Rude credit card surprises?

Question

Are you convinced the Banks are not a bunch of CROOKS!
raising you intrest if you pay your bills....
What a crock!

Answer 1

YES!! im 100% convinced! you know whats been working good for me? prepaid visa cards! lol i got one at walmart and its been great to me!

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Answer 2

If you look into it, you will find that there is a Senate subcommittee investigating the business practices of the various credit card companies. You would probably also learn about the Universal Default clause that is the biggest, but not the only predatory practice. They are heavily targeting our seniors and students. Look into the "credit protection" charges and what it takes to take advantage of the program. Our seniors are on social security - why are they "insured" against a job loss affecting their credit rating? Did you know that most credit card companies are based in states with very lenient usary laws (a usary law is about how much interest can be charged). The state of South Dakota takes a huge share of it's revenues from credit card companies - who do you think influences state policy there? Sorry to add fuel to the fire but I don't think the business practices are much short of criminal - but then take a look at the interest rates on pay day advance loan places. I would rather deal with a credit card company any day. Unfortunately, the credit system is "you have to show you can use credit effectively to have good credit". My advice, read the fine print carefully. There are a few decent companies out there. A paid in full card has 0% interest.

Answer 3

If you pay your credit card bill in full every month, you won't have that problem. Even if they do increase the interest rate, it still makes no difference since you don't pay any interest.

People should stop thinking of credit cards as long term financing. The interest you rack up carrying credit card balances, makes that $5 fast food lunch really cost you about $50 by the time you get it paid off.

Answer 4

You really must distinguish between the banks and the credit card/finance companies.

If you have a credit card through your bank or credit union(Or mutual savings bank ;-) ;-) ) You're going to get better terms and no universal default(a horrible thing I believe to rape the consumer both ways when they become a little down)

So, your best bet, find a local bank who offers all these services and keep your relationship with them. Don't jump on any offer to good to be true unless you deserve it(Example, customers of one bank get a credit card with no annual fee, 0% for 6 months, no balance transfer fee, and no universal default, and if they have a problem they can go into their branch for help instead of sitting on hold)

Tip: If your banks on the stock market, you're not their primary customer, stock holder#472 is.

Answer 5

If you pay all your bills on time, when you first get a credit card. Then suppose you start to pay your mortgage late & skip payments on other things, miss utility payments, maybe get your electric cut off due to unpaid bills - wouldn't you expect your credit score to drop, and your interest rate to rise - even if you still pay your credit card bill on time ?

You become a greater overall risk, your credit score drops and your interest rate rises - QED.