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I doubt all credit cards would require annual fees... otherwise I would move to debit cards... and if debit cards required annual fees, I would move to cash... I have lots of credit cards and use about $1500 every month so I am sure they love me... if they ever decided to add annual fees to me, they would lose my revenue generating power... its a lose-lose if they added annual fees... I do however expect them to raise interest rates on EVERYONE... Obama is sort of making them do this by implementing the new rules in 2010... they are good rules to implement but at a cost... the cost is higher interest rates for EVERYONE... some rates are so high that those with lower credit scores would no longer have credit cards cause they couldn't afford the rates anyways...
The credit cards we do have have tried to do the annual fee thing in the past (long ago) and we said NO and they just took away the charge. I would think you'd have to be a customer in good standing but it's proably just another "fee" that they can get.
Does the fact that we pay our cc's of EVERY month, as we always have, mean anything to the HIGHER interest rates? We have NOT seen the rates increase (just looking out of curiosity) and we have even recently gotten a letter with a credit line increase on a card.
I had a WaMu card with a 'fixed' 9.9% interest rate, then Chase took over and it went to a variable rate with a 10.24% interest. Now I got the letter saying that 'due to the economic conditions' it was going to prime plus whatever, currently 13.24%. I've had this card for 6 years, never a late payment, never gone over, excellent credit. Well, what about MY economic conditions? I got my pay cut by 35%. I currently owe about $9500 on the card, so unfortunately the rate increase effects me in a big way. Yeah, I know. I was dumb. But I used to owe almost $19,000 on it and had been paying it off.
I'm thinking it's time to give Chase the boot and am looking for a card with a long 0% APR and no balance transfer fees.
I think credit scores now are used to determine just to what nth degree the debt mongers can bend you over and make you feel the pain.
Credit scores are such a scam. There's a bunch of important factors not included (say rent payments), I think the others are arbitrary, just picked out of thin air, like your card payment history or percent of debt used to credit limit.
So, paying $30 a month to your CC is good, as it builds up your "score", but paying $1,500 a month rent for a home or condo somehow doesnt count, even though its 50x more financial responsibility.
Financial authors and coaches talk about CC debt as bad, but just as bad IMO is being too dependent on an arbitrary credit score created by the debt gods.
Maybe everyone will move to cash and the CC lords will all go out of business
Every CC has raised my interest rate. Because I don't carry a balance, I don't care that much (originally, it annoyed me). If the CC companies do start charging fees just to have them, I will cancel all cards but 1 (my oldest). I'm not going to pay hundreds of dollars to keep my credit score high (right now it's above 760). I'm not looking to buy a home any time soon. So, I'm not worried about it.
"Except as required by applicable law, and without prior notice, we may close your account or suspend your credit privileges at any time for any reason, including account inactivity."
So what is the level of inactivity that spurs the banks to close an account?
I just got my rate increase notice in the mail today from Chase.
I got mine today. I feel like I'm getting penalized for them buying my card from WaMu. My interest rate is now nearly 25%. I guess 10 years of having this card and paying off my balance in full (if there is one) is not good enough for them.
Oh, and they fed me a line of its because of the Market as to why my interest rate is going up. Jerks
Just cancel the card because that is the only way they will get the message that if they want to collect that money from merchants sales they are screwing up.Congress again screws the people that are responsible in thier legislation it seems.But we have a choice not use use them at least . those that have debt are really getting screwed at a time they are most hurting.It wil go on into 2010 when the rules go into effect.basically I hear that more and mroe are not chaging but paying off their cards so they also are going aftermore that don't pay their cards and think they can just stop paying as before.For those who can't delare bnakrupsy because they don't qaulify they are gettring judgemants that can last for ten years then be renewed.
basically I hear that more and mroe are not chaging but paying off their cards so they also are going aftermore that don't pay their cards and think they can just stop paying as before.For those who can't delare bnakrupsy because they don't qaulify they are gettring judgemants that can last for ten years then be renewed.
I have heard that they are going after ALL those folks they see changing their habits in ANY way, meaning if you all of a sudden start doing the right thing OR just the exact opposite and stop paying.
DH thinks we are not even on the CC companies "radar" right now because we have not changed our habits at all. We are curious as to why we just got a limit increase and don't want to call them and "rock the boat" per se. Interesting
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Jerks
