Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
GM Card APR.......
Old 12-12-2008, 10:34 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
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.........:)
FinanceDude is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-12-2008, 10:36 AM   #2
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 12-12-2008, 10:40 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
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.........:)
FinanceDude is offline   Reply With Quote
Old 12-12-2008, 11:00 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
Quote:
Originally Posted by FinanceDude View Post
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...........

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....
__________________
calmloki is offline   Reply With Quote
Old 12-12-2008, 11:04 AM   #5
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,372
That's hysterical, but since you don't carry a balance, you're still winning by getting the rebate.
__________________
Bestwifeever is offline   Reply With Quote
Old 12-12-2008, 11:23 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by calmloki View Post
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....
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.........:)
FinanceDude is offline   Reply With Quote
Old 12-12-2008, 02:23 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Bestwifeever View Post
That's hysterical, but since you don't carry a balance, you're still winning by getting the rebate.
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.........:)
FinanceDude is offline   Reply With Quote
Old 12-12-2008, 02:37 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
BTW, just on the off chance anyone doesn't know why i called FD a deadbeat:
Being A Credit Card Deadbeat - Sometimes It Is Tough, Dude — Money, Matter, and More Musings

We should all be deadbeats!
__________________
calmloki is offline   Reply With Quote
Old 12-12-2008, 02:42 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
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
freebird5825 is offline   Reply With Quote
Old 12-12-2008, 02:50 PM   #10
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by freebird5825 View Post
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?
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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 12-12-2008, 08:05 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
Quote:
Originally Posted by calmloki View Post
BTW, just on the off chance anyone doesn't know why i called FD a deadbeat:
Being A Credit Card Deadbeat - Sometimes It Is Tough, Dude Money, Matter, and More Musings

We should all be deadbeats!
actually, i just figured he deserved it!
i better go slither off into the forest before FD see this and fires back.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 12-12-2008, 09:25 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
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..
bbbamI is offline   Reply With Quote
Old 12-12-2008, 09:48 PM   #13
Recycles dryer sheets
 
Join Date: Sep 2006
Posts: 312
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.
__________________
Grep is offline   Reply With Quote
Old 12-12-2008, 10:00 PM   #14
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,084
Quote:
Originally Posted by Grep View Post
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.
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
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 12-13-2008, 11:02 AM   #15
Recycles dryer sheets
 
Join Date: Sep 2006
Posts: 312
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).
__________________
Grep is offline   Reply With Quote
Old 12-13-2008, 11:11 AM   #16
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,084
Quote:
Originally Posted by Grep View Post
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).
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
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 12-13-2008, 01:18 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
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.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 12-13-2008, 01:50 PM   #18
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by freebird5825 View Post
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?
Try sending your payment to the wrong address and wait for a month. They'll be lusting after you again in no time...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 12-13-2008, 01:58 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,880
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.
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.
mickeyd is offline   Reply With Quote
Old 12-13-2008, 03:41 PM   #20
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
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.
__________________

__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 02:04 PM
APR vs. Interest Rate stephenandrew FIRE and Money 15 02-28-2008 08:03 AM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 04:29 PM
Special 125% "Freedom Loan": 2 points and 13.653% APR calmloki FIRE and Money 40 04-13-2007 08:25 PM
Loan Transfer at 2.9% APR Frank Other topics 3 05-19-2004 06:17 AM

 

 
All times are GMT -6. The time now is 12:11 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.