Credit card companies need to stop what they are doing to the American People. I paid off my balance on 12/1/08 (it was posted on this date) (payments needed to be posted by 12/5/08 by 5:00 pm.) then on 12/11/08 they charged me 11.94 interest on a 0 (zero balance). I called to the credit card company- they told me their system generates interest rates automatically-humm-- they are scamming the American People. This needs to stop- they have too much power in America-they will bring down this country further if they continue to perform in this manner. Oh yes, they erased the 11. 94 interest rate from my account!!! So what your statements!

We use our credit cards for most purchases, and we pay off our credit cards everymonth. The credit card companies "earn their money" on the percentage that they charge the retailers.

If they chose to cancel credit card users who do not carry a balance, then we will simply change the credit cards that we use.

Some time ago, Sears had notified us that they were cancelling our credit cards (for non-use and/or lack of a running balance) and they offered to switch us to another credit card company; we declined the offer.

A few months later when we purchase a plama TV from sears, they offered a $400.00 discount if I would open a Sears credit card account; I glady opened a new account (the old account had been in my wife's name.) We paid the bill at the end of the month; and they haven't cancelled the account yet . . . time will tell.)

In today's world a person has to keep up with all of the changes on the credit cards, bank charges, and telephone charges, etc. on an almost monthly basis . . . it is becoming ridiculous, isn't it?

And as my wife pointed out, some of the major credit cards only allow approximately five days from receipt of the invoice to pay the balances without being charged interest fees. Apparently they don't want your business unless they can find ways to charge you "extra fees".

1-08-2009 @ 1:46PM

Kathy said...
on 12/11/08 they charged me 11.94 interest on a 0 (zero balance). I called to the credit card company- . . . Oh yes, they erased the 11. 94 interest rate from my account!

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Well Kathy, the point is really "how much money did they make off of the people with similar situations who didn't bother to call them" . . . and go through the hassles and "telephone holding time" etc.?

The credit card companies are intentionally making these "mistakes" and benefitting from those customers who pay it rather than go through the hassle of straightening it out . . . they are "playing the odds" that they will make out on this overall . . . and they probably are making good sums of money off of this.

The primary issue is that Congress is allowing them to do this without adequate penalties that deter this type of "corrupt business activity". If the fines are high enough, they will not "make those kinds of erros". This is merely their "gaming the system" to boost their profits . . . and they are already charging horrific interests rates on those who carry a running balance, aren't they?

The American people are going to have to change the way that they handle their personal financial affairs.

Once again, Congress IS the CULPRIT for allowing these types ofexcessive and abusive business practices.

AMEX slashed mine, too, despite great credit and never making a late payment. I think it's time to rely on cash-only.

On top of that, the jerks are starting to really gouge people with 30-45% APRs in the UK: http://malcontentist.com/2009/01/american-express-is-a-loan-shark-part-i

This is an absolutely deplorable practice. Mobile phone companies are notorious for using this tactic as well. At anyrate, one can only try to do credit repair and try to move on to a better credit card company.

Banks are known to close the accounts of convenience cardolders because they are actually costing them money in the long run. There card issuers, the banks that hold your credit card account and then there are acquirers the banks that merchants use to accept credit card payments. acquirers make money from their mechants when a credit card purchase is made. Issuers make money off of finance charges and fees from their cardholders.

So if you pay your balance off before the grace period ends, (which is typically 20-25 days from purchase) never take out a cash advance, and have no membership fees, then really your account is a liability. The issuing bank still has to maintain your account, if you dispute a charge they still have to process it, all of this requires employees who get paid. If too many cardholders neer accumulate fees or finance charges, then the credit card line of business in a bank will begin to layoff due to lack of revenue.

It is a cycle, and yes it is about money, not about you. I suggest that obtain a credit card from the bank you have a checking account with, chances are they will retain your credit limit and pretty much not mess with your credit card much. The more accounts ou have with a bank, more valuable yo are to them. If you are to them, if you just have a credit card that you rarely use or do not carry a balance on, they will slash your credit limit and eventually cancel your account.