Dirty Tricks being played by Credit Card companies

[MoniDew]

Have you noticed this? Since the market went wonky, the credit card companies have been playing dirty tricks on me!

Because I am a small business owner, I must keep an inventory. That requires me to purchase product (wholesale) to sell (retail.) And that means credit. Yup. Ugly but true. I try very hard to buy what I need, when I need it, and not more than I need. But I do carry debt. That's the reality of the thing. Anyway, the credit card sent me one of those "change in your contract" notices that no one reads, just throws away. I read it. If you default on your credit card now, your interest rates go up to 30+% 30!!! YIKES!!!!!!!!! Are you kidding me?! HOLY COW! Good thing I pay my debts, huh?

Another credit card company, this is a small-time one, not MasterCard or Visa, just an in-house one for a "fluffy" ladies clothing store, lowered my credit limit, without notice, to just under what my credit balance was, causing me to be over my limit without my knowledge. Are you kidding me?! AGAIN.

CAN THEY DO THIS!? Obviously, they have done it. WATCH YOUR CREDIT, people!!!

[Cynthia]

it is legal, though immoral in my opinion.

It is very common, if you are late on two payments in a row, to have your interest rate to jump 20% or more. And, in some cases, if you are late on one card, other card companies can also increase the rates on credit cards you carry with them -

I had heard of the lowering limits coming out of the credit crunch - but you are the first I've known of it actually happening. Keep an eye out for 0% interest cards and maybe you can transfer some or all balances to those.

Credit cards stink!

[MoniDew]

Good idea! I will. Although, I thought I was keeping myself from getting in over my head by using "in-house" rather than big-time credit cards. The limits are already lower, and you can only use them at one place! It's the only other card I have other than my business account. BUMMER.

CREDIT CARDS DO STINK! :mad: