cancelled a credit card About This Page:

[Disney_Scarlett]

Sounds like a dumb business move to me! They lost a good customer.

I was once late on a payment (my only time ever!) when it totally slipped my mind - I remembered a couple of days before the payment was due, but it was due on the 26th of December, and their online-pay system wouldn't allow me to pay until the 27th because of the holidays. I threw a fit when they charged me a fee and raised my interest rate and they did lower it back down and take back the fee. That was a few years ago, and I'm sure things have changed now.

[skateycat]

i got a letter from my bank yesterday, i have not been late on any payment ever, have my mortgage, savings, checking and a MC. they raised my interest also. why? because they can. dh says it is because i opened a line of credit with my dentist to pay for all the work i have been having done (i only owe 3000). he says that by doing that, it shows i am increasing my debt ratio or something. i would love to just close my accounts, but that adversely affects your credit score according to suzie orman. however, if they were to make it zero interest and i am not buying anything anyway, who would care, right????

[Joanne929]

I used to have a Discover card (had it for about 6-7 years) and when I was in the hospital, giving birth (1993), that month's payment was late and they did the same thing to me - charged me a late fee, increased my rate, and would NOT even CONSIDER lowering it . . . DH and I got a loan and paid off all our credit card debt.

(That was the first time - we've since done that two times and I have 2 CC's with very low balances that I won't use anymore, just pay them off. I hate CCs too!!)

[tkm1005]

Originally Posted by DrDolphin

Here is the really funny thing - they wouldn't work with me when I had the OPEN account, but they lowered my interest to ZERO on the closed account and set up a payment plan with me - making payments are half as much as they would have been before....

If you don't mind me asking which company is this? I have been contemplating canceling a BoA credit card which still has a balance. I have read conflicting things on how that affects your credit score. However if we could work out a deal like you have it would definitely be worth it.

[Tinag408]

The same thing happened to me last month. I scheduled a online payment, but for some reason it never went through to the bank. I noticed it 2 days after the payment was due, and immediately paid it. When my statement came the increase my interest rate to 29.9 percent. I called and explained I was never late with my payment, could they please lower the rate back down . The lady did remove my late fee, she told me it would take 3 to 4 months to lower the interest rate if the company agreed. I was extremely happy when my new statement came they decreased my interest rate right away. I was very happy . Usually credit cards company's are not very nice. These companies usually get you coming and going.

[Geri Alexander]

TKM, you usually have to qualify for a program like this. It's not something that is usually just offered up. You typically have to be a hardship case and qualify based on income or life change, like a lost job.

[5SOXFNZ]

Originally Posted by KMB733

I canceled the card, put in through the shredder and then mailed it back to them.

LOVE IT!!!

[5SOXFNZ]

Originally Posted by Disney_Scarlett

I remembered a couple of days before the payment was due, but it was due on the 26th of December, and their online-pay system wouldn't allow me to pay until the 27th because of the holidays.

This is the part that drives me INSANE! I have some bills that I need to pay a week ahead of time or I miss their "window" IMHO that's just a lot of BS on their part because it's all electronic now and there is no reason why it can't come out on the same day or even a 24 hour window!

[FanOfMickey]

Originally Posted by Tinag408

The same thing happened to me last month. I scheduled a online payment, but for some reason it never went through to the bank. I noticed it 2 days after the payment was due, and immediately paid it. When my statement came the increase my interest rate to 29.9 percent. I called and explained I was never late with my payment, could they please lower the rate back down . The lady did remove my late fee, she told me it would take 3 to 4 months to lower the interest rate if the company agreed. I was extremely happy when my new statement came they decreased my interest rate right away. I was very happy . Usually credit cards company's are not very nice. These companies usually get you coming and going.

Welcome to the Office forum Tinag408

I am glad your bank lowered your rate right away for you. Good to see that some banks are making allowances for their customers who pay in a timely fashion.

I agree, usually they are not very nice. I am really trying to be more aggressive at paying mine off now as it is hard to get anywhere with the high rates

[Cam22]

Really poor customer service! I would have closed out, too.