Tuesday, February 24, 2009
What's In Your Wallet?
I was hoping to switch my business credit card spending over to Capital One, because of their cash back rewards. The problem was I have two Capital One business cards, one for $20,000 and another for $10,000. I called them to attempt to combine these cards, as sometimes I can spend $25-28k in a busy month. Not only did they deny my request, they instantly changed the terms of my account. A pamphlet was sent out the same day notifying me that my rate would go up drastically in April. There's another card for the shredder and another bank I'll never do business with again.
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Here is a great site if you want to read about the current horror stories emanating from the credit card industry.
ReplyDeletehttp://www.creditmattersblog.com/
It's a Marxist (Groucho) thing:
ReplyDeleteOur company doesn't want to lend money to anyone who would want credit from our company.
It's a Marxist (Groucho) thing:
ReplyDeleteOur company doesn't want to lend money to anyone who would want credit from our company.
http://www.creditmattersblog.com/
ReplyDeleteI enjoyed hearing about it on NPR this morning.
Another observation about credit card companies is that it's the ones that aren't backed by banks (aren't banks) that are acting the worst. I had problems with Advanta before ditching them, and now Capital One. I do well with Amex, but there are plenty of Amex horror stories out there. If credit card defaults become a blood bath, these are the companies that have little to no assets to back up them up. At least the banks are diversified.
ReplyDeleteMeanwhile, Chase bends over backwards to help me arrange my credit, and Citibank is my low interest personal card of choice (and my mortgage lender). I'm going into my local Mechanics Bank branch today to see if I can get a business card through them. At least they know me.