Credit card companies going crazy! WTF?! - Toyota Yaris Forums

*tomato* · 10-26-2009, 05:12 PM

Quote:

" This is a side effect of the pending changes the Credit Card Accountability, Responsibility and Disclosure Act will impose. After February 22, it'll be harder to introduce or enforce credit card rates and fees that are unfair to the consumer -- so banks are acting now. Among some of the things they're doing:

- Introducing annual fees for customers who don't meet a specific limit for charges on the card. (For example, if you don't charge at least $2400 on a credit card annually, you could be charged a $90 annual fee.)

- Boosting minimum payments and interest rates. (Although some have had to stop following public outcry.)

- Converting fixed-interest rates to variable interest rates.

- Levying extra fees on card holders who pay off their balance every month ..

Yeah, you read that last one right: next year, Bank of America is going to start charging people who pay off their balance on time."

Read more: http://www.sfgate.com/cgi-bin/blogs/...#ixzz0V4vqxSRO

What a bunch of ...holes!!!

2+2 · 10-26-2009, 05:57 PM

Ya gotta admit these bankers have an interesting way of saying thank you.

In all seriousness though, I'm amazed at how stupid they are. Don't they realize that pushback is the only way anything political gets done in this partisan environment? The more the bankers show they have no pride, or remorse for what they've done or common decency the greater the pushback and the greater the likelihood that congress will bite the hand that feeds them and let them know that the frat party is over.

BailOut · 10-26-2009, 06:38 PM

In the consumer/credit culture that we live in, the best way to tell a company that you do or do not like what they do is by either spending your money with them or withholding it. In other words, if you don't like what your bank or credit issuer or mortgage lender, etc. does find one that has policies and practices you prefer.

Moving accounts around can be a PITA, but once it's done life is better.

Kioshi · 10-26-2009, 07:06 PM

Fuck Visa and Mastercard...AMEX all the way :)

detroiter · 10-26-2009, 07:09 PM

They are only pissing people off even more. Once I pay the rest of my card off soon, I'm done with cards for a LONGGGGG time

EleKid · 10-26-2009, 07:14 PM

This is really scary. Banks are going insane

Kioshi · 10-26-2009, 07:15 PM

Quote:

Originally Posted by detroiter

They are only pissing people off even more. Once I pay the rest of my card off soon, I'm done with cards for a LONGGGGG time

you're going to cancel your card/s?
That would effect your credit score... :(

*tomato* · 10-26-2009, 07:18 PM

At $90 a year, I would cancel in a heartbeat.

2+2 · 10-26-2009, 07:27 PM

Quote:

Originally Posted by tomato

At $90 a year, I would cancel in a heartbeat.

You can't charge $2400 annually until sanity comes back into style?

Groceries alone might get you there and there's quite a few bills you can use a credit card for like utilities. Of course gas for your car, oops it's a Yaris, sorry. It does hurt your credit score to cancel cards.

*tomato* · 10-26-2009, 07:36 PM

Yeah, I suppose I can, in fact, I probably charge more than that annually, especially when traveling.

It's just the principle that makes me

In addition to my regular credit card, I had a "safety " credit card, you know the one you don't use but you keep at home in case you lose your job or something. I ended up canceling it one year when Barclay's (i'm pretty sure it was them) wanted to charge me $75 for the non-use, because I hadn't used it in a year. I also went and canceled all my extraneous credit cards that year (macys, sears, etc.) and just kept the one I use now. I didn't know it went on my credit score. My credit is still OK, though (the dealership ran a check when I went to get the Yaris) plus I continue to get these "pre-approved" offers in the mail (in fact AMEX sent me one last week) so it couldn't be that bad.

Good to know, though, thanks.

TinyGiant · 10-26-2009, 07:45 PM

i dream of a day when all my cards are paid off. I have two of them canceled right now and am just hacking away at the ballances .. i have one that is still functional

*tomato* · 10-26-2009, 08:00 PM

yeah, credit cards are evil.

If you don't pay them off on a regular basis, they'll eat you alive.

Now I'm really careful with that because the interest rates are insane.

TinyGiant · 10-26-2009, 08:06 PM

the reason i closed mine is because the credit card company sent me a letter saying . keep the card and have an interest rate of 22% or cancel the card and keep your 5%

so i canceled them. then called and said I was having trouble keeping up and they dropped one card to 0% for a year and the other stayed at 5%

the crappiest thing is one of thecards is maxed from fixing the jeep i no longer have :(

i had to replace the tranny, brakes and windsheild. then like 4 months later because of the gas prices I unloaded it to get the yaris..

makes it even more defeating to keep paying it lol

YarisSedan · 10-26-2009, 10:33 PM

Ooh man this pisses me off even more at boa. I already have issue with them charging fees for having a checking account now. I cant wait to cancel all my accounts with them checking savings and credit card and move my money elsewhere. Once i get my american express blue cash i plan to use that instead of my bank of america visa. Sad thing is not all places take amex and if i cancel my visa i wont have a backup. Well i do have another card but thats a discover and the places that dont take amex usually dont take discover either. So dosnt help.

brotan1x · 10-26-2009, 11:05 PM

This will be regulated.. I think the financial institutions are trying to see what they can get away with. They will be smacked across the face very soon.

TinyGiant · 10-26-2009, 11:09 PM

we need a reset button :)

Kioshi · 10-27-2009, 12:36 AM

you mean a delete button, get rid of plastic money....
i tend to make the same mistakes over and over again haha

TinyGiant · 10-27-2009, 12:48 AM

true lol

10-26-2009, 05:57 PM	#2
2+2 Drives: 09 3Dr Manual Join Date: Jul 2009 Location: Michigan Posts: 210	Ya gotta admit these bankers have an interesting way of saying thank you. In all seriousness though, I'm amazed at how stupid they are. Don't they realize that pushback is the only way anything political gets done in this partisan environment? The more the bankers show they have no pride, or remorse for what they've done or common decency the greater the pushback and the greater the likelihood that congress will bite the hand that feeds them and let them know that the frat party is over. __________________ Just put the pedal down and let the devil take the hindquarters.

10-26-2009, 06:38 PM	#3
BailOut Steals terrorist's lunch View User's Garage Drives: 2007 Yaris Liftback Join Date: Mar 2007 Location: Reno, Nevada, USA Posts: 1,299	In the consumer/credit culture that we live in, the best way to tell a company that you do or do not like what they do is by either spending your money with them or withholding it. In other words, if you don't like what your bank or credit issuer or mortgage lender, etc. does find one that has policies and practices you prefer. Moving accounts around can be a PITA, but once it's done life is better. __________________ - Brian Share the Road I often carry 2 carpool passengers and mountain bikes or snowboards/skis over a 4,500 foot elevation difference. Click the graphic above to see my detailed mileage logs.

10-26-2009, 07:18 PM	#8
tomato Super Moderator View User's Garage Drives: Yaris 2DR LB 07, MT, Abs. Red Join Date: Feb 2009 Location: San Francisco Bay Area Posts: 5,155	At $90 a year, I would cancel in a heartbeat. __________________ Follow Bamboo the YarisWorld Traveler here

10-26-2009, 07:36 PM	#10
tomato Super Moderator View User's Garage Drives: Yaris 2DR LB 07, MT, Abs. Red Join Date: Feb 2009 Location: San Francisco Bay Area Posts: 5,155	Yeah, I suppose I can, in fact, I probably charge more than that annually, especially when traveling. It's just the principle that makes me In addition to my regular credit card, I had a "safety " credit card, you know the one you don't use but you keep at home in case you lose your job or something. I ended up canceling it one year when Barclay's (i'm pretty sure it was them) wanted to charge me $75 for the non-use, because I hadn't used it in a year. I also went and canceled all my extraneous credit cards that year (macys, sears, etc.) and just kept the one I use now. I didn't know it went on my credit score. My credit is still OK, though (the dealership ran a check when I went to get the Yaris) plus I continue to get these "pre-approved" offers in the mail (in fact AMEX sent me one last week) so it couldn't be that bad. Good to know, though, thanks. __________________ Follow Bamboo the YarisWorld Traveler here Last edited by tomato; 10-26-2009 at 07:57 PM.

10-26-2009, 07:45 PM	#11
TinyGiant Tiny Giant Clothing View User's Garage Drives: 2008 Blazing Blue Yaris 3D LB Join Date: Oct 2008 Location: Rochester, NH Posts: 3,394	i dream of a day when all my cards are paid off. I have two of them canceled right now and am just hacking away at the ballances .. i have one that is still functional __________________ Sold the yaris... rocking an 89 vw cabriolet now :)

10-26-2009, 07:06 PM	#4
Kioshi Heart Up! Vitz Drives: トヨタ Vitz Join Date: Jun 2007 Location: Fremont, CA Posts: 2,582	Fuck Visa and Mastercard...AMEX all the way :)

10-26-2009, 07:09 PM	#5
detroiter Drives: 2008 Polar White LB Auto Join Date: Oct 2008 Location: Metro Detroit Posts: 1,238	They are only pissing people off even more. Once I pay the rest of my card off soon, I'm done with cards for a LONGGGGG time

10-26-2009, 07:14 PM	#6
EleKid Eugenie たでし Drives: '09 Blazing Blue Liftback Join Date: Aug 2009 Location: Los Angeles, CA Posts: 302	This is really scary. Banks are going insane

10-26-2009, 08:00 PM	#12
tomato Super Moderator View User's Garage Drives: Yaris 2DR LB 07, MT, Abs. Red Join Date: Feb 2009 Location: San Francisco Bay Area Posts: 5,155	yeah, credit cards are evil. If you don't pay them off on a regular basis, they'll eat you alive. Now I'm really careful with that because the interest rates are insane. __________________ Follow Bamboo the YarisWorld Traveler here

10-26-2009, 08:06 PM	#13
TinyGiant Tiny Giant Clothing View User's Garage Drives: 2008 Blazing Blue Yaris 3D LB Join Date: Oct 2008 Location: Rochester, NH Posts: 3,394	the reason i closed mine is because the credit card company sent me a letter saying . keep the card and have an interest rate of 22% or cancel the card and keep your 5% so i canceled them. then called and said I was having trouble keeping up and they dropped one card to 0% for a year and the other stayed at 5% the crappiest thing is one of thecards is maxed from fixing the jeep i no longer have :( i had to replace the tranny, brakes and windsheild. then like 4 months later because of the gas prices I unloaded it to get the yaris.. makes it even more defeating to keep paying it lol __________________ Sold the yaris... rocking an 89 vw cabriolet now :)

10-26-2009, 10:33 PM	#14
YarisSedan Drives: 08 Yaris Sedan Join Date: Oct 2008 Location: California - Bay Area Posts: 2,773	Ooh man this pisses me off even more at boa. I already have issue with them charging fees for having a checking account now. I cant wait to cancel all my accounts with them checking savings and credit card and move my money elsewhere. Once i get my american express blue cash i plan to use that instead of my bank of america visa. Sad thing is not all places take amex and if i cancel my visa i wont have a backup. Well i do have another card but thats a discover and the places that dont take amex usually dont take discover either. So dosnt help. __________________ http://www.cardomain.com/ride/3210549

10-26-2009, 11:05 PM	#15
brotan1x The Mobile Computer Tech Drives: 2008 Toyota Yaris Liftback Join Date: Aug 2009 Location: DFW-Texas Posts: 51	This will be regulated.. I think the financial institutions are trying to see what they can get away with. They will be smacked across the face very soon. __________________ Brotan1x (Ed) - The Mobile Computer Tech The very existence of flamethrowers proves that some time, somewhere, someone said to themselves, "You know, I want to set those people over there on fire, but I'm just not close enough to get the job done." George Carlin (1937 - 2008)

10-26-2009, 11:09 PM	#16
TinyGiant Tiny Giant Clothing View User's Garage Drives: 2008 Blazing Blue Yaris 3D LB Join Date: Oct 2008 Location: Rochester, NH Posts: 3,394	we need a reset button :) __________________ Sold the yaris... rocking an 89 vw cabriolet now :)

10-27-2009, 12:36 AM	#17
Kioshi Heart Up! Vitz Drives: トヨタ Vitz Join Date: Jun 2007 Location: Fremont, CA Posts: 2,582	you mean a delete button, get rid of plastic money.... i tend to make the same mistakes over and over again haha

10-27-2009, 12:48 AM	#18
TinyGiant Tiny Giant Clothing View User's Garage Drives: 2008 Blazing Blue Yaris 3D LB Join Date: Oct 2008 Location: Rochester, NH Posts: 3,394	true lol __________________ Sold the yaris... rocking an 89 vw cabriolet now :)

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