Sunday, March 29, 2009

unwillingly contributing to the bank bailouts...

Robin's commentary --

How many different ways as a taxpayer is there for us to help bail out the banks?

one method is a stimulus packages, and another method is a little closer to home.

the latter I found out the other day.

Imagine my shock when I opened up my credit card statement and suddenly discovered that my annual percentage rate (APR) jumped from 8% to 18%.

Shocked, I called the credit card company and asked what's going on.

Did I miss a payment?

Was there another account that I was late on?[you know, one of those little intricacies that they throw at you to try and raise your interest rates]

Did I not make a full minimum payments?

No! They replied. "You did not do anything wrong."

"Then why with my credit score am I paying 10% more in interest all of a sudden?"

"It is solely because of increased costs that we raised your interest rates," they replied. "You do have the option to opt out and cancel your card if you so desire if you do not agree to the new terms."

That percentage increased added $50 more to my minimum required payment, plus, paying off and canceling a credit card can also lower your credit score.

As a consumer and a customer of 19 years, I feel that I am being punished and with my credit and payment history, there is no way I should be paying 18% on any credit card.

the person on the phone apologized and said that there was no way that they could reduce my interest rate.

They are KeyBank,


Blogger OregonGuy said...

This was brought to my attention by one of my executives last week. He, and one of our accounts, had had their interest rate increased by Capital One. Interestingly, I have received two letters in the last two months offering to lower my interest rate. My current rate is 5.65 percent. Which I think is a fair rate for short-term interest.

A doubling would bring me up to a rate that I don't feel would reflect the cost of money. I could be wrong. The difference is, of course, that I can afford to pay off my balance at any moment. This was not the case following 9/11.

At that point, as cash flow dropped to an almost non-existent level, I became a victim of short-term rates. I hope that I have enough foresight to avoid that peril again.

If you haven't taken notice yet, the fiscal policy of your state and federal governments are extremely inflationary. Do you best to fix your interest rates today. If you have a fixed-rate line of credit, you should probably pull that out now. If it is a variable rate line...start saving. (Don't spend it. Find an interest bearing account at another financial institution. Chances are, you can make vig on the short-term investment.)

9:36 PM  
Blogger Bobkatt said...

It appears that you are not the only one that has a problem with Key Bank. Google Key Bank bailout to see many of their transgressions.

10:31 PM  
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