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12-12-2008, 09:34 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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GM Card APR.......
So, I have had a GM card since 1992, when they started the program. It's run by HSBC bank. DW and I have used it to buy 2 GM new cars, saving $1500 on one and $3500 on another, by paying off the card each month but earning rebate dollars.
We have a line over $25K and no money on it. I called the GM card folks after I received a letter that they were "changing my terms". Typically, my interest rate had been higher than my other cards, but not much.
I was informed that my "new" APR is 27.99%. Keep in mind we have no balance on this or any other card. It doesn't affect me, since we pay in full, but I wonder how HSBC and GM thinks this will help.
Our credit score is over 800, we have NO credit card debt, and our interest rate is still 27.99%. Wonder how the folks who have tapped their GM card can afford it........ I contacted GM and asked about it, and they told me they were denying my request for a lower APR. Hey, at least I tried on principle...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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12-12-2008, 09:36 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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In some cases they are slitting their own throat. When you're struggling because borrowers can't pay you back, you make it harder for them to pay you back?
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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12-12-2008, 09:40 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Citibank dropped my APR, I guess they have a lot of extra TARP money to help me........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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12-12-2008, 10:00 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,297
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Quote:
Originally Posted by FinanceDude
So, I have had a GM card since 1992, when they started the program. It's run by HSBC bank. DW and I have used it to buy 2 GM new cars, saving $1500 on one and $3500 on another, by paying off the card each month but earning rebate dollars.
We have a line over $25K and no money on it. I called the GM card folks after I received a letter that they were "changing my terms". Typically, my interest rate had been higher than my other cards, but not much.
I was informed that my "new" APR is 27.99%. Keep in mind we have no balance on this or any other card. It doesn't affect me, since we pay in full, but I wonder how HSBC and GM thinks this will help.
Our credit score is over 800, we have NO credit card debt, and our interest rate is still 27.99%. Wonder how the folks who have tapped their GM card can afford it........ I contacted GM and asked about it, and they told me they were denying my request for a lower APR. Hey, at least I tried on principle...........
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Pay in full each month? You're a deadbeat! (in card terms). me too. Figure the card companies are trying for as much lucre as they can get before they get regulated and the interest rates get slapped down....
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12-12-2008, 10:04 AM
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#5
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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That's hysterical, but since you don't carry a balance, you're still winning by getting the rebate.
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12-12-2008, 10:23 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by calmloki
Pay in full each month? You're a deadbeat! (in card terms). me too. Figure the card companies are trying for as much lucre as they can get before they get regulated and the interest rates get slapped down....
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I have 3 cards, and $83,000 in credit lines, with a $0 balance. Man, my utilization ratios are whacked........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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12-12-2008, 01:23 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by Bestwifeever
That's hysterical, but since you don't carry a balance, you're still winning by getting the rebate.
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It just got better, I got an e-mail alert today that my credit limit on my GM card has been DECREASED to under $20K. I found that out when I called to activate the new cards they sent me.
That settles it, I AM a DEADBEAT. They raised my APR to 28%, lowered my line by $8000, I guess I better foreclose on my house so the trifecta is complete........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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12-12-2008, 01:42 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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um...i'm a deadbeat for the credit card companies, too.
do i get a prize above and beyond the $200 i made in cashback this past year?
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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12-12-2008, 01:50 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
We were "deadbeats" enough this year that we racked up enough points to fly my father-in-law down here for Christmas. Turns out that using the points for the flight was more cost-effective than taking the points as cash back and paying for the flight.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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12-12-2008, 07:05 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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12-12-2008, 08:25 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,296
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I pay my cards in full each month too. I have no idea how much my APR is...on any of the cards.
__________________
There's no need to complicate, our time is short..
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12-12-2008, 08:48 PM
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#13
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Recycles dryer sheets
Join Date: Sep 2006
Posts: 312
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Two of my banks have been taken over by other banks in the last couple of months.
After both promising me that nothing has changed but the names, both of them have hit me with various egregious new fees. After calling them up, they have rescinded them (for the time being), but I fear that "soak your customers" is no longer reserved for people on the margins.
This may soon become a chronic battle. Each and every one of us will become a major profit center for them, and tolerate being victimized as customers. Otherwise, we may be constantly scrambling to find new banks, credit cards, etc. After the teaser period, the process will begin anew.
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12-12-2008, 09:00 PM
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#14
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,124
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Quote:
Originally Posted by Grep
Two of my banks have been taken over by other banks in the last couple of months.
After both promising me that nothing has changed but the names, both of them have hit me with various egregious new fees. After calling them up, they have rescinded them (for the time being), but I fear that "soak your customers" is no longer reserved for people on the margins.
This may soon become a chronic battle. Each and every one of us will become a major profit center for them, and tolerate being victimized as customers. Otherwise, we may be constantly scrambling to find new banks, credit cards, etc. After the teaser period, the process will begin anew.
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Please share what fees they are applying. I haven't paid any bank fees for as long as I can remember.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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12-13-2008, 10:02 AM
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#15
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Recycles dryer sheets
Join Date: Sep 2006
Posts: 312
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In one, an "account maintenance" fee plus a separate monthly fee for returning checks, totaling $40/month. This was for an account with just under $10k in it. The other was also a new maintenance fee, for a simple savings account (no checking).
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12-13-2008, 10:11 AM
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#16
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,124
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Quote:
Originally Posted by Grep
In one, an "account maintenance" fee plus a separate monthly fee for returning checks, totaling $40/month. This was for an account with just under $10k in it. The other was also a new maintenance fee, for a simple savings account (no checking).
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That sucks. I would be moving my accounts. I hope this isn't a trend that other banks will be following.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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12-13-2008, 12:18 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Heh, I got a letter last week from bank XXX stating that my XXX credit card was now owned by YYY and since I hadn't used the card in over a year they were cancelling it. I obviously wasn't a profitable customer and don't really care, but I wonder how many people getting these letters are really hurt by it.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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12-13-2008, 12:50 PM
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#18
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Try sending your payment to the wrong address and wait for a month. They'll be lusting after you again in no time...
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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12-13-2008, 12:58 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,673
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Along these lines, I found this interesting article today about upcoming changes in the CC industry.
Quote:
The Federal Reserve System's board is expected to announce new credit card regulations Thursday. The proposed reforms include the elimination of universal default, which allows financial institutions to change the interest rate on a card if the consumer is late with a payment to another lender.
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Credit card industry facing overhaul
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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12-13-2008, 02:41 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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I got a letter a few weeks back from Chase. In the letter they, in paragraph, 1) thanked me for being a good and loyal Chase customer. In paragraph 2) they told me they were canceling a Credit Card I have not used in two years. In paragraph 3) they hoped I would avail myself to some of their other services in the future. Banks, I think they are all going nuts.
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Vietnam Veteran, CW4 USA, Retired 1979
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