Credit card companies

[baddog]

First off, up until a year ago I had owned a credit card in 15 years or so. I decided to get one thru Southwest since they were going to help build up my frequent flier miles. So I use it solely for when I am on business trips.

So, today the limo comes to take me to the airport and the driver tells me I need to call in because my card was declined. No big deal, I pay with one of my ATM cards, but I decide to call the cc company to see what the story is.

Well, NYC is an expensive city and between the hotel, dinners, cigars I was going to go over my limit. Fine, let's go ahead and pay off the card now (I never carry a balance on it, auto paid every month), and how about raising the credit limit so this doesn't happen again.

Well, they let me pay off the card (mighty kind of them), but as far as raising the credit limit, she can't do it, or tell me why, however, I am eligible for a new card with a limit three times as high as the current one.

So, they won't raise the limit on this one, but they will give me another with a much higher limit. WTF is up with that?

I get the feeling they don't like the fact that I don't carry a balance. Anyone with a similar experience?

[emjay]

Banks need all the money they can get lol

This time last year, Banks were falling over themselves to lend money for a mortgage, new car, kitchen, dream holiday etc.

Ads are changing to appeal to depositors ie :now they want to borrow from us!

Someone who maxes his card and only pays the monthly minimum are the perfect client from the Bank's perpective, or used to be...

[ThumbLord]

yep they do not like the fact you pay all and do not leave a margin for them to earn some money, I have had problems as well, they hate customers that pay the monthly balance.

[TMM_John]

Use Amex

[Odin]

Translation: I make and spend money (including on cigars and limos). Most likely more than you. I am old and I want to get some respect before I die. Thanks.

[NETbilling]

It was great seeing all of you guys in NY. Credit card companies suck.

Mitch

[baddog]

yep they do not like the fact you pay all and do not leave a margin for them to earn some money, I have had problems as well, they hate customers that pay the monthly balance.

So raise my damn balance and let's see if I can charge more than I can afford to pay off.

[After Shock Media]

At least they made you an offer. One of the fuckers out right cancelled my card for paying in full each month.

[aflex]

baddog - use AMEX. You'll have no spending limit as it's a charge card and not a credit card. They're pretty flexible with 'long term' purchases as well. They pretty much have the best 'points' system around and will value your word over a retailer anyday.

[SilentKnight]

I worked for CapOne years ago - and you already answered your own question.

Most CC companies don't like it when you pay off the monthly balance in full since they can't soak you for the interest. Simple as that.

Sounds rather fucked up...penalizing someone (by denying a limit increase) for paying it all back on time. But that's the basic principle that drives the industry.

CC companies reward cardholders that carry a large balance from month to month and only make the minimum payments.

[Matt 26z]

Since we are on the subject, what is better for your credit rating.... To pay off the balance each month or to leave a little so they make a couple bucks?

[slapass]

First off, up until a year ago I had owned a credit card in 15 years or so. I decided to get one thru Southwest since they were going to help build up my frequent flier miles. So I use it solely for when I am on business trips.

So, today the limo comes to take me to the airport and the driver tells me I need to call in because my card was declined. No big deal, I pay with one of my ATM cards, but I decide to call the cc company to see what the story is.

Well, NYC is an expensive city and between the hotel, dinners, cigars I was going to go over my limit. Fine, let's go ahead and pay off the card now (I never carry a balance on it, auto paid every month), and how about raising the credit limit so this doesn't happen again.

Well, they let me pay off the card (mighty kind of them), but as far as raising the credit limit, she can't do it, or tell me why, however, I am eligible for a new card with a limit three times as high as the current one.

So, they won't raise the limit on this one, but they will give me another with a much higher limit. WTF is up with that?

I get the feeling they don't like the fact that I don't carry a balance. Anyone with a similar experience?

I ran into the same deal. Not sure if it is company policy or a weird law but they can't raise the limit in the first six months or year. Ran into this twice with different companies so if it is policy it is wide spread. And she was actually being cool in giving you the alternative of opening adifferent card with a higher limit.

[fluffygrrl]

Translation: I make and spend money (including on cigars and limos). Most likely more than you. I am old and I want to get some respect before I die. Thanks.

Not to mention he could vastly benefit from professional advice on how to not be fucking obvious about it.

The painfully obvious lack of which sort of invalidates the whole limo-to-airport pose.