My credit card company is ripping me off. What should I do?

Question

It's a card through my bank. I went over my limit barely once, they jacked up my interest through the roof. I have been paying the outrageous bill. I called to have the interest reduced after several months of paying and they told me it will automatically go down after 6 months of on-time payments and it's been that long, but it hasn't dropped. If I threaten to drop the card, can they take my money from my bank account without my permission?

Answer 1

Your best option is to transfer the debt to a no interest card.  You might have to pay a small fee, but it will get you into the zero percent interest.

Once you transfer the debt, KEEP THE CARD.  You need the credit history behind it.

Answer 2

not unless u signed something agreeingto let them do it

Answer 3

yes, do what angie suggested.  if you just stop making payments they will send you to debt collection agency.

Answer 4

SWITCH! lol

Answer 5

Apply for a card somewhere else (with better terms) and then transfer the balance.

Answer 6

Pay off the card.  It's never a good idea to carry balances on credit cards.  Carrying balances of more than 30% hurts your score.  If your score drops, credit card companies might just see you as a higher risk and increase your rate.

You can call and ask them to lower your rate but don't be surprised if that doesn't happen.  They are more likely to lower your rate if you tell them you have another offer you are considering transferring your balance to and would they match the rate.

Pay off the card or transfer to a lower interest rate card.  Don't close this account.  In about a year, they will start sending you letters telling you what a great customer you are an offering all sorts of special interest rates.

Answer 7

close the account. Yes you still owe the debt. But, why play the credit card game? It doesn't work. The credit card companies make all the rules and can change the rules in  the middle of the game. They are designed by banks to work in just the way yours is.

People will tell you to use credit cards and pay everything off before you get charged interest. People will tell you to get a credit card for the cash rewards. All they are doing is riding on the back of someone that gets in trouble with credit cards like you and the single mom that's trying to make it and ends up with huge debt. If everyone paid off their card before the interest and never went over their limit. There would be no rewards. There would be no interest free period.



Same with the fico score. It was designed to get people into debt and keep them in debt.

If you pay as you go. If you live on less money than you make. You will not  have payments. You'll have money and not have to worship the almighty fico score.

Answer 8

just because you drop the card doesnt mean the debt disappears.  you still owe the money, you just wont be making new purchases. interest and payments still happen monthly.

can you take out a new card with a low rate and transfer the balance?  most banks that jack your rate immediately are usually jerks about it, so be prepared to close your account if they won't accommodate you.  credit is getting tighter, so try to keep your credit score higher.  If ou paid your card on time, even though you went over the limit, it shouldnt hurt your credit score too much.  get another card and give these chumps the heave ho.

Answer 9

Lets face it you screwed up not the bank accept your responsibility for it and move on, threatening them does nothing as you will still owe what you do and at the interest rate you do. Keep your balances low and tis will not happen in the future, and will raise your credit rating.

Answer 10

Read the paperwork (application) you signed when you applied for it. (This is why you always save that boring stuff.)  It will tell you if they have the power of offset.

Contact them tomorrow and ask to have the interest rate reduced now.  If they say no, ask for a supervisor.  If that fails, write them a letter with that request.  Written communication often succeeds when phone does not.

Don't threaten to drop the card unless you are prepared to pay it off in full to close it.  Anything else would be disastrous to your credit.