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Actually, I don't think they are. I just had my highest credit limit card cancelled by Chase Bank for no reason that they can give me other than the fact that it was previously a WaMu card and apparently they're axing most of them. The stupid thing is, I also had a card with Chase and they want to maintain that one, yet cancel my other one. I requested that they merge the accounts, but was flatly refused.
If they really want to keep good accounts, mine is one that should have been kept. I have a high-700s credit rating, in the years I owned the card I never made a late payment even once (nor am I ever late on any of the three cards I own), and I always made more than the minimum payment. I also generally maintained a moderate balance on it, so they don't have the excuse that the card wasn't being used.
As a result of Chase Bank being so unreasonable with me as a good customer, I've recently moved my checking and savings account out of their bank (to the tune of over $100k), cancelled the card I had with them, and I will never patronize them again. They also will not get my business when it comes time this spring for me to pick up a mortgage or two.
Screw them, I say. I will find a better bank to give my business.
Ouch. Sorry to hear about that. Hopefully it wasn't the oldest account on your credit record.
If you regularly pay on time, typically you won't need to make an empty threat to get the charge removed. Simply asking has always worked for me.
Yeah, I do regularly pay on time. I usually don't have a balance on it except for when I buy my books at the beginning of the semester, then pay it off with the refund I get from leftover money from school grants and such.
This is nothing new, they always process payments near the end of the day and if you mail it that close to the due date it sometimes gets caught. Credit card agencies have always wanted to keep people because there is no risk to the consumer to switch, they are all so similar there is really no brand loyalty.
I've been doing the same things since 1997, you can do it about every 6 months.
So, I paid my credit card bill last month on the day it was due, and it was after 3 PM so they didn't post it until the day after. Well, that caused a late charge of $39.00 on my account. I told them what had happened, and they said it was my fault for not paying it before 3 PM (which it was). So, I smugly said "fine, I just won't pay it anymore" just to be an ass. (I put my books on there every semester and pay it off within 2 months, I'm not making luxury purchases or anything, LOL). I would have paid it. I just have what some call an "attitude problem" and "authority issues," so I make empty threats. You know the story.
Anyway, they said "please hold, we'll transfer you to our customer retention department." I thought it was weird, but I stayed on the line. They took off the late charge, INCREASED my limit by $1000, gave me a 0% rate for 6 mos, and a new interest rate after that of 9.99% (vs 18.99% right now). I was baffled. All of that from an empty threat? They MUST be getting desperate to keep non-delinquent accounts.
Something similar happened to me, I called BofA because of a $39 returned payment fee, even though I tried to remove that payment, and posted a new payment (I hadn't used the card that much since 2007 so there was a bank listed there that had been shut down by the FDIC). Anyway I told them what happened, they offered to remove the fee. That was good (many years ago I closed a Discover account because they refused the same thing).
Anyway, after that they offered to give me a 0% balance transfer for 6 months, with no fee. I of course tried to figure their angle, I told them I would have to pay the purchase APR on the $150 I have right now from purchases, they said I can pay it off today and I wouldn't. Okay then I took them up on the offer. They are going to direct deposit $5,000 to my checking. I'll call my bank and see if I can prepay my payments for 6 months on my car loan, and pay off some other loan possibly. I really have to do the math. But they are really giving me $5000 for 6 months for no money, and they are forfeiting merchant fees during that time, I really don't see their upside. They must think I don't know how the balance transfer works and I will make purchases, or miss a payment or something.
Something similar happened to me, I called BofA because of a $39 returned payment fee, even though I tried to remove that payment, and posted a new payment (I hadn't used the card that much since 2007 so there was a bank listed there that had been shut down by the FDIC). Anyway I told them what happened, they offered to remove the fee. That was good (many years ago I closed a Discover account because they refused the same thing).
Anyway, after that they offered to give me a 0% balance transfer for 6 months, with no fee. I of course tried to figure their angle, I told them I would have to pay the purchase APR on the $150 I have right now from purchases, they said I can pay it off today and I wouldn't. Okay then I took them up on the offer. They are going to direct deposit $5,000 to my checking. I'll call my bank and see if I can prepay my payments for 6 months on my car loan, and pay off some other loan possibly. I really have to do the math. But they are really giving me $5000 for 6 months for no money, and they are forfeiting merchant fees during that time, I really don't see their upside. They must think I don't know how the balance transfer works and I will make purchases, or miss a payment or something.
They want you as a customer and are hoping you will make more purchases and they will make money of the interest on those purchases. There is no catch, I have tried to explain this to many people who are paying interest but they won't listen. Keep doing balance transfers until its paid off, and pay no interest the whole time. Only catch is, you have to pay on time, otherwise after that 6 months is up, you won't be able to transfer it to another card because your credit will be messed up. This is THE best way to get out of CC debt.
I always pay my BofA credit card bill, by mail, within one day of receiving the statement. This month I mailed it August 1, with a due date of August 14.
I get my my checking account statement the other day, and the check hasn't cleared...WTF? I call BofA and they confirm that they have NOT received my payment.
I suppose it's conceivable that my payment was lost in the mail....but I doubt it. Hell, I can't prove I mailed the check. So, what's stopping them from just claiming they didn't receive payments and hitting people with late charges?
Anyway, I'm through with 'em....I don't trust them. They took billions of tax dollars to stay afloat...why would they care about my business?
I've already cut up the card, and when I get the next statement, I'll either pay it (late charge and all) in person or mail it certified, return receipt....and close all my BofA accounts. I'm going with a local credit union, which I should have done years ago.
I have a dozen direct deposits and debits going into, and out of my BofA checking account, so it's going to be a major hassle changing all that. But I have no choice, I won't tolerate their shenanigans!
Above poster: the USPS loses mail a lot. I try to avoid sending payments through the mail at all, but definitely not if non-delivery could trigger a default.
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