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New Credit Card Rules In Action,................
Marc1301
Member Posts: 31,895 ✭✭✭
Well once again our wonderful leader has put in place another winner of a law.
Just got an e-mail from the company that I have had a Corporate Business card with for years.
Cancelled effective May 30th.............lots of notice!
Business defaults are rising, and since they can now no longer raise rates on "deadbeats" they are simply shutting everyone off.
Even folks like me that have paid my balance in full each month for over 10 years on this Corp. card.
I'm really lovin this purple lipped scum more and more by the day.
Let's watch out for deadbeats, and give honest folks an enema.[}:)]
No big thing to me, as I will simpy pull out one of my personal cards that I don't carry, and use it for business. I am not even going to bother opening up another Corporate line as what I charge on the thing anymore is peanuts. I just need to keep it separated, that's all.
Sure there is more fun to come down the pike.
Just got an e-mail from the company that I have had a Corporate Business card with for years.
Cancelled effective May 30th.............lots of notice!
Business defaults are rising, and since they can now no longer raise rates on "deadbeats" they are simply shutting everyone off.
Even folks like me that have paid my balance in full each month for over 10 years on this Corp. card.
I'm really lovin this purple lipped scum more and more by the day.
Let's watch out for deadbeats, and give honest folks an enema.[}:)]
No big thing to me, as I will simpy pull out one of my personal cards that I don't carry, and use it for business. I am not even going to bother opening up another Corporate line as what I charge on the thing anymore is peanuts. I just need to keep it separated, that's all.
Sure there is more fun to come down the pike.
"Beam me up Scotty, there's no intelligent life down here." - William Shatner
Comments
Even folks like me that have paid my balance in full each month for over 10 years on this Corp. card.You just identified your problem! Since you're responsible, you aren't making them any money! [:0][:D]
If you can't feel the music; it's only pink noise!
quote:Originally posted by Marc1301
Even folks like me that have paid my balance in full each month for over 10 years on this Corp. card.You just identified your problem! Since you're responsible, you aren't making them any money! [:0][:D]
O-C you know better than that![:D]
Every time one of my cards is "swiped" per se,.....they MAKE money.
It's just that it's from the merchant and whatever discount rate he must pay. I had to handle CC transactions for years, so believe me, I know.[:0]
I'm part of the problem too. We pay for all of our parts & supplies with a card & then pay the card off just to get points for free stuff. I'm sure they will be putting a stop to that soon.
Yes,.....I expect all of my personal cash-back cards will end that soon.
We need to get with the program I guess.
It's all about folks that live beyond their means, and we need to have empathy and join hands with the great one to help them out.
It's all about folks that live beyond their means, and we need to have empathy and join hands with the great one to help them out.Yep, in retrospect I should have bought that near mint factory engraved 1880's Colt Single Action at the Denver show instead of the cheap one that I could afford! [:(]
If you can't feel the music; it's only pink noise!
quote:Originally posted by Marc1301
It's all about folks that live beyond their means, and we need to have empathy and join hands with the great one to help them out.Yep, in retrospect I should have bought that near mint factory engraved 1880's Colt Single Action at the Denver show instead of the cheap one that I could afford! [:(]
Yeah, you have to quit investing in those "junkers". [:D]
quote:Originally posted by Old-Colts
quote:Originally posted by Marc1301
It's all about folks that live beyond their means, and we need to have empathy and join hands with the great one to help them out.Yep, in retrospect I should have bought that near mint factory engraved 1880's Colt Single Action at the Denver show instead of the cheap one that I could afford! [:(]Yeah, you have to quit investing in those "junkers". [:D]Ouch! [:D][:D]
If you can't feel the music; it's only pink noise!
quote:Originally posted by Marc1301
It's all about folks that live beyond their means, and we need to have empathy and join hands with the great one to help them out.Yep, in retrospect I should have bought that near mint factory engraved 1880's Colt Single Action at the Denver show instead of the cheap one that I could afford! [:(]
How "responsible" of you!
I can hardly wait to see what they will do with folks like us before it's over.
Can't think about it 24/7 or you would lose your mind I guess.
4 months that seems like an eternity to me so far.[xx(]
quote:Originally posted by longspur rider
I'm part of the problem too. We pay for all of our parts & supplies with a card & then pay the card off just to get points for free stuff. I'm sure they will be putting a stop to that soon.
Yes,.....I expect all of my personal cash-back cards will end that soon.
They lowered the 5% cash back down to 3% a while ago.
This month they sent a notice that they are lowering it to 1%, effective June 1st. [:(!]
-Chris
You dont need a credit service to do this for you. Copies of all were sent to the 3 bureaus and credit report was cleaned up. If given half a chance banks will screw over anyone. As a merchant my visa agreement has not changed. Lady I called told me all there customers in good standing would stay that way. I do believe some unscrupulous, vendors may well try extortion tactics. Sounds like some of you have run across that already. Sorry to hear that.
+1 on that one. Just waiting on the mail to have our business cards closed now after reading this. We never carry a balance, just use it to earn the points for stuff.
It's a sad day in America when being responsible and paying your bills is a sign of a bad thing.
I predict this bill will seriously damage the credit card business. The cannot transfer costs to those who use the cards responsibly. Many use CC merely for convenience but won't do so if it costs.
I will wait and see on the personal card front.
Like Pick, I have seen the cash-back decrease also but I guess that's the way it is, and I will accept that.
If some of the things I have heard about actually take place, I will be cancelling them all. Let them try to stay in business without all of the folks that actually pay their bills.
One of the "rumors" I have heard is that they are going to eliminate the grace period, and start accruing interest from the purchase date,......and also hefty annual fees. Either one takes place and mine go in the shredder.
As before, I will wait and see what they do.
I have been using CC's since I was 18 or so, and have never had a problem. I have made thousands in cash back over the years, and they have made a ton from me through merchant fees without being left holding the bag from a bankruptcy filing like so many others do.
It is what it is.
quote:I'm part of the problem too. We pay for all of our parts & supplies with a card & then pay the card off just to get points for free stuff. I'm sure they will be putting a stop to that soon.
+1 on that one. Just waiting on the mail to have our business cards closed now after reading this. We never carry a balance, just use it to earn the points for stuff.
It's a sad day in America when being responsible and paying your bills is a sign of a bad thing.
I just got my mail.
Same notice that was e-mailed was there in paper form.
My Corp card was with Advanta BTW.
You can google it and see it's the truth.
Hopefully not everyone will follow their lead.
If this was a few years ago I would be really ticked off at the lack of notice,.......fortunately for me it's no big deal now.
quote:Originally posted by BaseJumper
quote:I'm part of the problem too. We pay for all of our parts & supplies with a card & then pay the card off just to get points for free stuff. I'm sure they will be putting a stop to that soon.
+1 on that one. Just waiting on the mail to have our business cards closed now after reading this. We never carry a balance, just use it to earn the points for stuff.
It's a sad day in America when being responsible and paying your bills is a sign of a bad thing.
I just got my mail.
Same notice that was e-mailed was there in paper form.
My Corp card was with Advanta BTW.
You can google it and see it's the truth.
Hopefully not everyone will follow their lead.
If this was a few years ago I would be really ticked off at the lack of notice,.......fortunately for me it's no big deal now.
Just read your post and remembered that I got a letter in today's mail from Advanta re my business account. Closed as of May 30th! No big deal as I don't really use it anymore anyway.
BUT, this was last month before any credit card bill passed. I hate the bastiges anyway, but seems like they're p*ssing off those of us with good credit just to make them appear more viable financially. My debt ratio has taken a nose dive this last month because of this. I used to have about 15% of my possible debt balance on credit. Now with them lowering the balances I'm in the 80% bracket and I look like someone that doesn't know how to manage money. When it's the credit card companies that screwed up! Giving all those cards to deadbeats...bastiges! [:(!]
Don't forget to thank "our great leader" for this.
Just realize that we are all helping out the ones that live above their means.
Told j'a!!!
What confuses me is that if you don't pay in full every month, you are pretty much more likely to not pay at all, making you a bigger risk in my eyes. Then, the credit cards do not make ANY money off of you, and cutting off responsible cardholders that actually pay their debts is going to make them lose money. What is their logic? Maybe I'm dumb for not seeing it, but makes no sense to me.
-Chris
If you pay your balance in full the CC companies do not make money off you and they don't particularly care for that - the way to build a good credit rating is by carrying some balance for some time and allowing the CC companies to make some $$$ off you. But obviously carrying a high balance for a long time & making just above minimum monthly payments creates concern.
I would expect CC companies will do now what they may be prohibited or have trouble doing once the bill takes effect.
If you have CC debt, pay it off ASAP. If it means staying home a month and not spending a penny or having 1 min of eating out or entertainment, do it.
If do not have a balance and they cut your credit, call them and request they cut it in half again and shelve the card. Lock it up and forget about it. They will restore your credit line in a few months with no activity. When they do, just cancel the card.
If you have an annual fee, dump their **s!
And most important, once you are free of the CC company, migrate to debit, it's the BEST thing I have done in years and I did this several years ago. It's worth while to have them trying to keep your business.
Remember one thing, they have to have us, we don't have to have them. Credit is a choice, not a necesity!
uhm....destroy cc and push people to cash then crash the dollar. creating dependants on the way all the way around. neat idea for who? i think you know.
Not sure I am making the connection here... I will say this, I find it extremly odd that not a single public education system in this country teaches basic personal finance. Nothing on balancing a checkbook, maintaning credit card debt or interest rates, mortgages, taxes, focus on saving money or planning for the future. Nothing.
For those of us who know how to and do so, we learned from watching our parents. Others, well, they suck.
This country is designed to work on a populus that spends. I mean, if you get down to it, saving money is actually Anti-American!
That's bababooey Nuts!!
No big deal if they go to annual fees we will cancel them all. I was around thirty-five before I got my first card anyway.
It will hurt your credit score if your available credit goes down.
I should hope that the insurance companies that use that as part of your rate will take that into consideration.
I will miss the free float & rebates but maybe prices in the stores may come down when far fewer people use the cards.
If they cause us all to stop using the cards they will be cutting their own throats by not getting their fees from the stores. That was what they were supposed to be making their money on to begin with.
Well once again our wonderful leader has put in place another winner of a law.
Just got an e-mail from the company that I have had a Corporate Business card with for years.
Cancelled effective May 30th.............lots of notice!
Business defaults are rising, and since they can now no longer raise rates on "deadbeats" they are simply shutting everyone off.
Even folks like me that have paid my balance in full each month for over 10 years on this Corp. card.
I'm really lovin this purple lipped scum more and more by the day.
Let's watch out for deadbeats, and give honest folks an enema.[}:)]
No big thing to me, as I will simpy pull out one of my personal cards that I don't carry, and use it for business. I am not even going to bother opening up another Corporate line as what I charge on the thing anymore is peanuts. I just need to keep it separated, that's all.
Sure there is more fun to come down the pike.
I don't see where the new law concerning credit cards is responsible, since it hasn't taken effect yet.
CC Companies have to do what they can now before the new laws take affect. Thats how.