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Sick of Hearing excuses about the economy?


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#1 Félix

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Posted 29 September 2010 - 01:56 PM

I'm tired of getting gouged only to hear "it's because of the bad economy." Just found out that one of my credit cards was upped to 25%. I've had this bank now for over 15 years...decided to get a credit card through them after financing a vehicle with them. Think they offered me a cash back card at 11% or so about 5 years ago? Then last year, I called to cash in points and they asked if I wanted to upgrade my card and they would offer me a 5.9% introductory rate for one year on the upgraded card. A couple of days ago, I was checking my statement like I do every month and noticed that I sure paid a lot in interest for that month and it didn't make sense. Realized that instead of 5.9 listed as the interest rate, it said 25%. I called my bank and they said that the introductory rate just ended, so I asked if they could offer me a better card or reduce my rate. They said that was the lowest rate for that card, but they could transfer me to another department that could help me maybe find a better card. They transferred me to someone who wanted me to apply for a personal loan. I told them that I didn't need a personal loan, I needed a credit card with a lower interest rate. He said with a rate that high, I'd better pay it off and they could give me a better rate with a personal loan. I told him if I wanted to pay it off, I would pay it off -- I don't need money, I need a credit card with a lower percentage rate. He said 25% was really high and I must have bad credit or have missed payments. I said that did not make sense as I am a new homeowner with a good credit score and I've always been on-time with my credit cards. He said it didn't make sense either and that I should talk to the credit card people. So he transferred me back. The credit card people said that 25% wasn't that high, and yes I've made all my payments and my credit score didn't matter in this case. They said that my bank raised everyone's interest rate because of the economy and a lot of people that were given introductory rates are calling in and most rates they see are in the 20s. I said this still didn't make sense as my credit card from a different bank is at 9% and it has been for several years. They actually suggested to me that I should probably use that card instead and go to a different bank for a credit card! They also said something about the governement making them review all credit card interest rates in February and that it would probably go down then.
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#2 jaded prol

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Posted 29 September 2010 - 02:01 PM

I'd transfer the balance to a better card and tell 'em to go fuck themselves.
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#3 TheGreenOne

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Posted 29 September 2010 - 02:27 PM

The phrase "introductory rate" is warning that they intend screw you after luring you in. Legit offers just tell you the terms and avoid the "hey, we're giving away candy, want some?" marketing tactics.

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#4 TheGreenOne

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Posted 29 September 2010 - 02:29 PM

Interest banks pay on CDs, 1.3%. Interest banks charge on credit cards, 25%. Cost of bailing them out when they can't get by on the difference, still to be tallied.

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#5 Félix

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Posted 29 September 2010 - 02:59 PM

The phrase "introductory rate" is warning that they intend screw you after luring you in. Legit offers just tell you the terms and avoid the "hey, we're giving away candy, want some?" marketing tactics.

This is Wells Fargo we are talking about. I prolly didn't understand at the time that it was "introductory," butt I suppose I should have paid attention to the fineprint they probably sent me later on. Butt still, you don't expect a Wells Fargo to bump you from 5.9 to 25%. I thought they just gave me a better card cuz I was a good customer...
Je ne vais pas parler l'anglais plus. Ce n'est pas la chouette ! - Félix

'Black Lickerish Tasting Crap™ was okay while it lasted...' - The Pope

"Is he still using roadside fennel?" - G&C

"I met The Lord™ once. I was completely unimpressed."
"I met Peter Shaft™ once. I was completely unimpressed."

#6 sixela

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Posted 29 September 2010 - 11:14 PM

Interest banks pay on CDs, 1.3%. Interest banks charge on credit cards, 25%.


Interest banks charge on credit cards over here: 0%. It's all financed by whoever you're paying with a credit card.

#7 Kirk

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Posted 30 September 2010 - 05:28 AM

Really? interesting. Do you get miles?
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#8 G&C

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Posted 30 September 2010 - 05:52 AM

The credit scam in this country is worse than the auto insurance scam.

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#9 TheGreenOne

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Posted 30 September 2010 - 06:37 AM

Wells Fargo, no wonder. They also rip off merchants on the card processing side (they operate that business under a bunch of different names.)

Charge.com Payment Solutions, Inc. is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA.

Paynet Systems is a registered ISO/MSP of the following banks: Wells Fargo Bank, N.A.-Walnut Creek CA.

© 2009-2010 First Data Corporation. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. The First Data Independent Sales Agent Program is operated by Cardservice International, Inc. Cardservice International, doing business as First Data Independent Sales (FDIS), is a registered ISO/MSP of Wells Fargo Bank, N.A.,

MerchantWarehouse.com is a registered ISO/MSP of the following banks: US Bank-Minneapolis MN, HSBC Bank USA, National Association Buffalo, NY, and Wells Fargo Bank, N.A.-Walnut Creek CA.

CardSmart Merchant Services, Inc. is a Registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA


Technically, the above companies (and many others) are all independent.

Maybe a local credit union would provide a better deal.

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#10 Félix

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Posted 30 September 2010 - 08:34 AM

Interest banks charge on credit cards over here: 0%. It's all financed by whoever you're paying with a credit card.

Is it because of government regulations? Then we are probably subsidizing some of that. Seems to be what americans do best, subsidize the rest of the world.

Edited by Félix, 30 September 2010 - 08:36 AM.

Je ne vais pas parler l'anglais plus. Ce n'est pas la chouette ! - Félix

'Black Lickerish Tasting Crap™ was okay while it lasted...' - The Pope

"Is he still using roadside fennel?" - G&C

"I met The Lord™ once. I was completely unimpressed."
"I met Peter Shaft™ once. I was completely unimpressed."

#11 Félix

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Posted 30 September 2010 - 08:43 AM

When I moved to Arizona, there were basically two main banks around town. Wells Fargo and Bank of America, I think. Well, actually there were four, but Wells Fargo was buying one out and Bank of America just bought the other one. My Seattle bank didn't exist down there, so I needed to switch. It seemed really strange because in Seattle, we have probably 10 or more big banks to chose and we had even more back then (before all of the bank buyouts.)

Most of the ATMs where I lived and around where I worked seemed to be Wells Fargo and the closest bank to my house was Wells Fargo, so that's what I chose.
Je ne vais pas parler l'anglais plus. Ce n'est pas la chouette ! - Félix

'Black Lickerish Tasting Crap™ was okay while it lasted...' - The Pope

"Is he still using roadside fennel?" - G&C

"I met The Lord™ once. I was completely unimpressed."
"I met Peter Shaft™ once. I was completely unimpressed."

#12 sixela

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Posted 30 September 2010 - 12:49 PM

Interest banks charge on credit cards over here: 0%. It's all financed by whoever you're paying with a credit card.

Is it because of government regulations?

No. It's because people have lots of savings, so if they tried to charge anything nobody would be using the cards. The downside for the fact it's free is that to get any large limit you not only have to have a good credit rating but actually a lot of money on your current account. It's "free" but the banks don't want to take *any* risk.

Actually, we still use the cards very little, so they give us €5 vouchers to use in selected shops for every €1K spent using credit cards.

The banks are content to siphon off 1.5-3% from whoever accepts credit card payments (that, and the fact that they're only reimbursing the vouchers partially, pays for the vouchers).

#13 Félix

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Posted 01 October 2010 - 08:47 AM

HA! Wells Fargo sent me a promotion in the mail...something like 'Need a break from all of the high interest rates...' Offering me 2.9% on balance transfers. Yeah, like I'm going to transfer anything to a 25% APR card! But wood they let me transfer this account to 2.9%...the fineprint said NO!
Je ne vais pas parler l'anglais plus. Ce n'est pas la chouette ! - Félix

'Black Lickerish Tasting Crap™ was okay while it lasted...' - The Pope

"Is he still using roadside fennel?" - G&C

"I met The Lord™ once. I was completely unimpressed."
"I met Peter Shaft™ once. I was completely unimpressed."

#14 gasspectro

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Posted 02 October 2010 - 10:48 AM

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#15 Louched Liver

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Posted 04 October 2010 - 10:32 AM

Debit cards only and no credit lines except the house since my bankruptcy in '90.

Lesson learned.
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