Credit card companies are crazy!

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donovansmommy2000
iVillage Member
Registered: 03-26-2003
Credit card companies are crazy!
3
 Tue, 04-01-2003 - 12:25pm
So I posted a month ago about how I'm fed up with Capital One. I like to have two CC's as a rule of thumb with a combined credit total of $2500, right now have airline tix on the Cap 1 card, and a few other things on the other card (one that I've had for a long time)totaling about $1000. This is all planned debt and isn't unexpected at all.

I got an offer in the mail a few weeks ago from ATT Universal Card, with a 0% balance transfer rate and 10% interest rate on purchases (Cap 1 card is 22% interest-ouch!), and no fee- which is something that irks me about Cap 1- having to pay an annual fee.

So I figured I would just apply for the ATT card since I know my credit is 1,000 times better than it was this time last year, and I'd transfer over the balances if I got the card.

Card came last night and the limit on the card is $6000! My jaw just dropped because I've NEVER been given a card with that high of an amount before. That's equal to nearly ALL of my debt!

I was just laughing thinking about how they really REALLY want me to max out that card- go on vacations, buy big expensive things, and they are betting on the wrong person in this case! I am merely using them for their 0% balance transfer rate!

Once I have successfully transfered the balance (which should be paid off by June), I'm going to call them and lower the credit line to something MUCH more reasonable- like $1500. And I can't wait to call & cancel that Capital One card! YEAH!

It was a great laugh for me to see that $6000. Oh, and it has a calling card feature where you are charged 35 cents a minute for calling calls. Doesn't seem like a bargain to me!

Kathy

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mymartes
iVillage Member
Registered: 03-26-2003
In reply to: donovansmommy2000
Credit card companies are crazy!
Tue, 04-01-2003 - 12:54pm
Congrats Kathy on your new cc. I suggest you transfer your balance right away. Once your transfer balance is done ( a few days) then call and lower your interest rate.

I bet once Cap 1 see your transferred your balance, they will begin offering lower interest. They may even waive the annual fee.

O% is great. How long are they offering u the 0%. What's the interest after that? I got Amex optima at 3.9% for the life of the balance.

jjiggins
iVillage Member
Registered: 03-26-2003
In reply to: donovansmommy2000
Credit card companies are crazy!
Tue, 04-01-2003 - 9:26pm
I agree with you - credit card companies are crazy (or are they really?) LOL I have two credit cards where they have raised the limit to 8400.00 each !!! My husband has two cards each around 5000.00 limit!! Thankfully for both of us we are not tempted to use these limits at all. I guess I should lower them but I have never think to do it.

Sandra

overmyheaddebt
iVillage Member
Registered: 04-02-2003
In reply to: donovansmommy2000
Credit card companies are crazy!
Wed, 04-02-2003 - 7:55am
Just a word of caution to be sure you cancel the other cards that are now at 0 balance. I did the same thing, except this one credit card gave me 18,000.00 and I never cancelled the others. Well, guess what, I started using the others also and then I had to go to court because I couldn't make the minimum payments for the 18,000.00. Dumb on my part, dumb on the credit cards companies part. Oh well.

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