Comments on: The Age of No Negotiation: Credit Card Edition

By: Carnival of Money Stories No. 94

Carnival of Money Stories No. 94 — Tue, 27 Jan 2009 14:20:29 +0000

[...] presents The Age of No Negotiation: Credit Card Edition posted at Your Money [...]

By: Suzie

Suzie — Wed, 07 Jan 2009 14:08:22 +0000

Yes; We have had problems with American Express. I would receive their “snail mail” statement within one day of payment due. No way could I mail a payment. When I called twice to complain they said statements were mailed 8 days before due date and it was my fault we lived in Olympia Washington. We now pay on the internet and that is working out. But AE would not mail any adjustments for me.

By: Yana

Yana — Wed, 07 Jan 2009 04:04:43 +0000

You might find this interesting also, as it involves Citi credit: http://renorealtyblog.com/2009/01/vanishing-credit.html

By: Adam

Adam — Wed, 07 Jan 2009 00:53:35 +0000

@Mrs Micah – Well, I recently paid it off with a loan from a family member. I think I will give them a call to see if the original offer still stands. I really do not care if they increase the interest rate if I will NEVER care a balance again in my life. I would make a small purchase on the card just in case. Many cards are being closed for non-use.

By: mrsmicah

mrsmicah — Wed, 07 Jan 2009 00:00:28 +0000

That would be frustrating. Do you think they’ll let you keep the card if it’s still paid off? Micah’s oldest card is at 20+% interest, so we don’t use it at all. But since it’s 7 or 8 years old now, we keep it open. I suppose they could eventually close it for nonuse (though if that were a problem, you could make small purchases & pay them off before interest kicks in).

Or would they automatically close it?

By: Yana

Yana — Tue, 06 Jan 2009 23:28:34 +0000

I don’t think this is new. It happened to me many years ago with another bank. I think they do not believe they will lose you as a customer, in spite of what you tell them – especially now, when it is supposed to be difficult to get credit.

By: Mrs. Accountability

Mrs. Accountability — Tue, 06 Jan 2009 22:44:32 +0000

It really annoys me that our credit score would be affected by THE BANK making the decision to close the account. I have had two banks close two cards BECAUSE I was using them, in the past two weeks! Do you really think it will be affected if the BANK closes?

By: Michael

Michael — Tue, 06 Jan 2009 20:38:34 +0000

I’m still not sure why you’re upset about having to close the account. Think about it this way… they actually wanted to charge you 10% interest for the right to keep that card. Sounds like robbery to me. Be glad you’re rid of them.

By: Adam

Adam — Tue, 06 Jan 2009 20:13:16 +0000

@Mrs. Accountability – I will be able to pay it off in time. I just hate the fact that they have to close the account as it will hurt my credit. It is my oldest card and the one with the highest limit on it. Shame on them!

By: Mrs. Accountability

Mrs. Accountability — Tue, 06 Jan 2009 20:02:03 +0000

I have never called to ask for the rate to be reduced, but when I got my first 0% interest card, I was (and feel so STUPID about this) late on my first payment!!! I was SO upset. I called, it was on the weekend and there was nothing they could do until Monday. I made it through the weekend and called and they did remove the late fees, and SAID they would lower the rate. But the next bill came, and they had not lowered the rate to 0% again. So I called again and they finally lowered me back to 0%. The lady I talked to initially told me, “Let me tell you a little secret. We work with our customers here. If the rate was raised, ask them if they will please lower it.” This was a Citi card! I have also found it helps to just call back a couple of times, sometimes you will get a nicer person on the phone who will do it for you. But it is possible they cannot due to the economy problems. Will you be able to pay it off? Or better yet, can you find a 0% card to transfer it to? Madison at My Dollar Plan keeps a list of 0% cards on her site.