I'm one of those who complained about the annual fee. I'm sorry if I completely miss the fine, black, bold print that stated:
5+ years later, it would be acquired by a greedy bank that would 4+ years later, decide to charge me an annual fee.
I guess I REALLY should have glanced that part over with a cleaner monocle while firmly grasping the end of my pipe with my excellent set of teeth.
Although I know it was a blanket statement and I don't really apply to the others, I think it's kind of broad to lump everyone into the broad category when there are cases, like me, where you've had a card for 8-9 years and HELLO, you're getting charged. Whether I am right or wrong, is irrelevant. I have every right to complain. I thought that is what open forums are for. Now, had I signed up for a card that said it waived the $59 for the first 8 years but on the 9th, well you're out of luck, then I'd have no basis to complain.
@Anonymous wrote:I'm one of those who complained about the annual fee. I'm sorry if I completely miss the fine, black, bold print that stated:
5+ years later, it would be acquired by a greedy bank that would 4+ years later, decide to charge me an annual fee.
I guess I REALLY should have glanced that part over with a cleaner monocle while firmly grasping the end of my pipe with my excellent set of teeth.
Although I know it was a blanket statement and I don't really apply to the others, I think it's kind of broad to lump everyone into the broad category when there are cases, like me, where you've had a card for 8-9 years and HELLO, you're getting charged. Whether I am right or wrong, is irrelevant. I have every right to complain. I thought that is what open forums are for. Now, had I signed up for a card that said it waived the $59 for the first 8 years but on the 9th, well you're out of luck, then I'd have no basis to complain.
Account terms can change over time, you knew this. Bank of America decided to raise its price for your card because it wasn't making enough money, you can choose to either continue using the product or cancel the account. BoA was not wrong in charging an annual fee and either choice you could have made is not wrong either. Yes, Bank of America is greedy, every company is. Atleast, every company that wants to stay in business.
I have not read all replies, so pardon me if I duplicate something someone else has said.
Assuming this is all in good fun, I will add another pet peeve:
People who say they make $300,000.00 per year and have $3M in the bank, yet complain that Orchard bank did not give them the terms they want on their $300 limit credit card and obsess over whether to get rid of a Best Buy Reward Zone Mastercard or not.
@MarcinXP wrote:Tommy,
It seems that you have valid points based on the fact that customers know what they are getting themselves into, but it seems that its written from an Call Center agent perspective that takes calls for a credit card company days in and days out..bottom line is this:
I have a right to call and ask for my annual fee waived or cut. I have a right to ask for lower APR. I have a right to ask for better terms..because utlimately I have a choice to go with someone else or just leave your company. I call all of my companies, whether its credit card, cellphone, cable to get the best deal and see what they can do to retain my business. If I choose to go somewhere else based on what I don't like..I will...if I don't I will stay and won't be mad..will just try again later. For example within last 2 years I got:
Annual Fee waived on my HSBC cards. Actually HSBC refunded one annual fee on one card and then gave me $20 credit on HSBC RZ
Tmobile retention rep gave me $20 off for 2 years off my bill because I wanted to leave and go to Verizon. I also wanted a new phone and they told me I dont qualify and I have to pay $499.99. Emailed CEO and corporate office and got it for $200. I did have few problems so I felt it was justified.
Told DirecTV that I would leave for Comcast because they can offer me better deal. DirecTV gave me an offer for last 3 years, but they refused to budge this year. I switched..went to Comcast and pay at least $35 dollar less per month for next year and $10 less for year after that..we will see later what happens.
Netflix went up 60% this year. i still like it and I pay full price and dont complain because its still a good deal. People I guess forgot that back in the 90s Blockbuster would charge $5.99 for 48 hours to rent a videotape..but people freak about about $16 a month for unlimited rentals and instant streaming.
Bottom line is I saved at least $50 a month by getting better deals on just cable and cellphone. I will be calling to have annual fees credited or reversed. When I get better cards I will cancel the one s with Annual Fees if they want to charge me. i could care less if APR is 100%. I don't carry over a balance. I just use it as main cards because I refuse to use Debit Cards with the electronic theft that is huge these days.
Countless of other stories. Am I a pain in the neck to agents. no. I don't yell, curse, threaten or scream like I know people do. I state my case, provide reason as to what i can do and who i can go with to get a better deal and ask the company what they can do for me? I did not like BOA charging $5 as a principle and moved my checking account to Fidelity which actually gives me few pennies a month extra to keep money there and waives all ATM charges from anywhere and have USAA.
This is what is great in America. I have choices and I can do whatever I want. I understand business rules but business has to understand that people have choices. I'm at a loss how a bank can take my money into checking account then use that money to make profit and loans and live of interest as most checking accounts are interest free so that does not get passed onto customers..but then have a decency to charge me monthly fees to keep MY money in their bank?
Great Post!!!
@daveg38 wrote:
"How dare they charge me an annual fee!" - Ok, Let's start with WOW! You know before you apply for the credit card what the annual fee is. And not only that, had you read your card holder agreement which is available for you BEFORE you apply and then given to you AFTER you apply that the annual fee can change with due notice! I'm sure people are saying "I was never given notice!" and my answer to that is yes, you were. It either comes to you via email or mail. You choosing to not read your mail or email does not mean you didn't receive a notice, it simply means you chose to disregard your mail. Credit Card companies can charge any annual fee they want! And they should be able too because THAT is one of the many variables that separates credit card companies apart. YOU as the consumer choose if this is something that you agree with or don’t agree with and if you don't agree but STILL apply for the card, then you my friend are a fool and have no leg to stand on when complaining about your annual fee. Also, it cracks me up when I see people saying things like "I'm going to close out my card if they don't waive the annual fee!". Really? So, you mean to tell me that you are going to threaten a billion dollar financial institution by closing out your 10k limit credit card because they wouldn’t waive a fee that you not only knew about BUT signed a form stating to pay the annual fee too? Laughable...
It may seem like people are ranting about the annual fee - but, as you may also have read, many people get slammed with them later on down the road...which is NOT in the CC agreements...
It clearly states in your card member agreement that these terms are subject to change at ANY time without notice. HOWEVER Credit Card companies do give due notice regardless via email or mail, however you choose to receive your statements. So you are parading upon a false statement. They ARE in the CC Agreements.
"I can't believe they charged me fees, don’t they know how much I have with them in my checking account!?" - I love this one! People with large sums of money sitting in a checking or savings account at a bank and/or credit union who they also have a credit card with. Listen, this is simple and easy.. If you have a large sum of money in your account then CLEARLY you can afford to pay the fee's.. SO PAY THEM! You have a credit card and how do credit card companies earn income aside from interest? Fees! Everything from cash advance fee's to dormant account fee's.. It is this exact problem that roots down deep to one of the biggest problems today.. People with money who want certain "things" for free... The more money you have doesn't mean the less you'll have to pay.. If ANYTHING it should be the complete opposite.. If you have the money, then you should be paying the applicable fees without complaining about it. Granted, sometimes a credit card company will up the amount of a fee to what may seem steep, BUT you have the choice to close out your card or keep the card... Throwing around numbers only makes you look pompous and greedy.
The people that usually point out the excessive (or surprise) fees are ones that are both rich and poor. Again, you really need to pay closer attention to what you read as there is nothing really plausible in this statement.
This is to point out subjected people who use their assets or "money" to try and NOT pay applicable fee's which they agreed to. Again, by signing your name on the card member agreement you sign that you have read it and agree to the terms. The fact that people throw around there money as if it means something are the people who usually deserve the fees the most. Why would you sign something that clearly states it can change if you are not ok with the fact that it can change? If you went to closing on a mortgage and the documents stated that the bank could repossess your home at any point and time after only one missed payment, then guess what? The bank can reposes your house after only one missed payment because YOU agreed to it by signing the document. What would you tell the bank? You can’t take my home because I didn’t read the fine print? They would still take your home.. The REAL fool is the person who didn't read something that could seriously impact there financial status. Remember this.. The credit card companies can't force you to apply, you apply because YOU choose to...
"I've been a card holder for years now!" - Being a card member to a specific credit card company for long periods of time does NOT entitle you to be exempt from interest charges and miscellaneous fees. This is a credit card we're talking about.. not your best friend. You are in a BUSINESS relationship with the company, nothing more! It's simply business...Stop looking for handouts from your credit card like it "owes" you something in return for using it for the last decade. Simply put, the credit card doesn't need you, you "need" the credit card... I put need in quotations because nobody should ever actually need a credit card, but you get the point. Put this "loyalty" nonsense to bed and stop acting like your dating your credit card.
Entitlement, no. Earning lower amounts for good credit behavior and long-time customer loyalty, yes.
No, a credit card is a privilege, NOT a right. You do NOT have to have a credit card and the company does not have to reward you for years of service. May sound harsh but it’s the truth. You aren’t serving time in the military by owing a credit card! You’re simply owning a line of credit! You don’t like the fact that they don’t recognize you for years of "service", then find a new CC company.
"They refused to lower my interest rate!" - This is one of the best lines I keep hearing... They won't lower your interest rate.. Ha. You have a credit card that is based almost entirely around one thing.. Interest. You know this. It makes me laugh every time I read this because the second a persons interest rate goes up, even the slightest bit, they are on the phone with customer service bluffing about closing out the card because they refuse to pay anymore than they have too. Let me get this straight.. you're flipping out because your VARIABLE rate credit card interest rate went up!? Notice how I put lots and lots and lots of emphasis on the word VARIABLE! Variable means that rate is going to go up at some point and you know this.. Also, it means the rate can go down which does happen. If your rate went down would you be calling up customer support screaming at the representative for unknowingly dropping your rate? Of course not! This also goes back to the cardholder agreement that you either signed or acknowledged when you initially applied for the card. You knew that the card had a variable rate which means it goes up and it goes down.. Some credit cards have a ceiling that is high and some have a floor that is low.. You have to decide if the rate is worth it or not.. So please, remember this next time your rate goes up because it will go up!
Many people that are told they will receive a lower interest rate PER customer service reps are the ones who, justifiably, are the ones who you'll see writing these things. Most of the people who come to this forum have some common sense and won't errantly post things that lack validity to some extent..
People receive lower interest rates all the time... They go up and they go down.. Just as if you had a Home equity line of credit.. the rate goes up and the rate goes down.... OF course the rate goes up more often but again, this is BUSINESS.. You should expect it.
Sorry everybody, I just had to get this off of my chest!