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READ those letters from your credit card companies

Moms View Message Board: General Discussion: READ those letters from your credit card companies
By Ginny on Monday, December 22, 2008 - 04:56 pm:

I got a letter today from Barclays about my Mastercard account. They informed me that they have unilaterally reduced my "available credit" line to less than half of what it was. After some frustrating telephone conversation with three people at Barclays, I gather that this is based on my spending habits - in other words, I don't spend a lot of money on my credit card so I don't need the higher line of available credit. It doesn't matter that I am employed full-time, have a good income, a good credit rating, and pay all my bills in full every month. They've made the decision and I'm stuck with it.

Of course, what Barclays didn't know is that I intend to buy a washer, dryer, and digital TV in January. They know it now, but they don't care. Their line is that as long as I don't exceed the new, reduced line of available credit, I'll be OK.

I am furious. I intend to write to my local newspapers, my congressman and senators, and post on every board where I can post about this.

So, if you get a letter from your credit card company, be sure to read it. You don't want to find out that your line of available credit has been reduced AFTER you make a major purchase.

By Vicki on Monday, December 22, 2008 - 05:37 pm:

Alot of home equity places are doing the very same thing. They do not want these open balances out there, have people get into hard times and jack their balances up and then stop paying them.

By Feona on Monday, December 22, 2008 - 05:57 pm:

Everytime I want to spend more than my limit, I have to call and get it increased.

Before you buy what you need call and get it increased because you are buying extra stuff.

Amazon visa is a very good visa. It gives you free gift certificates at They give you like 1% back. and like 3% back on amazon purchase. Or maybe more. I can't remember.

American Express Costco gives you money back at costco. You don't have to spend it all at costco either. They give you the change when you buy something. That is once a year. I forget if it is 1 or 2 percent back.

By Feona on Monday, December 22, 2008 - 05:58 pm:

that is visa.

By Feona on Monday, December 22, 2008 - 06:02 pm:

the amex costco card you need to pay $60 for costco membership per year I believe.

By Enchens on Monday, December 22, 2008 - 06:19 pm:

Wow, Ginny. Good to know.

By Ginny on Monday, December 22, 2008 - 09:18 pm:

I know about calling and getting your limit increased, Feona, but they were very clear that that won't happen, at least not in the near future.

By Feona on Tuesday, December 23, 2008 - 07:44 am:

I would look around for another credit card. We cancel one this year because they being werid. I forget what they did. I tried to use it and I couldn't use it like twice.

I don't believe they are all crazy like that. The mortgage problems must be effecting some credit card companies.

I think credit cards get a 6% surcharge that they get from the merchant.

By Paulas on Tuesday, December 23, 2008 - 09:06 am:

Wow! I usually have the opposite problem. They are always increasing my credit and it's now something ridicious. I never spend that much...thank goodness.

I wonder if Canada will start to follow suit.

By Scott on Tuesday, December 23, 2008 - 09:12 am:

"I would look around for another credit card..."

Even folks with decent credit are getting turned down for new cards. In this financial climate, creditors are being verrry cautious.

"...The mortgage problems must be effecting some credit card companies."

DING! Tell her what she won, Johnny. The general stagnation of the economy affects all businesses that extend credit.

By Feona on Tuesday, December 23, 2008 - 09:52 am:

Still she needs a better card to make her purchases. Sometimes I split it on two different cards.

Maybe the store will take a check. I hate to carry alot of money around.

Don't forget to ask for a discount. I just ask and I alway get 10% off on things like washing machines from pc richards and sears. Worth to ask. Once I forget to ask and I felt stupid afterwards.

By Feona on Tuesday, December 23, 2008 - 10:15 am:

consumer report credit card review for cash back

this one reviews all the credit cards them all.

By Ginny on Tuesday, December 23, 2008 - 06:32 pm:

Look, I am knowledgeable about credit cards. Appreciating that y'all meant to be helpful, I didn't ask for advice. If I need advice I have a son who is a financial specialist and a lawyer. I posted to alert other people. As a point of information, I will keep this card because it gives me a 5% rebate on purchases at my favorite book store, and I buy a lot of books for myself and my granddaughter.

By Debbie on Wednesday, December 24, 2008 - 09:45 am:

Totally agree Ginny. We had our interest rate raised. And, I was told I got it in a letter. I probably did, but didn't read it. Thank God, I really look at my credit card bill each month. They raised our interest rate for no reason. We have excellant credit, have never made a payment late on anything, and had the account for years. They raised our rate from 9% to 22%. Needless to say, we cancelled that card, and got a different one.

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