What I object to is you can’t tell what your limit is going to be, or when they’ll cut you off. I had a Citibank that got cut from $5,000 limit to $500.00. Then I went to use it and it was declined. I called them up and they said they cancelled the account. I finally got a letter. I only used the card as a reoccuring payment on my gym membership and to recharge my transit card, and so I wasn’t terribly upset when they shifted my limit down so much, but really to get no letter saying such is awful.
Other tricks Chase is pulling are things like this, I have $5,000 on Chase, they send me an offer to transfer balances at 1.9% rate. Sounds good right? No, the small print says this is drawn against my “CASH ACCESS LINE” which is $250.00. So if you’re not reading careful I could see someone writing a transfer check thinking it was against the credit line, not the cash access line which is much less.
Banks still haven’t got their stuff together, and it’s ridiculous that the bill designed to help comsumers only wound up hurting them. I would love some sort of real action against banks and their fees.
Another sneaky trick is some banks will make the due date on Sunday and let you schedule an online payment for Sunday. Other banks will schedule a Sunday due date and not let you pay on Sunday. HSBC bank doesn’t count Friday as a business day when you go to pay, unless of course you pay their “immediate payment fee” of $15.00 which lets you pay anyday you want. Obviously if they can do this for $15.00 they could set it up for free just as easy.
OK enough rant, Just watch out guys. They’re out to get you