[DeTomaso] NPC... Visa/MC Charges

[Mike Thomas]

Follow up.  If you have a card that you've had for a long time, and they're
raising the rates on you, don't cancel it, move the balance to another,
lower rate card and leave the old card open with no balance.  Canceling the
old card will impact your credit score, especially if you've had a good
record on the old card for a long time.  A good part of your credit score is
based on your available credit, whether you use it or not.

When BofA changed my rate from 9.9% to 15.7%, I switched my credit union
card at 5%, and am leaving the BofA open.

Mike 

-----Original Message-----
From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com] On
Behalf Of Jim Ferrara
Sent: Sunday, April 26, 2009 12:20 PM
To: DeTomaso at realbig.com
Subject: Re: [DeTomaso] NPC... Visa/MC Charges

Years ago I got assigned to a project to upgrade Citibank's "Retention
Center". Not knowing what that was, I headed up to Sioux Falls, SD to find
out.

What I discovered is yet another call center up there - not the usual
customer service in the slightest, but a full-blown credit card
telemarketing sales office. When you call Customer Service (the number on
your bill), there is only so much authority those reps have; but when you
say the magic word "CANCEL" - you get forwarded to Retention where they have
much more latitude to offer to you promos, other programs, special deals,
change "teaser" rates, etc., etc.

So you weren't talking with a supervisor - you got handed off to their Sales
offices (they just want you to think it was a supervisor).

Good trick to know - Jim 



-----Original Message-----
From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com] On
Behalf Of Curt Hall
Sent: Sunday, April 26, 2009 2:12 PM
To: Pantera Web
Subject: [DeTomaso] NPC... Visa/MC Charges

Well first thing to do this morning is PAY bills! (got to love doing this) 
 
Things were going fine till I got to the CITI BANK M/C! When I noticed they
had RAISED the interest rate DOUBLE!!!
I know, I know you got to keep on top of it! Its in the fine print. That
said, sometime we get lazy (or is it just me?) I know we should pay the
CARDS off in full every month! But, with the economy in the CRAPPER and all
the lost jobs sometime a family just can't pay in full each month trying to
make ends meet!
 
OK...Back to CITI BANK
I call them, talk to a nice lady who tells me there is nothing she can do
for me! I said that's fine, I'll pay the card in full and to please CANCEL
the card! The lady says one moment please, and now I'm talking to another
lady (Supervisor?) who tells me CITI BANK does not what to lose a good
customer like me AND can drop my interest rate to 3.9% for nine months! I'm
thinking if I'm such I good customer why the screw around with me? (because
they can, IE... READ THE FINE PRINT!) So I keep the card and PLAY the game
again in nine months!
 
SO...FYI...check the interest rate of your CREDIT CARDS to make sure you
have the rate you think you have! If its not right GET ON THE PHONE it could
make differencece if only for nine months!
 
As you can probably tell I'm not a fan of CITI BANK, but 3.9% is not to
bad. 
 
RANT OVER
Curt
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