I just need to vent here. My husband and I very rarely use credit cards.
Honestly, I hate the things. We only use them for emergencies (i.e.
tires, surgery, etc.)
We have a $0 balance card that has a $13K limit on it. We haven’t used this card since 2007, but we keep it as our limit is high “just in case”. It has a 9.9% purchase fee & a 19.8% cash withdrawal fee.
In today’s mail, I got a notice saying that our card will go from 9.9%
to 17.9%!!! We have had this card for something like 8 years now. Oh my goodness!! The cash rate is going from 19.8% to 24.9%!
What on earth is going on? When I told my husband at lunch time, he
said: “That’s it. We are getting rid of that card!” What are these companies thinking? Penalize everyone with huge interest rates? Even those that have never been late on a payment? Wow…I guess we will need to look for another card company.
I went on the Clark Howard (my financial hero) to read about credit cards. Apparently, we aren’t the only ones. Capital One is doing a blanket 17.9% APR for all customers. American Express is right there with them. *sigh*
I keep saying it: The days of the customer being right are L-O-N-G gone. Say good-bye to customer service. As many people said on the Clark Howard site, don’t dare call your credit card company asking to lower your rates. At least half of those that did got a notice in the mail that their card was cancelled. So much for questioning the system.