What is going on with Mastercard???? - Page 3 - YorkieTalk.com Forums

phfgkl · 01-20-2009, 07:23 PM

I don't know about chase, but, citi contacted me a couple mos ago. Said that starting in January, that my interest rate was going up from 9.74% to 21%. Now, I had a choice, I could opt out and continue having the 9.74 until June of 2010 when my card is up for renewal and then lose my card, or keep it and starting January(this month) paying the 21%. She said I hope you're not calling to opt out. I said, I've never been late on a payment, have a great credit rating, and I'm NOT giving you 21% a month, so, yes, I'm opting out. So, I just continue using my card, and then a year from June, I'll say bye bye, and start using another one of my cards. I did tell her, you're going to lose a lot of business doing this..I don't have fool written across my forehead. If I were smart, I would take one of my other cc's that I have 4.99% on until balance is paid off and use it to pay off the citicard

hviola · 01-21-2009, 05:47 AM

Quote:

Originally Posted by phfgkl

I don't know about chase, but, citi contacted me a couple mos ago. Said that starting in January, that my interest rate was going up from 9.74% to 21%. Now, I had a choice, I could opt out and continue having the 9.74 until June of 2010 when my card is up for renewal and then lose my card, or keep it and starting January(this month) paying the 21%. She said I hope you're not calling to opt out. I said, I've never been late on a payment, have a great credit rating, and I'm NOT giving you 21% a month, so, yes, I'm opting out. So, I just continue using my card, and then a year from June, I'll say bye bye, and start using another one of my cards. I did tell her, you're going to lose a lot of business doing this..I don't have fool written across my forehead. If I were smart, I would take one of my other cc's that I have 4.99% on until balance is paid off and use it to pay off the citicard

Its not cool what they are doing, but its pretty cool that they are letting you know ahead of time and giving you a choice.

hviola · 01-21-2009, 05:54 AM

Well, Ive been looking for other ways to have some emergency funds around. When I was working on my taxes last night, I saw that I qualified for a first time homebuyers credit of $7500. You actually get this in cash on your return.
But......starting in 2010 you pay it back using part of your return for 15 years. There is NO interest on this at all. Our return is usually 1700, so it would reduce our return to about 1200 for 15 years. Thats the only bad thing. But it would be money in my savings account that I can count on to be there for emergencies. What do you think about this?

phfgkl · 01-21-2009, 06:21 AM

Quote:

Originally Posted by hviola

Well, Ive been looking for other ways to have some emergency funds around. When I was working on my taxes last night, I saw that I qualified for a first time homebuyers credit of $7500. You actually get this in cash on your return.
But......starting in 2010 you pay it back using part of your return for 15 years. There is NO interest on this at all. Our return is usually 1700, so it would reduce our return to about 1200 for 15 years. Thats the only bad thing. But it would be money in my savings account that I can count on to be there for emergencies. What do you think about this?

My son and his fiance purchased their first home last October, he is going to use it this year too, he will do his taxes online, but, I'm not sure how that works out since the home is in both of their names(even though he makes all the house payments). I didn't hear where you have to pay anything back, I need to check in to that more.

crystalsmom · 01-21-2009, 07:11 AM

Quote:

Originally Posted by hviola

Well, Ive been looking for other ways to have some emergency funds around. When I was working on my taxes last night, I saw that I qualified for a first time homebuyers credit of $7500. You actually get this in cash on your return.
But......starting in 2010 you pay it back using part of your return for 15 years. There is NO interest on this at all. Our return is usually 1700, so it would reduce our return to about 1200 for 15 years. Thats the only bad thing. But it would be money in my savings account that I can count on to be there for emergencies. What do you think about this?

I think this is a wonderful idea and chance for alot of new homeowners in a bind for many reasons. I just sent this info to my grandson. Great to not pay interest while YOU are getting interest on it.

hviola · 01-21-2009, 08:34 AM

Quote:

Originally Posted by phfgkl

My son and his fiance purchased their first home last October, he is going to use it this year too, he will do his taxes online, but, I'm not sure how that works out since the home is in both of their names(even though he makes all the house payments). I didn't hear where you have to pay anything back, I need to check in to that more.

Heres some info on it: To qualify, you must close on your new house between April 9, 2008 and July 1, 2009. The “first-time home buyer credit” is a temporary refundable, repayable tax credit equal to 10% of the purchase price of a home, up to $7,500 for singles and married couples filing jointly. (Singles who buy a house together get only $3,750 each, as do married couples filing their tax returns separately.)

So your son and his fiance would both claim half the credit on their separate returns.

TresCutePiggies · 01-21-2009, 12:24 PM

I'm not sure if this is related or not, but I had an Ann Taylor store credit card that I opened up when I was first out of college, maybe 5 years ago, for 15% off my "interview" suit. I purchased the suit and then immediately turned around and paid the balance off in full. I think I was approved at maybe an $1800 limit. I don't think I have ever used the card since. Well, a few months ago I get my upgraded card (that I did NOT request) in the mail which is an Ann Taylor Mastercard, which basically means I can use it anywhere and get style rewards points for it at Ann Taylor. Honestly, I think I'd rather have cashback, miles, about a billion other things. Anyways, my limit was also increased to $18,000!!! You read that right - on a credit card I did not request and had not used in at least five years. I was so livid that I immediately tried to call and cancel. It's all automated, go figure. Anyways, one of the options was if you are calling about your new Ann Taylor Mastercard...I'm sure many people felt the same way as me if they had to make an option about it.

Kelz · 01-21-2009, 02:02 PM

OMG! i had not heard anything about this! My main card that i use is a Visa and it's paid off.. but there is a $17,000 limit on it.. i wonder if Visa will start down sizing credit limits as well... my other cards are just store credit cards which are all paid off as well except for my best buy card.. i'm going to have to start watching to see if this happens to me as well! thanks for the heads up!

hviola · 01-21-2009, 02:48 PM

I called to check on a few store cards that I have and they were okay. Their best advice on keeping a card is to use it at least twice a year, even if its a small amount it won't show as inactive.

LoveMyJake · 01-22-2009, 12:13 AM

This is probably why...

MasterCard, Visa warn security breach may compromise data - USATODAY.com

wookie · 01-22-2009, 03:15 PM

Quote:

Originally Posted by celstu1

That happened to me. I have an AMEX card. It had a $16,000 limit. A couple weeks ago I got a letter that they dropped the limit to $500 and the interest rate went up to 32.99%. Luckily i never carry a balance on that card so it didn't affect me at all, but still... uugghhhh

Oh and minimize charging prices are going up in stores since these stupid Credit Card companies are charging store owners higher fees to process credit card charges.

This exact same thing happened to me too! Having a $500 credit limit on an Amex is so useless.

LDandPasquale · 01-22-2009, 03:40 PM

This is so strange...cause i just got a letter in the mail today from chase saying they were INCREASING my limit. Uhhh thanks...but who said i wanted that?

emilyann · 01-22-2009, 04:30 PM

Hm... credit cards are so scary and confusing... at least for my blonde brain they are.

zoeybear · 01-23-2009, 10:50 AM

I feel better that Im not the only one this has happened to. I have a Juniper credit card.(Barclay's bank) It had a 3,000.00 limit. I used it once and have $167.00 balance. Two weeks ago I got a letter telling me that my limit was being reduced to $500.00. I made every payment before it was due and always paid more than the minimum. I thought I was the perfect customer. 1 week before this letter arrived I got a call from Juniper. They asked me for the thousand-th time if I wanted to sign up for account insurance. I told them no and to please remove my name from their calling list. I do not want or need account insurance. 1 week later they reduced my limit. A-holes!

luvfla · 01-23-2009, 12:49 PM

I don't know who said that CC companies lose money on them BUT I have this to say about that...CC companies NEVER lose money. As a retailer, I pay the credit card company a percentage of a sale to accept their cc. If you have a card that gives you cash back or airline miles...I pay extra to take that card (so I am really giving you those perks).
Next they turn around & charge YOU, the consumer, to use that money,& god forbid you are an hour last making your payment, they charge to a crazy late fee & raise your interest rate!
As for why they are dropping your accounts. There is a credit crunch out there. Banks have mismanaged their money so badly that they do not have money to lend. & when I say "money", I talking your line of credit. An LOC is a liability to them whether you use it or not because you have the POTENTIAL to use it at any time, so they have to earmark that "money" for you.
If you pay your bill of every month they have decided that you do not or will not need that money so they take it from YOU & lend it to someone else. As for lowering you balance, I am going to guess that they looked at your activity in an X period & found that your average was X so they just snatched away that cushion from you so they could give it to someone else.
OK that was my nice version of what I think of CC companies!
I will NOT even start on what it does to your credit score. I predict a class action lawsuit against the CC companies because of the credit score thing!
Shoot, now I got myself all worked up....I'm gonna have to go out front & smack one of my customers!

01-21-2009, 05:54 AM	#33
hviola YT 1000 Club Member Join Date: Jun 2008 Location: Casey, IL Posts: 1,175	Well, Ive been looking for other ways to have some emergency funds around. When I was working on my taxes last night, I saw that I qualified for a first time homebuyers credit of $7500. You actually get this in cash on your return. But......starting in 2010 you pay it back using part of your return for 15 years. There is NO interest on this at all. Our return is usually 1700, so it would reduce our return to about 1200 for 15 years. Thats the only bad thing. But it would be money in my savings account that I can count on to be there for emergencies. What do you think about this? __________________ Heather, mommy to Drake (7 yr old son), Triss (yorkie), spike (dachshund), ash and misty (my cats), and a baby on the way due Oct 1st!

01-21-2009, 12:24 PM	#37
TresCutePiggies Owned by Rory & Lane Donating Member Join Date: Sep 2008 Location: Atlanta, GA Posts: 1,893	I'm not sure if this is related or not, but I had an Ann Taylor store credit card that I opened up when I was first out of college, maybe 5 years ago, for 15% off my "interview" suit. I purchased the suit and then immediately turned around and paid the balance off in full. I think I was approved at maybe an $1800 limit. I don't think I have ever used the card since. Well, a few months ago I get my upgraded card (that I did NOT request) in the mail which is an Ann Taylor Mastercard, which basically means I can use it anywhere and get style rewards points for it at Ann Taylor. Honestly, I think I'd rather have cashback, miles, about a billion other things. Anyways, my limit was also increased to $18,000!!! You read that right - on a credit card I did not request and had not used in at least five years. I was so livid that I immediately tried to call and cancel. It's all automated, go figure. Anyways, one of the options was if you are calling about your new Ann Taylor Mastercard...I'm sure many people felt the same way as me if they had to make an option about it. __________________ Rory and Lane now have a dog blog, Doggie Debutantes. Find us on Facebook here.

01-21-2009, 02:02 PM	#38
Kelz YT 2000 Club Member Join Date: May 2005 Location: Yukon, ok Posts: 2,885	OMG! i had not heard anything about this! My main card that i use is a Visa and it's paid off.. but there is a $17,000 limit on it.. i wonder if Visa will start down sizing credit limits as well... my other cards are just store credit cards which are all paid off as well except for my best buy card.. i'm going to have to start watching to see if this happens to me as well! thanks for the heads up! __________________ Kelly- momma to Parker, Star,Zoe, & Kegan.. RIP Silly Lily OK Yorkie Rescue - http://okyorkierescue.org

01-21-2009, 02:48 PM	#39
hviola YT 1000 Club Member Join Date: Jun 2008 Location: Casey, IL Posts: 1,175	I called to check on a few store cards that I have and they were okay. Their best advice on keeping a card is to use it at least twice a year, even if its a small amount it won't show as inactive. __________________ Heather, mommy to Drake (7 yr old son), Triss (yorkie), spike (dachshund), ash and misty (my cats), and a baby on the way due Oct 1st!

01-22-2009, 12:13 AM	#40
LoveMyJake I love Jackson too! Donating Member Join Date: Jul 2007 Location: Ohio Posts: 2,905	This is probably why... MasterCard, Visa warn security breach may compromise data - USATODAY.com __________________ Selina, mommy to Jake and Jackson. RIP baby Lily Coming soon: Gracie

01-20-2009, 07:23 PM	#31
phfgkl BANNED! Join Date: Oct 2008 Location: South Carolina Posts: 2,376	I don't know about chase, but, citi contacted me a couple mos ago. Said that starting in January, that my interest rate was going up from 9.74% to 21%. Now, I had a choice, I could opt out and continue having the 9.74 until June of 2010 when my card is up for renewal and then lose my card, or keep it and starting January(this month) paying the 21%. She said I hope you're not calling to opt out. I said, I've never been late on a payment, have a great credit rating, and I'm NOT giving you 21% a month, so, yes, I'm opting out. So, I just continue using my card, and then a year from June, I'll say bye bye, and start using another one of my cards. I did tell her, you're going to lose a lot of business doing this..I don't have fool written across my forehead. If I were smart, I would take one of my other cc's that I have 4.99% on until balance is paid off and use it to pay off the citicard

01-22-2009, 03:40 PM	#42
LDandPasquale YT 2000 Club Member Join Date: Aug 2008 Location: Massachusetts/Florida Posts: 2,614	This is so strange...cause i just got a letter in the mail today from chase saying they were INCREASING my limit. Uhhh thanks...but who said i wanted that? __________________ LD that's me and Pasquale "If at first you don't succeed, then skydiving is definitely not for you!"

01-22-2009, 04:30 PM	#43
emilyann Lovin' My LilBug! Donating Member Join Date: Oct 2007 Location: Kentucky Posts: 2,513	Hm... credit cards are so scary and confusing... at least for my blonde brain they are. __________________ love my lillybug! rags and ribbons!

01-23-2009, 10:50 AM	#44
zoeybear Misssing Baby Chloe Donating Member Join Date: Jun 2007 Location: California Posts: 4,186	I feel better that Im not the only one this has happened to. I have a Juniper credit card.(Barclay's bank) It had a 3,000.00 limit. I used it once and have $167.00 balance. Two weeks ago I got a letter telling me that my limit was being reduced to $500.00. I made every payment before it was due and always paid more than the minimum. I thought I was the perfect customer. 1 week before this letter arrived I got a call from Juniper. They asked me for the thousand-th time if I wanted to sign up for account insurance. I told them no and to please remove my name from their calling list. I do not want or need account insurance. 1 week later they reduced my limit. A-holes! __________________ We give dogs time we can spare, space we can spare and love we can spare. And in return, dogs give us their all. It's the best deal man has ever made. -M. Acklam

01-23-2009, 12:49 PM	#45
luvfla YT 3000 Club Member Join Date: Oct 2008 Location: Satellite Beach, FL Posts: 3,691	I don't know who said that CC companies lose money on them BUT I have this to say about that...CC companies NEVER lose money. As a retailer, I pay the credit card company a percentage of a sale to accept their cc. If you have a card that gives you cash back or airline miles...I pay extra to take that card (so I am really giving you those perks). Next they turn around & charge YOU, the consumer, to use that money,& god forbid you are an hour last making your payment, they charge to a crazy late fee & raise your interest rate! As for why they are dropping your accounts. There is a credit crunch out there. Banks have mismanaged their money so badly that they do not have money to lend. & when I say "money", I talking your line of credit. An LOC is a liability to them whether you use it or not because you have the POTENTIAL to use it at any time, so they have to earmark that "money" for you. If you pay your bill of every month they have decided that you do not or will not need that money so they take it from YOU & lend it to someone else. As for lowering you balance, I am going to guess that they looked at your activity in an X period & found that your average was X so they just snatched away that cushion from you so they could give it to someone else. OK that was my nice version of what I think of CC companies! I will NOT even start on what it does to your credit score. I predict a class action lawsuit against the CC companies because of the credit score thing! Shoot, now I got myself all worked up....I'm gonna have to go out front & smack one of my customers!