Comments on: 0% Interest!? The Deal’s In Our Mailbox

By: Terrin

Terrin — Thu, 23 Apr 2009 02:58:36 +0000

Are you guys kidding? Banks are forcing people to default on credit cards. Further, they lobbied Congress for the privilege of doing so. I am a bankruptcy attorney. Here is a classic example. Joe has three credit cards. Joe pays all his cards on time. Joe all the sudden misses one payment. That card refuses to forgive him and doubles his rate and charges him a penalty. The other two cards find out about Joe’s late payment and double his rates too even though he has never been late paying them.

Unfortunately, Joe is on a tight budget because his company has cut his hours way back. So, the increase by all three cards has made it so he can’t pay anybody on time now. Joe calls up the proud to be american card companies and asks for help so he can make the payments. The card companies, however, refuse to offer any relief. They will keep the rates high, and charge him a penalty when he is late.

The result, Joe’s debt to the companies quickly increases. Where he used to owe two thousand dollars, he now quickly owes four. That extra two thousand dollars is all penalties and interest. He quickly is way in over his head. He has no choice but to file Bankruptcy. The banks might have used to care. They, however, now have all this free tax payer money.

By: Dollar Bill

Dollar Bill — Wed, 22 Apr 2009 07:12:29 +0000

As an extra note, HSBC is a completely separate bank from Fifth Third Bank.

Also, Household Bank used to be a separate bank, but they still kept their atrocious operating style even after they got bought out by HSBC.

No thanks to Asian customer service, either!

By: Dollar Bill

Dollar Bill — Wed, 22 Apr 2009 07:10:20 +0000

Beware of Fifth Third Bank credit cards. The branches are decent, and so is the central customer service. But this bank doesn’t have a credit card division, so HSBC is the bank that owns and operates all 5/3 (Fifth Third) credit cards.

Then to top that off, HSBC doesn’t even service the credit cards!

Household Bank, the credit card division (in the USA) for HSBC Bank does all the servicing. They are a NIGHTMARE. Fees, fees, fees. Card freezes all the time. Nonstop hassles. Tons more fees.

Forget Fifth Third Bank credit cards people! Save yourself the NIGHTMARE!

By: KK

KK — Mon, 20 Apr 2009 18:51:04 +0000

these special interest rates the banks are mailing out to
their customers started around the same time the
stress tests to see if the banks would start loaning
money again did. i think the need people to use the
offers in order to pass the stress test. plus the banks werent lending before and i think the gov tricked them
into starting lending again by giving them these stress
tests as an incentive because they want to pass the
test. just wait and see if the offers disconue mid May.
and if you need the offer, i say use it before then. do all your offers expire in May? mine do. and i have about a dozen of them.Chase, BofA,Citi,RBS,Discover,Wells Fargo,HSBC,Capital One. i hate how the gov made a big deal about the stress tests then made the banks keep the details secret. what other kind of test could they be getting?

By: RateNerd

RateNerd — Mon, 20 Apr 2009 13:32:13 +0000

The other new trick the credit card companies have started is to maintain your credit limit, but cut the mount available for cash advances. Seems too many folks are just pulling out cash to keep things afloat.

By: Robertfel

Robertfel — Mon, 20 Apr 2009 09:11:06 +0000

that great 0 % but it more costly than lower level in administration I think