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Credit Card Companies Suck, Part Infinity

Discussion in 'Anything goes' started by McPoyle, Oct 20, 2009.

  1. Captain_Kirk

    Captain_Kirk Well-Known Member

    Taking an interest rate from 7% to 30% is nothing short of loansharking, I don't care what the laws allow.

    And while we're at it, charging anywhere from $1.50 -$3.00 for an ATM transaction is the biggest ripoff known to man. It takes maybe a few cents to actually process that transaction.

    And the fuckers still find ways to lose money and need the government to bail them out.
     
  2. imjustagirl

    imjustagirl Active Member

    See, all you jackasses with the low interest rates are feeling the burn.

    If they jack up my rates, it's only going up 5 percent. Suck on THAT! :D

    BAD CREDIT WINS AGAIN!
     
  3. RickStain

    RickStain Well-Known Member

    Try this one on for size:

    http://www.digitaljournal.com/article/280698
     
  4. Bubbler

    Bubbler Well-Known Member

    Shit, why stop there? I'm going to call my credit card company and demand that they jack my interest rate three times what it is.

    [​IMG]
     
  5. BTExpress

    BTExpress Well-Known Member

    401(k) loans are sweet.

    Pay the money back to yourself with interest.

    And if you don't have one of those, you deserve a snide remark.


    And Rick may not say it politely, but he's not wrong. This board really is a parallel universe. On one hand you have people plunking $200+ for Beatles remixes of songs they already have and people plunking $79 for DVDs of TV shows they've already seen . . . and on the other hand people are screaming that they cannot save any money.

    Saving is no fun. And it has to be a priority, not something to do "after I buy what I want."
     
  6. imjustagirl

    imjustagirl Active Member

    I'm not even sure they'd accept me.
     
  7. Bob Cook

    Bob Cook Active Member

    Banks are, no surprise, completely shooting themselves in the feet by suddenly yanking credit card rates on people who can pay them. Here is a line from an AP story on banks' surprise second-quarter profits:

    Credit card losses tend to track the unemployment rate, and banks are expected to keep losing money on credit cards as more people lose their jobs. JPMorgan Chase, Citi and Bank of America all have huge credit card operations.

    So the banks are suffering from defaulting payments, and so to make up for that they jack up rates on the people who are paying them, or who barely use them. Or they cut the credit limit. As a result, people who can afford to do so put less on their cards, or stop using them altogether, thus reducing the profit banks make on credit cars, which cause to even further jack up rates on people who can afford them, or who barely use them... you see where this is going.

    (By the way, I have one card I'm paying down in this scenario -- it probably hurts my credit report that it's no longer available credit, but I also now have less credit on my books. Plus, I've noticed as I've paid more cards down that I've gotten more letters telling me my rate is going up. Or like Bank of America, which said my rate will be tied to prime, and that it won't go up now, but it will change with the prime rate. Of course, the prime rate is what, nothing, so there's nowhere to go but up.)

    Not to inject POLITICS on this board, but at some point Bank of America or Citi is going to be nationalized, because it's going to have to be. A lot of smaller banks are failing (though not as many as the number that failed EVERY MONTH in Texas during the 1980s oil bust), but the economy will suffer another slam into the wall if one of the big ones that took TARP money goes by the wayside.
     
  8. mustangj17

    mustangj17 Active Member

    For those of you who have had their interest rates increased do they show online? I just checked my most recent statement and there was no increase.

    Although for the first time I can remember, there was a late payment warning saying If I miss my due date my rate goes up to 29.9 percent. My payment isn't do for a long time. It freaked me out.
     
  9. Ace

    Ace Well-Known Member

    One thing I love about credit cards is that you have to hunt online to find out what the interest rate is. Like its of little concern to you.
     
  10. mustangj17

    mustangj17 Active Member

    I get paperless statements and it took me 20 minutes to find. Buried in the corner of the statements I rarely check.

    I just look at my recent activity, confirm the charges, look at what I owe and pay the thing. I never look at the statement.
     
  11. Ace

    Ace Well-Known Member

    I would switch to paperless statements but they are going to have to make it worth my while. It must cost a mint to mail those statements, but I like the physical reminder of a bill.

    You know if you just pay online and are a day late they will jack you up. But they want you to switch for nothing!
     
  12. amraeder

    amraeder Well-Known Member

    With Discover, switching to paperless entered me in a chance to win like $5,000 or something like that.
     
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