Comments on: My Credit Card Raised My Interest Rate! Here’s What to Do

By: gerald

gerald — Sat, 13 Mar 2010 17:48:43 +0000

Citi is insane. Total chaos.
If you dont mind trashing your fico score for a year or so, stop paying citi or chase bank. after you go 62 days late, they’ll offer you a payoff of 41% of the balance. CHase a bit more greedy, Jamie Dimon (CEO of Chase and a HUGE LOYAL OBAMA FAN) is more strict at offering only 65% payoff of balance. One other downside to a trashed fico score is that they may or may not 1099 you for “earnings” on the balance reduction in next years tax season. But, if you charged home improvement goods, education, or moving expenses, you can equalize that. No moral hazard at this point, the taxpayers bailed them all out, banks themselves set a terrible example by saddling the govt with their bad debts. Many also walked away from multi million/billion dollar commitments. Not paying your citi or chase accounts at least gets you some of the bailout/stimulus money back into your families nest egg. You’re not stealing, you and your children are paying for the bailouts, stimulus over the next 30 years and then some. Higher taxes, inflation, trust the economists, you are all paying for the fraud committed by citi, fifth third bank, chase, bank of america. Most importantly, you the people are loaning banks money (via the Fed treasury) which belongs to you, at a current .75% rate. Some of you are happy with a 9% credit card rate, dont be. they are making 1000% margins on us all. How significant is bank greed? using your money, at their profit margins, if a Ford or a Chrysler for instance had that greed available to them, a Ford F150 pickup truck would cost 150k dollars, and thats not for the 4 X 4 model. 1000% profit margins are hidden by the banks as they pay their execs onerous salaries and conceal real margin activity. Ever notice how every employee at a bank is a VP title except for tellers? Granted, most are associate vp’s, or assistant vp’s, but they certainly diluted the value and perception of any industry sector well deserving employee who actually earned a VP title.
Good Luck with Citi, even Wall Street largely views Citi as a three ring circus. In my experience with Citi, they define incompetence, chaos, and demonstrate corporate bipolar disorder. One day Vikram Pandit (Citi CEO)boasts consumer foreclosure assistance, next day Citi stitches up American families with 29.9 % interest rates, then a moratoriam on debt, then back to 29.9% rates. A real zoo over there at Citi. Maybe Pfizer or Merck drugs will get FDA approval on a bank prescription pill that fixes greed, bipolar behavior, fraud, onerous fees, and while a huge stretch, maybe this same new pill will instill main street values once again into our now corrupt banking system. The good news? Jamie Dimon, Vikram Pandit, all the welfare banks we assist made billions and billions trading stocks, with our taxpayer dollars, thanks to the stock market run up last 12 months. Oh wait, I thought speculating caused the bailouts in the first place, whewwww, these crazy loco insane bankers just never learn. I wonder how Jamie Dimon, Vikram Pandit, Ken Lewis, I wonder if we could have a citizens vote to strip those crooks of their status as American citizens would fare? I vote to jail them, but they own our politicians for the moment so that wont happen. But, wouldnt it be nice if we could as a “people” label them as unamerican, as harmful to our society, as too risky to trust (similar to child sexual predators who are publicly labeled). Wow, if we could label them as who they actually are, the damage they actually caused, our children and grandchildren will truly have a shot at some reasonable future in the USA. Future bankers wouldnt risk committing the same atrocities as Dimon, Pandit, Fuld, etc if they knew we as a people would remove them of their citizenship. I can fantasize.

By: gerald

gerald — Fri, 05 Mar 2010 16:26:00 +0000

Mark, they’re not criminals, they’re brilliant self printing atm machines for themselves.
WE THE PEOPLE are idiots, we not only allow the behavior from banks, we BLESS them by depositing our payroll checks, savings, and that support for the banks makes them richer and richer. TARP welfare bailed out banks raised everyones interest rates, lowered credit limits, took huge bonuses in 2009 and we actually found a way to increased our deposit base with those same banks by an additional “on average” 20%. If all of us would leave our LOANS at the tarp banks, and MOVE our deposits and savings to a credit union or community bank, those TARP banks would panic and the FDIC couldnt save them this time around. But, this is the new “America”, we punish these big bad banks by saying meany weeny things on a benign forum or two. Ewwww, we’re so effective, that’ll teach those banks a thing or two. trust me, BANK CEO’s are LAUGHING OUT LOUD.

By: Mark

Mark — Thu, 04 Mar 2010 04:12:07 +0000

Capital One CC holder for around 10 yrs. Never late, always good credit. Rate jumped from 8.9% “fixed” to 15.9% I can understand the min payment hikes, but not coupled with these huge interest rate hikes.
This is the thanks we get as tax payers for bailing them out – Meanwhile, absurd bonuses continue. Talk about stickin it to the little guy – Criminal!

By: Lee

Lee — Tue, 02 Mar 2010 21:33:30 +0000

Same as above have had the same card for from providian to chase have had 8.99% since 2006, i noticed it’s now 12.24 still not to bad but what the hell. I called as well and just said I could have opted out when it happened. My next move was to open a credit card with my credit union at 6.9% apr for 6 month then 9% which they say hasn’t gone up ever transfer whats there and to hell with you chase. 14 years on the chase card = closed account now

By: J. Crawley

J. Crawley — Thu, 18 Feb 2010 17:29:29 +0000

I have had a Chase card for YEARS. Always paid my bill, Always paid more than was due. I had a fairly high credit limit but never used more than 20% of it at any time.
They slapped me with a 29.99% interest rate last month. I was shocked!! How can they do this to customers who have been with them for years and never gave them any problems? This is just purely outrageous!
Needless to say, I’ve paid them off this month and won’t use the card again. They lost a customer of a very long time because they are punishing us for other people’s mistakes and have no grattitude or respect for their good customers. That’s a deep insult and they’re gonna lose a lot of good business because of it.

By: Gerald

Gerald — Wed, 17 Feb 2010 17:54:53 +0000

Another very quick tactic we could all use to annoy Chase bank wouldnt be difficult to implement, and might be fun.

Jamie and Chase bank “compartmentalize” all functions. Bank branches are front and center to real humans and customers. Much different than his rude obsessive collection call centers in India and Texas. Jamies assumption is we’ll only deal with the offshore call centers and stay clear of his precious cash cow physical branch locations.

We can ALL pick a single branch, publish the phone number right here, or on any and all blogs. All of us, call the same branch to “discuss” our credit card rates, limits, drama, etc. In mere days, maybe in mere hours, that branch goes insane just as we all are. THey will change their phone numbers, we’ll do it again. THose “pampered” branch employees get to experience the real “Jamie Dimon”, the real “Chase Bank” and the stress and anxiety Jamie “DUMPED” on India call centers goes EXACTLY where it belongs. TO REAL CHASE EMPLOYEES who screwed America.
Just a thought.

Would love to be one of the thousands calling a branch until they go insane. Let me know America . TOGETHER—-WE CAN TAKE OUR LIVES BACK.

By: Gerald

Gerald — Wed, 17 Feb 2010 17:44:51 +0000

Spelling.
Forgive my typos, this is a wireless keyboard and apparently the battery on its last leg.

By: Gerald

Gerald — Wed, 17 Feb 2010 17:42:39 +0000

WaMu No More. Chase now owns WaMu. CEO is Jamie Dimon, you are now in a very bad place. Jamie Dimon is the Websters definition of greed. I feel bad for you, he hs olicies and people in place to destroy the world you once knew. This guy found a way to foreclose on homes owned by wamu and chase credit card default customers. Even if they were current on their homes, yet charged off on their credit cards, he foreclosed on a loophope paragraph in your Chase card agreements. Please understand, Jamie Dimon is the most “unpatriotic” American in this country. He has seriously done mare harm to America than any terorist organization in a “financial” sense. He would probably use lethal force if the law allowed. Even worse, Americans are exactly as Cahse marketing execs describe. Lazy, borderline socialist, and no chance they move theior deposits from Chase to a safer, more reliable community bank or credit union. You are dealing with a fraud so brilliant, you almost have to admire them. The more pain and suffering Chase and Jamie Dimon causes families in America, the more deposits we give them. Its priceless.
My favorite Chase Bank response is “what recession”? What bailout? What are you talking about? We’re Chase, we didnt even want the money, we only took tarp because Hank Paulson forced us. LMAO, I wish someone would force me to take 10 Billion Dollars Jamie. Or, better yet, call me “Gerald Bank and Trust” and give me daily access to taxpayers fed treasury overnight funds at a stupid .25% (1/4) percent rate. Jamie is precious. A true American Hero.

By: Kristie

Kristie — Wed, 17 Feb 2010 14:02:58 +0000

I’ve had my WaMu visa for over 10 years with never an issue until this last 2 years when things got tight and we used it to buy food for the house and pay medical I was only late with one payment in 10 years and now my rate went from 8.5% to 19,9% and we are suck we can’t pay it off and the monthly payments are killing us… the payments are more then our house payments with less on the card.????

By: Hfs

Hfs — Wed, 10 Feb 2010 23:47:47 +0000

Gerald,

Well done. A constructive post giving others specific actions to take, to put the predatory banks out of business. You should take it a step further and create a forum of some sort to harness your knowledge and passion for “righting” the wrongs within our broken capitalistic system. And trying to generate a response regarding societal apathy. People too easily give their power away and need someone like yourself, whom is well spoken and knowledgeable to “lead the way”.