Credit cards Complaint - Apr%

Review by benatar on 2007-01-25
CALIFORNIA -- Why i ask are credit cards allowed to take a persons need for a loan on purchases and turn that loan into way more than it was. i have credit cards that i owe on. i have paid them off charged again paid them off etc. i am never late and i pay more than the amount owed. but i notice the more i owe the more the apr% seems to go up. for what reason i ask. all of a sudden the apr% changed on me and my finance charge is more than my payment. it just seems to me that credit card companies are allowed to take advantage of every situation they can. what gives them the right. why do they have that right. its written that they can change the apr% if you have to many credit cards or that u missed a payment on another credit card or that you applied for a loan to many times or if someone made a credit check on you to many times. them being allow to follow your every finance move when your bills are being paid is invasion of privacey. it leaves us wide open for them to come in and make things worse. and we have to go along with what they say. they are putting americans in debt. and i want to no why its allowed. they allow no grace period for holidays. or any excuse for couple of days late. instead of working with you they up your apr% which only makes matters worse. they are making so much money lending us money its just not right. why is it allowed. why is my question?
Comments:7 Replies - Latest reply on 2007-01-25
Posted by tnchuck100 on 2007-01-25:
The answer is simple: Because they can.

Most credit card contracts state they may change the terms of the agreement at any time and for any reason. The bad part is you accepted those terms when you used the card for the first time. Granted, it's not fair...but at this point in time it's legal.
Posted by Anonymous on 2007-01-25:
I must agree with tnchuck100 even know he is a hick from SC. lol
Posted by Hugh_Jorgen on 2007-01-25:
Credit cards are not a public service - they are supposed to make money for the issuing banks. If you don't like the rules you agreed to when you signed up then cancel the cards and shop for a bank with terms you prefer. Go to and compare cards.
Posted by KCR on 2007-01-25:
I couldn't even tell you what the apr is on my Discover or Visa, we never carry a balance. Both cards are paid in full each month, therefore the apr is irrelevant. Unfortunately, if you can't pay it off in full each month, you are at their mercy.
Posted by Anonymous on 2007-01-25:
They are not putting you in debt... YOU are. The reason that your rate goes up when you owe more, is because your credit (FICO) score gets lower the more debt that you incur. As Hugh says, they are a business, they are not your friends.
Consider getting an American Express card. At the end of each month you get a bill for what you spent, and you have to pay the WHOLE thing. It has a tendency to keep you within the limits of what you SHOULD be spending, not what you'd like to spend.
Posted by bill on 2007-01-25:
I don't think I could say it any better then Hugh and Ken.
Posted by Anonymous on 2007-01-25:
It's an old saying; anything worth having is worth waiting for.

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