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Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007

Why do bankcards push so many offers then punish us for taking them?

It seems like every day someone gets cash advance checks for great promo offers. Then some of us take the bait (I usually do) and then some banks get upset and CLD, FR or close accounts on some of us for taking our time to pay them back.

 

I feel like it's one of those magic tricks where there is a string connected to the dollar and when you walk away they pull it from you.

 

The cash advance checks should come with a notice. You are permitted to use this promo offer with out risk of CLD, FR or close accounts. Or we would like to offer this money to you, but if you take it we might act with a CLD, FR or close accounts. I'm really confused. It's almost like they don't know they're sending us these offers.

 

I thought the whole point of these offers was in hopes that people would not be able to pay them back on time or would be late before the promo was over. The banks are trying to make money from us right? Why punish us for this very action they want to see from us?

 

Has anyone figured this out?

If we never set higher goals we would never get as far.
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Epic Contributor
Posts: 25,813
Registered: ‎10-23-2007
0

Re: Why do bankcards push so many offers then punish us for taking them?

I hear that one.

That's why I love USBank.  They have never done anything against me, only continue to offer great things for me.

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Valued Contributor
Posts: 2,205
Registered: ‎12-06-2007
0

Re: Why do bankcards push so many offers then punish us for taking them?

I called BoA for a BT offer for 6 months. I am paying exactly what I need to pay it off within that period of time. I asked for a CLI last month and was granted one. I'm going on my 3rd payment and so far, no punishment from them or anyone else. Other than this account though, I am not carrying any balances anywhere.

 

UTI is less than 4% overall and 33% on the BoA card itself.

Established Contributor
Posts: 513
Registered: ‎04-03-2007
0

Re: Why do bankcards push so many offers then punish us for taking them?


ilovepizza wrote:

I feel like it's one of those magic tricks where there is a string connected to the dollar and when you walk away they pull it from you.


Smiley Very HappySmiley Very HappySmiley Very Happy

 

 

Established Contributor
Posts: 513
Registered: ‎04-03-2007
0

Re: Why do bankcards push so many offers then punish us for taking them?


stef37 wrote:

I am paying exactly what I need to pay it off within that period of time.


 You are doing what I always do. I decided long ago that I would demonstrate consistency with my repayment schedule. I divide the loan amount by the promo term and treat it as an installment account. I have long felt that the creditor would value customers who are consistent. So far the banks treat me very well.

Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Why do bankcards push so many offers then punish us for taking them?

Nope- I have not figured it out- when someone does, let me know.

 

 

Established Contributor
Posts: 733
Registered: ‎10-23-2007
0

Re: Why do bankcards push so many offers then punish us for taking them?

i wonder is they are now using those checks to fish out people who may be in financial trouble. I mean, in this financial climate, if you take a 3k cash advance the banks are going to worry about you paying it back.

____________________
FICOs: (as of 12-10-08): EX 759 | (as of 01-24-10): EQ 794 TU 756 EX ? | (as of 3-17-11): EQ 794 TU 790 EX ?

Until Chase lowers my ridiculously high APR they can kiss my patootie! Their card has been retired to the sockdrawer. Smiley Mad
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Regular Contributor
Posts: 184
Registered: ‎03-04-2008

Re: Why do bankcards push so many offers then punish us for taking them?

I've stopped trying to figure these banks out. At this point, I'm managing my cards and credit lines the way *I* see fit. If they don't like it, they are free to CLD me, or close the account. I'm finally in a position where I don't *need* any of em'.
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