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» Hatrack River Forum » Active Forums » Books, Films, Food and Culture » What I really want in the new credit card bill.

   
Author Topic: What I really want in the new credit card bill.
AvidReader
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I want a provision that stops the company that buys my credit card from immediately changing the due date.

In the six years I've had this card, it's been owned by four different companies. It was just sold to Bank of America, who I didn't notice changed my due date. For the last couple years when FIA had it, it was due on the sixth. I paid by the fourth. I just got charged a $39 late fee because it was due on the third. O_o

I've got a platinum card. Had it for years. And the moment you take over my card - with a balance that I pay on every month - your brilliant idea is to immediately tick me off? Really?

I suppose they feel safe doing this because I don't feel like dealing with a balance transfer. But I'll definitely be watching them now. One more bit of unfriendly service and they will lose me.

Unless anyone knows of a credit card that doesn't charge a seperate, higher interest for balance transfers. Then I'd swich as fast as I could fill out the paperwork.

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Sean Monahan
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Expect BoA to significantly raise your monthly finanace charges now as well.
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Christine
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Call and cancel the card. If they ask why, tell them why. If they agree to wave the penalties, you can consider keeping it, but stand up for yourself as a consumer. You are their customer, not their slave and you don't have to put up with that crap.

Actually, I recently canceled a credit card for failing to wave a penalty fee, and in reality it wasn't at all their fault. It was mine. I was new to on-line bill pay and sent my payment to the wrong company...just clicked on the wrong little box. Dumb*** thing to do, but it was the first time in 5 years of owning that card that I hadn't paid them IN FULL. I only owed like $40 that month (ie that was my whole balance -- I never carry a balance), and they charged over $50 worth of late fees, penalties, and finance charges. I called them, they tried to give me some lip and a guilt trip, and I told them that they were absolutely in the right to refuse to wave the fees, that I would absolutely pay them, and that it was absolutely my right to choose to do business with a credit card company that took care of me instead of with them. I am now down to one credit card, which I've had for 13 years and only paid late once -- when the bill came while I was on vacation. They waved the penalties for me, which has so far gotten them an additional 10 years of business from me and many, many times more than the penalty amount in revenue.

Technically, it may be easier for me since I've never even carried a balance on a credit card unless you count those two oppses. But even if you have a balance, you can transfer it to another card and then cancel. We do not have to do business with companies that don't treat us well.

[ May 30, 2009, 02:58 PM: Message edited by: Christine ]

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Kama
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they can do that without notifying you?
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andi330
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I believe their argument would be that the due date is on the bill, and that is notification of the change.

Not that that is fair, but it's what they will say.

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Mucus
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I have a Visa through CIBC and a Mastercard through Citibank.

The VISA due date never changes, it seems fixed to a specific numeric date every month. However, the Mastercard date is slowly drifting backward since it seems to use a 30 day billing cycle.

Any idea if I can tell them to fix the date so its less confusing?

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andi330
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Probably not. If they have a constant 30 day cycle, instead of a fixed bill cycle date, then they probably do not have the option to fix the date. Check your terms of service.
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HollowEarth
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This has burned me too. The 30 day cycle is a terrible idea. It amazes me that any one thought it was a good idea.
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AvidReader
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quote:
Expect BoA to significantly raise your monthly finanace charges now as well.
My bill said once more in the next twelve months and they could. One more reason I'm not actually furious yet.
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Badenov
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I would highly recommend setting up an automatic bill pay system with your BoA account, I say this because I got stung for paying my bill a day *early* because the due date changed. I have also noticed that my due date seems to change on a monthly basis. BoA makes a very bad habit of trying to catch people like that so they can get some fees and break off their sign up and balance transfer offers.
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andi330
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quote:
Originally posted by HollowEarth:
This has burned me too. The 30 day cycle is a terrible idea. It amazes me that any one thought it was a good idea.

It's a great idea for the card companies. After all, if your due date constantly changes, then you are more likely to miss a payment, and they can collect all the fees associated and jack up your finance charges to boot.
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Valentine014
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Think carefully before canceling it, if that is what you choose to do. Your credit history is based on your available credit and how long you have had history (and other factors), so if you cancel a card you have had for a long period of time and it has a high limit, your credit could plummet.
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Kwea
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It all depends on how long you had that card, AND if you have had another card longer.
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Christine
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Ah yes, credit scores. One more B.S. system to try to keep us slaves to the status quo. Many of the rules of how the score is created utterly defy logic....such as your score plummets when you cancel a credit card. Rubbish.

Not to mention everyone has you running scared about what will happen to your credit score under certain conditions, as if that should be the deciding factor in whether or not to do business with a company. And frankly, most of us don't understand the rules anyway.

For the record, my credit score didn't suffer at all when I canceled my credit card a few months ago.

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AvidReader
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quote:
It all depends on how long you had that card, AND if you have had another card longer.
Fortunately, I've got an installment loan I pay on time, so that's better for my score than the card. I don't remember the breakdown off the top of me head, but I know paying on time was the biggest factor.

Christine, if you want to know how it works, any loan officer at your credit union or bank should be able to explain it and give you advice on how to bring your score up. My credit union actually does a class once or twice a year on understanding credit, plus one or two presentations at local high schools on it.

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zgator
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Did you ask them to waive the fee? I've had that happen before and I just called them up, explained what happened and they waived the fee. Then they asked if there was a date I would prefer for the due date. I know things are different now, but it's worth a shot.
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Kwea
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It depends on length of credit . It only makes sense. If you have a card for 15 years and never missed a payment, you are a better risk than someone who got their first card 2 years ago.

On average, that is.....nothing can predict results specific to a given situation, there are too many variables.


Christine...they are loaning money you don't have, sometimes huge amounts of it with no up front investment on your part. Don't you think they should be able to decide who they loan it to, and devise a system that reduces their default rate?

I think the credit system needs revamped, but I understand why they make decisions the way they do, even when it wasn't to my own personal benefit.

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Kama
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I've never heard of credit score until I started posting on American boards. I don't think we have it. In fact, I'm sure Poland doesn't but I don't know about Luxembourg.
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Christine
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AvidReader and Kwea: I'm not at all sure what you guys thought I was saying. I know roughly how credit reports work and what my score is (very, very high). I understand the need for companies to be able to do a background check. My comment was that *I* should be able to decide whether or not I do business with a company without having to worry about what happens to my credit score. In other words, if I'm getting screwed over by a credit card, there should be no penalty to me for canceling it.

I actually have a lot of problems with the way credit scores work that I won't get into right now.

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andi330
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HSBC cancelled one of my cards at one point for no reason at all. I didn't get my card when it was up for renewal and called to ask why? Cancelled. Luckily it was a low limit card that I hadn't had for very long. When I asked why it was cancelled, no one knew. I had been on time with my payments so that wasn't it. Interestingly, my Best Buy card which is also through them remains active even today. Meh.
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Belle
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I got to the point where I felt like owning credit cards was detrimental...I too often used them when I didn't need to, and so my hubby and I made the decision to no longer have them. We cancelled them all, buy only those things we can afford to pay cash for and carry no revolving debt at all. (We owe on our house and our vehicles, but that's it.)

Our credit took a HUGE hit but I don't care. I'm so much happier than when we used to stress about credit card bills coming in. To be fair, we used to live in a bad situation for credit cards - with my hubby's business our income fluctuated, so we had months where we could pay everything off at once, and months where we could pay hardly anything. Our credit was going down anyway because of the up and down nature of our income and spotty payment history. Now that we have more or less steady income with regular paychecks, then we may get a credit card again with a small limit and use it occasionally and pay it off every month.

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