Credit cards what's going on?

Question

K my WAMU, was bought by Chase well they upped my interest to 30%, so I call tell them never late in 6 yrs since had the card, always over pay, paid off twice can we work on the interest charges? They tell me NO! This is a joke, so my only option is to pay off and close? This isn't fair I've kept up my end of the deal, and this is how they treat us, my friends cards did this to her she paid them off and closed then they call begin for her to come back a really low rate! Yeah NOT, she didn't any one else having troubles? I don't know what else to do, I mean I like on for emergency's and all but not at that cost? They also I've heard have taken and cut the amount that you used to have in like half, and you own more than that and they are like know charging late fees and over the limit fees? Without warring, guess I'm just wondering what other troubles are you having and for those that don't look out.

Update:

This is nuts!!!!!!!

eskie lover · Accepted Answer

Unlike AIG which seems to think contracts for bonuses cannot be changed, the credit card companies, banks and financial institutions are doing just that.  Congress passed legislation which goes into effect next year and the credit card issuers are rushing to change the terms, card limits, interest rates, even the payment periods before the legislation goes into effect.  They are looking at income, credit lines and risk to determine which card holders are likely to default in this economic meltdown and changing the terms of their cards, regardless of payment history.

skiairplane · Answer

The issue is they are upping your interest to cover the losses they had from all the other people. Having good credit does not mean anything anymore. I have a 770 score and American Express cut me like I was a bad apple. Never late, paid the balance, etc. Credit companies are not regulated, so they can do anything they want. I would pay off, never use again. Save and go cash. I am. The days of using credit is over. The bubble has burst. You can try to apply for another card with another company, but they can do the same thing. It is all a scam. Pay them all off, never use them again. Its time for the consumer to take back control.

gnhlanarkshire · Answer

What I find incredible is that with interest base rates being so low, Governments are still allowing credit card companies to effectively steal from us by charging such exorbitant rates of interest. I think it is time for Government to step in and tell these thieving companies that if the credit crunch is ever to be resolved, they have to stop squeezing the little guy so much!

Bedford S · Answer

Why do people continue to do business with banks anyway. Has anyone heard of a credit union jacking up their interest rates on credit cards?  The answer is no.  About everybody is eligible for credit union membership through their job, family, association, or community. Join a credit union and do a balance transfer to pay off that credit card.  My credit union changes 7.9% on their Visa & Mastercard.  As I have been with them for a number of years, my interest rate on Visa is 5.9%

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Credit cards what's going on?

4 Answers