holy cr@p! (credit card rant)

[porkfrog]

one of the cards i have is my "fun" money card. we use it for going out to dinner, etc. etc.   it has a 1000$ limit. i owed about  on 750$ on it. min payment was about 80$ so my wife sent in 100. she thought the bill was due on the 20th, but it was actually due on the 10th. she sent the money on the 15th. today in the mail i get  a letter/statement from CITICARD saying that because the bill was late (our first time ever being late in 3 years of having this card) they raised our interest rate to 33.25% of the balance. so they charged me 33.25% on 750$ which added on 249 roughly. they then added on a late fee of 49$, which put my card over the limit, so they added on another 79$ for an over the limit fee, and then subtracted the 100$ payment...


750 x 33.25% = 249ish

balance  now 999$

+ 49.00 late fee = new balance of 1048$

+ 79$ late fee = 1127$

-100$ payment

for new grand total of 1027$ and my new rate of 33.25%, with my card still over the limit.


wtFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFF is that??????


i called and told them it equated to extortion and they were like the mob. i said why don't i just mail you a finger, it would hurt me less. i then said i will figure out a way to just pay off the card completely and cancel the account. the guy was like "you don't have to cancel Sir. once you pay the card down, we will adjust your rate." i wanted to reach thru the phone and gouge his eyes out, but i knew he wasn't to blame, so i tried to maintain. i politely said, "if this is how CITICARD does business when this is the first time i've ever been late, i'd rather be shot in the face with a small caliber handgun by someone with poor aim than continue to do business with them."

all this right b4 xmas. and btw, i also got my very first traffic ticket via the mail for running a red light at a turn lane near my house for 403$ (no1 to blame there but myself; light turned red right as i hit the white line and i kept going. my bad my fault.) throw in the fact that i maintain a single income family with 2 kids on a enlisted wage in the military and i'm in great great pain.


when it rains it pours =(


in agony,



the not so jolly JoLLY

[RedDg]

I feel your pain.  I hate credit cards with a passion.

A very wise person once told me that good long term solution is to cut up all your credit cards, and go cash only.  If you don't have the cash don't buy it.

It may be uncomfortable at first, especially when it's easy to justify credit cards at Christmas time, or to always have one "for emergencies".  Going through life without owing ANYONE any money (or diligently working toward that end) can do wonders for your attitude.

[mosgood]

Ask to talk to te supervisor.  The operators usually are only empowered to say "No".

You should be able to ***** your way out of this.

[Roscoroo]

go get a "signature" loan  and pay off that stupid CC  .. its interest should be about half or so of what your getting robbed for on that card ....  now cut that pos card up ....  33% omfg .... whats worse is it compounds every month .


you getting robbed big time .

[storch]

use them as a convenience keep your balance at zero, pay them before the 25 day grace period.  citibank is the worst of all do not use any of their services.

[rabbidrabbit]

My citi card pays a 1% cash kickback.  It also autopays on midnight on the last say due in full.  Unless you are desparate, carrying balance at a higher than 5% interest is financialy foolish.  Why did you set yourself up to be treated like that?

BTW,  Before I autopayed I did have one go late and I told them to fix it or cancel the account.  They fixed it.  They want your business so excercise some muscle and then pay it up and tell them to F off.

[mora]

Ever heard of debit cards? I have ATM, credit and debit on the same card as most people do, and use debit on 99% of my purchases. I have been late vith a Visa bill a few times and the late fee+interest has been less than $10.

[Captain Virgil Hilts]

The best advice you can get on credit cards is found here:

Dave Ramsey

Your strategy for dealing with ChittyCard is this:

Call them up, and ask for an interest rate reduction, tell them if they don't reduce your rate TODAY, and send you a notice of the reduction in writing, you'll simply move the balance to another card. If they do not agree to immediately reduce your rate, in writing, just shop the card around for a better deal. Sure, if you can get an unsecured loan at your bank or credit union, do that instead. But on the chance that you're unable to borrow money from a decent bank or credit union, odds are you can get a card with a "low introductory rate". Move the balance there, and cut up your ChittCard. Call them up, pay it off in full with the new card, and laugh at them the whole time. Make sure they close the account completely, and get it all in writing.

[Chairboy]

Cutting up the cards nad living on cash only is penny-wise, pound foolish.  You need to establish and maintain good credit to do many things in our modern world, like buying a house.

Use them as needed, keep them paid off so you don't get zinged with interest, and you'll be fine.  Cutting them up now only means that when you need to actually finance something (like a house or unexpected medical, the only two things that really merit financing in my opinion) you'll pay through the nose in higher interest, far more than you've "saved" by only using cash.

It ain't fair, but that's how it works.

[porkfrog]

i've never had much of a problem before. i've been late with payments here and there over the years but overall maintain a good credit score. i was just completely shocked and dumbfounded at how this company treated me after being late only 1 time.


whats considered a GOOD interest rate for a CC?

what would be a HOLY S tahts an amazing rate?

[rabbidrabbit]

Just because someone hands you a crap sandwich does not mean you are obligated to eat it.

Don't let them play you at their game.  Use them to your advantage.