Credit Card change of terms

[Talent312]

I recall tangling with a bank over a balance-transfer with a teaser rate of 0%. They gave me the 0% on what I transferred, but then tried to charge me interest on the amount of the BT-fee, claiming that "bank fees" were not included.

I second the endorsement of credit unions. Unfortunately, their CC's typically don't carry reward benefits.

 

[stevedmatt]

You can blame them for enabling people to run up large balances that probably shouldn't have had a card to begin with,

I agree that people need to take some responsibility for their actions. CC companies for the longest time allowed people to have way more debt that they were able to handle properly. By properly, I mean being able to pay it off in a timely manner. So essentially, it is the credit card company's fault for giving them such a high balance.

You don't have to accept their new terms, you can cancel the account. Yes, it may harm your credit rating slightly, but the new terms may cause you to default if you already have a large balance. That would hurt your credit rating much more.

I guess I am one who understands all the changes the CC companies are making. The way they are conducting business now, with higher monthly payments, is a much more responsible business practice. Cutting credit lines is also something that has needed to be done for years. A large portion of bankruptcies were due to credit companies allowing consumers to charge way too much.

Maybe some of you would be happier with other credit card companies, but you may find that they aren't as interested in your business as they once were before. I may be alone in thinking that these companies are finally looking out for our best interests.

 

[Rose Pink]

I second the endorsement of credit unions. Unfortunately, their CC's typically don't carry reward benefits.

Fortunately, mine does. I have a no annual fee Visa card through my CU that pays cashback rewards once a year. I'm sure I could get a better rate of reward if I was willing to juggle many cards but I'm not. I like simplicity and this one works for me. Visa is accepted almost everywhere and I use it to pay for almost everything. I pay off the balance each month so I have no fee, just cash back each year. I like getting paid to spend money.