topic Re: Junny just rewarded me with a ratejack in Credit Cards

Junny just rewarded me with a ratejack

llecs — Sat, 28 Mar 2009 17:44:43 GMT

DW and I have really been immune to CLDs and rate jacks. In fact our CLs have gone up and rates down. But today I checked my Juniper SeaMiles account and the rate climbed to 29.24% when it was about at 20% just 3 weeks ago. We never have been late. No payment issues. Haven't used it much at all. I did have a balance of $95 of $400 CL at the time of the rate change. Just an FYI....

Re: Junny just rewarded me with a ratejack

Anonymous — Sat, 28 Mar 2009 17:59:37 GMT

Posts like these scare the heck outta me. I've been using my Juni card (Trav MC) lately -- it has a 3k CL and an IR of 19.49. If they decide to AA me, I'm in trouble. I've been using/paying, using/paying -- but still, I definitely have carried a balance on this card.

UGGGGGGGGGGGGH!

I'm assuming you haven't rec'd a letter/email stating why they did this, right?

Stooooopid Juni... and I even heard Barclay's was doing 'better' yesterday. Grump.

Re: Junny just rewarded me with a ratejack

Anonymous — Sat, 28 Mar 2009 18:57:54 GMT

These CCCs are difficult to understand these days. Why will they decide to arbitrarily jack up the APR on someone who use their product regularly and help them make money.

It's counterintuitive IMHO. The CL of $400 is low and if it will not aversely affect you total CL why not tell them that you will close it if they can not CLI it to at least $1000 at less than 15% interest and lose your business altogether.

We consumer need to start exercising our power and let these guys realize their irrational behavior sometimes.

They extend credit to someone in BK but deny you when you are responsibly paying your bills through DMP.

Re: Junny just rewarded me with a ratejack

Anonymous — Sat, 28 Mar 2009 19:42:13 GMT

I agree with scrambler. I think a human makes a decision that makes sense - hey we need to be careful with how we issue credit and stay profitable as our default rate increases - but I think the person that translates that objective into a formula that goes through their accounts did a poor job of maximizing current customer profit and satisfaction while mitigating risks.

Re: Junny just rewarded me with a ratejack

CreditAble — Sat, 28 Mar 2009 20:08:55 GMT

@llecs wrote:
today I checked my Juniper SeaMiles account and the rate climbed to 29.24% when it was about at 20% just 3 weeks ago.Haven't used it much at all. I did have a balance of $95 of $400 CL at the time of the rate change.

Generally lowering the interest rate and raising the CL is the way to get a customer to use his card a lot more than "not much". Have you tried calling Junny and discussing that philosophy with the CSR.?

You might have just received a computer generated poke in the ribs. A live person might just decide to throw some kisses instead.

Re: Junny just rewarded me with a ratejack

Anonymous — Sat, 28 Mar 2009 20:35:08 GMT

debtisgood,

I could not I agree with you less. The people at the front desk sometimes follow the decisions that computer generate for them and behave like robots rather than using their own business acumen and analysis.

Sometimes calling those guys with the backdoor numbers works better as they are the credit analyst that understand those basis principles of business that you and CreditAble alluded to.

I just successfully completed a DMP that I enrolled while I was in Grad School and interest rate was killing me. I never want to declear BK as I consider it irresponsible. I want to pay my bills, but not at high interest rates. I have h 7 years of credit history with no single late payment, BoA refuse to reopen my account. Citi Financial call me on their own and offer to reopen my account and they are ripping the benefit. The people at Citi value responsible customers and it pays off for them.

If BoA want to have my account close. It's their loss not mine.

Re: Junny just rewarded me with a ratejack

llecs — Sat, 28 Mar 2009 23:00:14 GMT

I'm not upset about this. But I know that some people swear by their Junnys and some hate them (me!). I've been wanting to get rid of this card for a while now. There's never any chance of a CLI it seems and my only other low limit card is Target. I'll probably pay it off and permanently shelve it. No love lost here.

WhirledPeasPlease wrote:
I'm assuming you haven't rec'd a letter/email stating why they did this, right?

Nope. No letter, but as of 3/25, the rate wasn't like that. If there's a letter, maybe it is in the mail. CC due date was 3/23 and the statement date is coming up. Hasn't posted online as of today.

CreditAble wrote:
Have you tried calling Junny and discussing that philosophy with the CSR.?

You might have just received a computer generated poke in the ribs. A live person might just decide to throw some kisses instead.

I've considered calling them but personally don't care. DW and I are rapidly paying down CC debt and don't plan to carry a balance on this card again. Now if anyone reading this wants me to report back with what they say, then I'll call. However, I'd probably wait until the statement cuts (which should within a couple days) just to see what the statement says.

Re: Junny just rewarded me with a ratejack

Anonymous — Sat, 28 Mar 2009 23:18:48 GMT

That's an outrageous RJ! Outrageous!

I just cancelled my Juni B&N card less than an hour ago. The CSR rep asked why I'd want to close, and I mentioned that my card wouldn't grow with me, and so it'd become a bit of a hassle to maintain. I just wanted it closed. He said okay, was quiet for a moment, then said, "Well, I can't get you a CLI, but I can maybe lower your APR to 18%." Ummmm... First off, my APR was only 16% (I was even logged in online and looking at the current rate, and the statement came in the mail yesterday and was only 16%). Second, I didn't ask for a CLI, I asked to close the card. Third, I don't carry a balance, so even if my APR was being "lowered" (gotta love their math), big whoop when there's no value to me. He then went on to try to convince me to not close because of the 30% savings at B&N. Ummm... There's no 30% savings! It's a 5% statement credit on qualifying purchases at B&N. He then tried to convince me that I got an additional 10% off at the POS for using the card at B&N. Not true... I told him that the only 10% discount was with the B&N membership card, which I've had for many years. He finally settled on, "Yeah, but that 5% statement credit goes a long way in today's economy. I'd think that you'd want to save money." Insert eyeroll here. Sorry, guy. I get better rewards and cashback opportunities from other cards.

That said, perhaps you will get somewhere by calling and threatening to close. Of course, the CSR might offer to "lower" your rate to 40% to encourage you stay...

Re: Junny just rewarded me with a ratejack

llecs — Sat, 28 Mar 2009 23:22:52 GMT

Please! Don't go! We want your business! If you stay, we'll rate jack you!!! Classic. LOL.

Re: Junny just rewarded me with a ratejack

Red1Blue — Sun, 29 Mar 2009 00:13:03 GMT

I am sorry to hear what happend to you. It does not make sense to me why they did this.

Re: Junny just rewarded me with a ratejack

haulingthescoreup — Sun, 29 Mar 2009 03:58:37 GMT

LilMirth wrote:

That's an outrageous RJ! Outrageous!

I just cancelled my Juni B&N card less than an hour ago. The CSR rep asked why I'd want to close, and I mentioned that my card wouldn't grow with me, and so it'd become a bit of a hassle to maintain. I just wanted it closed. He said okay, was quiet for a moment, then said, "Well, I can't get you a CLI, but I can maybe lower your APR to 18%." Ummmm... First off, my APR was only 16% (I was even logged in online and looking at the current rate, and the statement came in the mail yesterday and was only 16%). Second, I didn't ask for a CLI, I asked to close the card. Third, I don't carry a balance, so even if my APR was being "lowered" (gotta love their math), big whoop when there's no value to me. He then went on to try to convince me to not close because of the 30% savings at B&N. Ummm... There's no 30% savings! It's a 5% statement credit on qualifying purchases at B&N. He then tried to convince me that I got an additional 10% off at the POS for using the card at B&N. Not true... I told him that the only 10% discount was with the B&N membership card, which I've had for many years. He finally settled on, "Yeah, but that 5% statement credit goes a long way in today's economy. I'd think that you'd want to save money." Insert eyeroll here. Sorry, guy. I get better rewards and cashback opportunities from other cards.

That said, perhaps you will get somewhere by calling and threatening to close. Of course, the CSR might offer to "lower" your rate to 40% to encourage you stay...

That sounds awfully familiar.

I had a B&N MC with the whopping $500 CL, and after 6 months, I called to ask for a CLI. The CSR said sorry, and then she said that this card wasn't eligible for a customer-initiated CLI. That's when I could hear her swearing under her breath at letting this tidbit out, lol.

So I nicely said that I'd like to go ahead and close it, then. She went into a fairly frantic recitation of wonderful things that *might* happen at 12 months and all, but I kept saying thanks, no.

The sad thing is that I like B&N a lot more than Borders, but my Chase Borders card has good rewards, and it came with a $3500 CL out of the gate. I wish that I'd app'd for a Chase Freedom instead, but hey, this one is working for me.

B&N needs to get with a grown-up bank, IMO.

Re: Junny just rewarded me with a ratejack

Anonymous — Sun, 29 Mar 2009 11:21:11 GMT

haulingthescoreup wrote:

That sounds awfully familiar.

I had a B&N MC with the whopping $500 CL, and after 6 months, I called to ask for a CLI. The CSR said sorry, and then she said that this card wasn't eligible for a customer-initiated CLI. That's when I could hear her swearing under her breath at letting this tidbit out, lol.

So I nicely said that I'd like to go ahead and close it, then. She went into a fairly frantic recitation of wonderful things that *might* happen at 12 months and all, but I kept saying thanks, no.

The sad thing is that I like B&N a lot more than Borders, but my Chase Borders card has good rewards, and it came with a $3500 CL out of the gate. I wish that I'd app'd for a Chase Freedom instead, but hey, this one is working for me.

B&N needs to get with a grown-up bank, IMO.

I'm with you. I spend quite a bit of time and money at B&N (I love books), and they're heads and shoulders above Borders if you ask me. But Juni is doing them a tremendous disservice. If they ever do decide to get a grown-up bank, I'd probably roll the dice and app for it. Until then, good riddance!

Re: Junny just rewarded me with a ratejack

Anonymous — Sun, 29 Mar 2009 15:19:03 GMT

@Anonymous wrote:
debtisgood,

I could not I agree with you less. The people at the front desk sometimes follow the decisions that computer generate for them and behave like robots rather than using their own business acumen and analysis.

Sometimes calling those guys with the backdoor numbers works better as they are the credit analyst that understand those basis principles of business that you and CreditAble alluded to.

I just successfully completed a DMP that I enrolled while I was in Grad School and interest rate was killing me. I never want to declear BK as I consider it irresponsible. I want to pay my bills, but not at high interest rates. I have h 7 years of credit history with no single late payment, BoA refuse to reopen my account. Citi Financial call me on their own and offer to reopen my account and they are ripping the benefit. The people at Citi value responsible customers and it pays off for them.

If BoA want to have my account close. It's their loss not mine.

I was not speaking at the individual customer service agent level. I am saying corporate policy may at some level make sense, but whoever is coming up with the formula to tighten credit at some of these companies did a real poor job, because they are tightening on some of their best customers who have never had a late payment.

Lets not forget that the average CSR may not have an extensive education and likely is not an expert at risk management. Many do not really know what FICO's are vice other credit scores and what effects FICO scores. So they are relying on an internal score to make these limit cuts and execute rate jackings.

Like you said, the more experienced and educated people, the credit analysts, are the ones who have the authority to go against the computer score to some degree.