My Mom had a credit card in the past that she did not used. After 7 months they cancelled her card for non use. They called her and asked why she is not using the card. huh? I mean, I cannot believe they have the audacity to make that phone and say that to her. They mailed her a cute little saying because of non active usage of their card they have to cancel it. LOL
It did not discourage her at all, she forgot she had it.
My friend also had a credit card, but his case was different, he used it actively and paid the minimum or in full every month. He also receive a notice in his credit card statement saying: ....because of being such a good customer we have increase your credit limit. And then you have the one that do not pay the minimum and allow the bill to go into collections. He manage to pay it off once he came into some money. He also got letters offering him to become a customer again. As if the harassment never took place. LOL
It seems like if you do not charge the card, you get punish. Use their card or it becomes cancelled.
If you do pay them you're invited to a credit increase. Inviting you into more debt or to other cards they offer.
If you do not pay them at all or you are late in payments, you get harassing calls.
These credit card companies are never satisfied. If you have one credit card, please be content with that. The credit card company will not be satisfied until you have all their credit cards. This cycle never stops. A credit card company constantly comes out with a new card and promotion almost every year to keep you interested. They should be a limit on the number of credit cards that one should have. For that matter, they should be a limit on how much debt a family should have.
[photo: courtesy of thecreditforum.com]
Tuesday, June 26
Credit Cards and their (so-called) Rules
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6 cool comments:
aaa the good ole days. I remember one of my first credit cards was almost maxed out, I wanted to go on vacation so I called for a credit increase. THe lady on the phone asked why I needed the increase, I was honest "to buy plane tickets to florida, I need to get away", she said fine and gave me a $2,000 increase. I already owed $2,200 on the card, why not give me $2,000 more.
LOL..... I guess you could have told them any excuse. regardless of your balance, they would have gave you an increase. They goal is to keep you in debt
Definition:
Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit.
In order words, you can be a bill away from a "cannot pay crisis"
LOL
So keep paying the minumun and make these companies happy.
I had a friend that started with a 7.99 interest rate and BOA tripled her rate to 21.99 without informing her. Way to go BOA, free money to you.
Credit cards are harsh either way you look at it. Pay on time or in full every month. They will find a way to get more money out of you!!!!
Credit cards change their rate all the time. You must read the fine print. But you must be a lawyer to understand that giberish.
Once a credit card go beyond 10% you're in deep trouble
Some companies are definitely worse than others when it comes to unexpected interest rate hikes and fees...
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