nightjumps 1 #1 November 5, 2003 All, I applied for and received the USPA Visa Card last year thru First USA Bank. Towards the end of the term, I received a new USPA Platinum Card except this one was issued by MBNA Bank. I assumed MBNA had purchased the account, but had not been notified. When I received the first statement, I noticed the APR had changed from 8.90% to 9.99%. I contacted MBNA and explained their transgression. They tried to say that they had sent me the information and that by not responding - had accepted the terms of the agreement. I explained that I had entered into an agreement with First USA and they had nothing on file with my signature accepting these terms. Legally, I may have implied acceptance by using the card, but it was without the knowledge that there had been a APR increase. They went on to state, "Technically, we don't have to notify you of a rate increase." Which is not true and am familiar with the Fair Credit Act. I told them that I was closing the account tomorrow by sending a letter to the CEO explaining (I found him on Yahoo Finance faster than their customer service rep could internally) why that 1.09% was going to cost them more than what they made by purchasing the accounts receivable, my experience as a new customer, along with a check and the cut up credit card. So tomorrow I will send the CEO the letter, the check and the cut up credit card and copy our Executive Director (usually targeted groups like ours that receive a "branded" credit card receive a portion of the proceeds, although I don't know if that's true in our case - but I did get it to support the USPA, not because I needed another credit card). All they had to do was lower it to the 8.90% and we could have moved on. I would encourage those of you who have a USPA Visa card to check your APR. If it has increased and you can afford it, pay it off and close the account. If you cannot afford to pay it off, find a credit card company that is offering a 0-3% six month introductory rate and a long-term rate that is lower than your current rate. Its a consumer's market in the finance industry right now. Keith Quote Share this post Link to post Share on other sites
flyangel2 2 #2 November 5, 2003 Keith, you go get them. Do you really think there are jumpers here that can pay off their credit cards with one check? May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view. May your mountains rise into and above the clouds. - Edward Abbey Quote Share this post Link to post Share on other sites
nightjumps 1 #3 November 5, 2003 Perhaps not, but I know that there are more jumpers who could use more money in their pocket. That 1.09% on $10,000 is $273.69 over a year. Changing a credit card to 0-3% for 6 months and lowering your interest rate - free I misses ya, Mar. Quote Share this post Link to post Share on other sites
SkydiveNFlorida 0 #4 November 5, 2003 I have an MBNA card (not a uspa one) and they are terrible bastards! My rate was also increased, and unfortunately, as flyangel suggested, there isn't much I can do about the 3500$ I owe them. *sigh* :( Angela. Quote Share this post Link to post Share on other sites
Jimbo 0 #5 November 5, 2003 QuoteMBNA The Evil Empire, I like to call them. - Jim"Like" - The modern day comma Good bye, my friends. You are missed. Quote Share this post Link to post Share on other sites
mouth 0 #6 November 5, 2003 Transfer the balance to a 0% card for so many months. I average about 10 of these offers a week. Check to make sure there is no transfer fee and go for it. When they send you the card just don't use it and you owe no interest for the specified time.Close to time the regular APR is to take effect i either pay it off or transefer it again to another new card. -- Hot Mama At least you know where you stand even if it is in a pile of shit. Quote Share this post Link to post Share on other sites
flyangel2 2 #7 November 5, 2003 Miss ya too. We'll have to do more jumps together at WFFC next year. Give Anothony a hug from me. BTW, saw your picture in Parachutist getting your Gold Wings. Congrats.May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view. May your mountains rise into and above the clouds. - Edward Abbey Quote Share this post Link to post Share on other sites
kallend 2,108 #8 November 5, 2003 Quote Do you really think there are jumpers here that can pay off their credit cards with one check? ... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
WFFC 1 #9 November 5, 2003 QuoteDo you really think there are jumpers here that can pay off their credit cards with one check? Sitting here filling out the bills and painfully writing a check for the FL trip last week which included Tonya's AFF that she couldn't complete due to winds. Guess the motorcycle will have to wait another month. Quote Share this post Link to post Share on other sites
ltdiver 3 #10 November 5, 2003 Some countries don't even have credit cards. Perhaps they have the right idea after all.... ltdiver Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
jfields 0 #11 November 5, 2003 QuoteSome countries don't even have credit cards. Perhaps they have the right idea after all.... No, no no! Credit cards are great, due to human nature. You just have to be one of the people that takes advantage of them, instead of the reverse. It is all about the averages. The average person carries a large balance. The average person barely pays more than the monthly minimum. The average person pays a lot of money in interest and fees. Because of those averages, the credit card companies can afford to give perks, percentages back, air miles, etc. to all of their cardholders. Just make sure you are one of the few people that takes their money instead of paying their fees. Quote Share this post Link to post Share on other sites
flyangel2 2 #12 November 5, 2003 QuoteTonya's AFF that she couldn't complete due to winds I'm keeping my fingers cross that Luke doesn't run into weather issues while we are out there. If we do, Olaf has said that he'll head out here to help finish Luke up on the AFF jumps.May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view. May your mountains rise into and above the clouds. - Edward Abbey Quote Share this post Link to post Share on other sites
ltdiver 3 #13 November 5, 2003 QuoteNo, no no! Credit cards are great, due to human nature. And as you've pointed out, 'human nature' is one in which a person spends without the backing needed to recoup. We've all been there at one time or another and KNOW what it's like to be stressed. Sure, in a perfect world it works, and for those who have learned it is handy...however, for the 'average joe' it's the leader in stresses and what follows is a downward spiral. SOMEONE has to pay the piper... ltdiver Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
jfields 0 #14 November 5, 2003 QuoteSOMEONE has to pay the piper... Absolutely true. The moral of the story? Don't be that someone. Quote Share this post Link to post Share on other sites bmcd308 0 #15 November 5, 2003 >>Just make sure you are one of the few people that takes their money instead of paying their fees. << Exactly. Treat them like debit cards and pay the balance each month. The fact that they will let you buy stuff you can't afford does not mean you should. Actively seek out introductory rates and move your balances, and if you have a balance, pay it off as soon as possible. Brent ---------------------------------- www.jumpelvis.com Quote Share this post Link to post Share on other sites nightjumps 1 #16 November 5, 2003 Brent, thanks for the feedback. I do use mine as a debit card. If I can't afford to pay it off at the end of the month, I can't afford to buy it. If there is something I need/want that exceeds my monthly budget, then I treat it like a layaway card. I buy it, place the card away and don't take it out until its paid. I will say that if that item can't be paid off in three months, then discipline requires that I save up for that item before buying it. I was debt free once (except for the home mortgage) and its a wonderful feeling. Quote Share this post Link to post Share on other sites jlmiracle 7 #17 November 5, 2003 I just got my "new" card last week. My last one expired over a year ago and they never sent me a new one. So when this one showed up I called to tell them to close my account. They asked why and all that blah blah and I just said close my account and then he said but if you close this account it will hurt your credit rating. I started laughing out loud - he didn't like that and finally said he would close it. It doesn't have the cool picture of skydivers anymore so why would I want it. JudyBe kinder than necessary because everyone you meet is fighting some kind of battle. Quote Share this post Link to post Share on other sites nightjumps 1 #18 November 5, 2003 Quoteif you close this account it will hurt your credit rating. I started laughing out loud - he didn't like that and finally said he would close it. Good reaction, thanks. Quote Share this post Link to post Share on other sites WFFC 1 #19 November 6, 2003 Quotebut if you close this account it will hurt your credit rating. It actually does. If you don't want to have a credit card anymore, just pay it off and cut it up and don't use it. Having a closed account on your credit report is a negative no matter who closed it (issuer or consumer). Now, if you're going to be making a 'major' purchase (read house), it's better to have an unused account than a closed account. Quote Share this post Link to post Share on other sites ChasingBlueSky 0 #20 November 6, 2003 QuoteQuotebut if you close this account it will hurt your credit rating. It actually does. If you don't want to have a credit card anymore, just pay it off and cut it up and don't use it. Having a closed account on your credit report is a negative no matter who closed it (issuer or consumer). Now, if you're going to be making a 'major' purchase (read house), it's better to have an unused account than a closed account. Nice little scam created by the credit companies. Now, what did lenders do before computes and credit scores. No matter what the tables are tilted that ANYTHING you do lowers your credit rating - I deal with this on a daily basis as I watch my students apply for loans._________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites nightjumps 1 #21 November 7, 2003 I have an MBNA card (not a uspa one) and they are terrible bastards!*** Well, I did some account transferring today and called MBNA to get a forecasted payoff and they are more "terrible B!@#$@#@" than you may know. In calculating the payoff, my rate was going to be $70.00 over the balance of the statement I received the other day. That's $10.00 a day in finance charges. Course, I had $13,000 on it. The point of this is... It doesn't matter what your balance is, they are a "Variable Rate," not a fixed rate card. So, if you make the minimum payment each month, two times the minimum amount accrues in finance charges each month. So on your balance, look at the minimum charge, multiply it by 2 and that amount gets rewrapped and finance charges on that get applied in the following month - finance charges on finance charges. If you can, you should attempt to find a fixed rate card. Perhaps there is one with a 0-3% for 6 month introductory rate with a fixed APR of X. It might be worth the effort for you to at least investigate. You can find a symphony of opportunites to investigate at: http://www.only-low-interest-credit-cards.com/ Quote Share this post Link to post Share on other sites TitaniumLegs 8 #22 November 7, 2003 QuoteQuotebut if you close this account it will hurt your credit rating. It actually does. If you don't want to have a credit card anymore, just pay it off and cut it up and don't use it. Having a closed account on your credit report is a negative no matter who closed it (issuer or consumer). Now, if you're going to be making a 'major' purchase (read house), it's better to have an unused account than a closed account. The problem with that is cards that charge an annual fee. You leave the account open, you pay the fee. (>o|-< If you don't believe me, ask me. Quote Share this post Link to post Share on other sites EdC 0 #23 November 7, 2003 MBNA tried the same thing with my Ohio Savings Bank card when they were sold to MBNA. I told MBNA I was going down the road and they lowered my rate. I still don't like them, but I'm not getting hosed by the higher rate. Big Ed Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. Insert image from URL × Desktop Tablet Phone Submit Reply 0
bmcd308 0 #15 November 5, 2003 >>Just make sure you are one of the few people that takes their money instead of paying their fees. << Exactly. Treat them like debit cards and pay the balance each month. The fact that they will let you buy stuff you can't afford does not mean you should. Actively seek out introductory rates and move your balances, and if you have a balance, pay it off as soon as possible. Brent ---------------------------------- www.jumpelvis.com Quote Share this post Link to post Share on other sites
nightjumps 1 #16 November 5, 2003 Brent, thanks for the feedback. I do use mine as a debit card. If I can't afford to pay it off at the end of the month, I can't afford to buy it. If there is something I need/want that exceeds my monthly budget, then I treat it like a layaway card. I buy it, place the card away and don't take it out until its paid. I will say that if that item can't be paid off in three months, then discipline requires that I save up for that item before buying it. I was debt free once (except for the home mortgage) and its a wonderful feeling. Quote Share this post Link to post Share on other sites
jlmiracle 7 #17 November 5, 2003 I just got my "new" card last week. My last one expired over a year ago and they never sent me a new one. So when this one showed up I called to tell them to close my account. They asked why and all that blah blah and I just said close my account and then he said but if you close this account it will hurt your credit rating. I started laughing out loud - he didn't like that and finally said he would close it. It doesn't have the cool picture of skydivers anymore so why would I want it. JudyBe kinder than necessary because everyone you meet is fighting some kind of battle. Quote Share this post Link to post Share on other sites
nightjumps 1 #18 November 5, 2003 Quoteif you close this account it will hurt your credit rating. I started laughing out loud - he didn't like that and finally said he would close it. Good reaction, thanks. Quote Share this post Link to post Share on other sites
WFFC 1 #19 November 6, 2003 Quotebut if you close this account it will hurt your credit rating. It actually does. If you don't want to have a credit card anymore, just pay it off and cut it up and don't use it. Having a closed account on your credit report is a negative no matter who closed it (issuer or consumer). Now, if you're going to be making a 'major' purchase (read house), it's better to have an unused account than a closed account. Quote Share this post Link to post Share on other sites
ChasingBlueSky 0 #20 November 6, 2003 QuoteQuotebut if you close this account it will hurt your credit rating. It actually does. If you don't want to have a credit card anymore, just pay it off and cut it up and don't use it. Having a closed account on your credit report is a negative no matter who closed it (issuer or consumer). Now, if you're going to be making a 'major' purchase (read house), it's better to have an unused account than a closed account. Nice little scam created by the credit companies. Now, what did lenders do before computes and credit scores. No matter what the tables are tilted that ANYTHING you do lowers your credit rating - I deal with this on a daily basis as I watch my students apply for loans._________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites
nightjumps 1 #21 November 7, 2003 I have an MBNA card (not a uspa one) and they are terrible bastards!*** Well, I did some account transferring today and called MBNA to get a forecasted payoff and they are more "terrible B!@#$@#@" than you may know. In calculating the payoff, my rate was going to be $70.00 over the balance of the statement I received the other day. That's $10.00 a day in finance charges. Course, I had $13,000 on it. The point of this is... It doesn't matter what your balance is, they are a "Variable Rate," not a fixed rate card. So, if you make the minimum payment each month, two times the minimum amount accrues in finance charges each month. So on your balance, look at the minimum charge, multiply it by 2 and that amount gets rewrapped and finance charges on that get applied in the following month - finance charges on finance charges. If you can, you should attempt to find a fixed rate card. Perhaps there is one with a 0-3% for 6 month introductory rate with a fixed APR of X. It might be worth the effort for you to at least investigate. You can find a symphony of opportunites to investigate at: http://www.only-low-interest-credit-cards.com/ Quote Share this post Link to post Share on other sites
TitaniumLegs 8 #22 November 7, 2003 QuoteQuotebut if you close this account it will hurt your credit rating. It actually does. If you don't want to have a credit card anymore, just pay it off and cut it up and don't use it. Having a closed account on your credit report is a negative no matter who closed it (issuer or consumer). Now, if you're going to be making a 'major' purchase (read house), it's better to have an unused account than a closed account. The problem with that is cards that charge an annual fee. You leave the account open, you pay the fee. (>o|-< If you don't believe me, ask me. Quote Share this post Link to post Share on other sites
EdC 0 #23 November 7, 2003 MBNA tried the same thing with my Ohio Savings Bank card when they were sold to MBNA. I told MBNA I was going down the road and they lowered my rate. I still don't like them, but I'm not getting hosed by the higher rate. Big Ed Quote Share this post Link to post Share on other sites
