Bank One Term Changes

Author: Verne, SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 467
Location: Midwest
Posted: Wed Sep 24, 2003 4:22 pm
Post subject: Bank One Term Changes

It finally happened. My old Wachovia account, that Bank One bought, has just been repriced. I sent in my rejection of the new terms and closed the account.

The hike in interest isn't my reason (7.9% to 8.99%) for closing the account and preserving my current terms. The new agreement has loads of changes in the fine print that include:

1. A new closed account rate of 24.99%. Which would mean I couldn't preserve current terms if I closed the account in the future under the new agreement.

2. They may require you to pay the balance immediately (to the extent the law allows) if you close the account or they deem the account defaulted or they just think you may not be able to pay them back or for any reason.

3. An arbitration clause that basically says you can't take them to court or even be a part of a class action suit.

4. They can change the agreement, close the account, not authorize transactions at their discretion FOR ANY REASON.

It looks like this is may be my last and only chance to reject terms and preserve some sort of meaningful cardholder agreement. What kills me is that they list several reasons why they might do something yet still end it with "at our discretion" and "for any reason". BANK ONE's (BANK NO's) latest agreement is like no agreement at all. They may as well say, "this is an agreement until we say it isn't". I guess this is one way to lose the credit card habit. Verne

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Making Credit Cards Work for You

Author: Smart Investor, Guest
Posted: Wed Jul 16, 2003 3:04 pm
Post subject: Making credit cards work for you

Being of good credit and sound mind, I most often allow the credit card issuers to pay ME to use their money. Am I in a league of my own? First, I am considered a "convenience" customer by the banks. This means I pay off balances monthly while taking advantage of whatever offers come my way.

The YOU PAY ME offer is as follows: Use your entire credit limit in a no transaction fee, full grace period (treated as a purchase) balance transfer check. The offer is not written this way, but it actually works this way. Always read the fine print and call if you are not sure. If you have a $30,000 credit limit then you have up to 60 days (depending on cycle and date of the balance transfer check cashing) to use the banks $30,000.00 for free. Putting it into a guaranteed interest-bearing account allows you to earn money on their money.

When money market and no-penalty CDs were paying interest rates in the teens, this was quite an offer from the credit card bank! It's hardly worth the effort today, but the principle is valuable!

Smart Investor

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Re-establishing Credit With a Secured Credit Card

Author: Guest
Posted: Fri Oct 10, 2003 8:19 am
Post subject: Good secured card?

I'm looking for good secured card to re-establish credit. I appreciate any input.

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How do I cancel a credit card application?

Author: merryGuest
Posted: Sun Oct 12, 2003 12:09 am
Post subject: bank one application

I recently applied for a bank one credit card with a 0% APR on BT for one year and a 7.99% rate for purchases. Within a matter of hours, i realized that I did NOT want this card and called to have the application cancelled. Customer service said NO, it was out of their hands. To make matters worse, I had asked for a $2000 balance transfer. I pray to the credit card gods that I get denied! Any advice on how to stop this application??? Please help immediately!!!![/b]

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Credit Card Company Rate Hikes

Author: daveGuest
Posted: Tue Oct 14, 2003 6:42 pm
Post subject: Advanta rate hike into the stratosphere

Account history: 3 years, no lates ever on any account business or personal. 18K credit line. Utilization on all cards 17%. What happened: Advanta offered a 0% cash advance for 5 months. I accepted the offer, wrote myself a check for 9K and made minimum payments during the term of the offer. It expires in November. Last week, I called to ask for a "go-to" APR reduction from 15.94 to 9.9. They said they couldn't do that but would change the rate to 13.9 immediately. I said "fine." A few days after the call, I received a notice of change of terms jacking my rate to 27% effective 11/1. I called to ask WTF. The rep. first said they are doing this "across the board." and then inconsistently stated that the rate was changed because of a periodic account review. The rep explained that I could close my account and keep the same terms, i.e., the 13.9 rate. I guess the account review showed that I owed them 8K at a teaser rate that was set to expire and that they could reap huge profits from charging 27% on that amount of money. But due to the knowledge I've gained from reading boards like this, I would never have borrowed this amount of money without an escape plan. I will pay the account off in full before November as I have always intended to do. I considered closing it but decided I'd rather leave it open to help my balance to limits ratio. The card will go into a deep freeze while they continue to incur acount maintenance costs. Their astonishing greed and stupidity cost them a customer who paid $700 in interest charges last year alone. Stay away from these fools!

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How can I get my first credit card?

Author: brie4901
Joined: 16 Oct 2003
Posts: 1
Posted: Thu Oct 16, 2003 4:03 pm
Post subject: I'm new the Credit Game!!

Hello everyone! I am in need of some help: I can not get a credit card from anyone! Im 18 and I have ALOT of inquiries on my credit. I just started college and I have a brand new car(my dad cosigned who has excellent credit) and cell phone in my name, but neither of them are on my credit yet. Is there any hope for me getting a credit card, or have I spoiled all of my chances by applying for everything?!?!

BRiAnNA

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Can I improve my credit score?

Author: crud99Guest
Posted: Mon Oct 13, 2003 10:45 am
Post subject: Will this improve my credit score

Me and my wife have both of our names on our credit card which has 30k on it(maxed out). If I take my name off of the card will my credit score improve? How much? I want to refinance next summer and want to improve my credit since the mortgage is just under my name. Also I have one late payment 2.5 years ago. How long does that stay on my report? Is it 3 years?

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