Anyone else notice that AmEx is taking their discount payments earlier and earlier in the month? It used to be the first or second of the following month, now it's 5 days before the end of the month.
__________________
Spare me the perky.
AmEx discount payments
Posted on Fri, 06/26/2009 - 11:13am
Amex fees are to high.
i take for my business V, MV and D
though I have been thinking of doing away with it....but....I do decent full season prepays via the CC
The most popular bumper sticker around here says, "The Stimulus Package isn't working - and neither is my husband."
The new limits on interest rates and fees go into effect two months (or billing cycles if you prefer) and they all are jumping on the opportunity to jack things up before then.
Its mad rush to do so with nearly everybody regardless of risk, balance or payment timeliness. The new law doesn't allow for going back and reducing rates even for good risk customers who have had their rates skyrocket.
Citigroup just announced today that several MILLION cardholders will see higher rates, fees, etc.. and not just for their cards but for all cards they manage, like SEARS, LOWE'S, etc..
__________________
Tim@HLB
The new limits on interest rates and fees go into effect two months (or billing cycles if you prefer) and they all are jumping on the opportunity to jack things up before then.
Its mad rush to do so with nearly everybody regardless of risk, balance or payment timeliness. The new law doesn't allow for going back and reducing rates even for good risk customers who have had their rates skyrocket.
Then I'm thankful that I've been using my debit card all this time and working on paying off the credit cards...
RIki
__________________
Riki Goodell
Arcady Vineyard Bed & Breakfast
Arcady Vineyard Wine Tours
www.arcadyvineyard.com
Come! Let us show you the beautiful Monticello Appellation!
Juggling 0% credit cards is how I built my business. Unfortunately they are drying up out there. Most of the companies I'm already with are no longer offering them. The best they will give you is 4 to 5% and the new companies no longer take you at your word as to what you make. Fortunately, I'm well past having to buy equipment or furnishings and am now in simply the paying off phase. I'm 3/4s of the way there and counting. I pity the new startups without a family trust fund to fall back on.
Juggling 0% credit cards is how I built my business. Unfortunately they are drying up out there. Most of the companies I'm already with are no longer offering them. The best they will give you is 4 to 5% and the new companies no longer take you at your word as to what you make. Fortunately, I'm well past having to buy equipment or furnishings and am now in simply the paying off phase. I'm 3/4s of the way there and counting. I pity the new startups without a family trust fund to fall back on.
You are correct. I think we have two card balances that we are quickly paying off with 0%. I think we have one or two offers left at this amount, more are coming in at 5%. But juggling the 5% still is worth the phone call vs taking 17%. Just hav to keep track of it all.
Riki
I don't know where these financial gurus who tell us to haggle with credit card companies over interest rates are getting their information.
I just had the conversation with HSBC when my interest rate jumped from 0% to 17% for no good reason, except that the term had expired. I was told that this was a "normal" interest rate. They wouldn't budge.
If this is the new normal, then I don't want any part of it. I said, "Well, I guess you don't appreciate my business so you won't be getting any more of it." Guess who's getting paid off this month?
I just heard on the news that their British contingent; HSBC is a global bank, lost one million in the Maddoff scandal. Thus the 17% interest rate.
Notice on 2 credit cards recently (we pay them off every month for the most part) - one jumped to 33%!!!, another went from 7.9% to almost 24%. This is cRaZy!!!
__________________
"You can't blame gravity for falling in love." ~ Albert Einstein
Notice on 2 credit cards recently (we pay them off every month for the most part) - one jumped to 33%!!!, another went from 7.9% to almost 24%. This is cRaZy!!!
33%? That's beyond usury.
Notice on 2 credit cards recently (we pay them off every month for the most part) - one jumped to 33%!!!, another went from 7.9% to almost 24%. This is cRaZy!!!
You are bad credit card people. You pay them off promptly every month. They don't like that since they are not making money off you. Thus the jump in rate.
We are pretty happy that we've been using our debit cards for over a year now. Of course DH feels we are not making money, but I think we are since we are paying for all emergencies that arise with cash and still are putting a little in the business savings account. This is with just two rooms. When we go to 5 I think it will look better.
RIki
Notice on 2 credit cards recently (we pay them off every month for the most part) - one jumped to 33%!!!, another went from 7.9% to almost 24%. This is cRaZy!!!
You are bad credit card people. You pay them off promptly every month. They don't like that since they are not making money off you. Thus the jump in rate.
We are pretty happy that we've been using our debit cards for over a year now. Of course DH feels we are not making money, but I think we are since we are paying for all emergencies that arise with cash and still are putting a little in the business savings account. This is with just two rooms. When we go to 5 I think it will look better.
RIki
Yes, we are bad credit card people for the most part. I do have a low interest balance transfer balance that I am paying down. I'm waiting for the other shoe to drop on that one! I do still like the 30 day float of a credit card vs a debit card that sucks your money out right away. Allows me to juggle a few things better....
Maybe someday this biz will be doing well enough that I can stop the juggling act! haha!
I don't know where these financial gurus who tell us to haggle with credit card companies over interest rates are getting their information.
Yes, we have found the only thing we can do is watch for the lower rate invitation in the mail and when a card goes to a higher percentage switch it over. Does not usually apply to NEW purchases, those will be the higher percentage, but I think the cards are assuming you'll continue to use them which we don't do. Then when that card catches on and ups the percentage, we usually get the invitation from the one we previously dumped, so switch back.
This has enabled us to pay our cards off much quicker.
RIki
Amen, Tim. The people that complain the loudest always seem to be the people that participate the least...hubs works with a bunch of gomers that are now screaming about the results of the last couple of elections. Come to find out, none of them voted. Duh.
__________________
The reason a dog has so many friends is that he wags his tail instead of his tongue and gives kisses freely and enthusiastically to everyone!
i am complaining and i vote. i vote for dogcatcher. it's a right i fully enjoy. i am complaining about the card i have but will no longer use when they rais my rate to 19% next month. i didn't overspend myself. i don't have payments i cannot make. i will not pay for someone else's mistakes if i can help it. no one voted for credit cards to make these big changes. credit card issuers gave credit cards to people who had no visible means of support and now i am going to pay for this? no a chance. i can live without a credit card. i pay cash when i shop. i send checks to buy goods. dh is still holding back but he'll come around. the credit card companies can't live with out people like us who pay their bills on time. let them stick it to good people and all they'll be left with is bad debt.
How did the people you've helped put in office vote on these type issues?
Did any of them get campaign contributions from the financial sector and CC companies? Probably
The simplest solution is to not carry balances or make damn sure you're on top of the bills to never be late, even once. Works for us.
You can blame whoever you want, but it all starts with putting people in office that will craft good regulations and make sure the regulators do their jobs.
Haven't had many of them though thanks to the way the system is structured.
"credit card issuers gave credit cards to people who had no visible means of support and now i am going to pay for this?"
Its comforting to know that these folks you describe aren't the same 1 million or so hard-working Americans WITH inforce health insurance being thrown into bankruptcy next year due to rejected claims and major illnesses striking them, isn't it?
I also vote in EVERY election so I have the right to complain. He who does not vote has no right to 
ing.
I got a letter from my cc company telling me they were raising my interest rate by almost 4 points as of May 1. I called and informed them they were NOT going to do that as I had paid my bill ON TIME even though they kept changing the due date and I was not about to pay for anyone who was NOT making their payments. I was assured that I was not paying for anyone else (yea right!) and the due date was not being moved around (same response as previous), and yes, your interest rate will remaind the same as it has been. (Still usurious but not higher)
"He who does not vote has no right to 
ing."
Actually, unless you're only voting for people opposed to this kind of stuff that quote needs to be modified to read "Even he or she who does vote shouldn't bother to complain if they help put people in office who go along with this type of (*&^ing thing"
We are happy that we've been using our debit card for over a year and stopped using credit cards completely. We just have some building deb to pay off and then will only have two van payments, a credit union line of credit and a mortgage.
So we need to pay of the last of the cc debt for building the main inn - not much - and then pay down the line of credit - not much - and we can build the other wing, using only the line of credit so the interest rate is set .
Riki
We as a society get the regulatory and government oversight levels or lack thereof due to not voting and by handing the reins of government over to big business and lobbyists. Deal with it.
Dh has noticed when paying our personal credit cards, that they are all changing the due dates. He feels strongly that they are trying to get us to pay late in error so they can up our percentage rate
Riki
Dh has noticed when paying our personal credit cards, that they are all changing the due dates. He feels strongly that they are trying to get us to pay late in error so they can up our percentage rate
Riki
That is absolutely true. What I've found tho, is going with a credit union (you may be able to join thru your job) is much better. The rate I pay there has not gone up in 5 years and the due date has not changed. An article in the NYT dealt with the new regs coming up and said that most credit unions are far and away set and then some for the new regs.
That is absolutely true. What I've found tho, is going with a credit union (you may be able to join thru your job) is much better. The rate I pay there has not gone up in 5 years and the due date has not changed. An article in the NYT dealt with the new regs coming up and said that most credit unions are far and away set and then some for the new regs.
We do have a credit union account. We plan to get a cc from them when we start traveling abroad as it appears they don't hit you with all the extra fees when used overseas.
But we still have two cards with the 0% fee that we are paying off building expenses, and he's still playing the credit card game to keep it low so they get paid off faster right now.
Once they take away that 0% then we'll probably switch.
Riki
I stopped taking Amex too. Everyone who has an Amex card also has a Visa or a Master Card. They're just not worth the agg. Not merchant friendly. imho
__________________
Never approach a bull from the front, a horse from the rear or a fool from any direction.
My Amex users are lower this year as well...
This has been a ploy with a lot of companies lately - even me electric company which hit the news and got bad publicity when elderly on SS received 2 bills in some months.
I changed the way my AMEX discount is taken...I have it taken out with each transaction. This was a big benefit when we got mostly AMEX for our business travelers. Then the money I have in the account is mine...no saving a % for the end of the month withdrawl.
__________________
"Do not forget to entertain strangers, for by so doing some people have entertained angels without knowing it." Hebrews 13:2
They are trying to pay back their TARP money so as to get out from under the government thumb; so that would explain it. However, they have angered so many of their customers with their indiscriminate cutting of credit limits that many refuse to even use their AMEX card anymore. I know I won't, and a lot of merchants refuse to take them anymore as well. When I mentioned that to a service rep last year AMEX acted surprised however, they haven't changed any of their policies.
I stopped taking AmEx several years ago...they just charged us too much. Since I have stopped, not once (at least when it was over the phone) did I ever lose a reservation because I told them we don't take it. Maybe if I got business travelers I would reconsider, but it doesn't happen with my particular location.