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YouTube credit card rant gets results

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posted on Sep, 29 2009 @ 12:53 PM
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YouTube credit card rant gets results


money.cnn.com

Ann Minch said Bank of America 'jacked up' the interest rate on her credit card to 30%. After her video went viral, the bank slashed her rate back down to 12.99%.
(visit the link for the full news article)


Related News Links:
www.abovetopsecret.com




posted on Sep, 29 2009 @ 12:53 PM
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WOW!

Remember this thread:

www.abovetopsecret.com...

Well, guess what?

The evil, thieving bastards decided to slash her rate back down to 12.99%

My question is:

Did they slash the rate because they think it was the right thing to do?

or even better ...

Did they slash the rate just to silence her because of fear that thousands of people would follow her example and start revolting?

What's your take on this?



money.cnn.com
(visit the link for the full news article)

EDIT: For spelling
[edit on 29-9-2009 by joscarfas]

[edit on 29-9-2009 by joscarfas]



posted on Sep, 29 2009 @ 01:08 PM
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reply to post by joscarfas
 


Definitely the latter. They slashed it to save their image and to make it seem like they actually cared about their customers. They care nothing about us and only want our money but if you get the attention of a lot of people like this woman did they will do their best to pay you off and restore their image.



posted on Sep, 29 2009 @ 08:09 PM
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it works. rinse and repeat

2nd line



posted on Sep, 30 2009 @ 12:30 AM
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reply to post by joscarfas
 


They could care less about the right thing, they did it to try to save face. They're trying to stop others from doing the same.

The banks are doing something else to stick it to customers now. They are allowing people to overdraft on their debit cards so they can charge them an over the limit fee. It used to be that if you didn't have enough in your account it wouldn't go through, but now they let it. They let one guy unknowingly overdraft on his debit card three times in the same day. They're tryin to stick it to us every chance they get.



posted on Sep, 30 2009 @ 12:43 AM
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I work for one of the larger competitor credit card companies and they are doing a sweeping change in terms as of this month.

Some of the accounts being skyrocketed up to 29.99% have been with the company for decades and have never paid late or gone over their credit lines.

People will eventually learn that these goliath credit card corps do not care about you...they don't. They could care less if you starve or lose your home. They will ruin your credit with no hesitation whatsoever.


They can jack your rate with little or no notice, and in many cases refuse to even consider changing it back.

This is the definition of financial usury and it is criminal. And they get away with it every single day.

[edit on 30-9-2009 by BlackOps719]



posted on Sep, 30 2009 @ 11:40 AM
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reply to post by BlackOps719
 




Some of the accounts being skyrocketed up to 29.99% have been with the company for decades and have never paid late or gone over their credit lines.



I'm one of these people, never late, never over the limit, always paid over the mimimum payment. But that didn't stop them from raising my interest rates from 9.99% to 29.99% awhile back. I called, i wrote, nothing worked they simply refused to change it back. So i stopped making my payments, it's bad enough that the government has forced me to bail them out, i refuse to let them force me to bail them out further with these insane rate hikes. I've already given up enough, i'm not about to go hungry for them.

They're gonna push too many people too far and those that have no property, or are already losing their property will simply refuse to pay.



posted on Sep, 30 2009 @ 11:47 AM
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I was one day late on a payment on my BoA visa and they jacked my rates up. I simply called them and told them that 30% was too high and that I would DEFAULT if they did not reduce the rate back to it's previous level. Guess what....they did it without question. Not to save face, but to save a customer...but more importantly, I dropped the D-word on them...that's like cryptonite to bankers.

Just my 2-cents



posted on Sep, 30 2009 @ 11:58 AM
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Let's not forget that when a CC company changes their terms, we consumers always have the option to "not accept" those terms. You have to submit to them, in writing, a letter stating that you don't agree to the new terms, and then they can't change them on you.
Simple as that.
You can usually find instructions on doing this somewhere buried in the fine print of the letter they send you that has the "changes" to your account in it.

There is a catch, though. Typically when you do this, you have to pay off your balance within a certain time frame. IIRC, for me it was the date that the card was valid until. I was able to use the card up to that date, with the original interest rate, but after that date, the balance was due, and the card was no longer valid.



posted on Sep, 30 2009 @ 02:16 PM
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Honestly, I stopped using them.

Both, Credit Card companies and banks are out of my daily routines.

Believe me, you don't need them ... Many people have been brain washed into this thinking that this financial institutions are necessary in your daily life, when in fact they're not.

You can do just as fine without them.

These institutions are created to destroy the average individual. They are designed to squeeze as much as they can from you, specially when they see your CC is maxed out or when they see a small balance in your checking account ... Why do you think they move cycle dates around.

When you live paycheck by paycheck you're creating a pattern. I'm pretty sure they use some kind of software to determine in advance when is the next time you're gonna be tight, that's when those small transactions happen to take a little longer than usual to be processed, sometimes up to 3 days. Could it be that the pattern recognition software is kicking in at that time? I may be wrong, but honestly, based on personal experience I believe these banks and companies are just designed to make a profit out of you.


Have you ever notice how this $30 + fees hit your bank account one after the other specially when you happen to be on a tight budget? Check your cycle dates: Maintenance fee, automatic saving transfer, that 1.25 sandwich, that cup of coffee you paid with the debit card, that so called "Keep the Change" scheme, all these things are designed to screw you up at the end. Pay close attention and you see what I mean.

You can live just as fine without their services, but their propaganda makes you believe that you CAN'T.

[EDIT] For last line

[edit on 30-9-2009 by joscarfas]



posted on Sep, 30 2009 @ 02:23 PM
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reply to post by BlackOps719
 


My roommate has had two of his credit card companies raise hit rate to about 28% without notice. He has never been late or missed a payment and has had them for years. One company completely lied and told him that he was late and said it was posted on a date that was a Sunday! Um banks are not open on a Sunday. After he brought this up to the higher ups they instantly changed it back and said nothing further. They were caught making fraudulent claims and knew it so they did whatever he asked. This is why I dont have ANY credit cards. I dont trust these places! They are thieves!!



posted on Sep, 30 2009 @ 02:30 PM
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reply to post by mblahnikluver
 





My roommate has had two of his credit card companies raise hit rate to about 28% without notice. He has never been late or missed a payment and has had them for years. One company completely lied and told him that he was late and said it was posted on a date that was a Sunday! Um banks are not open on a Sunday. After he brought this up to the higher ups they instantly changed it back and said nothing further. They were caught making fraudulent claims and knew it so they did whatever he asked. This is why I dont have ANY credit cards. I dont trust these places! They are thieves!!


The worst part is that many people still use them even if the rates or fraudulent charges were not reversed. That's what keeps them going with this scheme.

Unlike your friend some other people is not that 'lucky' (if we could call it that), they get stuck with that high rate and their monthly payments become impossible to keep up with.



posted on Sep, 30 2009 @ 03:48 PM
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My wife and I use a card in a way that they hate most. We go use the card to get purchases here or there then come straight home and pay it off. We do this for the rewards thing before we get charged any interest.

That credit card has given us a date night (when the son is staying overnight with grandma) many times over. It is great when you can take from those who normally take from everyone.

Other than for that reason we really do not use credit cards. We have used those such as a Lowes card with one year 0% in order to pay for large things such as a new stove and microwave. But that sort of thing gets paid off the following tax season.

If you want to be able to pull the strings on the cards you first must owe them nothing. Then you can call and say you will cancel their services if they do not lower the rates or work with you in some way. Once my wife had one credit card confused with another and went to cancel and this bank was literally trying anything to save her account, in the end though they got sent packing.

Raist



posted on Sep, 30 2009 @ 04:10 PM
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reply to post by Raist
 



Us too! One card gives 3% back on gas, oil, other car related stuff, so of course all those things go on that card. Card gets paid off monthly, so we pay no interest.

All the other bills get put on another card that gives 1-3% cash back, and also gets paid off monthly.

I accidentally let some balance get by one month this year on a card, because I forgot to update the payment amount and it cost me a few bucks of interest. It hurt. I literally feel physical pain when paying interest. ;-)

We carried balances on 0% introductory cards for a number of years, and made sure those were paid off before the intro rate expired.

Come to think of it, those 0% rate offers sure dried up fast after Q4-08 for some reason, har har!

Moral of the story is interest is good, when you're on the receiving end...



posted on Oct, 1 2009 @ 03:03 PM
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reply to post by tjack
 


Yeah, I have not seen any 0% since at least mid 08’ maybe earlier.
We normally do not even carry the balance much more than a day. The rewards go on the account as soon as you use the card so we do not worry about keeping it very long on the card.

My understanding though is this rewards thing may not stick around after legislation passed this year. It seems that those of us who pay off the card beforehand might end up getting screwed. I could swear they said the interest was going to start appearing the same day of purchases. I cannot remember all the stuff they were talking about with the new legislation, they run their mouth so often about stupid things it is hard to keep up.

Raist



posted on Oct, 1 2009 @ 03:33 PM
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I like how she says she can get a better rate from a loan shark. Interesting to see what would happen if she was late with payment(s) or defaulted all together.

Really the rule is if you can't pay of your Credit Card every month you shouldn't have one period.

Like all contracts read the SMALL PRINT. I went to Bank of Americas Card site and there are the rates clear as day.



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