I've heard numerous stories from many people about how their credit card companies have been changing their terms or instituting new fees. I thought I would start a thread where we can air our grievances and discuss the shady tactics they are doing now.
I got the idea after hearing about my Father's experience with Chase. He has (had) a credit card from Chase that he first got 10-15 years ago. He has been using the promotional checks they send (usually 4.9% for the life of the balance) for his operating loan for his farm. (He switched to that from using loans from the bank because the interest rates are better and his farm is not used as collateral on the loan and because the local bank was getting very demanding about when he could sell his crops, and what repairs he could make, etc.) Anyway, he had a balance on the card in question he was making payments on, never late, always paid more than the minimum due. One statement showed up and there was a $10 activity fee. He called them and was told that they weren't making enough money on the account at such a low interest rate, so they started charging him this fee. It turns out that they charge it whether there is any activity or not, so basically it is a $120 annual fee. He transferred it to another card with similar terms to what he had before and closed the account. It's as if they don't want him as a customer. They were making money on the interest (not a lot, but some), and he was a good customer. He never had a late payment and his credit score is close to 800--not a risky customer. I just don't get it.
So, any other good stories?
I got the idea after hearing about my Father's experience with Chase. He has (had) a credit card from Chase that he first got 10-15 years ago. He has been using the promotional checks they send (usually 4.9% for the life of the balance) for his operating loan for his farm. (He switched to that from using loans from the bank because the interest rates are better and his farm is not used as collateral on the loan and because the local bank was getting very demanding about when he could sell his crops, and what repairs he could make, etc.) Anyway, he had a balance on the card in question he was making payments on, never late, always paid more than the minimum due. One statement showed up and there was a $10 activity fee. He called them and was told that they weren't making enough money on the account at such a low interest rate, so they started charging him this fee. It turns out that they charge it whether there is any activity or not, so basically it is a $120 annual fee. He transferred it to another card with similar terms to what he had before and closed the account. It's as if they don't want him as a customer. They were making money on the interest (not a lot, but some), and he was a good customer. He never had a late payment and his credit score is close to 800--not a risky customer. I just don't get it.
So, any other good stories?
