Comments on: Credit Card Companies Cutting Credit, Rewards; Upping Interest Rates.

By: 40 Articles That Explain Credit Card Interest Rates | BestCreditCards.net

40 Articles That Explain Credit Card Interest Rates | BestCreditCards.net — Tue, 29 Jun 2010 16:35:51 +0000

[...] My Two Dollars: Credit card companies continue to maintain their profits while raising consumer rates and cutting rewards. [...]

By: david

david — Thu, 16 Apr 2009 18:43:57 +0000

They can do it to me if they wish, I dont ever carry a balance. And the taxes you pay have nothing to do with people defaulting on credit cards. Interest rates pay for those people, not taxes.

By: Kristina

Kristina — Thu, 16 Apr 2009 18:39:55 +0000

This is NOT a fluke, or a media frenzy. I held my breath after the news in October about Bank of America raising their rates, but didn’t get a notice then, so finally let out a sigh of relief. That was UNTIL a week ago when I got my dreaded letter that they were DOUBLING my low fixed rate, and changing it to a variable rate. I don’t carry large balances, always pay more than the minimum, and in 10 years have NEVER been late or over my limit – haven’t even come close to the high limit. I owe practically nothing on the card, and they still wouldn’t give me a lower rate, despite the fact that one was advertised right on their website where I pay my credit card bill!! I have EXCELLENT credit, and am now shopping around. I had always liked BOA, but now could care less about them. Their reason that they gave me for raising my rate – the economy… Well, their situation with me has always been stable, and now, despite receiving bailout funds, they want ME to foot the bill for those who were irresponsible… Wasn’t the tax money that I pay enough? Apparently not. It is not a fluke – it is real, and only a matter of time until it happens to you, too…

By: HSBC Penalized Me for Doing a Credit Balance Transfer With Another Card | Credit Withdrawal - Helping You Kick the Credit Habit

Mon, 03 Nov 2008 13:34:45 +0000

[...] Credit Withdrawal, if you like what you see, please subscribe to my RSS feed. Thanks for visiting!Two articles I read recently seemed to be eerily prophetic about what recently happened to me recently [...]

By: Credit Might Be Drying Up - Should I Be Worried | I've Paid For This Twice Already...

Thu, 30 Oct 2008 15:22:54 +0000

[...] then I read an article about how credit card companies are cutting credit and closing inactive accounts.Â I have three credit cards, and all of them could be classified as inactive.Â One I [...]

By: David Y

David Y — Thu, 30 Oct 2008 11:51:28 +0000

@Abigail. I recently got a notice like that too. It said they noticed I had not used the card for a couple of months. So they increased the credit limit. Maybe mine was a fluke too. In my case, I’ve never come close to the old limit though.

Not sure what it means.

By: Abigail

Abigail — Thu, 30 Oct 2008 09:12:31 +0000

I guess that I’m just lucky, but I haven’t yet had problems with my cards. In fact, my husband and I just received notice from one of our cards that our limit is being *increased* so I don’t know if it’s a fluke. Perhaps, like most things, the media is overstating the severity because drama sells? Or perhaps this is an isolated incident because in the past I’ve had this card at a much higher daily balance — and the company is hoping I’ll do it again?

Either way, I think it’s an important sign that not everything is going to hell in a handbasket.

By: lulugal11

lulugal11 — Wed, 29 Oct 2008 16:57:55 +0000

Yes one of my credit card companies reduced my credit line to $500 because of ‘inactivity on the account for 3 months’. What am I going to do with that limit?

I have been a good customer, always paid on time etc. but if they wanted to reduce the limit to less than what it was when I opened the card 5 years ago then I don’t need it.

Increasing the interest rates does not make sense either because it means people have to pay more each month if they carry a balance. Consumers are already strapped for cash…..so how is a higher minimum payment going to help?