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Old 01-27-09, 11:07 AM   #1
Gee3
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Is anyone else getting screwed by their credit card companies?

Or is it just me?!?!?

So I go to use my Amex card but it gets declined. <shrugs> No biggie... I use another card for now and call Amex when I get home.

Call Amex and I come to find out that they lowered my credit limit. Not only that they lowered it so that now I have excess charges over the limit!! WTF?!?!?!??!! They say I won't get charged for the overage since they lowered my balance but I'll keep an eye out for suspicious charges.

What sucks is that even though we had a high balance we were never late with payments and we always paid well over the min balance each month. We had originally done a balance transfer since they had a deal at a lower rate, hence the large balance. So we are going to transfer much of the balance to a card with no balance and then pay off the rest of the AMEX balance.

Moreover, when I asked them when they planned to let me know of the lowering the person on the other side says, in an as a matter of factly tone, that I should have received a letter letting me know of the drop. I told her I never received anything so she looks it up on her computer and say... Oh, it looks like the letter was sent out two days ago so you should be receiving it any day now. WTF?!??! Gee, thanks!

And thanks for screwing up my credit report as well!!

So in light of the way we were treated we will pay off the card and close our account with AMEX.

Anyone else feeling the pinch of these b@stards?
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Old 01-27-09, 11:09 AM   #2
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Old 01-27-09, 11:15 AM   #3
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I don't use AMEX.
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Old 01-27-09, 11:17 AM   #4
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I'm getting screwed by somebody, I found 3 new charges, not mine, on 2 debit cards from Wells Fargo. They were run as credit so I guess my PIN wasn't used.
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Old 01-27-09, 11:50 AM   #5
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I got rid of all my cards a few years ago. The Girl has a couple, but they're emergency use cards (medical expense, etc.) We consolidated payments about 3 years ago on the cards we had, took a much better rate on the consolidation loan, and paid everything off last year.
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Old 01-27-09, 11:58 AM   #6
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thought amex didn't have a balance limit...
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Old 01-27-09, 12:00 PM   #7
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Due to the issues in the credit markets these days, I'm not entirely surprised. Too many people living out of their means contributed to the economic issues that we are now seeing. Some sort of action needs to be taken by these companies. I doubt when then decided to lower credit limits they targeted just the OP. I'm sure it was more of a global thing, so even if the OP was paying responsibly it is the actions of others that contribute to the reactions of the company. Maybe a phone call would have been nice in addition to the letter...
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Old 01-27-09, 12:01 PM   #8
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yikes, that stinks! If you continue having problems, there are government funded agencies available to help you negotiate with them.
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Old 01-27-09, 12:46 PM   #9
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Quote:
Originally Posted by trsidn View Post
thought amex didn't have a balance limit...
Amex also issues a credit-card in addition to their traditional charge-card. I use my credit-cards for convenience, and pay off all of the balances monthly. I get 30-days interest-free loan to use someone else's money.. heh, heh...
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Old 01-27-09, 01:21 PM   #10
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No problems here.

Oh, and my wife got a letter recently that basically said: "your limit is [$$$], you should use it!"
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Old 01-27-09, 01:31 PM   #11
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The only way to not get screwed by the credit card banks is to not use your credit cards at all.
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Old 01-27-09, 01:55 PM   #12
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And thanks for screwing up my credit report as well!!
I don't see why there would be a hit on your credit report. It only gets there if they report you; why would they report you if you've always paid on time? Getting declined for a purchase doesn't reflect on your credit.
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Old 01-27-09, 02:04 PM   #13
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My Wells Fargo card doesn't even work, guess that helps me a little (they think the magnetic strip is screwed up).

Need to fix it through, I NEED to build some credit.
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Old 01-27-09, 02:07 PM   #14
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sadly...at the moment, I'm not getting screwed by anyone.
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Old 01-27-09, 02:07 PM   #15
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Not me.

I even had US Bank knock off a $17 finance charge after I accidentally wrote a check for $2308 instead of $2388. I eventually discovered that it was my oversight, and was willing to pay for it, but the rep still gave me a break.
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Old 01-27-09, 02:09 PM   #16
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Yes, but only American Express, which is why I have severed all business ties with them.

I despise American Express again
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Old 01-27-09, 02:46 PM   #17
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Most companies are reducing exposure by trimming lines of credit. That means they can report less potential exposure on the balance sheet. Particularly applies to HELOCs but same goes for any variable credit line.
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Old 01-27-09, 06:59 PM   #18
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Quote:
Originally Posted by DannoXYZ View Post
I get 30-days interest-free loan to use someone else's money.. heh, heh...
There's no such thing as a free-ride, especially when it comes to credit cards. I've paid off the balance on my cards each and every month ever since I started building my credit with a Sears charge card back in the '70s. In fact, I don't believe I've ever carried a balance over from a previous month.

However, I'm ever mindful that businesses don't pay for the convenience of using credit cards any more than they pay taxes: those are all pass-through costs to me, the consumer, vis-a-vis the cost of their goods and services. So, it's only a free ride if you ignore the extra cost burdens you're paying for not only the cost of using a credit card (probably something like 5%), but the cost of all that bad debt that gets written-off when consumers don't honor their debts.

Makes you wonder what things actually "cost" once you strip away all of the adders and taxes on taxes on taxes that get priced into the stuff we buy.
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Old 01-27-09, 07:10 PM   #19
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Originally Posted by Doohickie View Post
I don't see why there would be a hit on your credit report. It only gets there if they report you; why would they report you if you've always paid on time? Getting declined for a purchase doesn't reflect on your credit.
Not exactly sure on the whole thing as my wife is more of the financial guru than I... but it has something to do with debt ratio... Ideally we want to owe 50% or less of the limit on the card. So when they lowered the limit below what we owe on the card they increased the debt from say 90% to 110%. So that'll effect my credit score. Sucks...

Last edited by Gee3; 01-27-09 at 08:21 PM.
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Old 01-27-09, 07:15 PM   #20
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The only way to not get screwed by the credit card banks is to not use your credit cards at all.
Yup.
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Old 01-27-09, 07:28 PM   #21
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Who the hell isn't?
Those of us without credit cards, for one.
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Old 01-27-09, 07:42 PM   #22
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Yes, I've read lots of posts on a financial forum I frequent about this. People that have excellent credit ratings, those who don't. It's across the board, and who knows what arcane/voodoo formulas these companies are using? Also changes of due dates, without notification.
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Old 01-27-09, 08:27 PM   #23
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AMEX sucks. I used a gold card for a while but cut it up and closed the account many years ago after realizing that overseas, it's pretty useless (because of the 13% cut they take) and the annual fee.
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Old 01-27-09, 08:31 PM   #24
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Is anyone else getting screwed by their credit card companies?
Umm, that's what they do. It's probably spelled out somewhere in their mission statement.
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