[BC] Credit cards...

[Rich Wood]

------ At 02:32 PM 6/1/2009, KKTY wrote: -------

>I learned (twice) over the weekend that my business credit card is 
>no good. It's a MasterCard issued by Advanta. Advanta closed ALL 
>business card accounts effective Sat, May 30... they're out of business.

If they're out of business that must mean you don't owe them any money

>Also in doublechecking this morning, I found that they'd raised my 
>annual interest rate to 34.99 percent. Thankfully, my accountant 
>keeps THAT bill paid off. But do the math... a $10,000.00 balance 
>nets you $3500.00 a year... almost $300 a month... in interest payments.

Keep checking. If you have a $5000 balance they'll lower your credit 
limit to $4000 or something below what you owe. That means a monthly 
overlimit fee. If you have an automatic payment scheduled, check in 
regularly. They'll gradually change the due date. At some point your 
scheduled payment will be late.

All but one card I have has sent me a legal sheet with the new rules. 
Not the new legal ones that'll go into effect after they've had a 
chance to implement all the stuff that's going to be illegal. All but 
one doubled (at least) my interest rate. They went from 8.9% to 23.9. 
That's on all balances, new and old. I've never been late paying. My 
limits are about $7500 per card, so I've never gone over the limit 
(never even came remotely close). The only bank that didn't raise my 
limit was one that didn't need bailout money. We're getting screwed 
twice and there's not a hint of pleasure in the room.

I rarely ever write a legislator. I don't have enough money to 
compete with CitiBank for their attention. However, yesterday I saw 
an ad on Hartford TV for Chris Dodd of CT. The gist of the ad is how 
he saved us poor consumers from the evil credit card companies. This 
was aired the day after I got all the notices that violated every 
claim made in the ad. I sent him email. Even though he represents me 
as a Federal legislator, I don't live in CT so I'm no threat to his 
reelection. I don't even expect a form reply with the usual gibberish 
I expect from the legislators who work for us. The bottom line is 
that the banks own them.

Just be on guard for dirty tricks that could cost you.

Rich