Rant: I Made 1 Late Credit Card Payment, So I Called... | 34 comments (34 topical, 0 hidden)
How did you know? (none / 0)
Well, at least I'm not the only one.  And who voted on the poll and said credit card companies can charge whatever they want?

That's one of those answers that sounds good on paper (private company, free market, etc.) but ultimately hurts the overall economy and screwed over a lot of people.

And look, it'd be one thing if someone was not making payments consistently, but ONE late payment? It's insane and we need regulations against that. I've also heard of banks (and other businesses) moving up the due dates on people with automated monthly payments leading them to suddenly be late and smacked with fees and a default rate.

Why is it a good thing to allow this to happen? Someone give me a *practical* answer. Why is it a good thing overall for our economy in the long run?

I know why it helps the credit card companies in the short run and I understand Ken (or whoever) will respond "teh free market is God" to any question, but those aren't good, practical long term answers.

by Tom Hanc on 08/01/2008 02:45:10 PM EST

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"Universal Default" (none / 0)

Be glad that "universal default" is gone.  This clause was slipped in in the mid 2000's by most card companies.  they said if you "default" on one of your bank's cards, they can apply that default on all of the cards they've issues to you.  "Default" can mean going over the limit, a late payment, nsf on a check, you name it. 

Most card companies voluntarily removed this clause in the last year, after Congress started making some noise.  Chase is not a bad company.  The problem with them is that their front line employees are simply not empowered to "do the right thing", like cut you some slack on your first late.  Play the game.  Pay the card off, cancel it and reapply in a few months.  Forewarned is forearmed.

by skofarrell on 08/01/2008 02:59:49 PM EST

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Believe me (none / 0)
if it was that easy to pay off the card I'd do it.  My best hope for now is to find a balance transfer with a great intro rate and lower rate in general.

by Tom Hanc on 08/01/2008 03:05:24 PM EST

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This is what I would suggest (none / 0)
I would absolutely suggest a balance transfer and close out the card and never deal with the bank again (you may even want to call them and tell them that's what you're doing if you've been a long term customer).  Even with credit tightening, as long as your credit doesn't suck you should still be getting 3 or 4 offers a week in the mail.  Also Yahoo and MSN finance i think have lists of the best CC offers out there.  There is no reason you should stand for paying off your balance at that rate. 

by alphasigmookie on 08/03/2008 02:05:29 AM EST

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I just got approved yesterday (none / 0)
for a new card. Great interest rate after the initial 0%.

Talk about perfecting timing!

by Tom Hanc on 08/03/2008 02:14:39 AM EST

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good to know (none / 0)
I had no idea the universal default was [mostly] gone. I know Chase was hardcore about it. You screw up one card not related to Chase and Chase would still raise your rates.

by jazzchic on 08/01/2008 06:18:09 PM EST

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Rant: I Made 1 Late Credit Card Payment, So I Called... | 34 comments (34 topical, 0 hidden)