I am pissed off and wondering if anyone else has had this happen to them…I have a Sears credit card…I am relentless regarding my monthly payments, often paying twice monthly if I have charged accordingly and my monthly statement always reads " No payment due". Only 6 months ago, without my knowledge, they raised my credit limit as I was a prestigious customer Today, I received notice that they have “reviewed” my account and have “adjusted” my line of credit. They slashed it in half !! I was livid so called customer relations and of course had to try and communicate with one of their agents that can’t hardly speak English and was told they had done this to everyone due to “the economic conditions out there” and that it was only temporary. NOW, what I would like to know is this, I receive credit history reports every 4 months and I have built my rating back to good from “not so good” after a bad relationship ended. How will this action affect this rating and is this even allowed ? I can understand if I were a delinquent customer with payments…I am really angry? This happen to anyone else ? or can you offer any advice on what I can do to protect my credit history…Much appreciated guys…
Sounds like you are pretty responsible with your monies. Perhaps that foreign voice on the phone was bad relationship reeling its evil head
More realistically, they adjust your credit based on employment, assets and ability to make payments. I have no idea how all three work out for you but I would suggest that credit was much easier to get 12 months ago and that those with a rocky credit history were given the credit assessment do-over. This doesn’t mean you are a bad person or a delinquent card carrier. It means the a-holes running banks are just as callous taking away credit as they are giving it away.
I hate banks… really, really hate banks…
Why would a credit card company want to keep you around if you pay off all of your balance every month and don’t wrack up any interest charges?
They want you to carry a balance, so that they can get the 18% or whatever every month.
I always pay my Sears bill each month but June 2008 shorted the payment by 43cents. I still haven’t paid it but receive a statement each month and with interest now owe 77cents. How much has it cost to send a statement each month for a year? Postage ($6.24) plus the cost of the statement and all the crap offers enclosed. I wonder how many statements for less than $1.00 are sent each month and for how long? Just makes no sense to me…less than a buck…forget it!
They called and wanted to change my Visa to a new one that gave more Avion points. I buy a lot of company stuff on the Visa and clear it at the end of the month.
So when I finally nailed them on what the interest on any unpaid balance was, they’d cranked it up to 30%. I told them where to shove their application.
Later that afternoon I ask the Bank Manager about maybe shoving this $75K into a term deposit, as the teller informed me that business accounts earn 0% interest! She tells me the current rate on a 3 month term was 1/4%.
So I just smiled and told her I’d sign the papers after they agreed to hire me to replace every computer in house with WalMart ones for $50,000 a station (that’s the markup their gouging) and walked out.
Just waiting to hear the Tory Finance Minister tell the bank employees they better take a wage cut to save the banks…
It’s two fold, they make money off the interest charges to you, but they also make a ton of dough by charging the merchants a percentage on everything you buy.
There is more than likely a law stating that financial institutions must send out statements regardless of the balance size. If you feel jilted by this, try signing up for online statements instead. The environment will thank you as will the bank for adding to their bottom line.
It’s Sears, not a financial institution.
Credit Cards are a financial institution in themselves. You’ve got to wonder how much debt Canadians are carrying on these cards. Electronic money … license to print given …