- Joined
- Dec 3, 2006
- Messages
- 14,985
- Reaction score
- 1,302
Today, I enter into the world of ZERO revolving debt.
My wife and I have no Credit Card debt, no auto payments, no charge cards, nothing!
We have a mortgage but can get that out of the way in rapid time.
The clincher for me was Chase Platinum Card increasing my fixed rate of 5.99% to 26.99% because I went over my limit -once- by something like 29 bucks. Been a customer of theirs for almost 7 years.
How did I go over the limit??? a consecutive listing on my bill of 11 NEW FEE's and A NEVER BEFORE CHARGED ANNUAL FEE that was put onto my account without my knowledge over the past two statements (December and January) until I saw my statement. I will be contacting the NC State Attorney General's office or some consumer complaint department but I am sure it will do not good.
The other clincher for me was AmEx Blue (had that card for over 10 years) that I used for business raised my rates to 17.49% for No Reason - "because we can and it is part of the terms you agreed to" - was the answer I got.
I did exactly what I should do - pay the damn things off in full and cut them up.
I can not stress this WARNING enough - Read everything that you card holder sends you!
The new laws that were passed in the fall of last year preventing credit card companies from doing these very things and SHOULD HAVE been enforced then go into effect Feb. 22.
If you do not read those mailings and read the terms carefully, you will get screwed royally.
Anything they send you that you DO NOT send back and disagree with AUTOMATICALLY gets entered as an acceptance of terms.
My wife and I have no Credit Card debt, no auto payments, no charge cards, nothing!
We have a mortgage but can get that out of the way in rapid time.
The clincher for me was Chase Platinum Card increasing my fixed rate of 5.99% to 26.99% because I went over my limit -once- by something like 29 bucks. Been a customer of theirs for almost 7 years.
How did I go over the limit??? a consecutive listing on my bill of 11 NEW FEE's and A NEVER BEFORE CHARGED ANNUAL FEE that was put onto my account without my knowledge over the past two statements (December and January) until I saw my statement. I will be contacting the NC State Attorney General's office or some consumer complaint department but I am sure it will do not good.
The other clincher for me was AmEx Blue (had that card for over 10 years) that I used for business raised my rates to 17.49% for No Reason - "because we can and it is part of the terms you agreed to" - was the answer I got.
I did exactly what I should do - pay the damn things off in full and cut them up.
I can not stress this WARNING enough - Read everything that you card holder sends you!
The new laws that were passed in the fall of last year preventing credit card companies from doing these very things and SHOULD HAVE been enforced then go into effect Feb. 22.
If you do not read those mailings and read the terms carefully, you will get screwed royally.
Anything they send you that you DO NOT send back and disagree with AUTOMATICALLY gets entered as an acceptance of terms.