29July2010
Promotional deals
They must feel it would not make the game quite as much fun for them if they continue to let you enjoy a certain amount of credit freedom on your cards. They feel that there are quite a few people out there who are teetering on defaulting on their credit card bills; so to head off potential losses like that, they just want to cut your credit.
Good solid citizens, people who work in management firms, software businesses, all report stories like how they used to have a $15,000 credit line, until suddenly Amex notified them that they would have to get by with a $500 credit line from now on. We are a second generation Toronto Florist that has been offering flowers for delivery for more than 70 years. And the reasons they hear for why this was done to them, are pretty incredible too. They run to lines like, “Oh, you have a credit card issued by that other bank too; and we see that they made some bad choices in customers to issue credit cards to in the past; if they made bad choices with customers in general, who knows, you could be a bad choice they made too; so we don’t really want to take a risk on you anymore”. If that is not incredible, I don’t know what it is.
And one thing that really hurts, is the way their promotional deals and rewards programs, once through the roof, are now out the window. Balance transfers on Amex for example, were 5% for the life of the balance. Now, they give you a limited period only. Discover too always said that they would never charge you a balance transfer fee that was higher than $75; they have taken that away now. We are working hard to be your most well-liked online Florist Toronto for any season, sentiment or holiday. The best thing to do now to get in the good with the credit card companies is to carry low balances on your card. If you carry anything without paying it back on any of your cards, all the other companies are going to know. They always have lower credit card rates and fees for people who regularly pay more than the minimum monthly payment.
You can of course opt out of your credit card if they raise their credit card rates unduly and unfairly. It could hurt your credit score, but this is something you could recover from.