Credit Cards

Mark · 15-09-2007, 16:30

Is it my imagination, or do credit card companies like to try and fleece customers who keep their accounts in good order?

Since I've started keeping my accounts under some sort of control, I've had the APRs on two of my cards disappear into the heavens (well above the 'typical' rate). I cancelled the last one that did that, and I'm willing to do the same again this time (don't need it anymore anyway - though I was actually going to cancel another one and keep this one).

It's either that, or they've decided that because I went 32p into the red for one day last week, I'm no longer worthy of an A1 credit rating and have penalised me for it.

It seems perverse to me - if you keep your account in good standing you'd have thought they'd actually want you to pay some interest because that's when they make more money.

Stuff 'em either way tbh.

Feek · 15-09-2007, 16:56

Quote:

Originally Posted by Mark

Is it my imagination, or do credit card companies like to try and fleece customers who keep their accounts in good order?

I was doing OK until the bold bit. Can't help you

Quote:

Originally Posted by Mark

Stuff 'em either way tbh.

Couldn't have put it better..

Mark · 15-09-2007, 17:59

Quote:

Originally Posted by Feek

I was doing OK until the bold bit. Can't help you

It must be a new experience for them in my case. I regularly used to have £5-10k on cards. Nowadays it's £1k if they're lucky, and most of that either on promotional interest free or paid off within the 56 days or whatever it is (though it did hit £1.5k briefly after a splurge on a new Dell monitor).

PS - I have a credit limit, across the cards, of £37k. They obviously liked me once. I actually had to start refusing increases they were so keen.

No wonder people get into debt problems with limits like that.

Garp · 15-09-2007, 16:57

I've always kept my cards in good order, paying off the entirety each month. My credit rating is superb, and my APR is reasonable. If I didn't have concerns about what it would do to my future prospects I'd almost be prepared to do an experiment and see what would happen if I let my small credit card bill lapse for a month.

Zirax · 15-09-2007, 17:16

When I moved into my house, I missed a payment on one card. It was just simply forgotten about with everything that was going on. I got clobbered for interest etc.... Then about 3 weeks later they write to me telling me that they have doubled my credit limit. Not that they would be hoping I would go out and buy a car on the thing or to go wayyy over what I could afford to repay

15-09-2007, 16:30	#1
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	Credit Cards Is it my imagination, or do credit card companies like to try and fleece customers who keep their accounts in good order? Since I've started keeping my accounts under some sort of control, I've had the APRs on two of my cards disappear into the heavens (well above the 'typical' rate). I cancelled the last one that did that, and I'm willing to do the same again this time (don't need it anymore anyway - though I was actually going to cancel another one and keep this one). It's either that, or they've decided that because I went 32p into the red for one day last week, I'm no longer worthy of an A1 credit rating and have penalised me for it. It seems perverse to me - if you keep your account in good standing you'd have thought they'd actually want you to pay some interest because that's when they make more money. Stuff 'em either way tbh.

15-09-2007, 16:57	#4
Garp Preparing more tumbleweed Join Date: Jun 2006 Location: Hawaii Posts: 6,038	I've always kept my cards in good order, paying off the entirety each month. My credit rating is superb, and my APR is reasonable. If I didn't have concerns about what it would do to my future prospects I'd almost be prepared to do an experiment and see what would happen if I let my small credit card bill lapse for a month. __________________ Mal: Define "interesting"? Wash: "Oh, God, oh, God, we're all gonna die"?

15-09-2007, 17:16	#5
Zirax Goes up to 11! Join Date: Jul 2006 Posts: 4,577	When I moved into my house, I missed a payment on one card. It was just simply forgotten about with everything that was going on. I got clobbered for interest etc.... Then about 3 weeks later they write to me telling me that they have doubled my credit limit. Not that they would be hoping I would go out and buy a car on the thing or to go wayyy over what I could afford to repay