I've been trying to pay off my debt, and doing a pretty good job at it. I've started to get those tempting pre-approved envelopes in the mail. I got this one piece of mail from HSBC Card Services (it was a pre-approved card I got a long time ago), the card was approximately $300 from pay off, and I got a "credit limit increase" of $1,200.00!! Now keep in mind, I had planned an outing with my 12 year old daughter. We were going to a meal preparation place called dream dinners, it gives you some variety to the freezer cooking menu.
With that being said, we went, (cost $370 plus tax) enjoyed it so much, we had to sign up for the next month's class in order to save on the cost of the meals. (It's complicated, but it made sense at the time) I knew I had to spend another $300 but I couldn't afford to spend it out of this paycheck (truck payment is due). Of course, I remembered the letter in the mail from HSBC, and checked to see if I had the card with me. Wouldn't you know it, I did. So when the lady swiped the card, it was declined. I couldn't believe it, so I asked her to try again, and told her about the new credit line. I decided to call HSBC to find out what was wrong.
Image via WikipediaApparently, I was late on my $15 minimum payment, and that needed to be paid before I could use the card at all. (It did not matter that I had avalialble credit) I politely asked the person on the phone to let me speak to a manager ( I really wanted to use the card now). I could feel the blood rush into my face as I asked the manager to look at my payment history, look at how long I have been a cardholder, and if it made any sense to her that HSBC is willing to trust me with an additional $1,000.00, but they won't trust me with $15 worth of credit. I explained to her that her company is about to lose a paying account. She apologized to me and I paid for the next course with my debit card. (The truck would have ot wait, mom and daughter time came first) I came home, turned on my computer and paid off the card with my online bill pay.
This was a mixed blessing, I've been trying to get out of debt, and this forced me to use the money I had. It was a little embarrasing to tell my husband that we had .16 in our account (I paid the truck anyway to avoid a late fee), and that we couldn't eat out. He was fine with it, he knew what my goal was , and he supported my decision. I told a couple of co-workers, and my sisiter, they all said "Good for you". I paid that card off and am now one step closer to my goal.
Hi there! Following from MBC, welcome!
ReplyDeleteI could go on and on about credit card companies. I had one card triple my interest rate and when I asked why they said it was because other people weren't paying so they increased everyone else's interest rate. Sound fair, right? Crazy!!
Triple?!?! What nerve! What needs to be done...all of us that have what we need (house, car, etc.) , that use credit cards for online shopping for those type of things, should all stop paying. I mean most of us have paid for our purchased items plus the interest if you've had the cards a few years.
ReplyDeleteWe should designate a day for everyone to call the card company and say " lower my interest rate to _ amount, or else I' m not paying anymore". I'd love to see everyone use that additional money to pay off a car note or student loan instead. What are your thoughts?
I really can't stand my credit card company. As hard as it is, I'm stopped using it and I'm currently paying it off($900 and counting...woo-hoo) It may seem like a lot but it was 4 grand,so I can finally see the light at the end of the tunnel. And let me tell you once its paid off, I'm done with all credit cards.
ReplyDeleteOuch! 4K is a lot, you are doing great! My husband takes the Gold, he somehow noticed that "credit protection" had been billed to his account. He contacted the card company to tell them that he did not sign up for it.
ReplyDeleteSeveral phone calls and heated discussions later, he called the credit card's fraud department. He told them about the unauthorized charges for credit protection, and they took it off! I was impressed!