Obama Takes Aim at Credit Card Companies

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I have just expecienced my limit being reduced with Bank of America. I had a $22,000 credit limit. Over 2 years time I have put $11,500 on my card due to income difficulties (I'm sorry I have to buy my dog's medicine even when I can't afford it). They said I can't use my card to "supplement my income" and because of a foreclosure 2 years ago they lowered my limit to $300 over what I have already spent and told me AFTERWARDS. I understand the foreclosure would cause me problems (even though it was because my husband left me) but for goodness sakes look at my perfect payment record before and after that. What happened to your credit number being important. Mine is still over 700 and they don't care. I found it very ironic when I called to question the letter I'd received he answered with "thank you for making ontime payments since 2003." Guess it doesn't really matter.

Angela of MO 9:33PM June 17, 2010

I have been with WAMU since 2005 and am now with Chase since they took over. I have always been in good standing with both banks (actually with all financial institutions that I have dealt with). Due to my unemployment and my son's funeral, I started charging to my credit cards. When one of my credit card's promotional 0% interest offer was over and was starting to charge me 10% interest, I still owed a bit over $2000.00 on it. So I used one of Chase's promotional offers for 0% interest for 10 months. There was to be a one-time transfer charge for the transaction. However, they were charging not only that, but also convenience check charges every month as well as promotional summary charges (twice). When I called Chase I was told that the check I had used was for 14.24% interest. Now why would I or anyone on this planet transfer depth from a 10% interest card to a 14.24% interest card? That would be the stupidest thing to do. Obviously, Chase lured me, as their customer, into believing that if I use one of those 0% interest checks to transfer depths from another credit card company over to them, I will get a 0% interest rate for 10 months. Is there anything we, the consumers, can do? Do we have any rights at all? I still have some of the promotional letters they had sent me later in my possession, but the one of which I had used the convenience check is gone. What can I do? I feel depressed and tricked, like I fell victim to a scam artist. I never thought something like this could ever happen.

Simone of TX 5:39PM December 14, 2009

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RedDwedeOpeda of AL 7:09PM November 02, 2009

I HAVE BEEN A WAMU/CHASE CREDIT CARD HOLDER FOR OVER 10 YEARS WITH AN EXCELLENT PAYMENT HISTORY AND GREAT CREDIT. LOW AND BEHOLD I WENT OVER MY LIMIT BY A MERE $100-$150 AND NEXT THING YA KNOW I GET A LETTER IN THE MAIL SAYING I HAVE DEFAULTED AND MY RATE IS GOING UP TO 26%! MY GOD ARE YOU KIDDING ME??? AS IF THE $39 OVER THE LIMIT FEE ISNT ENOUGH IN TODAYS ECONOMY. YOU WOULD THINK I WOULD GET A PASS AFTER BEING SUCH A LOYAL CUSTOMER! ESPECIALLY DURING THIS TOUGH TIME. IF I DONT HURRY AND GET MY BALANCE DOWN I GUESS NEXT I'LL GET A LETTER SAYING MY LIMIT HAS BEEN REDUCED! UNBELIEVABLE!!! I'M NOT DONE WITH THIS. I WILL BE CONTACTING CHASE REGARDING WHAT THEY HAVE DONE!!

M.R. IN CA of CA 4:27PM November 02, 2009

Today I received a call AT WORK from Americna Express. Yes, I have 4 AMEX cards tied to a busines I own, Why they called my work number and not my cell I have no idea. I have no idea how they even got my work number. The point is; my payment wasn't even due until November 5- today is October 27th. Is AMEX so short that my payment early is going to pull them through? I've had AMEX for 7 years. Never been late, always paid on time. My fico is around 775. This country is going to hell in a handbasket and the goddamn (majority of) politicians and bankers are pushing us in there with a huge broom made out of greed! Disgusting. As has been pointed out- how many yachts can you ski behind at one time. When one person is making money here, its because another is losing it. The gap between the priviledged and the not is growing. 1984 is, if not on the horizon, in large measure, already here.

david L of MS 6:35PM October 27, 2009

I AM BELIEVING ITS TO LATE TO HAVE HOPE WITH THE LOAN SHARKS. OBAMA GAVE BANK LAWYERS ENOUGH TIME TO TELL THE BANKS RAISE THOSE RATES AS HIGH AS YOU CAN! THEN WHEN OBAMA COMES TO OUR RESCUE HA HA HE WILL ONLY MAKE THEM GO DOWN BY A COUPLE PERCENT! I HAVE ALWAYS PAID MY DEBTS AND BELIEVED IT WAS AN ASSET TO BE RESPONSIBLE AND HAVE GOOD CREDIT, BUT I HAVE WENT THROUGH PURE H--L WITH LOAN SHARK CREDIT CARD COMPANIES TO THE POINT EVEN THOUGH MY FICA WAS....850 A YEAR AND A HALF AGO...BUT ALL THOSE CROOKS HAVE SCREWED MY CREDIT FICA UP SO BAD BY LOWER LIMITS RAISING INT.RATES FINDING WAYS TO ADD CHGS ECT. AND WAS TOLD BY SEVERAL YOU ARE A VALUED CUST. BUT DO TO THE ECONOMIC CONDITION AND SO MANY PEOPLE TAKING BANKRUPTSY WE HAVE TO PASS IT ON TO OUR CONSUMERS BUT BY THE WAY YOU ARE A VALUED CUSTOMER...WHAT KIND OF VALUE ARE THEY TALKING ABOUT????? TO MAKE A LONG STORY SHORT IVE HAD A FRUSTRATING DAY WITH CHASE.AND EVERYDAY I DEAL WITH THEIR DECIET AND LIES AND THEFT! I AM GOING TO JUST QUIT PLAYING THEIR GAMES. I AM NOT GOING TO PAY THEM ANYMORE INTILL THEY WANT TO COME UP WITH AN HONEST OPTION AND QUIT STEALING FROM ME AND MY DISABLED HUSBAND.ITS SO SAD THAT I USE TO DO WITHOUT FOOD TO PAY MY BILLS BUT NO MORE IM NOT PAYING INTILL THEY COME DOWN TO MY MEAGER LEVEL.AND BEG ME TO SETTLE FOR SOMETHING BECAUSE IVE ASKED THEM TO DO THAT AND THEY SAY THEY ARE NOT DOING DISCOUNTED SETTLEMENT! BUT MAYBE THEY WILL WHEN I STOMP PAYING THEM,COME ON AMERICA WE HAVE TO FIGHT BACK!!! THIS IS ROBBERY WITHOUT A GUN.YOU DO IT AND SEE IF YOU DONT GO TO JAIL.IM JUST DOWN RIGHT MAD,THEY GET BAILED OUT WITH OUR MONEY THEN THIS IS THE APPRICIATION WE GET BACK FOR PAYING ON TIME THEY ARE EVIL CROOKS!!! GREED IS EVIL! MY TAX DOLLARS NOW TAKE THE REST THEN HOW DO YOU PAY YOUR TAXES! ALL I SEE IS THE RICH GET RICHER AND THE MIDDLE CLASS GET POORER..I AM TIRED OF THEM HAVING THE CONTROL TO JUST CHANGE THE RULES WHEN EVER IT BENEFITS THEIR POCKET.AND OBAMA I VOTED YOU IN MUST OVER LOOKED THE SMALL PRINT!!!

BROKE of IA 8:51PM September 23, 2009

I have had my chase credit card for a lot of years. They are delivering bills later each month and not knowing for sure the due date, that changes each month. It feels like they are trying to get late payments so they can charge their late fees. With my credit card I was late one time. Because of that payment that was less than a week late the fees were unbelievable. I had about a $8,ooo.00 balance my payment was $200.00. When I got my next statement my payment was $654.00. I tried to work with them and they wouldn't give at all. I have now paid the account down to about $200.00 and I have now received a letter stating my limit has been reduced to $1,100.00 from over $9,000.00 because as they say, Total bankcard balances to high, one or more accounts have high balances ( 1 other card with balance on $2,000.00) and the final reason I just had to laugh, it said " Length of time since last delinquency is too short". What does that say to you? I guess to give some sort of credit for a little honesty, I guess. There was nothing said about my balance before I paid down my card to within $200.00.
Chase took a huge bail out and is using that money to fatten there accounts and we the people who are paying for their bail out are also being charged for it by the company we tried to help. Chase is one of the bail out companies who taking advantage of the people ( tax payers) of this country. It need to stop and they need to pay back the money they have taken from all of us. President Obama please stop them and make them pay it back now! Will somebody listen and stop these monsters?

Kathy of WA 2:27PM September 02, 2009

I CALLED CAPITAL ONE AND TALKED TO THEM ON 07/22/09 AND ASKED THEM IF MY INTEREST RATE OF 22.9% COULD BE LOWERED TO MY ORIGINAL 9% AND WAS INFORMED THAT THIS WAS GOING TO BE CREDITED TO MY NEXT BILLING CYCLE. NOW IT IS 08/28/09 AND MY NEW STATEMNT STILL HAS 22.9%, SO I CALLED BACK AND WAS TALKING TO RICHARD... AND HE INFORMED ME THIS WAS NOT POSSIBLE. SO I ASKED TO TALK WITH SOMEONE IN MANAGEMENT SINCE I HAD BOTH THERE ID#'S AND HE WOULD NOT ALLOW THIS. SO FAR I HAVE TURNED THEM INTO THE BBS AND TO OUR WRITTEN OUR LOCAL STATE AND GOV. SOMEONE NEEDS TO GET AHOLD ON TO THIS. IF THE SO CALLED "CHECK N' 2CASH" CANT HAVE THESE INTERST RATES WHY ARE THEY ALLOWING THE CC COMPANIES DOING THIS. ITS CAUSING BANKRUPCY, DEVORCES, ECT. THEY RAISE THESE INTEREST RATES WITH OUT LETTING YOU KNOW....STOP THEM PLEASE!!!!!!!!

LORI of IA 1:15PM August 28, 2009

I have 2 credit cards with Capital One. They have both gone from 12.9% to 22.9%. Not only did my interest rate double without notice (they claim they sent me letters but I did not receive a letter - if so, I would definitely had "opted out". My minimum payments have now doubled and they are slowly making me sink. The other thing is, what ever happened to a 30 day billing cycle? I've been diligently paying these cards on time, even chunking away at the principal to get these cards down. I've been checking online daily to get the new payment this month and payment of 0 is showing. I still have ot received a bill in the mail for this month so I called this morning to ask what my payment due would be. They told me the new payment (doubled) is due September 11th. Um...hello? Today is August 18th. WHERE DID THE 30 DAY CYCLE GO? Somebody needs to stop these thieves dead in their tracks. This cannot be legal! This is not fair to the consumer! Does anyone hear me out there? How long can these credit card companies keep doing this and get away with it? Someone? Anyone?

Lauri of MA 6:46AM August 18, 2009

Find the Usery Laws and enforce them. Bankers who violate the law should be sent to prison rather than letting them sneak around the law and cause so much havoc.

P. Gamer of CT 9:15PM August 05, 2009