Credit card limit reduction and interest increase

[Walt34]

Quote:

Originally Posted by Finance Dave Just get it in writing when you pay...they'll claim they never got the payment. And if you then cancel the card, get written proof of that too...or a year after that you'll get an annual fee charged. Happened to me, fortunately I had documented everything and they couldn't touch me.

Thanks for the "heads up" on that. We plan on closing the account when it's paid off, which we're doing early simply because neither one of us likes that hanging over our heads.

[freebird5825]

I just received a notice from one of my few credit cards of an increase in APR from 19% to 25%, with an accompanying increase in the default rate from 27% to 30%. This is a retail credit card from a store who sells Craftsman tools.
My response? I called them up and requested a reinstatement of the original terms based on a zero balance and excellent payment history.
Their response: Sorry, m'am, I can't do that.
Me: Close the account. I am opting out (required words per the notification from them).
Them: If we offered you free credit card monitoring for 6 months, would you reconsider?
Me: Nope. Close the account. I am opting out. And please send me written confirmation of the closing of the account.

Credit card issuers pile on new fees - USATODAY.com

[caninelover]

I got a notice on my Citi MC in Feb/March this year that they were jacking up the interest rate on my card from 15% to 25%. No problem, since I never carry a balance they can jack it up all they want. My credit limit was unchanged.

I did read somewhere recently though that Citi was considering adding an annual fee. I haven't been notified of such yet, but that would suck...that is my oldest credit line and I don't think I'd want to close it for that reason. Guess I'll have to wait and see...

[growing_older]

Got a notice from Chase today that my (mostly inactive) account with them will now have rates 16.99% plus Prime, or 25.99% plus prime if I miss any payments. I'm not using the card, but WOW. Borrowing money at low single digit rates and loaning it out at 19 to 30% must be a very lucrative business. I'll be super careful not to trigger these rates. Yikes.

[freebird5825]

cc terms change notice numero dos received 2 days ago...
PNC credit card, which used to be National City. I read every single line, twice, thrice...
Effective Oct 15, APR will be indexed to Prime rate plus 22.99%, or whatever based on payment history, credit scores, blah blah blah. Default rate will never fall below 28.99% yadda yadda yadda.
No annual fee changes nor change/removal of 4-3-2-1 cash back terms, both of which were a surprise. The 4% is for gas and automotive charges.

Default can include your bank not executing the payment transaction. So if you have automatic payments set up in your bank account, and something goes kerplunk ELECTRONICALLY (the cynic emerges ), hmmmmm guess what?
I smell a rat if your credit card issuer and your bank are one and the same. Mine are not.

Inactivity (1 year) can also trigger the default rate. Huh? Anybody else have this in their notices?

I'm going to retain it because I have a zero balance and make payments manually at least 2x per month, every other Friday, with email confirmation.
Nice try, PNC. You haven't shaken this "deadbeat" off yet.