Credit card rant

[JDgreen227]

"Chase refuses to let me inform, inquire about, or verify any over $500 transactions via text messaging although I would prefer to do that."

Wow JD, even by Canadian standards, that is really lousy service.

I vote to ditch Chase too.

Rgds, D.

Yes I agree....the problem is that the Chase card is the only once I have had long term and credit reporting agencies take a negative view (score wise) if you don't have any long term credit card accounts.

 

[Pixguy]

Yes I agree....the problem is that the Chase card is the only once I have had long term and credit reporting agencies take a negative view (score wise) if you don't have any long term credit card accounts.

True, but close the account, just use another and leave a zero balance. And at this age, is losing 5 or 10 points off your fico a big deal? But that won't happen anyways by just starting to use another.

 

[dave1949]

True, but close the account, just use another and leave a zero balance. And at this age, is losing 5 or 10 points off your fico a big deal? But that won't happen anyways by just starting to use another.

Unfortunately, credit scores get used in setting things like your home owner insurance rates, auto, etc. I think it's a scam, many older people don't have active revolving accounts, loans, etc. That lowers your score and raises your rates.

 

[MossRoad]

It's like saying they beat me with a stick. They've been beating me for 15 years and they don't do it very well anymore... so I'll let them keep beating me on thier terms, not mine. DUMP CHASE!

Go to a local credit union. Alway better service.
We have two cards. One has a $2500 max purchase and can only be used in neighboring states. If we go on vacation, we call them and tell them we'll be making purchases out of the normal area. That card is a debit/credit card tied to our checking account. We also get points back with purchases on that one. We pay it off every month. They call us to verify large internet purchases. They called us a couple months ago because the card was compromised, shut down the account before we knew about it and sent new cards that arrived in three days. That's great service. The 2nd card is for major purchases and is tied to our home equity loan. We use that one for purchasing cars, tractors, college tuition, etc....

 

[rtimgray]

Why not keep the Chase card and just get another one from another issuer? If the card you have costs you nothing to use, it will likely cost you nothing to keep and not use? I've got a couple of cards from Chase and a couple from other banks - I've not had any problems yet.

Good luck and take care.

 

[JDgreen227]

Thank you to everyone who has contributed and given advice and input on this thread. I spent a half hour discussing the situation I have with a customer service manager at Chase this morning...

They are unwiling to raise my current $500-limit-without-calling-for-authorization and gave me no useful advice as to how to contact them via text or email to obtain authorization for approval. Appears they basically have little regard for me as a customer because I am a DEADBEAT who never pays them a cent in interest....:laughing: HOWEVER, as I told them today, by limiting my charging they are basically cutting their own throats because if they did let me charge 2 or 3 grand at a time I would probably end up owing them interest on the balance.

So, I am getting a new card from my credit union to use for large purchases, as others have advised. I was most of all curious if others here had the same issue with having to contact their card issuers for verification or pre-authorization of large charge amounts. Chase did tell me if I started making frequent large charges they would most likely remove my current spending limits and they frequently told me "remember you have a limit of $20,000" and I told them that had no bearing on the my issue.

 

[CinderSchnauzer]

I was most of all curious if others here had the same issue with having to contact their card issuers for verification or pre-authorization of large charge amounts.

Never, just put $6,100 on the card this Tuesday. Pop the card into the machine - press OK - enter PIN - approved - less than 15 seconds.

 

[kco]

Thank you to everyone who has contributed and given advice and input on this thread. I spent a half hour discussing the situation I have with a customer service manager at Chase this morning...

They are unwiling to raise my current $500-limit-without-calling-for-authorization and gave me no useful advice as to how to contact them via text or email to obtain authorization for approval. Appears they basically have little regard for me as a customer because I am a DEADBEAT who never pays them a cent in interest....:laughing: HOWEVER, as I told them today, by limiting my charging they are basically cutting their own throats because if they did let me charge 2 or 3 grand at a time I would probably end up owing them interest on the balance.

So, I am getting a new card from my credit union to use for large purchases, as others have advised. I was most of all curious if others here had the same issue with having to contact their card issuers for verification or pre-authorization of large charge amounts. Chase did tell me if I started making frequent large charges they would most likely remove my current spending limits and they frequently told me "remember you have a limit of $20,000" and I told them that had no bearing on the my issue.

It looks like you have come up with a good solution.

I am definitely NOT a fan of banks and credit card companies. But I use them because I have to (banks) or it is too inconvenient not to (credit card). However, I can see why your credit card company is unwilling to remove the "call for over $500 limit" on your card since it is normally used for small purchases. They have likely developed procedures and automated survellance systems base on sound risk analysis and economics. Credit card companies assume a lot of risk and pay for a lot of fraud. Of course they more than compensate for it through their interest charges (paid by card holders) and transaction costs (paid by suppliers, but ultimately passed on to buyers).

I don't believe they view you as a DEADBEAT because you don't pay them interest. They still make money on the transaction costs, which I believe average 2%. We use our cards for virtually all purchases over $20 or so and average $3k to $4k per month. Like you, we never pay interest. But we still generate transaction fees of $70 per month for the card company.

 

[JDgreen227]

Never, just put $6,100 on the card this Tuesday. Pop the card into the machine - press OK - enter PIN - approved - less than 15 seconds.

Just curious...are you telling us you made a $6100 cash withdrawal or credit card purchase on your card using a machine? Even my local credit union limits withdrawal transactions to $500 per day.

 

[Bird]

I've not found my credit card companies hard to deal with so far. At one time, someone I never heard of in another city (college town) charged 2 months of AOL Internet service on one of my cards. I have no idea how they got my information, but the card company removed the charge and issued me new cards with a new number. Another time, one of my cards had two charges that were not mine; one in New York and one in Pennsylvania (maybe online purchases for all I know, but again the card company removed the charges and issued new cards with a new number).

And only one time in my life have I gone over my credit limit.:laughing: Nearly 20 years ago, I had a card that I thought (don't ask me why I made that mistake) had a particular credit limit. And besides the routine purchases that month, I bought a new computer and printer; about $2,000 at that time. Then a few days later I went to pay for gasoline, after pumping the gas, and the card was declined. I had to use another card. So when I got home and looked at my records, I saw the credit limit was $500 less than I had thought it was. So I promptly called the credit card company to apologize and tell them I was sending a check immediately. The lady said there was no problem, that she'd just increase the credit limit so it would not show that I'd ever gone over.