Call your credit card company!

[LauraMax]

I was shocked to find my mastercard had gone from 6.5% to 29.9% in the space of a month. I frankly didn't think calling them would help b/c they seem to be making up their default losses on their good customers, but I figured I had nothing to lose.

I was pleasantly surprised that they not only reduced it back to its original rate, they refunded me the extra interest charges. I'm now feeling slightly better about our banks, regardless of the new bonus announcements last week.

The call was def. worth it--if you haven't done it yet, pick up that phone!

 

[measuredoak]

Thanks for the heads up. I haven't gotten my statement yet, but I'll be on the lookout & definitely make the call.

 

[NY25]

Yes, the Obama administration passed a bill called, I believe, the Consumer Protection Act or something like that and. It blocks some of the more sneaky and nasty things credit card companies were doing to consumer. It went into effect September 01 so a lot of cc companies were trying to get stuff (late unannounced rate increases) in under the wire, so to speak. They can't do that anymore.

 

[Lastchance09]

Good for you. It really pays to call and ask.

 

[looking good]

Absolutely!!! It pays to call. I have done it in the past and when they tell me they can't I kindly tell them to close my account that I have other credit cards that do not have that kind of interest and surprise all of a sudden they decided they can! Unbelievable right...but if you don't ask you don't receive that is always what my Mom told me!

Therese

 

[Alana_as]

Wow Laura! I'm suprised ANY bank or credit card company would be willing to do BOTH of those for you let alone of one of them! good for you hun!

I got myself into a LOT of trouble with credit cards and I spent 2 years of my life fixing it! it's over with now, but BOY did I learn the hard way!!!

I don't own any now, cause I've paid off all of them and I want a little "monetary" breathing room! TAHHHAA!

But I should get one to help establish some good credit, well at least that's what they tell me.

Maybe in a little while....hehe...

 

[sparrow13]

And don't give up with one call if they are unhelpful at first. Citicard tried this with us. They doubled us for *no* reason. I called and pitched a fit...at first they said "sorry can't help." DH called and pitched a fit, same response. Finally, the third time, they cut it back to where it was.

I cannot wait to get rid of the &^*%*% card.

 

[LauraMax]

No kidding--this was a Citicard! What freaked me out is I only asked once, albeit nicely (something like "is there any way we can reduce the rate before I stop using the card entirely"). I didn't even ask for a refund on the extra interest. That was just a nice little bonus.

I'm wondering if I should chalk this up to a fluke of niceness, or maybe the banks are starting to realize goodwill is good PR.

 

[WD]

You did right getting them to lower your rate. I have heard from others that have done this. I will say this though, I think that they can still raise it back up if they choose to. There was something I read in their paperwork that they send out. You know that paperwork that is all in small print and like a little booklet. I really hate credit card companies. Can't wait till I get the rest of ours paid off.

 

[nancy324]

Consumers think you can't negotiate with credit card companies, but you can, especially these days. As unsecured creditors, the cc companies know that once you go into bankruptcy, they'll get nothing. They would rather negotiate with you to reduce the interest rate (or even the balance) and get something. Of course, if you have no balance, they still want you to choose their credit card over others, so they'll work with you.

Of course, my best advice is avoid carrying a balance unless you need the money for basic necessities and can't make ends meet any other way, such as re-financing your mortgage.

 

[Vee]

I agree with you Nancy. Carrying a credit card balance is like allowing yourself to be milked. The real price of stuff you buy on your card if you carry a balance, because of the interest you end up payin, can add up to an amount you may have never considered paying for the item if you saw it priced on the label at the store.