American Express

[~PalmTreeGurl~ 154]

Interesting... I get my bill in the mail from American Express and now the interest rate went up from 11.9% that Ive had for about 7yrs up to 14.50%

all due to the economy so the Rep tells me... I pay my bills on time or early, I always pay a few bucks extra, and never go over my limit EVER and now I get screwed with higher interest rate bcz of the economies issues or American Expresses own issues!? Not cool A/E !

[~PalmTreeGurl~ 154]

oh and btw, they tell me they mailed me a paper saying that in AUGUST... when I moved from ATL to Houston... I wonder why that is the ONLY piece of mail I never got!

[one...two...tree 2,762]

Try 26.99%. That's what my Tire Card (Discount Tire) is going to go up to. They were running a promotion of no interest for the first 120 of purchase for awhile, so I imagine this is how they're going to try to recoup the cost of that promotion.

[웃 910]

Try 26.99%. That's what my Tire Card (Discount Tire) is going to go up to. They were running a promotion of no interest for the first 120 of purchase for awhile, so I imagine this is how they're going to try to recoup the cost of that promotion.

I got a Home Depot card the other day. 25.99%. Same promotion. No interest if paid in full within 6 months. Plus $25 off first purchase.

[~PalmTreeGurl~ 154]

Walmart is offering no interest for 12 months if you spend $299 or more and pay it off in the 12 months.

Im still thinking its ridiculous that American Ex upped the interest rate on me!

[Dan J 277]

With all the bankruptcies, they need to recoup their losses. So everyone else pays more. Maybe next time they will learn their lesson and not give credit so freely. Which is better in the long term anyway, economic growth based on consumer credit is not sustainable.

[scandal 951]

With all the bankruptcies, they need to recoup their losses. So everyone else pays more. Maybe next time they will learn their lesson and not give credit so freely. Which is better in the long term anyway, economic growth based on consumer credit is not sustainable.

I don't agree with that at all. Efficient credit markets have been a part of economic expansions from the Middle Ages, if not earlier.

Of course, irresponsible credit leads to grief. Grief for the lenders who don't assess risk properly, ditto for the borrowers.

But credit used responsibly leads to the efficient circulation of capital between those with an excess (investors) and those with a need to apply that capital to judicious uses (business expansion, home ownership, etc.)

[Niels Bohr 72]

I would tell them, buzz off....no more credit card for me

to be honest, I haven't used the credit card in like 4 years

Edited November 20, 2009 by Niels Bohr

[one...two...tree 2,762]

(Isn't nice to know who's on your side?)

GOP Blocks Dodd Bill to Freeze Credit Card Rates

[Nikita2Charles 32]

Most of the credit card now are pushing hard with the higher interest rate before the new consumer protection law kicks in.

One Card was reduced from $25,000 to 5,000

Even though never been late and always paid on otime,

when i call them up, the reason they gave, i under utilize the card , I don't charge enough, crazy

Another card cutting down the limit by 7000, so even with Good credit history, the banks are limiting severely the amount the credit their consumers have on their credit card.

So for someone whose close to their credit line, it can be a headache and you could exceed your limit without knowing, their excuse we would waive the fee since it's our fault, we'll give you the chance to bring your acccount under the limit

[Sandrila 1]

Hey Tamara

I got a letter in the mail from one of my credit card companies too, not AE but another one and it was about changes to be made. The increase is about the same as yours....really sucks.

I am working to just pay that freakin thing off and be done with it!

THIEVES

Niels I too didn't have a credit card for like 10 years.

Then finally I needed one and decided to try my hand at it again....regretting it

[~PalmTreeGurl~ 154]

Well, in some ways Im glad Ive had a credit card bcz it was there when I needed it for doc bills or car breaking down... BUT... I had no problem when I knew where the interest rate was where I agreed to... to just up and change the interest and I didnt do anything wrong... that makes me mad. Since I've moved to Houston Ive been doing great paying down one of my cards. Im working on the one with the smallest interest and amount first and once that is done Im working on the 2nd, unfortuneately for AE I owe the most so I only pay a few extra bucks over the minimum. I didnt appreciate the hike in interest without my knowledge and I feel penalized for nothing!

[SMOKE 1,426]

(Isn't nice to know who's on your side?)

GOP Blocks Dodd Bill to Freeze Credit Card Rates

yes it is-below is from the link you posted.

It’s worth mentioning that the Democrats — folding to pressure from the banks — were themselves responsible for delaying those reforms, which were initially proposed to go into effect much earlier this year.

[SMR 368]

With all the bankruptcies, they need to recoup their losses. So everyone else pays more. Maybe next time they will learn their lesson and not give credit so freely. Which is better in the long term anyway, economic growth based on consumer credit is not sustainable.

I don't agree with that at all. Efficient credit markets have been a part of economic expansions from the Middle Ages, if not earlier.

Of course, irresponsible credit leads to grief. Grief for the lenders who don't assess risk properly, ditto for the borrowers.

But credit used responsibly leads to the efficient circulation of capital between those with an excess (investors) and those with a need to apply that capital to judicious uses (business expansion, home ownership, etc.)

Yes, credit used responsibly leads to economic growth. That is different than consumer credit. Credit that leads to economic growth is money that is borrowed to fund businesses, ventures, and construction. The ability to buy a flatscreen TV on credit without a dime down doesn't lead to economic growth. I would never buy something that depreciates on credit with the possible exception of a car if I needed a car for work, etc. and didn't have other options.

[Heracles 417]

The lending industry here is like the Wild Wild West, especially the credit card industry who can change the terms at will. If someone signs up to a 5.99% promotion rates, unless they default, this should be the rate for the entire duration.

No bank in Europe or, Canada or Aus has the power to put xyz in the T&C and then wash their hands. It does not work that way there. Independent government consumer bodies are able to outlaw unethical practices; that is, practices detrimental to the citizens of their country. That does not mean they cannot make a profit by loaning money, what it does mean is that they cannot pull US credit style shenanigans. Or better yet, setup in your Dakotas or Delaware and exploit their loopholes.