Credit Card changes - am I about to be sodomized?

[widebody911]

I got a notice today from my CC company (local credit union) that starting next year, my APR will be variable rather than fixed, with a floor of 13%. I know that any change they make is probably not in my best interest (pun intended).

I've had this card for years; what's the best way to find a new card without getting completely bent over? I've read all kinds of horror stories over the years about various credit card practices, and with the pending reform legislation, it seems that the CC companies are in overdrive to f*ck the consumers. I did a google search and found a few sites that claimed to compare cards, but I suspect those are really shills.

[widgeon13]

I don't think you will find any card that won't screw you dry unless you pay your balance at the end of the month or at least carry a small balance. Otherwise you will pay a pretty high rate.

[masraum]

Originally Posted by widebody911

I got a notice today from my CC company (local credit union) that starting next year, my APR will be variable rather than fixed, with a floor of 13%. I know that any change they make is probably not in my best interest (pun intended).

I've had this card for years; what's the best way to find a new card without getting completely bent over? I've read all kinds of horror stories over the years about various credit card practices, and with the pending reform legislation, it seems that the CC companies are in overdrive to f*ck the consumers. I did a google search and found a few sites that claimed to compare cards, but I suspect those are really shills.

I got a similar notice from one of my cards which is from a large federal credit union that normally takes really good care of it's customers. Fortunately my new minimum is half of what your minimum will be. I'm curious to see what happens.

[Laneco]

Pick up the phone and call them. It is not uncommon for them to waive or reduce the painful changes.

You can also wholly reject the changes. They will stop the charging "priviledges" and you will have to pay your balance off but you will be paying it at the former rate and not at the new revised gouge you in the eyes rate. (read the fine print, that's where I found this and I'm telling my one credit card company to shove it).

angela

[RWebb]

Thom - I agree with Angela - just be sure it is in WRITING!

go to the library and look up the Consumer Reports issue on credit cards - best deal depends on what type of user you are (i.e. low interest is not a big deal if you pay it off every month like I do)

but usually a credit union is a fairly decent place to get a credit card from...

[Looking_for_911]

Originally Posted by Laneco

Pick up the phone and call them. It is not uncommon for them to waive or reduce the painful changes.

You can also wholly reject the changes. They will stop the charging "priviledges" and you will have to pay your balance off but you will be paying it at the former rate and not at the new revised gouge you in the eyes rate. (read the fine print, that's where I found this and I'm telling my one credit card company to shove it).

angela

A few months ago I got some sort of similar notice from Capital One about my one and only credit card account.
I've had a good interest rate for a good while, never late on a payment, and usually carried a balance for several months, maybe a year, then I would pay it off - or near off - and start anew.
I couldn't believe the hike in the interest rate they were gonna stick me with.
I called them up, pleaded my case and the good man basically said, "No Soup For You!" before I hung up on him.
I promptly cancelled the account, which I was allowed to do while keeping my old terms.
And the only reason our friends could give me was because of the "type of account and the length of time I had it."
I now keep cash in the debit card account and it works just as well. And, it keeps me from accumilating debt.
Scroom All!

[equality72521]

Originally Posted by Looking_for_911

A few months ago I got some sort of similar notice from Capital One about my one and only credit card account.
I've had a good interest rate for a good while, never late on a payment, and usually carried a balance for several months, maybe a year, then I would pay it off - or near off - and start anew.
I couldn't believe the hike in the interest rate they were gonna stick me with.
I called them up, pleaded my case and the good man basically said, "No Soup For You!" before I hung up on him.
I promptly cancelled the account, which I was allowed to do while keeping my old terms.
And the only reason our friends could give me was because of the "type of account and the length of time I had it."
I now keep cash in the debit card account and it works just as well. And, it keeps me from accumilating debt.
Scroom All!

That's exactly what I just did. No more credit cards for me. I have my debit card and that's it!

[Burnin' oil]

Does your question about being sodomized pertain to the credit card issue or are they two separate topics?

The only way to avoid being a bank's b**** is to either not have a credit card or to pay it off every month. Good luck.

[herr_oberst]

I have three credit cards, pay em all off at the end of the month. I'm what they call a deadbeat.

(in case you wonder, VISA for internet purchases, and I keep a pretty close eye on it for funny business, Discover for every day crap cuz they pay cash back, and AMEX for big ticket stuff for the Delta skymiles and the guarantee)

[david914]

I have two Capital One cards and have had a pretty decent interest rate for several years, always paid on time, etc. Got the same notice several months ago. I haven't checked into it, but I have heard that this is across the board for all credit card companies due to new laws being put into effect. Anybody know more about this?

[Evans, Marv]

I only have two credit cards, which I pay off at the end of the month. Before the laws affecting the credit industry were passed, I received notices from both companies that the rates were being raised from around 16% to 25%. Of course they offered the option of not accepting the terms, in which case my accounts would be canceled. The credit is a convenience, so I still use them but I'm more determined than ever to pay them off at the end of the month.

[Tobra]

The trick is if you have to carry a balance on something, make it a low interest rate thing. If you are carrying a balance on your CC, it generally means you need to buy less stuff.

[Shuie]

Yes. Yes, you are.

[porsche4life]

You may need some of that....

[juanbenae]

i had a card for like 8-9 years & they bumped my rate to 19 so i called them to ***** & get it lowered. they would not budge on it. i keep the account open but just don't charge on it any more. will they ding me for this with a year of just holding with a membership fee ot the like? hhmmm???

t

[RWebb]

Originally Posted by david914

I have two Capital One cards and have had a pretty decent interest rate for several years, always paid on time, etc. Got the same notice several months ago. I haven't checked into it, but I have heard that this is across the board for all credit card companies due to new laws being put into effect. Anybody know more about this?

they are jacking up rates before the new law takes effect and puts some limits on them

[john70t]

6 Credit Card Fee Traps To Avoid - The Consumerist

[flatbutt]

AmEx is my only CC and I use it for bigger stuff like travel . Debit rules!

[T77911S]

Originally Posted by Burnin' oil

Does your question about being sodomized pertain to the credit card issue or are they two separate topics?

The only way to avoid being a bank's b**** is to either not have a credit card or to pay it off every month. Good luck.

now THAT was funny. im still LMAO!!