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New Contributor
Hairy_Satchel
Posts: 52
Registered: ‎12-09-2008

Crap 1 called me with an "opportunity" to opt in on over the limit fees.

I got a phone call from Crap 1 saying I can "opt in" to allow me to go over my credit limit with a reduced fee of $25.00 down from $35.00. Correct me if I'm wrong but isn't the law changing to ban over the limit fees altogether. The way I feel about this is if my card is maxed out...I deserve to be cut off, not charged to death. What I personally need from Crap 1 is a CLI. But Crap 1 keeps telling me my card is not eligible for a CLI even though my salary is up 20K and my FICO score up 200 points since opening the trade line. I will not fire them and rehire them just so I can get a card that will grow with me. And I certainly won’t opt in so I can go over the limit with a fee. That's just retarded. 

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.


Hairy_Satchel wrote:

I got a phone call from Crap 1 saying I can "opt in" to allow me to go over my credit limit with a reduced fee of $25.00 down from $35.00. Correct me if I'm wrong but isn't the law changing to ban over the limit fees altogether. The way I feel about this is if my card is maxed out...I deserve to be cut off, not charged to death. What I personally need from Crap 1 is a CLI. But Crap 1 keeps telling me my card is not eligible for a CLI even though my salary is up 20K and my FICO score up 200 points since opening the trade line. I will not fire them and rehire them just so I can get a card that will grow with me. And I certainly won’t opt in so I can go over the limit with a fee. That's just retarded. 


incorrect.

 

If you are that unhappy with your service provider perhaps you should quit doing business with them?

 

 

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New Contributor
Hairy_Satchel
Posts: 52
Registered: ‎12-09-2008

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.

Hey Mr USMC: You have told me I'm wrong without correcting me. How about giving everyone on this forum information they can use instead of just snide remarks. Oh and don't worry about me, I will fire Crap1 just like I have done with WaMu and HSBC.

 

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.

You can read all about it here:

 

http://www.creditcards.com/credit-card-news/credit-card-law-interactive-1282.php

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.


usmc58555 wrote:

You can read all about it here:

 

http://www.creditcards.com/credit-card-news/credit-card-law-interactive-1282.php


Thanks for posting that link!!

New Contributor
Hairy_Satchel
Posts: 52
Registered: ‎12-09-2008

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.

[ Edited ]

Hairy_Satchel wrote:

Here's is even more info on the subject:

 

http://consumerist.com/5396760/update-capital-one-waive-your-rights-get-10-off-your-next-overlimit-f...

 

 


 

So you had your own answer!!!!!!!!!!!!!

 

Great!!!!!!!!!!!!!!!!

 

By the way- for all people, the ability to charge an over limit fee means that you can go over limit on the account- which also means you can get a pre approval that will go over your limit. Which means a transaction will be approved, even if the net amount will not put you over the limit, but the pre approval will.(car rentals, hotel stays etc.)

 

As you can also plainly see, overlimit fees are not banned all together, but you must opt in.

 

EDITED TO ADD:

NOT OPTING IN- may make some transactions you currently make daily and do not even think about suddenly impossible.

I have already found this out in the real world

 

Message Edited by usmc58555 on 11-05-2009 09:08 AM
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.

+1 You took the words right out of my mouth. 
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.


usmc58555 wrote:

 

EDITED TO ADD:

 

NOT OPTING IN- may make some transactions you currently make daily and do not even think about suddenly impossible.

 

I have already found this out in the real world

 

Message Edited by usmc58555 on 11-05-2009 09:08 AM

Can you elaborate on this?  Do you mean like when you get gas and they put a $100 hold on the account but you only get $10 in gas?  If so, not an issue for me, because gas pumps in my area only do a $1 hold :smileyhappy:  plus I don't spend on a card that's within 100 of its limit, but I know some rebuilding cards only have limits of 200 or 300, so I can see where it would be an issue.

 

If that's not specifically what you were talking about, please elaborate.


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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Crap 1 called me with an "opportunity" to opt in on over the limit fees.

Hairy:

 

The new laws prohibit the CCC's from arbitrarily approving charges above the agreed or assigned credit limit if it results in charging a fee or increased interest unless there is a specific agreement (consent or "opt in") by the consumer that they understand these charges and wish to opt in.  Otherwise the default is that the CCC must decline the charge which results in an OL amount and thus refrain from OL fees or default interest rates due to OL.

 

P.S.  On a side note, I would like to remind everyone here that this forum is a place for the exchange of information, without reprisal and discrimination.  I would ask for those who are in "the know" to be kind in the manner by which you impart of your wisdom or knowledge and not post in a manner which may be inclined to feel like reprimand or put down.  If people begin to fear asking "dumb questions" then very few will be asked and this will become the ghost forum visited only by the wise having no place to impart of their wisdom. 

 

Some have "dry" humor or humor which borders on satire.  Please be aware that this is less than endearing to some.  Too often a question or even "vent" becomes a battle field of words.

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