Got Perfect Credit? You Could Be Charged For It!

[Mad Scientist]

From New York Consumer News:
Got Perfect Credit? You Could Be Charged For It! - wcbstv.com

Earlier this month Bank of America started notifying customers (with great credit) that they will be charged a new annual fee of $29 to $99.
"There is a big segment of their population that they will have never made money on, which is people who pay their bills on time every month,"

WTF? You pay your bills on time so you don't get hit with fees and interest rate hikes and what do they do? Roll out plans to fcuk you anyway!

The banks are starting to charge fees to reliable customers in response to a slew of new credit card industry regulations that will limit when banks can hike interest rates.

"We can't screw our customers that way anymore. We have to screw em this way now." a Banking Insider said.

Analysts say right now the banks are trying to figure out what their customers will tolerate. Many say they'd cancel cards with a high new annual fee.

I aint toleratin' shit! My wife and I are in the process of paying off all our credit cards and closing the accounts. If there are still any of you out there that think banks are out to help you, I hope this sinks in.

You will be punished for maintaining your good credit! Fcukin' outrageous!

 

[Mr. H.]

Another irony- paying off credit cards then closing the accounts can hurt your credit score. Go figger.

 

[KittenKoder]

An expansion of what I started a thread on here ... people who abuse their credit cards will likely be in here to somehow defend this. But meh, time for people to just stop using banks ... period. Go back to cash, and stop letting our fucking politicians bail them out. Then we'll see this stop, but as long as they have the government to fall back on nothing can be done about it.

 

[Zoom-boing]

Open up a card that doesn't charge you fees for 'using credit wisely' then dump the ones that do charge you fees. Credit score intact, asshole cc company loses a customer.

 

[KittenKoder]

Open up a card that doesn't charge you fees for 'using credit wisely' then dump the ones that do charge you fees. Credit score intact, asshole cc company loses a customer.

Aaaah ... but they are all starting to do this, it's a trend.

As I said, we need to drop banks, start dealing in cash only again, and kill the fed as well. Then we'll see them change their tune quickly.

 

[Zoom-boing]

Open up a card that doesn't charge you fees for 'using credit wisely' then dump the ones that do charge you fees. Credit score intact, asshole cc company loses a customer.

Aaaah ... but they are all starting to do this, it's a trend.

As I said, we need to drop banks, start dealing in cash only again, and kill the fed as well. Then we'll see them change their tune quickly.

True but if there are some who don't fall into the trend, seek them out.

If they start charging me for paying my bills in full and on time, I'll take the hit on my credit score and drop 'em like a hot spud.

 

[PixieStix]

Another irony- paying off credit cards then closing the accounts can hurt your credit score. Go figger.

I closed an account myself, and they told me point blank , that the record will show that THEY closed it. Simply because I tried to have my interest rate lowered and fees lowered, they said "no can do", I said, "well then you can just close my account". And now the record shows me as being a bad girl.

Yes, it was BOA. I said everything to them. I was shocked, I had been a perfect customer for years. I am still shocked and dismayed.

I believe the stimulus money bailouts had a lot to do with this turn around with credit card policies. I am not a economic geinus to say the least, but it seems a lot of companies, and cities and entities. Are doing weird things as of late. Weird commercials and such. Like they are doing public service announcements for the sake of stimulus money? Is it a guidline or a requirement, to show people have bad credit to get more and more stimulus money, or is it something else?

 

[manifold]

To be fair and objective about this, these companies are providing a service to their card holders in good standing right? Are they not entitled to charge a fee for that service?

 

[KittenKoder]

Another irony- paying off credit cards then closing the accounts can hurt your credit score. Go figger.

I closed an account myself, and they told me point blank , that the record will show that THEY closed it. Simply because I tried to have my interest rate lowered and fees lowered, they said "no can do", I said, "well then you can just close my account". And now the record shows me as being a bad girl.

Yes, it was BOA. I said everything to them. I was shocked, I had been a perfect customer for years. I am still shocked and dismayed.

I believe the stimulus money bailouts had a lot to do with this turn around with credit card policies. I am not a economic geinus to say the least, but it seems a lot of companies, and cities and entities. Are doing weird things as of late. Weird commercials and such. Like they are doing public service announcements for the sake of stimulus money? Is it a guidline or a requirement, to show people have bad credit to get more and more stimulus money, or is it something else?

Hell, they are bailing out people who don't pay their taxes even. Our country is so fucked up, people are being rewarded for fucking up our country and the rest of us have to pay for it, it's not fair. This is why I say, take away the government power over businesses ... then watch them really squirm.

 

[Zoom-boing]

To be fair and objective about this, these companies are providing a service to their card holders in good standing right? Are they not entitled to charge a fee for that service?

Sure they are and as customers we have the right to take our business elsewhere if we don't want to pay the fee.

 

[KittenKoder]

To be fair and objective about this, these companies are providing a service to their card holders in good standing right? Are they not entitled to charge a fee for that service?

Aaah ... but here's the thing, everything is moving toward requiring plastic now, credit or check cards. Making them almost a requirement to pay for anything (it's a slow shift but it's happening). So I see it as a good thing for only one reason, it will stop that trend to everything being on plastic and hopefully move us back to more cash exchanges.

 

[manifold]

To be fair and objective about this, these companies are providing a service to their card holders in good standing right? Are they not entitled to charge a fee for that service?

Sure they are and as customers we have the right to take our business elsewhere if we don't want to pay the fee.

Then we agree on both counts.

 

[Mad Scientist]

Another irony- paying off credit cards then closing the accounts can hurt your credit score. Go figger.

My wife and I bought two homes when my credit rating was in the low 600's (610-625) and I still got a low rate. If you want to buy a home, there will always be a lender for you out there.

Dave Ramsey said something that has really stuck in my mind, and I'm paraphrasing here:

"Your credit score is not an indicator of how responsible you are, it's really an "I Love Debt" indicator."

Pay off card and your score takes a hit? So fcukin' what? I now have more money to buy what I need without making payments. I have more for investments and a down payment on a future home or other large purchase.

Seems to me that credit cards, while a boon to the banks, are a drag to the economy.

I fail to see the downside.