Post subject: Unwarranted Credit Card Late Charges Guest: lee mcallum Posted: Sun May 15, 2005 4:01 pm
recently a customer service person called me to inform me that my account was about to be late, but i could avoid this by making a payment over the phone at this time. i assured her that i had never recieved a bill and she confirmed that i had never been late before. so to avoid having a late payment on my report and having to pay a late payment charge i payed over the phone right then. now i get my bill for this month and the late charge is on there
Guest: Polonius Credit Expert (100+ Posts) Post subject: Unwarranted Credit Card Late Charges Posted: Sun May 15, 2005 7:18 pm
Go on line (or call customer service) and see when your payment posted. If it's a late posting due to the card company's error, you should be able to get the late fee reversed. Sometimes the statements are already being processed/printed when the call to you is placed.
If there's no sign of your payment, you MAY have been conned. It's not likely, but it's always possible that the call you received wasn't actually from your credit card bank. NEVER give out your checking account information to someone unknown who calls you up. If you think the call is for real, CALL BACK with the information--placing your call to the number on your statement or on the back of your card.
Guest: CreditCardGuru Post subject: Unwarranted Credit Card Late Charges Posted: Tue May 17, 2005 12:04 am
Hopefully you remember the person's name and time you spoke as they usually tape record those convos and hopefully they can pull it for proof if needed. I'm the Credit Card Guru, YOU BET
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Airline Rebate Credit Card Tips Posted: Mon May 16, 2005 9:54 pm
Excellent article, Curtis. I hope that it's reprinted vigorously and that many, many people read it and learn from it. For the majority of people out there airline credit cards are the wrong way to go, for reasons stated in the article.
Post subject: Credit Cards After The Introductory Rate Guest: Board Monitor Posted: Mon May 16, 2005 5:28 pm
This message posted by e-mail request from one of the visitors to our site:
I wish you'd collect and post Customer Satisfaction scores for the companies you rate. Just because a company is strong and advertises competitive terms doesn't mean it's a good company to do business with.
I'm currently closing a Chase MasterCard because Chase made me furious. When I applied for this card last year, I thought I was getting a low-rate card with a 5-point-something rate to use when I needed to carry a balance.
But when my introductory rate period expired, the rate shot up to 15.24%! Chase would lower it only 3%, and the lower rate wouldn't go into effect for weeks. In addition, they set their telemarketers on my tail, even though I'm registered with both the national and my state's Do Not Call lists.
That may have been legal, but telemarketing is so universally despised that I'm surprised a big company like Chase would smear its reputation that way.
Needless to say, I won't apply for any more Chase products anytime soon.
Now I have to start the process of replacing this card, and am wondering which companies I can trust not to try the kind of stunts Chase did.
Thank you!
Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Cards After The Introductory Rate Posted: Mon May 16, 2005 6:38 pm
The problem with a post like that is that you have no idea what's behind it. The poster says he "thought' the regular interest would be "around 5%"--really? Below prime rate, which is 6%? Does anyone here know ANY bank charging 5% as a normal interest rate on a card? The non-promotional rate was spelled out in the original offer. I'll bet the poster doesn't have it or at least doesn't remember it clearly. Blaming Chase because he didn't read the offer carefully is unfair.
As for promotions, the banks spell out their policies very clearly now. The poster could have opted out of promotional offers by Chase, but again apparently did not do so. Saying his number is on DO NOT CALL lists is irrelevant--banks don't look at those lists to decide whether to call existing customers! They use their own lists of course. Some people on those national lists don't want calls from strangers but do want to hear special offers from those they do business with. And, legally, since Chase already has a business relationship with this person, those national lists are meaningless--they apply only to marketing calls from strangers.
I've had 6 Chase credit cards for more than 10 years each and never ran into a problem with the bank. I don't think any of the major banks are noticeably better than the others as far as customer service goes, at least for clients who aren't getting the subprime cards.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Cards After The Introductory Rate Posted: Mon May 16, 2005 9:46 pm
Polonius, the Romans had a much shorter way of stating this: Quote: Caveat Emptor
Let the buyer beware!
Don't sign anything untle and unless you thorougly understand what you're getting yourself into. If you frequently get yourself into these situations, ask a trusted friend, relative, spouse, or other third party to look over the offer and comment on it. Mabe they'll spot what you missed.
Guest: mckitlk Post subject: Credit Cards After The Introductory Rate Posted: Wed May 18, 2005 6:09 pm
I'm the person who sent the above email.
First, point taken about telemarketing. It'd be interesting to see a survey on this topic. I'd bet you, though, that a significant proportion feel as I do. If a company is going to go this route, it should tread lightly. Getting people's permission [i]before[/i] telemarketing to them might not be a bad idea.
As to the card in question, the facts are as stated, and I don't know why you find them so hard to believe. I saw 2 cards at BankRate.com [i]today[/i] that are advertising 5.75% APR's, albeit with annual fees. This card was issued in mid-2004, when rates were quite a bit lower than they are now. [i]Of course[/i] rates will have gone up since then, since we're in a rising market. Nonetheless the increase Chase gave me is exorbitant.
Thanks to the gracious CSR who posted this email, I found the customer reviews section of this site. Looks like a lot of people have been having experiences with Chase that are very similar to mine. Incidentally, the other night I came across a review of big banks by [i]Consumer Reports[/i], published last October. Of the nation's largest banks, Chase is at the very bottom, with an overall score of "Fair" and a "Poor" score for Penalty Fees.
It's very nice that you've had such a good experience with Chase, but not everyone has. I continue to believe they're less than ethical, and I don't care to do business with them again.
Post subject: Credit Card Interest Rate Calculation Guest: Fehercica Posted: Wed May 18, 2005 9:03 pm
Just received a Notice of Change in Terms from AT&T Universal card about they use of the London Interbank Offered Rate.Is this leagal to use a rate in the USA which is known as Eurodollars trade between banks in London? At the present rate this would increase my 13.99 to 15.99% They do give a chance to opt out from this new deal. Any suggestion?
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Interest Rate Calculation Posted: Wed May 18, 2005 9:29 pm
It's legal to peg the rate to just about anything. You have the right to keep the current terms--and stop using the card for new purchases from now on.
Try for a better rate elsewhere. I don't know anything about your debt, income, or past credit history--but even without the increase that card was pretty high-priced already.
Post subject: Late Payment Credit Card Help Guest: spinnelli Posted: Thu May 19, 2005 1:21 pm
Please help, I made a booboo on my BOA card and I am 10 days late on it, I totally forgot about the due date. This card is only 7 months old and they have ofcourse charged me a late fee. I don't want this late to affect me in anwyay especially since I'm anticipating a CLI in 2 months.
How do I go about solving this? should I call them and if so, what should I say? My account has been current since I got the card and I want to maintain this good standing.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Late Payment Credit Card Help Posted: Thu May 19, 2005 3:06 pm
Of course you call them. Hopefully this is the first time you've been late. You start out by apologizing and tell them how shocked you were to see that you hadn't made the payment. That just isn't your style. You've never had this happen to you and you don't want this to go on your record. Can they forgive you just this once? It'll NEVER happen again. Your chances of succeeding are very high.
However, if you're a habitual late payer, good luck, pay the fine, and learn to do a better job of keeping current.
Post subject: Getting Your Credit Card Interest Rate Lowered Guest: Board Monitor Board Monitor/ Administrator Posted: Thu May 19, 2005 1:49 pm
This message posted by e-mail request from one of the visitors to our site:
recently found out my interest on my citi bank card went from 9.9 to 13 per cent i contacted them they had sent me info letting me know my interest rates could go up back infeb i could either close the accountor agreed to terms needless to say i never read it they will not lower my interest rate even though i am never later with my payments with them or anybody else
i really feel they are discriminating against us because we are hispanic and think we are just ignorant. what can i do ? Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Getting Your Credit Card Interest Rate Lowered Posted: Thu May 19, 2005 2:53 pm
"Customer service, how can I help you?"
"I'm calling to cancel my account."
"Oh I'm sorry to hear that. Was there some problem with the account?
"Well, I've been a loyal customer for 10 years, and I really enjoy dealing with you, but I just got an offer from Even Bigger Bank which is just too good to pass up.
[Have a realistic number in mind. Don't make it so low that they'll know you're making it up. Mabe just below the rate you used to have.]
"Well let me transfer you to our customer retention Department. They'll be able to help you."
Customer retention will ask you the same basic set of questions. Weave a gloom and doom word picture. Always be totally polite and business like, remembering that these are only people that you're dealing with, not devils. State your case something like this (and pour it on thick):
Hi customer retention specialist____________. I've been a loyal customer for ten years, always paying my bills on time. Truth of the matter is I really enjoy dealing with you folks. You're always helpful, friendly, courteous, and it's been a pleasure dealing with you. However, EVEN BIGGER BANK has been calling me recently and they're offering a much lower rate (tell him what the "rate" is). Your bank recently raised my rate to 13%, and I just don't know what to do. I'm torn between loyalty to you folks and loyalty to my bottom line. Is there anything you can do to make it easier for me to stay with you?
See the difference? You're throwing yourself on the mercy of the court by asking them to help you stay aboard. It's not a threat, it's a negotiating ploy. I've used it in business, and I've had it used on me. It's tough to resist, especially if you get the right department. Also, always call during the day when the "A" team is manning the phones.
They'll probably come back with a lower offer. If you like it, grab it. If it's not low enough, try something like this:
"Gosh that's much more interesting. I'll have to give it serious consideration, but remember that Even Bigger Bank is offering X%. Can you do a little better?"
Let us know how you make out.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Getting Your Credit Card Interest Rate Lowered Posted: Thu May 19, 2005 4:53 pm
Quote: I really feel they are discriminating against us because we are hispanic and think we are just ignorant. Well, stop feeling that way, because it's not true. These decisions have nothing to do with whether you're Hispanic or not. 9.9% to 13% isn't such a big deal; 13% is half what some people here are paying.
Post subject: Credit Card Account and Privacy Guest: DazyJane Posted: Tue May 17, 2005 9:36 pm
Hi, my question concerns privacy. I made the mistake of getting a first premier card. 2 months ago I was 3 days late making my payment. I made it online after 5 pm so it was not posted that evening. They called, I was not home they asked if I had a husband. He was there and they discussed my account with him. What bothers me is the fact that he is no where on the account. Not his name or even the fact that I am married. I canceled the card for that reason. I stated in the email that I felt my privacy was violated. I have continued to make the payments. Well the same thing happend again. Tonight I am 3 days late they called I answered, I lied and said I was not home, just to see what they would say. Again they asked if I had a husband. Is it legal for them to discuss my account with someone not listed on the account. How do they know it is my husband, it could have been anyone saying they were my husband. Any info would be great appreciated. I am very fustrated. Thanks
Guest: CreditCardGuru Post subject: Credit Card Account and Privacy Posted: Wed May 18, 2005 7:44 pm
I wouldn't think so unless he was on the account, because they aren't allowed to even speak with my mother, unless I give them permission. I'm the Credit Card Guru, YOU BET
Guest: Board Monitor Post subject: Credit Card Account and Privacy Posted: Thu May 19, 2005 9:52 pm
Usually not, unless you live in a community property state, where they consider each spouse to be responsible for the other spouse's debt.
What state are you from, I can check on that for you, or you can do a google search yourself on community property states. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Post subject: Credit Card Billing Adresses Guest: Quasar Posted: Wed May 18, 2005 3:40 am
Hey everybody, I had a little question regarding credit cards billing address. Is there a way of getting a credit card (whether prepaid or not) with a billing address inside the US if I live outside it? I'm asking this because almost all online shops require a billing address inside USA and don't accept international credit cards.
Guest: CreditCardGuru Post subject: Credit Card Billing Adresses Posted: Wed May 18, 2005 8:05 pm
I don't think that's possible. I'm the Credit Card Guru, YOU BET
Guest: rain Post subject: Credit Card Billing Adresses Posted: Wed May 18, 2005 9:01 pm
Actually, most major internet commerce sites accept major credit cards issued by most banks. This means your visa card, issued by your local bank will be accepted for payment as well. Its also likely that they will then ship overseas.
The reason some countries may be put on fraud alert list are just that--high incidences of cc fraud using cc from those countries. Eg. My company accepts most countries cc, but a few, like Indonesia and some African countries' cards will be rejected. A customer is seldom turned away, and these users can always contact accounts department and offer additional guarantee and identity verification.
So, have you tried to use your local cc and have it fail? Contact customer service or a/cs if that's what happened.
Guest: Quasar Post subject: Credit Card Billing Adresses Posted: Fri May 20, 2005 12:14 am
I tried to use my local cc and was rejected by three major sites, when I sent them an email asking why was I rejected, they'd say they don't accept international credit cards.
Guest: Board Monitor Post subject: 0% Balance Transfer Offers for Life Posted: Thu May 19, 2005 7:19 am
Great article from today's WSJ on what to watch out for with those 0% balance transfers for life offers! I am proud to say that http://www. CardRatings.com is referenced in the article:
Guest: hdporter Post subject: 0% Balance Transfer Offers for Life Posted: Fri May 20, 2005 7:53 am
It's difficult to comment on the article. Free WSJ access to this article appears to have been granted only for the day on May 19.
But on the topic of "0% Transfers for Life", I recently received the first Discover new account offer I've seen in some time with these terms. After 6 months, 3 transactions per month are required to extend the 0% rate.
Most recent Discover offers have charged a 3% upfront fee on transfers. I have the sense this was the intended terms for this offer as well, but the disclosure text reads:
Balance Transfer Transaction Fee: 0% for each balance transfer fee made under this offer, with a minimum of $5 and a maximum of $50.
Language on prior recent offers has stated a 3% fee (min $5, max $29). Also, note the typo above "for each balance transfer FEE".
I'd be curious, were I to exercise this offer, if they could readily be held to the 0% ($5 min) transfer fee.
Post subject: Best Way to Pay-Off Maxed Credit Cards Guest: Jonnie Riff Posted: Thu May 19, 2005 7:32 am
How do I default on my credit cards? To make a long story short, I received alot of credit cards that I thought I would have gotten declined and started charging on them. Now I have the card max out and can't pay all of the cards minimum payments. I believe the credit card companies has some responsibility giving me the credit cards in the first place, and I do place some of the responsibility on me too, but I can't pay the payments. So.............. What's the best way to default on the credit cards???
Guest: annie Post subject: Best Way to Pay-Off Maxed Credit Cards Posted: Thu May 19, 2005 8:19 am
Do the right thing and get a second job, sell some things, cut your budget to the bone - anything, just don't default. Accept some personal responsibility. No one twisted your arm to accept the cards and run up balances. The CC's gave you the cards and you abused the cards. You will feel much better and be able to look at yourself in the mirror. Defaulting will damage your credit for a long time to come. ( I think I got up on the wrong side of the bed this morning )
Guest: fenster Post subject: Best Way to Pay-Off Maxed Credit Cards Posted: Thu May 19, 2005 3:23 pm
Away from annie’s judgmental, pc-orientated and beaten track responses, here’s some practical pointers. Disconnect your land line phone service and get a cell phone before your defaults are beyond 90 days. Don’t give your cell number to anyone that’ll betray it to your creditors. Your creditors doubtless know your work number so they’ll be telephonically harassing you there because they no longer can at home.
Solution? Move and change jobs if your debts are large enough. The labor market is getting tight again and your chances are good. Once you’re convinced you’ve achieved low visibility, your best chance is to file bankruptcy. Sure this’ll cost you 10 years, but you’re young and you’ve secured cards, your family and gift cards on your side. Besides, if you still maintain a US checking account, you can still acquire some form of costly credit, but nevertheless credit. And this is even though you’re Scott Peterson and operating from death row.
Are you the only one to blame for your plight? You’re right, no. If greedy banks want to forego credit worthiness criteria for the sake of greed and a quick buck, that’s their problem, they reap what they sow. Let us be spared the mumbo jumbo malarky about contractual obligations, if a bank is dumb enough to grant a 19 year old $5000 worth of unsecured credit and expect him to pay it back at 22% APR with attendant shark fees, the Jonnie Riffs would suit this bank real good.
Now should Jonnie boy be 50 years old, annie’s outrage wouldn’t be unjustified.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Best Way to Pay-Off Maxed Credit Cards Posted: Thu May 19, 2005 3:23 pm
Yeah, sure, and it's the real estate agent's responsibility for selling you a house you couldn't afford, the car dealer's responsibility for making you pay so much for that car, and your bosses responsibility for not paying you enough so you could support your frivolous life style.
Sorry, but that dog won't walk. No one forced you to spend. You never thought you'd ever have to repay it, right? Bad decision!
Don't compound one bad decision with another. Do like Annie sez: find a way to repay the money - all of it! Don't even think about bankruptcy or walking away from your obligations. Stop spending. Right now! This minute! Make sandwiches for lunch instead of going out. Walk a few blocks to the super market instead of driving so you can save on gas. Become very inventive on ways to save and make money. Shovel every available penny into repayments, and hope and pray that you don't get hit with some major expense.
Look, Jonnie, YOU CAN DO IT!! Others have. Ok, you made a few mistakes, but it's not fatal. Just take control of your life and make repayment a religion until you get it under control.
This is not theory with me. You can read elsewhere on this board about how I got out from under a $40,000.00 credit card debt. In other words, been there, done that, never defaulted. Go for it and let us know how you make out.
Guest: CreditCardGuru Post subject: Best Way to Pay-Off Maxed Credit Cards Posted: Fri May 20, 2005 10:14 am
I never say to myself that I will get denied and go applying for every offer I see, first reason it puts a lot of inquiries of your credit reports, second if I do get them all, having a bunch of recently opened accounts doesn't look good either, and say you apply to 15 different offers you receive and you get approved for every one of them, looks like trouble ahead!
Anyways, hopefully you can get a second job, or have a nice relative that might be willing to help you out. I'm the Credit Card Guru, YOU BET
Guest: damnage Post subject: Best Way to Pay-Off Maxed Credit Cards Posted: Fri May 20, 2005 10:44 am
Heh. pc-oriented. What a laugh. Get a clue fenster!
Ira, you forgot that it's also McDonald's fault that you got fat. You also forgot that it's not someone's fault that they bounced checks because, of course, the bank gave you hundreds of them.
