Ferrari Mailing List: Re: NFC.Credit card BS

[LarryT (l02turner]

Hi Tom,
   I'm afraid they put that wording in the famous "small print".  Usually 
they give you 2 late payments in a year before lowering the boom but each 
card issuer is different.  Your card provider is evidently one that takes 
advantage of people who are usually late and so they don;t have to honor 
those teaser rates some offer.

   They also have a nasty trick of changing the delivery office address so 
those (like me) who use a bank for auto bill payments will be late chasing 
the proper address.  Got to check it every month.   Pretty rotten behaviour 
IHO.

   Back to your problem - sometimes, you will get a short time to decline 
the increase - but you must not use the card in that time or that's a tacit 
agreement to their interest increase.  Write them a registered letter 
(that's better than a phone call) and tell them what you told us.  Then 
include the credit card cut into pieces and tell them to close your acct 
immediately.  You keep making payments based on the pre-increase rate 
(hopefully) until paid off.  If this is not possible, I'd see if another 
card offers a 0% balance transfer so you can get rid of that 30%.  The % may 
not last forever but a little is better than nothing.

   They can be pretty nasty.  You'd think they'd want to keep a long term 
customer but I suspect 30% interest is more important -

Good luck -

LarryT

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----- Original Message ----- 
From: <ferrariguy [at] verizon.net>
To: "Larry Turner" <l02turner [at] comcast.net>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Sent: Wednesday, May 13, 2009 9:13 PM
Subject: [Ferrari] NFC.Credit card BS


>   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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