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They only do that with people who have a poor credit history with them, who are serial late payers and who don't hold up their end of the contract - you know, the one they sign when they apply for a CC.
This is not true. We have an EXCELLENT credit rating and they hiked our rates in November. It's a fact and it should be unlawful. I am totally on Movingforward's side on this because it happened to us.
What is wrong with you people? Have you not even bothered to understand what the issue/problem is here? The "people" DID "honor their contracts." It was the BANKS who BROKE the credit card contracts and hiked all the rates.
Actually, they are. My credit card interest rates were guaranteed for the full balance, until paid.
You should double check that-- it is a great deal. Not all cards are like that.
Sometimes they are libor +5 or something like that. HOWEVER if you miss a payment they have clauses that can raise the rates incredibly. One time I was on vacation and forgot to pay the card next statement the rate jumped like 15%. there are all kinds of nuances with credit cards that consumers should be aware of. Are they all fair- hell no . But I cannot say the credit card companies did anything illegal.
Actually no I didnt.. If they cant raise interest rates on poor payors, then people with bad credit will not be extended credit cards.. thats the way it is.. Rather than take the risks, they will just deny more individuals or cancel the cards when the risk isnt worth the limited reward..
They raised the rate on MY cards when I have ZERO bad credit PG. Why should I be punished for paying my bills on time, every month?
This is not true. We have an EXCELLENT credit rating and they hiked our rates in November. It's a fact and it should be unlawful. I am totally on Movingforward's side on this because it happened to us.
With EXCELLENT credit, find a new card and stop crying looks like they lost a good customer, ooh, you havent switched credit card companies, that sounds like your problem..
What is wrong with you people? Have you not even bothered to understand what the issue/problem is here? The "people" DID "honor their contracts." It was the BANKS who BROKE the credit card contracts and hiked all the rates.
Banks do not have life long contracts with people they extend credit with. Dont be foolish, they are free to change their interest rates at will, and you are free to change banks when you feel its necessary..
Persoanlly lok at teh credit card debt in this country means they should be high with low limits to discourage people from using them as long term loans.
With EXCELLENT credit, find a new card and stop crying looks like they lost a good customer, ooh, you havent switched credit card companies, that sounds like your problem..
There are always balance transfer deals out there.
And to Moving forward- Are you sure the credit card companies are breaking the contract?
They raised the rate on MY cards when I have ZERO bad credit PG. Why should I be punished for paying my bills on time, every month?
If you havent switched banks, your the one punishing yourself. Stop blaming the banks for your laziness to find a new credit card company or your inability/unwillingness to negotiate..
Bottom line is don't use a credit card unless you can pay it off the same month. Worth having worth waiting for save up for those toys. I understand sometimes crap happens and you need it now. Say your engine blows on your car or some other crisis. But credit cards are not easy money. They are a hang mans rope around your neck.
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looks like they lost a good customer, ooh, you havent switched credit card companies, that sounds like your problem..
