primitives question credit card interest, fees

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x53841

Oh my.

question everything  (1000+ posts)        Tue Jan-13-09 02:03 PM
Original message
 
So now Chase is raising the min payment to 5% of balance

Well, was nice while it lasted. I used it to pay for some siding at 3.99% for the duration of the loan which I have had it for more than 2 years.

Now they are charging $10 monthly fee to "maintain" the account. All they have to do is cash my check, slap a finance charge and mail a statement. This $10 fee brings the effective rate from 3.99% to 5.09% and they want 5% of the balance. "They have done this on several accounts."

Bastards. I am going to apply for a home equity loan. With these rates, such loans start looking more attractive and the tax benefit does come into play. Not with the 3.99% when the home equity loan was at 7%.

And we have excellent credit scores. I'd hate to think what they do to others who do not.

Is there anyone who is regulating them that is worth complaining? I thought that the "bankruptcy" law established a 2% of balance.

phantom power  (1000+ posts)        Tue Jan-13-09 02:07 PM
Response to Original message
 
1. I recommend looking into credit unions...

I also have Chase. Although I do like their web services, their recent fees and lousy interest rates are bullshit. I'm going to be migrating to my wife's credit union soon.

If there is anybody you can complain to, I'm not aware of it. Vote with your feet

billyoc  (1000+ posts)        Tue Jan-13-09 02:10 PM
Response to Original message
 
2. Just the impetus I needed to stop paying them altogether.

AndyA  (1000+ posts)        Tue Jan-13-09 02:15 PM
Response to Original message
 
3. I guess they're doing it because they can.

The credit card/loan/banking industry needs to have some serious regulations put in place. I know Congress just passed a bill that was favorable to consumers, but the whole thing really needs to be torn down, overhauled, and put back together.

Their high fees, low interest rates, and abusive practices are the only way they can cough up the money to pay their executives such high salaries, perks, benefits, and bonuses!

Fridays Child  (1000+ posts)        Tue Jan-13-09 02:30 PM
Response to Reply #3
 
5. They blamed the economy, when I asked for an explanation.

So, they take 25 billion in bailout funds and, privately, plan to use the money for further bank acquisitions, while they screw paying customers up the wazoo.

Fridays Child  (1000+ posts)        Tue Jan-13-09 02:27 PM
Response to Original message
 
4. Yep. They did it to us, too.

If you get that equity line, your rate should be 2.99% and your monthly minimum payment will be only 1% of the balance.

Wow.  At 1% of the balance, wouldn't it take, like, 244 years for a primitive to pay it off?

I don't think the primitives are going to be around that long.

question everything  (1000+ posts)        Tue Jan-13-09 02:34 PM
Response to Reply #4
 
6. Really? They offer an equity line?

Perhaps I should look into this.

Fridays Child  (1000+ posts)        Tue Jan-13-09 02:49 PM
Response to Reply #6
 
7. Chase? Yes.

DU AdBot (1000+ posts)      Tue Jan 13th 2009, 03:31 PM
Response to Original message

Poor Credit Personal Loan
See why thousands of people every year choose us.
Apply online.

[Zeus]

If one has "Excellent credit" why are they usuing a credit card that charges a Fee anyway  hmmmm.

Silly buggers actrually believed the "because of your excellent credit history we are extending to you this offer...."

[Texacon]

Man, I remember the day well when the Chase cops busted in my door and stuck a HUGE gun in my face and made me sign all that damn paperwork to make me borrow money from them ... for a fee!!!  Scared the hell out of me.   

DUmbasses.  You don't like it don't use it.

Same song and dance.

KC

[franksolich]

If one has "Excellent credit" why are they usuing a credit card that charges a Fee anyway  hmmmm.

Because the questionable primitive told a stretchy.

About having excellent credit; it's undoubtedly an exaggeration, stretching things.

[jukin]

Of course if the government had told them they had to pay 5% of the balance it would be the bestest thingy evah!

The very scary part is that the DUmmies have become a significant portion of the population. 

[DumbAss Tanker]

Damn, Quetionable Primitive, if a 5%-of-balance minimum payment is that big a deal to you, you must have a shitload of debt on that card!

 

[Carl]

I know there are times and exceptions to everything but to pay the minimum balance on a card is imo the dumbest possible way to use one.
It would seem that these folks think it is the way to go.

DUmmies...wanna stick it to the card company...don`t max the card and pay it off in 30 days or less.

[USA4ME]

My guess is if they obtain an equity line of credit, they'll end up abusing it the same way they do their credit cards, and then when they lose their house, they'll blame it on the bank.

.

[LC EFA]

My guess is if they obtain an equity line of credit, they'll end up abusing it the same way they do their credit cards, and then when they lose their house, they'll blame it on the bank.

.

Assuming that they could ever get enough equity into their property to qualify for such.

[JohnnyReb]

DUmmies...wanna stick it to the card company...don`t max the card and pay it off in 30 days or less.

Correct....but then that's not the customer the banks want.

DUmmies are like chickens......easily plucked.

[dutch508]

Correct....but then that's not the customer the banks want.

DUmmies are like chickens......

stupid and they run around when you cut off their heads?

[Chris_]

So now Chase is raising the min payment to 5% of balance

$5 of every $100 owed. My heart bleeds.