Sneaky changes to your credit cards


Blacknbengal

Blacknbengal

Well-Known Member
Issuers are burying revisions to your accounts in the fine print of your billing statements. They may have raised your rates or slashed your limits without you even noticing.

[Related content: debt, credit, credit cards, financial planning, spending]
By CreditCards.com
Have you noticed anything different about your credit card accounts lately? Read the fine print. Really read it. Chances are the interest rates have crept upward, fees have increased or rewards rates have been diluted, even if you pay your bills on time.

Many of these changes in account terms have already taken effect. Still others, such as the return of routine annual fees, may be on the horizon. Changes have come quickly in interest rates, fees, minimum payments, credit limits and rewards, and none of them favors consumers.

Rest story
 
Yeah they have been real shady. I had one triple my interest rate and I've never been late, never been over the limit, and have had the card several yrs. When I called to inquire about it they told me I could keep my current rate, but when the card expires then my account would close. I told them to go ahead and set it to close.
 

Shamocha said:
Yeah they have been real shady. I had one triple my interest rate and I've never been late, never been over the limit, and have had the card several yrs. When I called to inquire about it they told me I could keep my current rate, but when the card expires then my account would close. I told them to go ahead and set it to close.
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Same thing happened to one of my buddies here at work.
 
i have one card....they slashed my credit limit...the actual letter said something like "we increased your limit in May 08. you didnt use it so now we reducing it" I called and asked about it...although i keep a zero balance I still like for that to be there...they said sorry....i said close it....weeks later they sent an apology letter in the mail and ask if i would like to open it back up.
 
da_caramel_diva said:
i have one card....they slashed my credit limit...the actual letter said something like "we increased your limit in May 08. you didnt use it so now we reducing it" I called and asked about it...although i keep a zero balance I still like for that to be there...they said sorry....i said close it....weeks later they sent an apology letter in the mail and ask if i would like to open it back up.
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And what did you do?

I had the one where they closed the account without telling me because I hadn't used the card in 12 months. What do you think would have happened if I would have tried to use that card?
 
pv_symbiotic said:
And what did you do?

I had the one where they closed the account without telling me because I hadn't used the card in 12 months. What do you think would have happened if I would have tried to use that card?
Click to expand...

I opened it back up. The apology later stated that it was restoring the credit limit. It was just a line of credit sitting there so no harm in that.
 
I work for the financial industry and I keep getting surprised when we find new ways to sink lower.

Now some companies are charging a non-usage fee if the account is inactive for 12 months.

WTF!!!

They have planned to get you one way or another.
 
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