Posted on 08/14/2009 5:42:12 PM PDT by drdemars
Notice of Change in Terms, Right to opt out and information update. Dear Valued customer, We are changing your card agreement. Annual U. S. Percentage Rate plus 21.99% AprR is now 26.42%
26.42%. The Mafia should be so lucky to charge rates like that.
Consumer spending is down!!!
Of course the 25% interest rate on credit cards have nothing to do with it.
I know people should pay their cards off at the end of the month and all, but it doesn’t always work that way and at 25%... I’ll do without.
And now that Walmart has done away with layaway, they will most likely feel a slight pinch come Christmas.
>> I have held a Sears card since 1965 and called in and opted out.
Thank goodness! You’re doing the right thing. You don’t like the deal, so, no sale.
I confess, when I saw your post I thought you were going to whine about how you wuz being robbed and how society owed you cheap credit card rates (and unlimited free credit, but with no recourse) like some do on this site.
Happy to see I was wrong.
Good on you!
When I realized that Home Depot consumer credit cards were from Citibank, I closed my account.
My father has a card from them, but never used it in the last 10 years. American Express also shafted me. There is a story on the Consumerist on this issue as well.
I use my American Express due to per cent back on purchases but never leave a balance owing at end of Month.
Also Citti adds a 5% fee of cash transactions which puts the rate at 27.15%.
They are just staying ahead of the hyperinflation curve!
Lowe’s is worse. General Electric runs Lowes credit card business. I bought a refrig there and opened a Lowes card to get 10% off. I paid it off in the first payment and will cut it up and send it back.
I saw Lowes on all the paperwork and never saw GE. GE and their companies MSNBC, CNBC, NBC and Universal are SCUM.
I see now that Citi Bank is spelled with one t. and home office is in South Dakota. Must have lax banking laws in the state. I also have a Home Depot Commercial Card and think I will cut that up as well. Feels good!
Does this really happen?
“Does this really happen?”
Every single day
And the Merchants are also getting nailed. I have 3 Merchant accounts and the monthly fee was recently doubled on two of them. Gonna drop one of them by the end of the month.
Last week I got a letter from American Express stating that they were going to raise the rate on my card as well as a couple of fees. Since I always pay off the balance before a charge kicks in it won’t effect me. I did find it curious, though.
Also, I keep reading about credit card companies dropping people or cutting their credit, but American Express keeps offering me a fancy gold card. I am sticking with the no annual fee transparent card instead of paying $150 a year for some gold paint on plastic.
I’ve stopped shopping at Sears all together because of 1) their extremely poor customer service and 2) their always looking for a way to slip something by the customer that ends up costing money.
Just dropped both of my credit cards. My debit card is all I need. One of the cards (Household Bank) was a great company to deal with-I almost hated to leave them. But the other (I won’t mention the issuer’s name) SUCKS! Moved my due date up 5 days and I was late on my payment. When I called to cancel the account, they denied that it was intentional!
I will be paying off both of my hubby’s cards by the end of this month. We will be out of debt except for mortgage.
We owe about 40grand on that.
Hey, I just dug my Sears CC notice out of the recycle bin and noticed the opt out number (877-718-2851), otherwise known as the cancel credit card number.
Been looking for an excuse to cancel anyway. Just got the card for some promotion or other a long time ago. Besides, if I cancel, then eventually they’ll probably give me some great incentive to get a Sears Credit Card! :):):)
Hey, I think I’ll dig out all of my cards from other stores and nuke them too while I’m at it. Think I’ve got a whole stack of ‘em in my socks drawer. Then all those stores will eventually offer me some kind of great deal to get one of their credit cards too!
Pay your bills and you don’t have to care what the card rate is.
Anyone that uses a Credit Card and doesn’t have the money in the bank is flat stupid and deserves to be charged whatever the card comany wants!
we need a full blown depression to wipe out everyone living on credit!
Um, the entire government runs on credit. Do you think the Federal reserve (privately held banks, not part of the gov’t) is lending to the Treasury based upon actual assets and not merely ‘the full faith and credit of the United States of America’?
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