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Another Credit Card Thread

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Postby free » Tue Apr 19, 2005 11:52 pm

shpuck wrote:eftda: Not college. We got our condo when I got out and started grad school and took out the credit line a couple of years later when the rates were low. So I learned by doing and discussions with my parents. It paid off my wife's car, consolidated credit cards, etc. Right now, I'm paying about $150 on the $100 we owe each month (to work off some principal). It's great when you look at the big picture.

free: The bank basically has your home as collateral when you have a mortgage. All your really doing is putting more of your home up and getting low interest money against your home. Since the housing market is increasing so much, especially in the SB area, the value of the home is fast outpacing the amount we have in Equity and mortgaged, so even if we sold, we'd have a bunch left over after paying off the mortgage and the equity that we owe. In essence, if you can purchase a home and take out money against it, that's the way to go so you're not required to dump your money into credit card companies. Of course, it still takes fiscal responsibility to not blow your entire equity line on useless stuff.




ah, that makes more sense...good stuff man ;-D on another note, i'm getting married this summer and moving to florida to finish school. we plan on being down there about 2.5 to 3 years. think that would be a long enough staying time to invest in a condo or small home?
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Postby Lofunzo » Tue Apr 19, 2005 11:54 pm

JT.......If the above idea isn't for you, I would just call them. I have an MBNA account and usually pay in full each month but not always. Once in a while, they increase my rate. All that I do is call them, remind them that I have been a good customer for a long time, and tell them that if they don't give me a lower rate, I am leaving. Works like a charm. They usually put me on hold a few times but no problems here. B-)

It usually works better if you have no balance at the time. :-°
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Postby JTWood » Wed Apr 20, 2005 12:07 am

Lo,

I've spoke with them twice, each time indicating that I was going to leave. They have never once offered me a deal to stay. They said it was an "accross-the-board" rate hike. I think the new rate has already factored customer slippage in to it.

I think I have found an out, though. I have found a card that will offer me a free balance transfer with a fixed 3.99% rate on the transferred balance. The purchase rate is 11.49%, but it has a 3% cash-back feature. I put $10,500 of purchases on my points card last year. If I did that with their card, my effective interest rate would be 4% or 5% - less than my current rate!

They are sending me the paperwork now.

;-D
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Postby Lofunzo » Wed Apr 20, 2005 12:11 am

JTWood wrote:Lo,

I've spoke with them twice, each time indicating that I was going to leave. They have never once offered me a deal to stay. They said it was an "accross-the-board" rate hike. I think the new rate has already factored customer slippage in to it.

I think I have found an out, though. I have found a card that will offer me a free balance transfer with a fixed 3.99% rate on the transferred balance. The purchase rate is 11.49%, but it has a 3% cash-back feature. I put $10,500 of purchases on my points card last year. If I did that with their card, my effective interest rate would be 4% or 5% - less than my current rate!

They are sending me the paperwork now.

;-D


Just make sure to read the fine print. And make sure to stay up on the expiration dates on all of those things. A lot of them claim 3.99% or something like that until it's paid off but once you make a purchase, it will go up to the biggie rate. :-o
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Postby Madison » Wed Apr 20, 2005 12:20 am

Lofunzo wrote:Once in a while, they increase my rate. All that I do is call them, remind them that I have been a good customer for a long time, and tell them that if they don't give me a lower rate, I am leaving. Works like a charm. They usually put me on hold a few times but no problems here. B-)

It usually works better if you have no balance at the time. :-°


I did that the only time I remember my rate being raised. I had about 5K worth of debt on the card (thanks to my ex-wife) and they went from 8.9% to like 11.9%. I called and told them that if they didn't bring it back down, I was going to pay it off and close the account (I couldn't pay it off, but I could transfer the balance to another card, so slight bluff on my part). They ended up dropping it to 6.9% which was less than I was paying before. Never had another issue with them. :-)
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Postby JTWood » Wed Apr 20, 2005 1:21 am

Lofunzo wrote:
JTWood wrote:Lo,

I've spoke with them twice, each time indicating that I was going to leave. They have never once offered me a deal to stay. They said it was an "accross-the-board" rate hike. I think the new rate has already factored customer slippage in to it.

I think I have found an out, though. I have found a card that will offer me a free balance transfer with a fixed 3.99% rate on the transferred balance. The purchase rate is 11.49%, but it has a 3% cash-back feature. I put $10,500 of purchases on my points card last year. If I did that with their card, my effective interest rate would be 4% or 5% - less than my current rate!

They are sending me the paperwork now.

;-D


Just make sure to read the fine print. And make sure to stay up on the expiration dates on all of those things. A lot of them claim 3.99% or something like that until it's paid off but once you make a purchase, it will go up to the biggie rate. :-o

That's why I requested the paperwork.

B-)
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Re: Another Credit Card Thread

Postby StlSluggers » Wed Apr 20, 2005 9:15 am

free wrote:
JTWood wrote:Just got a letter from MBNA/MasterCard today. They are raising my rate from 5.99% to 11.99% effective June 1, 2005. No reason. This is an amendment to the general cardholder agreement. I didn't do anything wrong. The only exception to this amendment is for promotional rates, and I do not have one of those.

I have the right to reject this amendment to my cardholder agreement. When I reject it (and I will be), my balance will remain on the card and my rate will be frozen, however, ANY use of the card from that date forward will signal my acceptance to the agreement. Basically, it becomes a fixed-rate loan.

JT, i've never heard of that :-? is that in small print somewhere? can they just change it without you missing a payment? interesting and scary at the same time :-o

It actually is in the fine print. Most standard credit card contracts state that they are allowed to make whatever changes they want to the agreement at their whim provided they give you advance notice and a chance to back out of the agreeement. Most periods of notice are 30 or 90 days, depending on the event.
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