So Last month CitiBank attempted to bump the APR on my creditcard from  5.89% to 14.99%.

I told them to jump in a lake, and they backed off. Except it basically terminates my account upon the expiration of the credit card.

Today Chase bank tells me they are bumping my APR 3%.. If I decline, my account is closed immediatly.  They DO NOT say whether the balance is due today.. or at the expiration of my card.

They both cite “market conditions“. That is code for “We got our ass handed to us by making stupid investment decisions, so our boys in congress gave us a bunch of money so we can make the down payment on the new Leer Jet, and cast our CEO’s comode in gold… and now we are gonna stand on it while we piss on all of you

So lets play this out. I  have excellent credit, never late or over limit on these cards… and they can unilaterally make changes to the account terms, and then penalize me if I don’t agree. They are recipients of our tax dollars to cover their bad mortgage paper.. and they turn around and use that money to buy private jets, and push rate hikes back on their customers.

Whats wrong here? Where are the consumer protection laws? Why has congress let the banks write legislation for the last 40 years? Where is my power to modify the terms in my favor?

The Bums in congress better do an anal-cranium extraction real quick. The middle class is at the end of it’s rope.. and unlike the poor, they have the power to change it. The poor cant vote with their wallets, which seems to be the only thing these guys understand.

Looks to me like there is a huge gap waiting to be filled by a new, smaller, and bullshit-free bank that can take advantage of the exodus of customers from these tainted institutions.

7 thoughts on “I want to be a banker”

  1. You want to be a banker? We should have a conversation.

    Though, the banks are hurting. American express artificially moved my payment deadline up 15 days inside of my online dashboard in an effort to make me pay 2 weeks earlier. That’s just not cool.

    I also just spent 3 phone calls, each averaging over 20 minutes, trying to get rid of bogus temporary authorizations. It’s a needless PITA.

  2. I too have been seeing this. The way I have been fighting stupid stuff like this is to 1) pay my bill on time (in full) and 2) leverage those incentives and get them to “lose” money by living on the float.

    For example, on my business amex credit card, use the companies who give you a 5% cashback option. Almost every month I get $50 – $100 off my bill for paying for telecom (cell phones, wireless broadband, etc). The thing is that every month I am save (or Amex is writing off) $50 – $100 and I pay the bill in full. No on this particular Amex card I don’t even have a yearly cost. So for me, I not only get to pay each bill with the money I earn from that month (living on the float), but I also get savings cause I use the companies that already have a deal with Amex.

    Oh and on this topic of CC/banks etc. Makes you wonder why more people are not becoming hard money lenders, if they too can just jack up an APR rate.

    Just my 2 cents.

  3. Me wanting to be a banker.. like these d-bags: is sarcasm.

    I think there is a genuine golden opportunity for a new bank.. that employ different policies, and be more customer focused. Unlikely it would ever happen.

  4. 1)They have the right to do that until next year, when the laws change and they lose that right. Which is why they are exercising it mightily right now.
    2)I tried to start a bank with a bunch of friends last year, and the FDIC won’t charter any new banks in AZ until all the bad ones get worked out. Since this will take years, we moved on to California. In California, they strung us out long enough to use up our working capital.

    What else would you like to know? 🙂

  5. Here here.

    I’ve had two credit card issuers do this to me and one I told them “jump in the lake” and my card will be closed. Of the two, one was unused (the one that will be closing) and one is our primary spending card which we never have a problem paying in full each month. They may raise the rate on us but we haven’t paid a dime in 5 years of use – we’re hitting them back by constantly earning rewards. The only satisfaction I get is that they may have a higher interest but we’ve cost them thousands in rewards over the past few years and will continue to do so. We’ve been burning them back for a while and we’ll continue to do so while they “struggle.”

    There is absolutely an opportunity for a midsize bank to clear the way for great terms to their most credit worthy customers. I’ve noticed this trend among those of us with great credit and it’s ridiculous. Banks wouldn’t be smart to remain too risky with people of shitty credit worthiness. But, like you, excellent credit and payment history: not the guy they should be raising their rates on.

  6. Josh,
    Your post approaches poetry!

    They [banks] screw you if you don’t carry credit (ie. you’re not using your card or you don’t have any) and they screw you if you do.

    The lesson is to never carry a high balance for too long, and to rely on cash as much as possible.

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