How many of you have had trouble with your credit cards since the terrible crash????
So far BOA, HSBC, and now Chase Bank are hitting thier coustomers with serious changes to their accounts. I've used thes companies for many years and now find I can no longer trust them. Betty and I use the cards to have a nice list at the end of the month or in the case of our GM Card to build up credit towards a new car.
But here is what has hapened lately.
1. Our BOA card sent us a letter saying we could get a low interest loan for anything we needed. I like those very low rates so we decided to do it for some repairs we are doing. When I tried to use the money .... their credit department decided we are no longer a good risk and lowered our credit limit. When they did that we decided we do not need them any more o we cancelled our accounts with them. Then they sent letter telling us they were going to raise our interest rate on the one card we kept .... we are cancelling the card and paying it off.
2. HSBC sponsors our GM Card. They chose to lower our loan cap to $3,000.00 without notice. A few purchases were refused .... sort of embarrassing!!!!! WE called and were told tha due to the current credit chrisis, they were doing that ot us.
3. Chase has been sending notices to their low interest rate card holders .... not to tell them thay are raising thier interest rate ..... because most of them were set for the long term .... but to say that they now have to pay 5% of the total as a minimum ..... I know of some who have had their payments rise from $200.00/month to $1.000.00/month over night.
Fortunately we have not been hurt that much .... outside of a little bit of embarassment .... because we pay our cards off each month ..... . We are now changing to a debit card which is tied to a separate account from our main account to protect us from having our account invaded by hackers.
