How to Beat Credit Card Co??
How to Beat Credit Card Co??
So I'm having a problem with one of my credit cards that sucks @$$!! Interest rate is up to 30%!!!!!!!!!!!!!!!!!!!!!!!!!!!! because of a late payment LAST MAY! No matter what number I call, I always end up talking to someone in broken english somewhere in Kerzblakistan or some place. They always read from a script so you can never get an answer to a direct question and but of course, there's no offers right now to reduce my interest rate. Even when faced with the threat of me canceling my card, they could care less. (most places are trained to deal with/accomodate the customer when faced with a cancellation).
Is there a way to beat this or even do anything about it?? (other than just paying the thing off and canceling it)
Are we just at thier mercy?
Is there a way to beat this or even do anything about it?? (other than just paying the thing off and canceling it)
Are we just at thier mercy?
Last edited by SSCULLY; Aug 10, 2009 at 06:28 PM. Reason: Don't work around the word filter
Hate to say it, but I think you are SOL. I had something like that happen to me also, I attempted to cancel the card and then was told there was a monthly charge tacked onto the bill for each month that the balance is not paid off after it was cancelled. Very frustraing. Luckily I was in a position to cancel the card and then pay it off in full before the BS monthly fee was tacked onto the next statement.
Short of contacting a debt consolidation company (which I have been told relfects poorly on your credit), I don't think you have too many options. I would love to hear some ways though if anyone has any ideas.
Short of contacting a debt consolidation company (which I have been told relfects poorly on your credit), I don't think you have too many options. I would love to hear some ways though if anyone has any ideas.
+2
I paid off my smaller CC back in Feb. Now I just have one left. Interest rates are 19.9% and pretty much never move. Canada is limited to 60%/year interest, by law, so that's pretty high. I have a loan from when I got my truck tires replaced, that one's nearly 30%. That one hurts.
Hate to say it, but I think you are SOL. I had something like that happen to me also, I attempted to cancel the card and then was told there was a monthly charge tacked onto the bill for each month that the balance is not paid off after it was cancelled. Very frustraing. Luckily I was in a position to cancel the card and then pay it off in full before the BS monthly fee was tacked onto the next statement.
Short of contacting a debt consolidation company (which I have been told relfects poorly on your credit), I don't think you have too many options. I would love to hear some ways though if anyone has any ideas.
Short of contacting a debt consolidation company (which I have been told relfects poorly on your credit), I don't think you have too many options. I would love to hear some ways though if anyone has any ideas.
Not only do they tack a charge, monthly, but your credit rating takes a hit, too. When you cancel the card, your credit for that card goes from, for example, $5000 to $0. If you have a balance, let's say $3998, you are now $3998 over your credit limit. That reflects very poorly on your credit rating and, up here, most credit card companies will not cancel your card until you've paid the balance, in full.
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I wasn't aware of that, thanks for the info. In my situation, the card only had a small balance on it and I had other cards as well, so my credit was pretty established. Cancelling this card and then immediately paying it off didn't really effect my rating due to the other lines of credit I had. Good to know though. 
So, yes, pay off the card ASAP and then cancel it, if you can. Transfer it to a card with better terms, if you can't but have that option available. That's the great part about capitalism. You tell them your opinion with your wallet. If you like the way someone does business, even if it costs a little more, you spend your money there.
wow!! 30% thats crazy my highest is 9.9%. ive found as long as u keep 50% of your available credit they leave u alone. its all crazy you can have 47 open card accouts and as long as you keep 50% of the credit available it will help your credit. just think if the credit card isnt making money off you they report as negatively as they can.
The same thing happened to me last month. I went from doing automatic payments thru the credit card, to doing them thru my bank.
Well in the transition I ended up being 1 day late before correcting it.
They moved my rate from a fixed 4.9% to 29.99% and tacked on a bunch of fees.
As soon as I figured out what happened I called them and I got them to change the rate back to 4.9%.
Then I asked if there was anything that could be done about the "unnecessary" interest charges. Well after telling them exactly what happened, to my surprise, they credited back the balance of the interest and they also refunded the $39 late fee!
I couldn't believe it.
But I have had this card for about 12 years so that may have something to do with it.
I would just call them again and try to get ahold of someone you can actually talk to.
Well in the transition I ended up being 1 day late before correcting it.
They moved my rate from a fixed 4.9% to 29.99% and tacked on a bunch of fees.
As soon as I figured out what happened I called them and I got them to change the rate back to 4.9%.
Then I asked if there was anything that could be done about the "unnecessary" interest charges. Well after telling them exactly what happened, to my surprise, they credited back the balance of the interest and they also refunded the $39 late fee!
I couldn't believe it.
But I have had this card for about 12 years so that may have something to do with it.
I would just call them again and try to get ahold of someone you can actually talk to.
credit cards are the devil. I've been lucky on my big card it's like 4%, but the wife mailed one payment in late to the smaller card and they shot it up from 6% to 29%. Timing stinks since I can't pay it off fast with the wife out of work for several weeks due to having a baby. Now we're waiting on income tax time to hammer down. Cold hearted bastards would rather get no money and force you to go bankrupt rather than give you 0% interest and flexible repayment. What idiots run these schemes?
A few years back{2002} I had 2 cards from the SAME COMPANY!!{BIG MISTAKE I WAS YOUNG AND STUPID!!} I ended up working 2 jobs to pay them both off! I really messed up and canceled both of the cards b4 paying them off. I had the same problems like you did when I called any number that they gave me that went to kerplackiztan or some crazy place like that{ a side note I wonder when they call from over there if an AMERICAN gets to talk to them} BTW the CC co was CAPITAL ONE DONT GET ANY OF THEIR CARDS EVER!! When I FINALLY paid both of them off I asked if I could get a statement showing a zero balance- they have NEVER sent me any statement other than the collection notices. Now my current cc co I get to talk to an AMERICAN{most of the time it seems it is a grandmother on the other end of the line} and get this-she talks in PLAIN ENGLISH!! Sorry for the rant I just hope I can help you from my past mistakes!!
Pay it off and cut the card up but don't cancel it. When you cancel a card you loose all credit you have gained on that card. It is better to have a line of credit with zero balance than it is to have a card with zero balance that has been canceled.


