Silly credit card companies

posted by Jeff | Monday, April 21, 2008, 11:59 PM | comments: 7

I've got sweet credit. Strangely enough, it isn't because I've been a totally responsible borrower, because I haven't, but because I've reliably paid on everything I've ever borrowed without issue. So after a really long 0% period on my Chase business card, where I was carrying a balance for a long time, they finally upped it back to the "normal" rate of 15.9%. Yeah right.

I once had about $12k on that card, and the limit is something absurd like $31k. So while I only use it at this point for monthly expenses (hosting, phone, minor hardware stuff, etc.), I do every once in awhile intend to float a couple hundred bucks on it. But not at that rate.

So I called them and said this sucks, and you need to make it lower. They dropped it 1%. Not good enough. I was like, "Look, I have great credit, as evidenced by the absurd high limit you gave me, so if you want me to continue using it, you need to do better." But they didn't.

That meant the pain in the ass to change over the various things that automatically get billed to it, using my Citi card instead. Citi has always treated me remarkably well with high limits and low rates, and when I bitch and moan, they'll drop my rate lower. I think for my biz card and personal card, it's under 12%. That actually encourages people with good credit and fast pay off to actually use the thing. At the very least, they get a cut of the discount rate that vendors have to pay, so that's a win for them. Chase apparently doesn't get that.


Neuski, April 22, 2008, 4:14 AM #

Doesn't paying your bills back on time make you a responsible borrower?

Jeff, April 22, 2008, 4:18 AM #

I guess... but carrying balances long term is probably not responsible. Or at least, it's pretty stupid. I used to do it all of the time.

CPLady, April 22, 2008, 1:08 PM #

Chase did the same thing to me. I paid off the balance and haven't used the card since. Fuck 'em.

Jamie, April 22, 2008, 10:53 PM #

Interesting... my Chase card has 8.9% APR and I know that my credit history good but is much shorter than yours (only like 4 years). It has a much smaller limit though.

Jeff, April 22, 2008, 11:16 PM #

I'm sure that's a promotional APR. It won't last.

Jamie, April 23, 2008, 12:58 AM #

Nope. I've had the card for over 1.5 years now and my promo APR was 0% and that's long over with now. I don't know how I got it but I must have lucked out on this one. :)

draegs, April 23, 2008, 4:33 AM #

Add me to the club of people who said FU to Chase and moved on when they wouldn't drop my interest rate.

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