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  • Credit Card Company Fraud (IMHO)

    Guys watch your credit card statements very carefully. When Brenda went to pay our Advanta Business Credit Card bill she noticed they had without warning bumped the interest rate to 29.99% from the original 2.99%. When she called to ask why she was told business trends change and to call back in 30-days so they could see what they could do. After a few minutes of the lady arguing with Brenda and refusing to put a supervisor on she handed me the phone and I requested a supervisor.

    The supervisor to my surprise was actually located here and not overseas. She apologized and offer to review the tape for training purposes but that we should retain the account at 29.99%. I told her to close the account and we sent a check for payment in full.

    If these Credit Card companies are going to play these kinds of games it tells me you need to closely monitor your accounts and you need to make sure to not extend yourself beyond a point where you can quickly pay them off. These outrageous interest rates eliminates any convenience gained by using the card.

    Mark
    "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

    I never lost a cent on the jobs I didn't get!

  • #2
    Re: Credit Card Company Fraud (IMHO)

    Heard about this happening for the last few months. Some guys got burned hard, as they had done balance transfers that were running out. They ddn't pay off the transfer in full and had to scramble elsewhere after the low rate period.

    First month after the low rate ended, the rate was 28.9% instead of the 18.9% before the low rate period.

    You really do pay for those air miles/points rewards after all.

    Another indication of the below prime meltdown, price of oil/gas, slow down in retail sales, increase in inflation, etc. effects occurring on both sides of the border.

    I think the cheap money may be drying up to. Low interest offer junk mail has really decreased within the last six months.
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    • #3
      Re: Credit Card Company Fraud (IMHO)

      I have one card that I tend to use more than any other.
      The balance goes as high as $7k on any given month, but I usually pay it off immediately.
      I just panicked and grabbed a recent statement, my APR is lower!

      ONE thing I will also warn you guys about, credit card insurance...it's usually a scam to get you to agree to increase the APR.

      I get calls constantly about signing up for it, I always ask them to stop wasting my time.

      If you read the fine print, the insurance payments are extremely conditional, in most situations you wouldn't be qualified if you needed it.

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      • #4
        Re: Credit Card Company Fraud (IMHO)

        I noticed that if a payment is late, then they can up the rate. They are not in the business to be friendly. It pays to keep up with things.

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        • #5
          Re: Credit Card Company Fraud (IMHO)

          Recently it was reported on the news that CC companies are reviewing CC holder usage and making determinations as to credit worthiness based on the type of use. They are claiming that putting gasoline and food (grocery store) charges on a CC are signs that you are in dire straights and are upping the interest rates.
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          • #6
            Re: Credit Card Company Fraud (IMHO)

            I use a Visa check card (debit) issued by my bank for most purchases, or I sometimes use my Discover card to earn 'cashback'. Since I've had my discover card, I've never paid one single cent in interest, but they've paid me over $70 in cashback bonuses (usually 1% of purchases)! Make the credit card companies PAY YOU!
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            • #7
              Re: Credit Card Company Fraud (IMHO)

              Originally posted by Service Guy View Post
              I use a Visa check card (debit) issued by my bank for most purchases, or I sometimes use my Discover card to earn 'cashback'. Since I've had my discover card, I've never paid one single cent in interest, but they've paid me over $70 in cashback bonuses (usually 1% of purchases)! Make the credit card companies PAY YOU!
              Yer starting to sound like JC....

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              • #8
                Re: Credit Card Company Fraud (IMHO)

                That almost hurt. Until I remembered mine payed me over $150.00.

                By the way, ALL credit card companies have it written in their "mice type" now that they can change anything about your agreement for any reason. You do not have to be late on payments, paying the minimum etc. for them to change your rate or grace period. Also, they are all tied into the 3 major reporting agencies. If you're late on one card a flag is sent to all of your others cards and they WILL reset the default rate.

                Pay off every statement. Period. Grace Periods used to get 30 days. Then they went to 25 days. Now alot have gone to 20 day cycles.

                Bottom line is use it as a tool. Keep it clean, where you can find it, and check to make sure it's working correctly often. If it hurts you, get rid of it.

                J.C.

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                • #9
                  Re: Credit Card Company Fraud (IMHO)

                  Originally posted by DuckButter View Post
                  Yer starting to sound like JC....
                  Things like preschool on a credit card can add up quickly. I spend about 30 times as much on my credit cards than I do in cash.

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                  • #10
                    Re: Credit Card Company Fraud (IMHO)

                    a warning to anyone that uses a credit card in a foreign country.

                    they charge a 2% conversion fee when they process the transaction.
                    problem is they hide the fee into the exchange rate and most people never know it's there.

                    doesn't sound like much, until you start paying for expenses for 45 people traveling in your tour group.

                    i can tell you this. probably 5% of the people that i meet on my trips, know this. it's all in the fine print that nobody reads.

                    both m.c. and visa got sued with a huge class action lawsuit over this a few years back.

                    i actually challenged american express and won plus i won the $100. bet i had with my friend who said i wouldn't win

                    the first time i won, the second time they paid me for their mistake. $50. bonus for my time.

                    check your statement very careful anytime you travel outside the country and use your card.

                    rick.
                    phoebe it is

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                    • #11
                      Re: Credit Card Company Fraud (IMHO)

                      Originally posted by cpw View Post
                      I spend about 30 times as much on my credit cards than I do in cash.
                      I got some cash for my birthday from a couple people. I haven't seen money in so long I forgot what it looked like LOL! I usually pay everything with my Check Card.
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                      • #12
                        Re: Credit Card Company Fraud (IMHO)

                        We work out of town 75% of the time so we use credit cards for everything which makes it easier to track expenses. The card in question was 0.0% for the first 90-days. Then for over 5-years it was 2.99% and without reason Advanta bumped it to 29.99% based on the fact that business trends are changing (whatever that means). I'm not sure which trends they are watching but they are not watching mine. I am already at 6-figures above last years gross and I still have 4-months left in the year.

                        I have several cards with $25,000 limits and for the most part they are all paid to a zero balance every month. This was a lousy $8,000 limit which had around $5,000 on it. None of my other cards have adjusted my rates. When I Googled the card company I found a bunch of complaints where some people had their rates raised to 34.99%. I truly believe they are doing this for people who don't notice it or those who cannot afford to pay the balance when it happens.
                        "Somewhere a Village is Missing Twelve Idiots!" - Casey Anthony

                        I never lost a cent on the jobs I didn't get!

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                        • #13
                          Re: Credit Card Company Fraud (IMHO)

                          Absolutely true. Keep a close eye on your other cards' statements. It's not uncommon for them to automatically bump the interest rate and shorten your grace period when ANY of your cards changes. Might take a month or two. Watch them.

                          J.C.

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                          • #14
                            Re: Credit Card Company Fraud (IMHO)

                            a few years ago i opened a home depot charge card. you got anywhere from 6 months to 1 year free financing on purchases over $300.

                            great, free money for 6-12 months

                            so every month the statement would come and the first page would show nothing due.

                            sure enough, you had to look deeper into the 3rd. page to find that the special offer that are due.

                            unless you throughly read all the pages of the statement, you would have been charged a large finance charge from day 1

                            sure enough i was late by a couple days as i discovered that the front page was only for day to day charges and the last page was for the special offer.

                            i was p-offed and went to h.d. to pay off the entire card.

                            when i went to customer service, 3 different people including 2 managers said that nothing was due at this time my point exactly.

                            showed them the fine print and they were also confused at the way the bill was laid out.

                            h.d.corporate said customers liked the bill this way.

                            i said you like to print it this way to catch the customer off guard.

                            once again, i didn't pay any late charges or finance charges
                            but i did pay off the entire $2700. bill that night and cut up the card with their scissors

                            rick.
                            phoebe it is

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                            • #15
                              Re: Credit Card Company Fraud (IMHO)

                              That must have been a while back Rick, as all Home depot credit cards are through chase now, and have been for a number of years as I understand it. After my home depot card gave me a bunch of crap, (which I fought and won and successfully had my credit score cleaned), I went to home depot and broke my card into pieces right at their service desk. Three people who were applying for cards at the time put down the pens and said "no thanks, obviously we don't want one of these accounts".

                              I won.

                              Funny thing is, the same cashiers still ask me to fill out a credit application every time I walk in the store.

                              Jeff

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