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Legitimate Credit Card Scam

Published:

Last Edited: March 15, 2009, 5:04 pm

The subject of this blog entry probably doesn't make sense, that is, in a sensible world.  After all, how can something that's legal be a scam? Apparently credit card companies that previously offered cardholders high limits can lower them without cause, resulting in fees for exceeding the credit limit. 

What?

I haven't been a "victim" of this (yet) but when I read this article, it made me want to check all my credit card limits.  I just don't see how this practice can be legal or even possible, unless the cardholder misses a payment. 

http://finance.yahoo.com/banking-budgeting/article/106716/How-to-Blow-Your-Credit-Limit-Without-Spending

Entry #184

Comments

1.
ICNUMBERSComment by ICNUMBERS - March 15, 2009, 10:25 pm
For those as for myself included who aren't to keen on my BIBLE, I've been told that it warns you about credit. Can you believe that even before all this mess that is going on today with the economy that there was credit even back then.
2.
justxploringComment by justxploring - March 15, 2009, 10:42 pm
I don't see anything wrong with getting a little credit when needed. I mean, I've had surgery and paid for it with a credit card. Sometimes you don't have much of a choice. I'm not talking about fancy clothes, but are you going to let your child grow up with crooked or buck teeth because you can't afford braces?

Anyway, speaking of old literary works, this is from Hamlet.

Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry

People have borrowing from Peter to pay Paul for a long, long time!   (or as it's better know "robbing" Peter)
3.
four4meComment by four4me - March 16, 2009, 1:19 am
I have a sears credit card account that had a 5,000 dollar limit. Upon opening a statement a few months ago i think it was November--- my limit was lowered to 3,000 I was flipping mad. I was thinking about buying a new fangled steam washer and drier comes close to 4 grand with all the attachments and warranties.

I called them and they said because i haven't carried a high balance for over two years that they didn't think i needed a 5,000 limit. So what i said i buy all my appliances there pay them off get tires etc pay them off never missed a payment always pay more than the balance etc. No matter what i said they refused to increase my limit to the previous level.

I've have had a sears card for like 25 years spent thousands of dollars over the years bought nearly every hand tool i own from them been a loyal customer.

So guess what I'll get my appliances else ware from now on and only use the sears card in emergency's if at all will probably use it for tools when needed but that's about it.

Lately i check all my balances on my credit card and keep an eye on my score/rating. You never know what handy tricks they will come up with next while we go through this recession/depression.
4.
jarasanComment by jarasan - March 16, 2009, 6:58 am
Thank You JX. Good info, it is all over the news this morning. I had a Sears card until they cashed a check for the entire balance before the due date and then charged a $39.99 late fee! I called and attempted to correct the situation, too no avail. I cancelled the credit card and they tried to collect and add late fees etc. for over a year and half, they gave up. I told them it would be a cold day on Mercury before they would get another dime from me.   I've gone back to only debit card and 1 Mastercard for emergency only.
5.
jarasanComment by jarasan - March 16, 2009, 7:01 am
Actually, Mercury gets down to -270 degrees F on the dark side and up to 870 degrees on the lit side.
6.
JAP69Comment by JAP69 - March 16, 2009, 9:24 am
" resulting in fees for exceeding the credit limit."
That is the catch phrase. exceeding the limit gives them an option to also raise interest rates.
The banks need money to bolster the coffers and they are coming up with ways to generate more income with the credit they already have out.
7.
Comment by pumpi76 - March 16, 2009, 9:18 pm
i tell you...
8.
Comment by pumpi76 - March 16, 2009, 9:35 pm
but what can i say, scratchoffs are the same thing too, out of 200 million dollars that they collect only 20 million is given as prizes and 1 million as minor prizes...That's a profit of 99% not to say the 100%...plus the taxes...

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