Ferrari Mailing List: Re: NFC.Credit card BS

[Charles Perry (charles]

I had the opposite experience with American Express last week. I was three days 
late on a payment of $16 (total balance) on a card. They charged me a $20 late 
fee plus $1.90 interest.

I paid the interest without question but called to ask them to remove the $20 
late fee. They would not budge on it. I climbed two levels of supervisors 
before I threw out the main bluff "OK, well then cancel that card, please."

I got no push back at all - they cancelled the card and left the late fee. I've 
been a member since 1988 and have always paid on time. Given, I barely use that 
card at all, but even when I had them look up my business card, which is VERY 
active, they didn't care. They just let me walk.

I didn't really care since I primarily use a debit card for everything 
personal, but I was quite surprised that someone with my history and credit 
score was allowed to just pull the plug without any attempt to save the 
account. Weird.

-- charles


 
_______________________________________________
  
 
Charles G Perry IV
Vice-President, Engineering
 
Carolina Sound Communications - MuzaK
7630 Southrail Road, BLDG B
N. Charleston, SC 29420 
(843) 571-4488         www.carolina-sound.com
_______________________________________________
 

-----Original Message-----
From: Rick Lindsay [mailto:rolindsay [at] yahoo.com] 
Sent: Wednesday, May 13, 2009 9:31 PM
To: Charles Perry
Cc: The FerrariList
Subject: Re: [Ferrari] NFC.Credit card BS

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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