I paid off alot of my cards when I re-fi'd the house. Last week I started calling most of them to either get the interest lowered or some of their fees reduced.

Out of maybe 5, only 1 was willing to lower the rate. The rest of them have the same song and dance "This is the lowest interest rate our bank offers right now" which was on average 23% to 25%.

I'm a bit puzzled. The Fed has been cutting rates like madmen lately, and yet the banks are raising their interest rates. They couldn't seem to explain this, so I closed all of the ones that told me no. They didn't seem to give two *****.

Back in "the day" banks used to do whatever they could to keep you happy and keep your business, but now I think we've finally gotten to a point where you are truely just a number and they could care less if they loose your business.

As a matter of principal, I'm closing every single account I have where they won't lower my rate. It just goes to show you what the greed-driven business world of credit cards is coming to.

And yet, the government wonders why consumer spending is so low these days.

I'll tell you one thing; that magic band-aid of a tax relief check coming in June is going to go towards paying off and closing more of those accounts.

Greedy bastards [:@]

 

That's the best feeling in the world calling up and closing your account. Since my younger days when I got into trouble with credit cards,I now NEVER not pay the balance in full every month. I get a credit card for the rewards program that it offers, so I'm really making more money off of them.

 

wow!! I don't have any over 5% apr...

 

I always pay mine off every month. I am not even sure what the rates would be on them now but I know when I opened them there were none over 9%. Be careful closing credit card account also, surprisingly that can have a negative impact on your FICO score. You might be better to pay them off and just not use them. It is also harder to negotiate your rates down after you have paid them off. At least you don't have to write a check to the theiving ba$tard$ anymore.

 

Well, they were all paid off. What I found happened with many of them is they would wait until you charged up a balance and then jack up your rate. I'm not talking about one of these introductory interest rate deals either. These people would raise my rates just for the hell of it. Considering I have not one missing or late payment on my credit you think they'd have a reason for doing so, but they didn't.

I just went with the wrong banks. One thing I learned is unfortunately it's the biggest banks whom you have the most negotiating power with. The smaller ones will suck you dry.

Oh and Trey, you are right. Closing and cutting up these plagues on my finances is the best feeling I've had financially in a long time, a close second to how much equity my home has after I had it built That made me feel rich, even for just a minute

 

and like 3hummers said.... your credit score will drop drasticallybecause you closed too many at once....

I used to have an issue.... but now for the most part I just use my AMEX and life is good...

 

Yup that's what I do now.

 

I have a balance on one that I have to carry for a couple of months. The bank just sent me a note (Bank of America- you suck!) that they are raising the interest rate to 27.99%!!!

Uh, I guess I'm moving that balance to another card.

 

Yeah, they are all trying to make up for their bad lending practices in the mortgage industryby raising everybody's interest rate. It's no big secret. Bastards.