Credit card companies going crazy! WTF?! - Toyota Yaris Forums

*tomato* · 10-26-2009, 06:12 PM

Quote:

" This is a side effect of the pending changes the Credit Card Accountability, Responsibility and Disclosure Act will impose. After February 22, it'll be harder to introduce or enforce credit card rates and fees that are unfair to the consumer -- so banks are acting now. Among some of the things they're doing:

- Introducing annual fees for customers who don't meet a specific limit for charges on the card. (For example, if you don't charge at least $2400 on a credit card annually, you could be charged a $90 annual fee.)

- Boosting minimum payments and interest rates. (Although some have had to stop following public outcry.)

- Converting fixed-interest rates to variable interest rates.

- Levying extra fees on card holders who pay off their balance every month ..

Yeah, you read that last one right: next year, Bank of America is going to start charging people who pay off their balance on time."

Read more: http://www.sfgate.com/cgi-bin/blogs/...#ixzz0V4vqxSRO

What a bunch of ...holes!!!

2+2 · 10-26-2009, 06:57 PM

Ya gotta admit these bankers have an interesting way of saying thank you.

In all seriousness though, I'm amazed at how stupid they are. Don't they realize that pushback is the only way anything political gets done in this partisan environment? The more the bankers show they have no pride, or remorse for what they've done or common decency the greater the pushback and the greater the likelihood that congress will bite the hand that feeds them and let them know that the frat party is over.

BailOut · 10-26-2009, 07:38 PM

In the consumer/credit culture that we live in, the best way to tell a company that you do or do not like what they do is by either spending your money with them or withholding it. In other words, if you don't like what your bank or credit issuer or mortgage lender, etc. does find one that has policies and practices you prefer.

Moving accounts around can be a PITA, but once it's done life is better.

Kioshi · 10-26-2009, 08:06 PM

Fuck Visa and Mastercard...AMEX all the way :)

Yaris Hilton · 10-27-2009, 10:41 AM

Quote:

Originally Posted by Kioshi

Fuck Visa and Mastercard...AMEX all the way :)

I dropped AMEX years ago because (1) there are relatively few merchants who accept it; and (2) the annual fees were a bit too much.

yaris-me · 10-27-2009, 03:26 PM

Quote:

Originally Posted by Yaris Hilton

I dropped AMEX years ago because (1) there are relatively few merchants who accept it; and (2) the annual fees were a bit too much.

You should use the card that you like, but don't spread false information.

*tomato* · 10-27-2009, 03:34 PM

Quote:

Originally Posted by yaris-me

You should use the card that you like, but don't spread false information.

What do you mean? That's been my experience as well.
AMEX used to charge an annual fee in the past, and small businesses around here don't like AMEX either. where is the false information? He said "were"

yaris-me · 10-27-2009, 03:42 PM

Quote:

Originally Posted by tomato

What do you mean? That's been my experience as well.
AMEX used to charge an annual fee in the past, and small businesses around here don't like AMEX either. where is the false information? He said "were"

Relatively few merchants accept AmEx? Annual fees a bit too much?

Yaris Hilton · 10-27-2009, 11:01 PM

Quote:

Originally Posted by yaris-me

You should use the card that you like, but don't spread false information.

No false information. That's why I dropped it, as I said, years ago.

I mainly use a Discover card now, with a Visa backup.

yaris-me · 10-28-2009, 04:10 AM

Quote:

Originally Posted by Yaris Hilton

No false information. That's why I dropped it, as I said, years ago.

I mainly use a Discover card now, with a Visa backup.

Years ago, I can say the same about Visa and Discover. The people getting screwed over now are not with AmEx.

detroiter · 10-26-2009, 08:09 PM

They are only pissing people off even more. Once I pay the rest of my card off soon, I'm done with cards for a LONGGGGG time

Kioshi · 10-26-2009, 08:15 PM

Quote:

Originally Posted by detroiter

They are only pissing people off even more. Once I pay the rest of my card off soon, I'm done with cards for a LONGGGGG time

you're going to cancel your card/s?
That would effect your credit score... :(

EleKid · 10-26-2009, 08:14 PM

This is really scary. Banks are going insane

*tomato* · 10-26-2009, 08:18 PM

At $90 a year, I would cancel in a heartbeat.

2+2 · 10-26-2009, 08:27 PM

Quote:

Originally Posted by tomato

At $90 a year, I would cancel in a heartbeat.

You can't charge $2400 annually until sanity comes back into style?

Groceries alone might get you there and there's quite a few bills you can use a credit card for like utilities. Of course gas for your car, oops it's a Yaris, sorry. It does hurt your credit score to cancel cards.

*tomato* · 10-26-2009, 08:36 PM

Yeah, I suppose I can, in fact, I probably charge more than that annually, especially when traveling.

It's just the principle that makes me

In addition to my regular credit card, I had a "safety " credit card, you know the one you don't use but you keep at home in case you lose your job or something. I ended up canceling it one year when Barclay's (i'm pretty sure it was them) wanted to charge me $75 for the non-use, because I hadn't used it in a year. I also went and canceled all my extraneous credit cards that year (macys, sears, etc.) and just kept the one I use now. I didn't know it went on my credit score. My credit is still OK, though (the dealership ran a check when I went to get the Yaris) plus I continue to get these "pre-approved" offers in the mail (in fact AMEX sent me one last week) so it couldn't be that bad.

Good to know, though, thanks.

TinyGiant · 10-26-2009, 08:45 PM

i dream of a day when all my cards are paid off. I have two of them canceled right now and am just hacking away at the ballances .. i have one that is still functional

*tomato* · 10-26-2009, 09:00 PM

yeah, credit cards are evil.

If you don't pay them off on a regular basis, they'll eat you alive.

Now I'm really careful with that because the interest rates are insane.

10-26-2009, 06:57 PM	#2
2+2 Drives: 09 3Dr Manual Join Date: Jul 2009 Location: Michigan Posts: 210	Ya gotta admit these bankers have an interesting way of saying thank you. In all seriousness though, I'm amazed at how stupid they are. Don't they realize that pushback is the only way anything political gets done in this partisan environment? The more the bankers show they have no pride, or remorse for what they've done or common decency the greater the pushback and the greater the likelihood that congress will bite the hand that feeds them and let them know that the frat party is over. __________________ Just put the pedal down and let the devil take the hindquarters.

10-26-2009, 07:38 PM	#3
BailOut Steals terrorist's lunch View User's Garage Drives: 2007 Yaris Liftback Join Date: Mar 2007 Location: Reno, Nevada, USA Posts: 1,299	In the consumer/credit culture that we live in, the best way to tell a company that you do or do not like what they do is by either spending your money with them or withholding it. In other words, if you don't like what your bank or credit issuer or mortgage lender, etc. does find one that has policies and practices you prefer. Moving accounts around can be a PITA, but once it's done life is better. __________________ - Brian Share the Road I often carry 2 carpool passengers and mountain bikes or snowboards/skis over a 4,500 foot elevation difference. Click the graphic above to see my detailed mileage logs.

10-26-2009, 08:18 PM	#14
tomato Super Moderator View User's Garage Drives: Yaris 2DR LB 07, MT, Abs. Red Join Date: Feb 2009 Location: San Francisco Bay Area Posts: 5,155	At $90 a year, I would cancel in a heartbeat. __________________ Follow Bamboo the YarisWorld Traveler here

10-26-2009, 08:36 PM	#16
tomato Super Moderator View User's Garage Drives: Yaris 2DR LB 07, MT, Abs. Red Join Date: Feb 2009 Location: San Francisco Bay Area Posts: 5,155	Yeah, I suppose I can, in fact, I probably charge more than that annually, especially when traveling. It's just the principle that makes me In addition to my regular credit card, I had a "safety " credit card, you know the one you don't use but you keep at home in case you lose your job or something. I ended up canceling it one year when Barclay's (i'm pretty sure it was them) wanted to charge me $75 for the non-use, because I hadn't used it in a year. I also went and canceled all my extraneous credit cards that year (macys, sears, etc.) and just kept the one I use now. I didn't know it went on my credit score. My credit is still OK, though (the dealership ran a check when I went to get the Yaris) plus I continue to get these "pre-approved" offers in the mail (in fact AMEX sent me one last week) so it couldn't be that bad. Good to know, though, thanks. __________________ Follow Bamboo the YarisWorld Traveler here Last edited by tomato; 10-26-2009 at 08:57 PM.

10-26-2009, 08:45 PM	#17
TinyGiant Tiny Giant Clothing View User's Garage Drives: 2008 Blazing Blue Yaris 3D LB Join Date: Oct 2008 Location: Rochester, NH Posts: 3,394	i dream of a day when all my cards are paid off. I have two of them canceled right now and am just hacking away at the ballances .. i have one that is still functional __________________ Sold the yaris... rocking an 89 vw cabriolet now :)

10-26-2009, 08:06 PM	#4
Kioshi Heart Up! Vitz Drives: トヨタ Vitz Join Date: Jun 2007 Location: Fremont, CA Posts: 2,582	Fuck Visa and Mastercard...AMEX all the way :)

10-26-2009, 08:09 PM	#11
detroiter Drives: 2008 Polar White LB Auto Join Date: Oct 2008 Location: Metro Detroit Posts: 1,238	They are only pissing people off even more. Once I pay the rest of my card off soon, I'm done with cards for a LONGGGGG time

10-26-2009, 08:14 PM	#13
EleKid Eugenie たでし Drives: '09 Blazing Blue Liftback Join Date: Aug 2009 Location: Los Angeles, CA Posts: 302	This is really scary. Banks are going insane

10-26-2009, 09:00 PM	#18
tomato Super Moderator View User's Garage Drives: Yaris 2DR LB 07, MT, Abs. Red Join Date: Feb 2009 Location: San Francisco Bay Area Posts: 5,155	yeah, credit cards are evil. If you don't pay them off on a regular basis, they'll eat you alive. Now I'm really careful with that because the interest rates are insane. __________________ Follow Bamboo the YarisWorld Traveler here

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