Cc ??

[marvella]

My credit card is going to increase my interest to 16%!! double!!

i have excellent credit, carry a small balance, never late and always pay a lot more than the minimum. the letter that came said it is becaue of changing business practices.

too bad for them. not fair they penalize me.

what i need is a low interest rate card which i can pay off over time. i will transfer this balance ASAP.


any recommendations??

[rambler]

Congress is enacting rules to make it harder for the CC companies & banks to increase or add fees. This takes effect real soon now.

So, it is a free for all from all of the companies - they are adding on all the fees and raising all the rates they can _now_ before the deadline.

I am getting letters from all my banks and credit cards, changing this & that set of the agreements.

It sure does look like hogs at the trough.

I heard on the news this morning Bank of America (I think???) is adding a $35-99 yearly fee to many of their accounts.

Going to be how it is.

Credit cards are handy to have, awful way to carry a loan tho. Try to get it paid off & not pay any of them interest - it's real spendy stuff, cuts into your life. I know you don't need the unasked for advice. sorry. Bet others will hit you with the same. Sorry again.

--->Paul

[watcher]

Send a thank you letter to your congress critters. The laws covering how the banks can recoup their losses due to the people who do not pay their bills. This means the people with bad credit who don't pay their bills on time and go over their credit limits get to pay less while those of us who pay on time, follow the rules and have good credit get to pay MORE.

Think about this: this law was brought to you by the same people who are now telling you that they can make the health care industry run better.

[Alice In TX/MO]

It's not fair? It's business. Congress meddled in it.

Don't use credit cards if you can't pay off the balance.

[Bearfootfarm]

any recommendations??

Dont spend more than you can pay each month

[Macybaby]

If you have a balance on the card you can opt out before the effective date. What that does is closes the credit card part and basically turns the balance into a loan at your current interest rate.

We have one with a balance transfer "for the life of the balance" at 2.4%. Got a notice that there was a change in the terms. They highlight all the positive changes in a cover letter than in a note say "please see attached pamphlet for changes to APR" and in one section of the pamplet it says "all fixed rate balance transfers will be converted to floating rates at the above terms" and the above terms are something like prime plus 20.5% so that would change my intesret from 2.4% to about 23%

I THINK NOT!! I will opt out and keep my low interest rate and continue to pay it off just as I have. I would have closed the account once it was paid off anyway. I'm just a bit miffed about how well they concealed this little tidbit of information.

BTW - this was used to finance a small part of a major remodel on our house. Way cheaper than what we could get at the bank and totally unsecured. So we will get the low rate on what we borrowed until it is paid off, just have to "close" the account to do so. The CC we actually use is paid off each month.

Cathy

[mowrey1999]

I think they are doing the public a favor by raising rates, Maybe people will say I don,t need a card that bad or pay off balances in full and live within there means more, since you carry a small balance and have good credit it sounds like you use it as a convience more than any thing and just pay it in full and don,t worry about the interest, or get rid of it.

[marvella]

does anyone care to answer the question?

i want a credit card. it's handy to have in case of an emergency. it is near impossible to make reservations without one. airlines and car rentals will not accept debit cards. the balance on this one is for home improvements. it's a more frugal way of borrowing money and paying it back at a low interest rate.

all i want is a low interest card to transfer my balance.

[TurnerHill]

Originally Posted by marvella

does anyone care to answer the question?

i want a credit card. it's handy to have in case of an emergency. it is near impossible to make reservations without one. airlines and car rentals will not accept debit cards. the balance on this one is for home improvements. it's a more frugal way of borrowing money and paying it back at a low interest rate.

all i want is a low interest card to transfer my balance.

Google is your friend. Go find a card.

The reason you are getting the responses you are is that you are a cheerleader for regulation and government intervention in the economy. And your situation is the direct and inevitable result of regulation and government intervention in the economy.

Be careful what you wish for, you reap what you sow, yada yada yada.

[geo in mi]

Maybe a credit union? I have belonged to a credit union for many years, and it is my only credit card, $2500 limit. That's enough. Interest isn't very low, about 12% or so, but I try to keep my balance low so it doesn't matter. Convenient for travelling, motels, dinners once in awhile. Credit unions have expanded lately, they take in more members than just one group like teachers, employes of some specific business or area. Check one out; might be your solution.

[Auric]

I'll second the credit union credit card suggestion.

[partndn]

This thread just ticks me off.
There are PLENTY of issues I certainly disagree with Marvella on - adamently.
But here again, we have a person ask a legitimate question, and it results in "thumps" and sassiness.
And from a group who's supposed to be so friendly and helpful.
All the op said was a credit card is convenient, but now that means cheerleader.
The op pays on time and every time, but now that's the same as spending what you can't afford.

Good grief..
It was nice of a couple of you to actually offer information pertaining to the question.

[oz in SC V2.0]

Originally Posted by marvella

does anyone care to answer the question?

i want a credit card. it's handy to have in case of an emergency. it is near impossible to make reservations without one. airlines and car rentals will not accept debit cards. the balance on this one is for home improvements. it's a more frugal way of borrowing money and paying it back at a low interest rate.

all i want is a low interest card to transfer my balance.

Sorry there is no answer that you will like as almost all C/C companies are doing this.

You can use a debit card to make reservations,rent a car etc.

Q: Can I use my Debit Card or Bank Card to reserve a Hertz car?
A: At most Hertz locations, debit cards (sometimes called check cards) issued under a VISA or Mastercard logo which draw funds directly from the cardholder’s account may be used to qualify for rental. However, prepaid or stored value cards which have a VISA or Mastercard logo are not accepted to qualify for rental. Debit cards must have available funds for the estimated amount of the rental charges plus a reasonable amount to cover any incidental charges in order to secure the rental. Both debit cards and prepaid or stored value cards issued under a VISA or Mastercard logo may be used as a form of payment when you return the vehicle. Please contact your local Hertz Reservations Office if you have a question about whether Hertz will accept a certain card.

[Curtis B]

Have you tried calling them yet? Sometimes if you threaten them with closing the account, especially if you have been a good customer, they will work with you to keep you. It might buy you a little time to find a new card to suit your needs.

[Bearfootfarm]

But here again, we have a person ask a legitimate question, and it results in "thumps" and sassiness.

The answer I gave solves the problem without changing cards at all, since there is no interest on a PAID balance.

The op pays on time and every time, but now that's the same as spending what you can't afford.

How else could you describe spending more than you can pay each month?
When you get a LOAN, you pay INTEREST.

[mnn2501]

My credit union card and a discover card are the only ones that have not gone up. We used to have a few more (unused ones) but as they sent out notices that they were raising rates, I canceled the cards.
Not sure why we kept them in the first place as we pay them off every month anyway.

[starjj]

No suggestions. Sorry My credit card companys did the same thing. The only soultion I came up with is I closed one because I had been a customer for at least 15 years and they raised my rates even though I was in the same boat as you, excellant credit paid on time etc. The other one even though they raised their rates doesn't get ANY interest from me as I pay them off each month. It stinks and I think a lot has to do with dead beats that DON'T pay and they end up declaring bankruptcy. We pay for those that don't.

[oz in SC V2.0]

Originally Posted by starjj

No suggestions. Sorry My credit card companys did the same thing. The only soultion I came up with is I closed one because I had been a customer for at least 15 years and they raised my rates even though I was in the same boat as you, excellant credit paid on time etc. The other one even though they raised their rates doesn't get ANY interest from me as I pay them off each month. It stinks and I think a lot has to do with dead beats that DON'T pay and they end up declaring bankruptcy. We pay for those that don't.

Actually you are paying so the banksters can continue to pay themselves $20+ million in salaries....and then get taxpayers to bail them out.

All the while getting the same people to blame each other for the mess.

Pretty clever huh?

[willow_girl]

does anyone care to answer the question?

i want a credit card. it's handy to have in case of an emergency. it is near impossible to make reservations without one. airlines and car rentals will not accept debit cards. the balance on this one is for home improvements. it's a more frugal way of borrowing money and paying it back at a low interest rate.

all i want is a low interest card to transfer my balance.

Even if you do get a new card, you may wish to think twice about transferring the balance. Most charge a flat fee of around 3 percent for the transaction. Add that to your new card's interest rate, and it may exceed the old card's rate prior to the change.

I would apply for a new card. Once you've been accepted, write to the old company and decline to accept the new terms. They will close your account but you will be able to finish paying off your current balance at the current rate.

Make sure you do these steps in the above order, as canceling a card will ding your credit rating! So make sure you have the new one lined up first.

As far as finding a card with a low rate ... good luck with that! I just checked mine and it's a whopping 17.99 percent!

[willow_girl]

Just checked and my other card -- a Citi Diamond Preferred -- has a 9.99% rate. www.citicards.com