to keep on top of paying every single bill (not just credit cards) on time, to prevent any possible rate increases in any other place (which I also hear is a possibility). It’s getting back out there!

By: Chris

Chris — Sat, 24 Jan 2009 05:35:55 +0000

Poor boomer, why not make more than $1000 per month? Any full time job would pay more than that.

By: poor boomer

poor boomer — Sat, 24 Jan 2009 05:19:56 +0000

Who can afford an emergency fund on an income of $1,000 per month?