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Poll: How Are Credit Card Companies Treating You?
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News Editor
People Bring It On Themselves
In my experience, insofar as credit cards are concerned, those that suffer “abuse” are those that default, are late with their payments, or who exceed their prescribed credit limits. Those with decent credit and who observe the rules have all kinds of alternatives and don’t have to tolerate anything less than perfectly acceptable treatment.
For the most part, all of this hubbub about the “credit card companies” is nothing less than incidents of cardholders not performing as agreed, getting zapped, then whining about how they’re mistreated. A bit of advice from an old vet: act and live responsibly and within your means, and when you don’t, grow up, quit whimpering, and stop expecting the federal government to castigate those who take advantage of your stupidity and irresponsibility. —Larry
That Will Cost You
I switched to online payment of my card through my bank account. I get my statement online. My computer at home broke and I wanted to switch back. Get this: a $5.00 per statement FEE for 'paper billing'! —Chris R.
The Penalty of Being Late
I had one account, which I paid through my Internet banking account, it posted a day late and my rate went from 9.90 percent to 26 percent. This was not 30 days late, it was less than 24 hours late. I have never had a late payment on any account on my credit report, but this gives these banks a license to steal. I will pay the account off in full shortly, but there are many who don’t have this ability, and they are being taken advantage of by these banks. Their excuse is their cost of funds is increasing. From what I read, they don’t have much of a cost of funds at all. —Alan C.
Tax Dollars At Work?
I thought the agreement with the credit card company was a contract. If so, it is a one-way contract that they can change at any time in their favor, without notice, and using very fine print. Last week I was told that my interest rate had gone up from 9.75 percent to 14.75 percent. This is a 55.6 percent increase!....All this from a company that my tax dollars (amongst others) are keeping alive. They are borrowing from the FED at close to zero percent, yet they have to increase all the fees at a time when my pay has been cut by over 50 percent. In France they used the guillotine to correct such outrageous behavior. —Tom N.
Moving My Business Elsewhere
I am an ex-commercial banker with a 774 Fico score and have not missed any loan or credit card payment (VISA, MC, Discover, AMEX) in the past 15 years. In the last two months, I have had two major card companies raise my rates between 600 & 1000 (basis points) on outstanding balances. The retroactive nature of the change is what galls me. Rules were changed after I made the decision to use their product, just because they were getting hit by market conditions. Boo hoo...why should i assume their business risk.
I easily could have made the decision to finance purchases in a different manner, but chose their product and now I am stuck unless I want to pay additional fees to re-fi elsewhere. I will close these accounts as soon as possible to credit unions where my business is appreciated. Have heard many similar stories.
Have also had two other major issues cancel my cards (no balances outstanding) and then ask me to re-apply within 30 days. I had held these cards for 10+ years. Again...my business now resides elsewhere. —Jim H.
How Do You Treat Loyal Customers?
My complaint is about Bank of America's MasterCard. I had their Platinum Plus card with a $50,000.00 credit limit. Have had the card since 1988. I have always paid the balance well in advance of the due date. I have never had a balance carried over from month to month....
On April 7, 2009, I received a letter from BofA advising me that my credit limit would be cut in half to $25,000.00. I have never done anything to deserve that type of treatment.... I called to complain and asked them to reconsider. I was told the decision was final. I was so outraged that I canceled my card. I will never have anything more to do with a company that treats loyal customers like that. —Name withheld upon request__________________________________
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More from CNBC:
- Credit Card Firms to Get Prod on Fees from Obama
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- Your Credit Card Company Doesn't Care About You
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