What is going on with Mastercard????

[Koran]

Zoey, FYI, that insurance thing had nothing to do with your credit limit reduction, just a timing issue. When they are trying to sell you that stuff they usually hire outside "telemarketers" to peddle their additional products ie insurance. The payment reduction was due to the lack of utilizing the balance. Had you had more of a balance in the past or charged something substantial they would have left you there. But for folks that carry balances and use the balance consistently (MY SISTER!) They will not mess with you. Basically you have to stay in debt to them to be a good customer! LOL

Did anyone else hear about the lady who had her MC rejected I think it was in New York and she couldnt pay for her cab ride? The cab driver called 911 and when the lady got on the phone with the Port Authority they instructed her if she couldnt pay cash that she had to give him something of value? All she had was her IPOD and she had to give it to him. Of course this is against Port Authority Operating procedures and its being investigated but I remembered this post and thought, Boy that would be Horrible!

[chloesMama]

Originally Posted by luvfla

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!

I wish we could class action the CC companies as well as the CR agencies ! Factor in the economy with the CC companies and the reporting agencies and even a once considered good credit score of 760 or above is not what it use to be , especially if you own a business. Just when you think you have a grasp , they jerk it all away. They simply do not want us to win. I would love to force feed them some of their own medicine , but *sigh* I will just sit and complain

I can't believe they are cutting people's card's with no notice. I will have to watch and see what happens. So far Amex says all is well , but who really knows.