What is with these credit cards?

As a consumer I am darned pissed off at the credit card industry.

They are seriously taken advantage of their customers.  Case in point?  ME!

Now I am sure many, many people are going to look at my details here and think well hell that ain’t nothing, you should see my rates.  Well I do, with my friends and family everyday.

But to break it down here is what is happening to everyone including consumers with good/great credit scores and an unblemished payment history over my entire adult life, no late or missed payments ever.  So you are not alone.

I have 4 credit cards:

1. Olin Community Credit Union Credit Card 9.90% (They are beating the pants off everyone else)
2. Chase Credit Card 10.24% (ouch a little high but tolerable)
3. Discover Credit Card 18.24% (no way will I use this one)
4. Capital One 17.90% (now why is this one last when it doesn’t have the highest rate you ask?) This bone-head credit card company had received the highest bank bailout and they are really raping their customers.  Not only did this rate go up from 8.15% to 17.90% this month but a month after getting this rate increase notice we got another customer wide notice of a rate increase going to 22.90% in another 2 months.

Is Capital One on crack?  Do they really think they will retain their good paying customers with this double rate increase?

I called customer service and asked them just that and got a stock answer, due to the economic downturn all of our customer rates are going up no matter how long of a customer or how great of a payer the customers have been.  What I told her was then I simply will no longer use your credit card as I am sure many other fine customers will follow suit and what will that leave your company with?  People who do not have the means to pay or simply don’t care to.  Is that the kind of customers they really want to keep?

So you would think the logical thing to do would be to cut up the cards and mail them back or throw them away, right?  WRONG!  Not only would that be a foolish thing to do with the economy as it is and the lack of credit being given out but your credit score takes a hit and not for the good.  So for now I will simply sit on these credit cards and not use them until the credit card companies get their heads out of the asses.

TIP:  Anyone who chooses not to use a credit card needs to remember that a card will be canceled if not used so once every 6 months or once every 12 months go to the gas station, fill up and then pay the bill off in 2-3 weeks so you don’t pay interest but you keep the card active.

Related posts:

1. Have you checked your credit report lately? Hubby and I have always been faithful about getting our...
2. Need a gift in a hurry? This is a Sponsored Post written by me on behalf...
3. Layaway! A great option at a tough time! My hubby and I just had a conversation that reminded...
4. Once again eBay has ticked me off! I recently applied for the eBay Partner Network, a/k/a affiliate...
5. The Scumbags are at it again! Got a letter today in the mail addressed to my...

Tagged as: bad credit, credit, credit card, debit, economy