Paying Off CC Balance Every Other Month?

[haulingthescoreup]

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creditwherecreditisdue wrote:
Some HSBC issued bank cards report on the statement date. I have one - but it is an oddball card that very very few have: Direct Merchants Bank MC.

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Thanks for the reminder! I have now progressed to the point of remembering that there's an exception, maybe, but I can never remember what it is. (If it is.)

[creditwherecreditisdue]

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@haulingthescoreup wrote:

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@creditwherecreditisdue wrote:
Some HSBC issued bank cards report on the statement date. I have one - but it is an oddball card that very very few have: Direct Merchants Bank MC.

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Thanks for the reminder! I have now progressed to the point of remembering that there's an exception, maybe, but I can never remember what it is. (If it is.)

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I think there is one other member of this forum that has this card. I don't think you can get one any longer. (I cannot find any cards they are issuing right now and a bunch they once did but do not any longer.) If I live long enough and commit no major faux pas maybe some day HSBC will convert this account to a grown up card. They show signs of caring - they have permanently waived the AF and have given me a serious APR promo (6.99%) which is still in effect. That's enough luv to keep a legacy account alive indefinitely!

[Macroman]

I have the Direct Merchants Bank Mastercard too. I think it's correct that you can no longer get one. Direct Merchants was bought by HSBC a few years ago. Not that you'd want too they raised my rate to 30.9% for purchases and 31.9% for cash advances. I have since paid this card off (thankfully). 

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[creditwherecreditisdue]

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@Macroman wrote:
I have the Direct Merchants Bank Mastercard too. I think it's correct that you can no longer get one. Direct Merchants was bought by HSBC a few years ago. Not that you'd want too they raised my rate to 30.9% for purchases and 31.9% for cash advances. I have since paid this card off (thankfully). 

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What's your CL? Mine was at $1K for a long time, then $1.5K and now stuck at $2K for a long time. I had my AF permanently waived this year and while the regular APR is stunning 27.99%, I was offered an option to either permanently lower it to a still pretty high level or accept a promo rate for 6 or 9 months of 6.99% which I did. I am soon to call them regarding what will come after the promo expires.

[Macroman]

My CL was at a high of 7000 in March 08 and they cut it to 6160 in December 08 where it is today. I paid them a fair bit of that interest before getting it paid off too.

[creditwherecreditisdue]

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@Macroman wrote:
My CL was at a high of 7000 in March 08 and they cut it to 6160 in December 08 where it is today. I paid them a fair bit of that interest before getting it paid off too.

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Amazing! I didn't think that card could go that high. Did you get that through CLI requests or automatic increases? (I would never ask them for a nickle, but I will take whatever they'll give out!) Also, what's the AF status of your card?

[Macroman]

For an AF they have been charging 35-39. I think with PIF with them I will have enough leverage to get that waived when it comes up again which is in April or May. I have not tried previously to get the fee waived. It's my only card left with AF, losing the CL would be too big a hit to my UTIL right now.

[creditwherecreditisdue]

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@Macroman wrote:
For an AF they have been charging 35-39. I think with PIF with them I will have enough leverage to get that waived when it comes up again which is in April or May. I have not tried previously to get the fee waived. It's my only card left with AF, losing the CL would be too big a hit to my UTIL right now.

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I called in and asked why my APR was so high. The APR promo was offered to me by a front line CSR. I asked him about an AF waiver and he said there was no way and no one could do this for me. I asked to speak to a retention specialist. (At no time did I ever express interest in closing the card.) The retention specialist offered permanent removal of the AF, which I accepted. (Before removal the AF was $30.) My card is old, I have no interest in closing it - and now I don't have to!

[plasticman]

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@creditwherecreditisdue wrote:

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@Macroman wrote:
My CL was at a high of 7000 in March 08 and they cut it to 6160 in December 08 where it is today. I paid them a fair bit of that interest before getting it paid off too.

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Amazing! I didn't think that card could go that high. Did you get that through CLI requests or automatic increases? (I would never ask them for a nickle, but I will take whatever they'll give out!) Also, what's the AF status of your card?

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I had a Direct Merchants HSBC card with a $6400 CL and closed it about a year ago.

Reasons for closure:

1. They would not lower the interest rate except for a promo period.

2. They would not raise my CL after 3 years of heavy use and PIF

3. They said it cannot be converted to a regular HSBC card

4. Lousy customer service

5. They held significant payments for up to 10 days before funds were available for use.

6.  My credit profile outgrew the cards value to me. I was not concerned about AAoA ten years from date of closure.

Note: I have not regretted for one second ending my business relationship with them and would no longer even be interested in a regular HSBC card.

Message Edited by plasticman on 08-23-2009 09:05 AM

[creditwherecreditisdue]

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@plasticman wrote:

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@creditwherecreditisdue wrote:

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@Macroman wrote:
My CL was at a high of 7000 in March 08 and they cut it to 6160 in December 08 where it is today. I paid them a fair bit of that interest before getting it paid off too.

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Amazing! I didn't think that card could go that high. Did you get that through CLI requests or automatic increases? (I would never ask them for a nickle, but I will take whatever they'll give out!) Also, what's the AF status of your card?

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I had a Direct Merchants HSBC card with a $6400 CL and closed it about a year ago.

Reasons for closure:

1. They would not lower the interest rate except for a promo period.

2. They would not raise my CL after 3 years of heavy use and PIF

3. They said it cannot be converted to a regular HSBC card

4. Lousy customer service

5. They held significant payments for up to 10 days before funds were available for use.

6.  My credit profile outgrew the cards value to me. I was not concerned about AAoA ten years from date of closure.

Note: I have not regretted for one second ending my business relationship with them and would no longer even be interested in a regular HSBC card.

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1) I was offered a chance for a permanent APR reduction and I took the promo instead. It was a much better deal. APR promo's are more reliable, too.

2) I won't even ask. I will take anything I can get "free" from this card, but have no interest in a hard INQ.

3) Never asked, but it would not surprise me.

4) The worst ever!

5) It has never happened to me, but I hear it has to many others.

6) It is a legacy card and one of my oldest. Eventually I will get to the point where I am no longer concerned about AAoA ten years from now. All I have to do is figure out when I will "age off" in ten years time. I am just a little too young for that right now!