New Low for the credit card company.

[ARCHIVED THREAD] - New Low for the credit card company.

Posted: 11/21/2008 9:41:09 AM EDT

So in my new statement I recieve a "Important Notice Regarding Changes to Your Account" flyer.

Effective Jan 1, 2009 they are now charging a $10 monthly Account Service Charge

.

Mind you, I don't get points or frequent flyer miles, this is just a standard credit card. Even if you close your account, if you still maintain a balance, you still have to pay the $10 monthly fee.

Minimum monthly payment goes from 2% to 5%.

I've got a small balance @ 1.9% which I'll pay off, but damn, a fee of ten fricken dollars a month is kinda jacked up.

Chase Visa FWIW.

HA! The "Service Advisor" on the phone said he didn't blame me for closing my account because of the service charge

Posted: 11/21/2008 9:44:21 AM EDT

[#1]

Quoted:
So in my new statement I recieve a "Important Notice Regarding Changes to Your Account" flyer.

Effective Jan 1, 2009 they are now charging a $10 monthly Account Service Charge

.

Mind you, I don't get points or frequent flyer miles, this is just a standard credit card. Even if you close your account, if you still maintain a balance, you still have to pay the $10 monthly fee.

Minimum monthly payment goes from 2% to 5%.

I've got a small balance @ 1.9% which I'll pay off, but damn, a fee of ten fricken dollars a month is kinda jacked up.

Chase Visa FWIW.

In addition to the finance charge? Thats like the payday loan places and their "processing fee". Nice score for Chase, free money.

Posted: 11/21/2008 9:44:31 AM EDT

[#2]

I'd cancel it and tell them to fuck off. No way in hell I'd pay a monthly service fee.

Posted: 11/21/2008 9:44:41 AM EDT

[#3]

Remember way back when, when there was a new thread every day by someone saying "wow, there sure is a credit crisis, my credit card company just raised my limit!" and using the sneering smiley icon a few times?

I don't see anyone starting those threads any more.

Posted: 11/21/2008 9:45:36 AM EDT

[#4]

Hell, who has a credit card?

Posted: 11/21/2008 9:46:43 AM EDT

[#5]

I would close my account immediately. No way would I let them get away with that.

Posted: 11/21/2008 9:49:26 AM EDT

[#6]

The companies are always looking for new ways to fuck you. Better to not have one at all unless you have to.

Posted: 11/21/2008 9:51:37 AM EDT

[#7]

This is why credit cards are such a bad thing…

Yea, sure, a handful of people get them and just pay them off every month. But if that’s what you are doing then why not just pay cash or use a debit card? Don’t want to use a debit card that draws on your main bank account? Fine, open up a second account with a different bank.

And most people don’t pay them off every month. That means you already have your nuts in the mouth of the loan sharks.

So don’t get credit cards.

Posted: 11/21/2008 9:52:16 AM EDT

[#8]

This sort of shit is going to really help avoid massive credit card defaults

People are going to say fuck it, and its going to happen pretty soon.

Posted: 11/21/2008 9:54:58 AM EDT

[#9]

Quoted:
This is why credit cards are such a bad thing…

Yea, sure, a handful of people get them and just pay them off every month. But if that’s what you are doing then why not just pay cash or use a debit card? Don’t want to use a debit card that draws on your main bank account? Fine, open up a second account with a different bank.

And most people don’t pay them off every month. That means you already have your nuts in the mouth of the loan sharks.

So don’t get credit cards.

Don't use a credit card if you can't afford to pay it off each month. But if you can, get one that gives rewards points, and pay it off every month. I did this with a Sony Card, and I am racking up free point towards electronics for simply using them as a middle man.

Posted: 11/21/2008 9:55:52 AM EDT

[#10]

American Express didn't even send us a statement this month, I'm thinking they were just hoping we'd forget about it, so they could ding us and ramp up our interest rate. We paid it online. It's due in two days, so I assume we'll get the bill in the mail today or tommorow, if we even get it...

Paid it all off too, just to piss them off

.

Posted: 11/21/2008 9:57:14 AM EDT

[#11]

I believe i posted this would happen over 5 weeks ago, and people told me i was full of sh1t. its happening just like i said, wait till your credit limit is capped to your balences, thats next.

Posted: 11/21/2008 9:59:26 AM EDT

[#12]

Quoted:

Quoted:
So in my new statement I recieve a "Important Notice Regarding Changes to Your Account" flyer.

Effective Jan 1, 2009 they are now charging a $10 monthly Account Service Charge

.

Mind you, I don't get points or frequent flyer miles, this is just a standard credit card. Even if you close your account, if you still maintain a balance, you still have to pay the $10 monthly fee.

Minimum monthly payment goes from 2% to 5%.

I've got a small balance @ 1.9% which I'll pay off, but damn, a fee of ten fricken dollars a month is kinda jacked up.

Chase Visa FWIW.

In addition to the finance charge? Thats like the payday loan places and their "processing fee". Nice score for Chase, free money.

Yes, in addition to the finance charge. Like it says on the flyer, it doesn't matter if you have a balance or not, or even use the card or not... $10 a month.

I just mailed them a check and paid them off, which I should have done a long time ago, shame on me.

Seems like a good way to shoot yourself in the foot w/ your good customers.

Posted: 11/21/2008 10:01:21 AM EDT

[#13]

Quoted:
American Express didn't even send us a statement this month, I'm thinking they were just hoping we'd forget about it, so they could ding us and ramp up our interest rate. We paid it online. It's due in two days, so I assume we'll get the bill in the mail today or tommorow, if we even get it...

Paid it all off too, just to piss them off

.

They used to pull that all the time when I had an Amex card 12yrs ago... I would get the statement in the mail 3-4 days before it was due, sometimes I wouldn't get a statement at all.

Posted: 11/21/2008 10:03:09 AM EDT

[#14]

Just had one of our's cancelled.

Last month they raised the limit by $1000.00.

We pay more than the minimum each month.

They just said "We're cancelling this account. Please continue to pay, but don't use it"

I told my bride that we should send them a letter saying we're cancelling our relationship with them, so stop billing us.

Posted: 11/21/2008 10:09:05 AM EDT

[#15]

Quoted:
This is why credit cards are such a bad thing…

Yea, sure, a handful of people get them and just pay them off every month. But if that’s what you are doing then why not just pay cash or use a debit card? Don’t want to use a debit card that draws on your main bank account? Fine, open up a second account with a different bank.

And most people don’t pay them off every month. That means you already have your nuts in the mouth of the loan sharks.

So don’t get credit cards.

I strictly use credit cards. I do pay mine off every month though. There is a record of your transactions for record keeping, tracking spending, etc. If you have to dispute a charge it's much easier. I earn rewards on all my cards.

I have a Citi Driver's Edge card that pays me $0.01 for every mile I drive. Drive 5000 miles that's $50. Pays for the oil change on your vehicle. On top of that I get rebates of 3% on gas purchases. Right now I have $600 that I'm gonna use to by tires for my truck.

Posted: 11/21/2008 10:10:27 AM EDT

[#16]

Quoted:
American Express didn't even send us a statement this month, I'm thinking they were just hoping we'd forget about it, so they could ding us and ramp up our interest rate. We paid it online. It's due in two days, so I assume we'll get the bill in the mail today or tommorow, if we even get it...

Paid it all off too, just to piss them off

.

If you can initiate the transaction from the AE website, they may post your payment as soon as you click it. If you use the bank's payment function to SEND the payment to AE, it could take days for it to "get there."

The last time I used my bank to send, it took over a week to get there and I was late. The gal at Citi I called with a heads up pointed out their feature and I've been using it since then. Need to do it today, actually.

Posted: 11/21/2008 10:12:09 AM EDT

[#17]

Quoted:
Yes, in addition to the finance charge. Like it says on the flyer, it doesn't matter if you have a balance or not, or even use the card or not... $10 a month.

I just mailed them a check and paid them off, which I should have done a long time ago, shame on me.

Seems like a good way to shoot yourself in the foot w/ your good customers.

Read between the lines.

They need the cash, so they're forcing likely payers with balances to send it in, at the expense of the long term interest.

Bad fu**in' indicator for their solvency.

Posted: 11/21/2008 10:14:19 AM EDT

[#18]

Quoted:

Quoted:
Yes, in addition to the finance charge. Like it says on the flyer, it doesn't matter if you have a balance or not, or even use the card or not... $10 a month.

I just mailed them a check and paid them off, which I should have done a long time ago, shame on me.

Seems like a good way to shoot yourself in the foot w/ your good customers.

Read between the lines.

They need the cash, so they're forcing likely payers with balances to send it in, at the expense of the long term interest.

Bad fu**in' indicator for their solvency.

That is a cheery thought.

Posted: 11/21/2008 10:14:34 AM EDT

[#19]

I hear so many horror stories from Chase. If you can, cancel that card and tell them to get bent.

Posted: 11/21/2008 10:14:35 AM EDT

[#20]

I've got a chase card and haven't seen a thing about that. I checked my account a minute ago and there's nothing listed about that anywhere. It is a "rewards" card, though, so maybe that has something to do with it?

Posted: 11/21/2008 10:14:49 AM EDT

[#21]

$10 a MONTH?

Cancel.

Hmmm ....... I just noticed you said Chase Visa. I have a Chase Visa and don't have a $10 a month fee.

If they try that I'm history.

Posted: 11/21/2008 10:16:29 AM EDT

[#22]

Quoted:
That is a cheery thought.

Ain't it?

Posted: 11/21/2008 10:18:57 AM EDT

[#23]

Quoted:
I've got a chase card and haven't seen a thing about that. I checked my account a minute ago and there's nothing listed about that anywhere. It is a "rewards" card, though, so maybe that has something to do with it?

Same here. Maybe it's not applicable to the Rewards card?

Edit: the OP said it's not effective until 1/1/09 so it might be in the fine print somewheres.

Posted: 11/21/2008 10:20:54 AM EDT

[#24]

Soon to follow.............bailout for these shitstains as well!!!!!!!!!

RG

Posted: 11/21/2008 10:23:30 AM EDT

[#25]

Quoted:

Quoted:
This is why credit cards are such a bad thing…

Yea, sure, a handful of people get them and just pay them off every month. But if that’s what you are doing then why not just pay cash or use a debit card? Don’t want to use a debit card that draws on your main bank account? Fine, open up a second account with a different bank.

And most people don’t pay them off every month. That means you already have your nuts in the mouth of the loan sharks.

So don’t get credit cards.

Don't use a credit card if you can't afford to pay it off each month. But if you can, get one that gives rewards points, and pay it off every month. I did this with a Sony Card, and I am racking up free point towards electronics for simply using them as a middle man.

Did you miss the part about the service fee?... ten bucks a month no matter when you pay the balance?... just wondering.

Posted: 11/21/2008 10:24:01 AM EDT

[#26]

this amuses me because i forgot to pay my bill last month with chase and instead of them bitching about it they send me a letter saying they will let me go 3 months late without penalty or late charges so i can get my finances in order. needless to say once i realized it was late i sent out a full payment anyway.

anyhow the economy must be fucked and a lot of people must be late on their payments since they are giving people extended grace periods. unfortunately they are handing their costs to you.

Posted: 11/21/2008 10:24:20 AM EDT

[#27]

Did you read the fine print...whenever I've gotten a change of terms that I didn't want , you were always able to notify them in writing that you did not accept the new terms and close account keeping old terms in effect until balance was payed off.

Posted: 11/21/2008 10:27:06 AM EDT

[#28]

Quoted:

Quoted:
Yes, in addition to the finance charge. Like it says on the flyer, it doesn't matter if you have a balance or not, or even use the card or not... $10 a month.

I just mailed them a check and paid them off, which I should have done a long time ago, shame on me.

Seems like a good way to shoot yourself in the foot w/ your good customers.

Read between the lines.

They need the cash, so they're forcing likely payers with balances to send it in, at the expense of the long term interest.

Bad fu**in' indicator for their solvency.

That was my first thought... But, I wonder if they are doing it across the board or just people with a balance they are likely/able to pay off.

If they are doing it across the board, seems like a good way to lose good customers.

I think it is pretty shitty of them, but I should have paid off my balance last year, the rate was just really attractive and I was earning more off a CD than I was paying to the CC.

Posted: 11/21/2008 10:27:59 AM EDT

[#29]

Quoted:
Did you read the fine print...whenever I've gotten a change of terms that I didn't want , you were always able to notify them in writing that you did not accept the new terms and close account keeping old terms in effect until balance was payed off.

Yes, I read it... Even if you cancel your account, you will still be charged the $10 monthly service fee if you maintain a balance after Jan 1, 2009.

Posted: 11/21/2008 10:28:19 AM EDT

[#30]

Quoted:

Quoted:
Yes, in addition to the finance charge. Like it says on the flyer, it doesn't matter if you have a balance or not, or even use the card or not... $10 a month.

I just mailed them a check and paid them off, which I should have done a long time ago, shame on me.

Seems like a good way to shoot yourself in the foot w/ your good customers.

Read between the lines.

They need the cash, so they're forcing likely payers with balances to send it in, at the expense of the long term interest.

Bad fu**in' indicator for their solvency.

That was my first thought... But, I wonder if they are doing it across the board or just people with a balance they are likely/able to pay off.

If they are doing it across the board, seems like a good way to lose good customers.

But in the short term I bet it generates a bunch of cash. Long term be damned.

Posted: 11/21/2008 10:32:03 AM EDT

[#31]

At least you read the information in the "Important News" section. The CC companies condition people to ignore that information by filling it with useless crap and sales pitches month after month.

Posted: 11/21/2008 10:34:12 AM EDT

[#32]

Quoted:

Quoted:
American Express didn't even send us a statement this month, I'm thinking they were just hoping we'd forget about it, so they could ding us and ramp up our interest rate. We paid it online. It's due in two days, so I assume we'll get the bill in the mail today or tommorow, if we even get it...

Paid it all off too, just to piss them off

.

They used to pull that all the time when I had an Amex card 12yrs ago... I would get the statement in the mail 3-4 days before it was due, sometimes I wouldn't get a statement at all.

Which is why I cut up their card 23 years ago and never looked back.

Posted: 11/21/2008 10:35:26 AM EDT

[#33]

Quoted:

Quoted:
American Express didn't even send us a statement this month, I'm thinking they were just hoping we'd forget about it, so they could ding us and ramp up our interest rate. We paid it online. It's due in two days, so I assume we'll get the bill in the mail today or tommorow, if we even get it...

Paid it all off too, just to piss them off

.

They used to pull that all the time when I had an Amex card 12yrs ago... I would get the statement in the mail 3-4 days before it was due, sometimes I wouldn't get a statement at all.

Which is why I cut up their card 23 years ago and never looked back.

Didn't they get hammered by the Federal Government a few years ago for pulling that shit? Heck, I think they were even fined.

Posted: 11/21/2008 10:41:46 AM EDT

[#34]

i got a nice letter today from chase as well. mine went something like this, though:

"we see you haven't used card 1234 for 24 months. you're account is now closed, don't attempt to use the card."

riiiiiiiiiiiiiiiiiight. obviously if i haven't used it in 2 years i could give a fuck but not even so much as a warning first..................

Posted: 11/21/2008 10:45:32 AM EDT

[#35]

Quoted:
At least you read the information in the "Important News" section. The CC companies condition people to ignore that information by filling it with useless crap and sales pitches month after month.

Yep, I look at everything. Hell, those evil motherfuckers even state that the $10 fee is non-refundable. Some people are going to get a suprise come Jan 2009 statements.

Posted: 11/21/2008 10:46:21 AM EDT

[#36]

Quoted:
i got a nice letter today from chase as well. mine went something like this, though:

"we see you haven't used card 1234 for 24 months. you're account is now closed, don't attempt to use the card."

riiiiiiiiiiiiiiiiiight. obviously if i haven't used it in 2 years i could give a fuck but not even so much as a warning first..................

I just got that letter in the mail today, just now... The rep said nothing about it when I called to close my account less than an hour ago

Posted: 11/21/2008 10:47:39 AM EDT

[#37]

Quoted:
i got a nice letter today from chase as well. mine went something like this, though:

"we see you haven't used card 1234 for 24 months. you're account is now closed, don't attempt to use the card."

riiiiiiiiiiiiiiiiiight. obviously if i haven't used it in 2 years i could give a fuck but not even so much as a warning first..................

lol, I got one of those a couple months ago.

I would have been happy to use that card too, I used to use it, but then they jacked up the rate.

Now I wonder why I stopped using it... lol

Posted: 11/21/2008 10:54:32 AM EDT

[#38]

Quoted:

Quoted:

Bad fu**in' indicator for their solvency.

That is a cheery thought.

Makes you wonder when they'll start stiffing merchants on payment, doesn't it?

Posted: 11/21/2008 10:57:21 AM EDT

[#39]

I have a Marriott VISA issued by Chase and have received no such notification and I just received my bill.

Posted: 11/21/2008 11:25:52 AM EDT

[#40]

I always thought I was dumb for not having a CC and a lot of my friends did also. Did have a Sears that I got rid of 28 years ago. When I went on trips is the only time I really thought of getting one.

After all the years of not having one I can not think of a time that it hurt me. I did break down a few years ago and got a debit card and I do any ordering ect. with that. Even able to rent a car with it.

Not bashing anyone but other then a car loan years back it has been nice not having to worry about credit. I do have to admit that it did take a lot of self control over the years due to how easy it seem to get credit. Wife and I just stuck to our guns though and saved for the things we needed.

Posted: 11/21/2008 12:21:38 PM EDT

[#41]

I got a notification from Chase last week stating that my fixed rate 8.9% card was changing to a variable as of 1/1/09. If I wasn't about to buy a hoouse, I'd cancel the card right now. I didn't notice anythng about a 10 dollar monthly service charge but I may have missed it.

Posted: 11/21/2008 12:26:50 PM EDT

[#42]

Whats the point of having a contract if one of the parties can change the terms at their whim?

Posted: 11/21/2008 12:40:44 PM EDT

[#43]

I cancelled Chase after they started jacking with my due dates. After 15 years of being due at the end of the month they changed it to the middle of the month. Wham! late fee. They said they sent me a notice I never received. Six months later they changed it back to the end of the month. Six months later they changed it back to the middle of the month. Again, no notice received; same story from Chase. I was an 18-year R01 customer with a $13K card limit. The manager was actually snotty with me when I cancelled the card.

[ARCHIVED THREAD] - New Low for the credit card company.

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