Have you received any snail mail from your credit card company recently? If so, don’t throw it away!
Most likely, the letter with contain 1 of 2 different notices.
The first notice is to let you know your credit score is be held hostage. Starting now and in the near future, credit card companies have decided to start charging more annual fees to cards that had none at the time of opening. After you receive this notice from your credit card company, you’ll have the choice to either: not pay, lose your account and positive credit history with this card OR pay up. These new annual fees are in upwards of $100 per year and they are charged to your credit card! It’s robbery.
The only viable answer: Revolting.
If I receive this notice, I will cancel the card on the phone and explain my reason why. Plain and simple.
The second notice isn’t so bad actually. The notice states that you may prevent the credit card company from giving you a “credit courtesy” aka OVERTHELIMIT status on your account. I strongly urge everyone to remove this so-called courtesy from ALL credit card accounts that are active.
I wonder…if a person had a high credit balance already and removed the ability to go over the limit on their card — then when the credit card company tried to impose the annual fee for an amount that would potentially make the consumer go over the limit, would that persons actaully account go over the limit??
