Hmmm...good customer *advantage*

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Hmmm...good customer *advantage*
10
Thu, 06-05-2003 - 11:26am
Just got one of my statements and because I'm such a good customer they are lowering my minimum payment from 3% to 2% or $10 (and here all along I thought the minimum always WAS $10). Hee Hee!

No, I won't be tempted by that too much as I only owe about $300 on this card as it is and I will keep sending in my $10/month until we get some real income (I have the 0 minimum due because I think I sent in $20 the first month).

Just when I read it my first thought was of all of you here at DSG and how with all the knowledge we all share, we can be much more informed about credit and then thought "gee, thanks, so nice of you to lower it so I could pay you interest for the rest of my life". LOL!! Guess they are wanting me to run out and charge it up because "Gee I can pay 1% less per month now since I can afford the new lower minimum, I should just go on a spree" LOL!

Anyway, guess I'm just kind of babbling but it's the first time I've gotten THAT notice before.

Becky

iVillage Member
Registered: 03-27-2003
Thu, 06-05-2003 - 12:17pm
I just got an offer from ODK (an honor society my husband was a member of in college) and MBNA for a "better way" to pay off our debt. It's called the "Debt Free Plan" and involves a credit line of up to $25,000. Listed among the benefits for helping you "get out of debt faster" are a low monthly payment and the ability to re-access the line "in case of emergency"! LOL I thought those were ways to stay *in* debt! LOL

Plus, I guess because it's a line of credit and *not* a "credit card," it didn't come with the disclosures usually associated with cc offers. Instead, I had to read some *very* fine print to discover that the promised variable APR of 7.99% (pending approval, of course) is subject not only to meeting the terms and conditions, but also to their own whims. So, theoretically, they could change that APR just because they felt like it and there's nothing I could do about it. AND, for balance transfers (which, ostensibly, is the point of the credit, right? Otherwise, how could it possibly "help" you get out of debt?), there's a 3% transaction fee.

What a crock! I just had to laugh. Then I tore it all up and mailed the pieces back to them in their postage paid envelope.

Blessings,

Heather

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Thu, 06-05-2003 - 1:46pm
good thing you read the fine print, heather.

i get those all the time, i just shred them. it's a way of getting you. they make it sounds so simple.

iVillage Member
Registered: 03-27-2003
Thu, 06-05-2003 - 6:08pm
Heather,

You are my personal hero today. I have that same line of credit. Big mistake but it was at a time where my husband (then fiance) were merging our debts and he was about to go into collection on 3 cc's. Silly by, he got laid off and stopped paying them thinking that he could just start once he got a new job! I pay 16% on it now but I made a few payments late so I can only blame myself.

I have learned SO much here that sometimes I am just amazed at how little I knew before. I don't know what I would do without you guys!!!!

Rebecca J.

iVillage Member
Registered: 03-27-2003
Thu, 06-05-2003 - 9:48pm
Oh, don't applaud too loudly! I've made my share of dumb mistakes. For one, the biggest reason we're in so *much* debt is that when dh was out of a job, we treated our credit cards like cash and actually spent *more* than before--wanna go to dinner? Sure, while we're racking up debt, we might as well do it big time! Wanna new toy? Why not, it's not real money anyway!

So, while I may be a little wiser today than I was then, I'm certainly nobody to be putting on a pedestal.

Still, thanks for the encouragement. It's nice to be a hero once in a while :). By the way, do they in fact raise your rate at whim, or just if they have a particular reason? Just curious.

Blessings,

Heather

iVillage Member
Registered: 03-27-2003
Thu, 06-05-2003 - 11:07pm
They raised mine because I was late, in a few months they will reconsider lowering it again. I won't complain about MBNA, they have been a nice card, not calling constantly when I was behind, and waiving a few late fees. I have an account nicknamed Key Bastards if you need a hint about what company I currently despise...

Rebecca J.

p.s. I just ripped up a Capital One offer and am mailing it back in their postage paid envelope...I am also going to start doing the thing when they call to offer me something I say hold on one moment, then put the phone down until I hear that annoying tone knowing they have hung up!

iVillage Member
Registered: 03-26-2003
Fri, 06-06-2003 - 11:39am
I wish I read your post yesterday as I received the same offer from MBNA. I never thought of ripping the offer into pieces and mailing it back to them. I hate MNBA. I think they live to screw people over!
iVillage Member
Registered: 03-26-2003
Fri, 06-06-2003 - 11:42am
OMG I love the hold on for phone calls. I have never heard of doing that! i CAN'T WAIT until the next solicitator calls so I can do that.

I'm learning alot today. See what I can learn when I'm not traveling and actually able to catch up on the boards.

Avatar for beckymk
iVillage Member
Registered: 03-23-1998
Fri, 06-06-2003 - 2:01pm
Just don't do that to solicitors for donations (i.e. purple heart, amvets, etc...) please.

I did that for a while and had that happen to me once but as I didn't want to hang up and be rude to the person, I actually stayed on the line for about 10 minutes or so. LOL!!! I think the person thought I would never hang up or something, they finally hung up the phone. Honest, those people aren't after your money and are just checking to see if you have anything, fine if you do & fine if you don't.

Becky

Becky - Mom to Carolyn (17), Aaron (15), Kyle (11) & Luke (8)
Send a free greeting card on me!!
iVillage Member
Registered: 03-27-2003
Fri, 06-06-2003 - 7:01pm
I wouldn't do that to a charity, especially since it is the vets themselves that make the calls usually! EXCEPT, a couple years back when I bought whatever I wanted on a whim, I bought a membership to the Detroit Institute of the Arts, a really great museum that I used to go to a lot when I went to school downtown. For $100 you and 3 others get in free for a year, blah blah, I thought it would make DH and I go more, blah blah. Of course I only went 3 times, and I think he went once with me so I let it expire...well now the pushiest telemarketers in the world call me quarterly! I feel bad because it is a good cause, but when you don't have enough money to pay your bills...these people are cut-throat too, they make you feel BAD for not rejoining!

Rebecca

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 06-06-2003 - 8:56pm
EEK! I hate when that happens! Although, in our case, we aren't getting phone calls but lots of "please become a member of our museum now", hee hee because we are a member of the Museum of Science & Industry here (and we HAVE gotten our money's worth and then some!!). We will let it expire in July and might do a different one this time around, just haven't decided.

I'm glad you wouldn't do that to someone just calling for donations. :) I always feel bad because I never consider those asking if you had donations for Purple Heart, Amvets, whatever (as long as it wasn't money and I've never had a pushy one when you said "No" - I've had other charities be pushy when saying No though) the same as telemarketers but technically they are (and around here it's not the vets themselves doing it necessarily....there was an ad in the paper that I answered and did it from home as an independant contractor and you do get paid a small amount for it but you spend a lot more ;) ).

Becky