Ferrari Mailing List: Re: NFC.Credit card BS

[Rick Lindsay (rolindsay]

Tom, you might want to visit a local credit union, call AMEX Blue or even Bank 
of America, and explain the situation.  Find out what the signature loan rate 
is (and any fees), or cross collateralize a car loan and pay that card off, 
call them and close the account and then tell them exactly why you've closed it 
(and where they can stuff that card if you are so inclined).  Even the fees on 
a pay-off from another bank would be less than 30% interest, if you have any 
outstanding balance at all!!!

I just canceled a card that I no longer use.  The company came up with every 
excuse imaginable to keep the account active - including offering to refund my 
annual fee and put the refund back into my account as a positive balance!  
ANYTHING to keep me from closing the account.  It is now closed.

You didn't mention the card type or issuing bank, but AMEX Blue has always been 
good to me.  FWIW, I closed that account too but only because I have an AMEX 
Platinum that I use for everything else.

Good luck and PLEASE explore other opportunities.  Do NOT reward their poor 
practices with your continued business.

regards,

Rick

--- On Wed, 5/13/09, ferrariguy [at] verizon.net <ferrariguy [at] verizon.net> 
wrote:
From: ferrariguy [at] verizon.net <ferrariguy [at] verizon.net>
Subject: [Ferrari]  NFC.Credit card BS
To: "rolindsay" <rolindsay [at] yahoo.com>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Date: Wednesday, May 13, 2009, 8:13 PM

   Sorry for the NFC but I want to let people know about what happens
   when you are 3 days late making a credit card payment.

   I opened my statement yesterday and could not believe that my rate
   went from 9% to (get this, I am not making this up) 30%. Naturally I
   get on the phone and tell them that there must be a mistake as I have
   never been late in over 10 years. They replied that because I was 3
   days late they had every right to change my rate. What gives? Has this
   happened to anyone else?  Thanks for listening to my rant, carry on.



   ps: a buddy of mine attended the World Class Driving tour and said the
   Ferrari 430 was by far the best car of the group.



   Tom
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