Posted on 02/10/2008 5:20:35 AM PST by grey_whiskers
I was always told that you could negotiate a better interest rate so I tried it. We have excellent credit and our interest on our CC was very high so I called them and told them we had a good credit rating, always paid on time,etc and I thought we deserved a better interest rate. The rep said he absolutely agreed and how did 9% sound. I said that sounded good. Next month when we got the bill the interest rate stayed the same. I called again. Got the same answer. Next month the bill came in; no change. So bottom line is they say they will reduce your rate but they don’t.
Credit cards, debit and cash on average are as fast as each other. People who pull out change instead of just bills can definately slow down the process but not always. Really depends. We timed around 5,000 transaction last year and only checks had a significantly higher checkout time (avg about 10 seconds more).
Bank of the Americas .... new name
One of the oldest tricks in the book. Say “yes” but do “no”. You can keep someone chasing their tail for a long time with that one. Another of the great old tricks is to blame it on “them”.
Crooked companies like BoA count on this...
Which is the lowest interest credit card, does anyone know?
Who was it said nearly a hundred years ago that a bank is someone who will loan you an umbrella when the sun is shining then as for it back when it starts to rain. Amen!
I gues their mortgages t illegal aliens has backfired and they need the money.
I don’t know who said it but what can a bank really do if they give you a credit card which is unsecured? They can threaten you, get collectors to call but I thought they charged this stuff off after three or six months. Not to mention it stays on one’s credit report.
I'm one of those "deadbeats." My credit score is above 800, I pay my bills off IN FULL every month and have for years. My mortgage is about paid for, I owe nothing on both my vehicles, just over 2 years old each.
Having said that, I've had credit card companies refuse to re-issue new cards to me once my old cards (both with 7.99% fixed rates) refuse to issue me new cards.
Their reason: I wasn't a profitable customer.
Keep in mind that with each transaction, the credit card companies get 2.5% - 4% of the value of the transaction from the merchant. Since I use my credit cards for everything, they were actually making quite a good chunk of change off of me. But the greedy bastards want me to pay interest on a balance, which I refuse to do.
Bank of America was one of those banks. Chase was the other. I dumped both cards. I have one credit card via Capital One, fixed rate, 7.99%. They gave me the same deal that BofA and Chase did, prior to both of them yanking their low interest credit cards because they got greedy. I still won't carry a balance, and now pay cash (debit card) for most everything.
use to run my business with a BOA card. Cut it up for a similar reason in 2007 and will never use them again.
Yeah, me too. They bury it in on of those "changes in terms and conditions" letters they send in the mail. I used to throw them away without reading them. Thanks to BOA, It's lessoned learned for me.
not just giving checking accounts, etc. to illegals, but when they are notified by the rightful “owner” of the social used to open the account, they do NOTHING.
This happened to my son when he turned 18. Not only was the bank made aware, their procedure is to ask for documentation from both. My son was there the same day to get this resolved. Not only did the bank lose the paperwork twice, when it was finally submitted a 3rd time, their policy is apparently to still do NOTHING.
A few months ago, my son had to replace is debit card. He got his replacement, with the illegals picture on it again. (This is how he found out there was a problem to begin with.)
The banks response this time? “It’s not the responsibility of B of A to enforce the law”. His only solution is to file complaints with the Social Security administration.
Bank of America became the buyer of two credit cards I had that were issued by MBNA. Two months ago BOA raised the interst rates on these two cards to 29.99%. The balances were not even close to my credit limit and I have not had a late payment on any type of debt in the past 7 years. In fact my credit score is quite good and other credit card issuers are charging finance rates to me barely over single digits.
I called BOA and asked their reasoning, they sent me a form to fill out to request a decrease in rates, which I returned to them. 30 days later they responded with a negative.
Well....I paid off the two cards in full and will never use BOA for any purpose, ever again.
Merchants do pay 2-4% on each transaction but it’s split up 3 ways: Merchant’s processor, the credit card namesake [Visa, MC, Discover, Amex,etc], and finally your card company.
The fear of a bad credit rating is a powerful incentive to pay bills promptly. Once you HAVE a bad credit rating, they can't do much more to you. If the debt is tied to a house or car, they can repossess that, but they can't repossess credit card debt. Jacking up the interest and putting the screws to the debtor WILL result in far more defaults. The banking industry seems intent upon creating a meltdown. Instead of working with debtors, they're mashing them, and debtors WILL quit paying bills at all, once their credit's already crashed.
Whats the coffee for?
Time to do a little housecleaning in my wallet.
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