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May 7, 2024, 4:08 pm
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Legitimate Credit Card Scam
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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.
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.
Comments
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)
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.
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.
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