Credit card companies used to be mistaken for blood sucking creatures that would paralyze a cardholder’s financial situation with a few missed or late payments. But due to the current economic crisis we are experiencing, these hostile outsourced customer service representatives and their employers are singing a different tune.
Not only are credit card issuers slashing the balances on credit cards, but they are becoming extremely generous when it comes to late payments or even missed payments! I have two credit cards currently that have some small balances on them and I am a responsible consumer in that I always make my payments on time, if not early. But for some reason this month I totally forgot on one of my cards. And guess what? So did my credit card company!
I called up my Chase Card customer help line, only to be greeted by someone in a different country with an obvious Indian accent whose name was Joanna. First of all, you know damn well that your name is not Joanna. Second of all, being of Indian decent myself, I can spot one of my people over the phone in a heartbeat. I told her that I am pretty sure I forgot to make my payment for the month and if she could somehow find it in her heart to waive the late fee.
She responded by saving that this month and this month only, they are not requiring a payment on the credit card of any kind. If you can make a payment go ahead and do it, but if you can not, we will help you out this month by not requiring it. All of a sudden Count Dracula has morphed into the Stay Puft Marshmellow Man.
You know times are really tough when credit card companies are opening their arms, giving their customers a hug, and saying its okay to miss a payment. What’s next? Maybe they will be like Robert DeNiro in Goodfellas and say “The drinks? They’re on the house.” It really is not out of the question. Who knows what will happen next?
How have the credit card companies helped you out during these crazy economic times?
6 Comments
Credit card companies frequently do this. They continue to charge you interest for the whole period so they're not being soft in any way.
In fact, it leads someone who normally pays off their card to let it go for awhile in the hopes they continue to forget and then charge another months charges to the card so that the interest payment for the next month is on a even HIGHER balance.
BTW, credit card companies are not slashing balances. They are slashing credit limits.
Thanks for your insights and information. I definitely will keep an eye out for what the next statement looks like. I am paying the balance off the next pay period so it should not have a huge effect.
Good post. Lenders are indeed much more accomodating than they have ever been before. The trick is finding the right person to talk to though! You can find the (often unlisted) numbers for banks loan renegotiation departments at http://www.outofdebtchristian.com/basic-finances/major-banks-debt-relief-hotlines-revealed/
I'm in talks with Bank of America right now. I'll let you know how it goes. But it makes sense that the companies would loosen up a little. People just don't have $ right now. for some, the choice is between feeding kids or Capital One. The latter will lose everytime. Might as well offer people some help because when people have the funds again, they are likely to remember company kindness. At least I do.
@Mitchel – Thanks for the great link. I guess they really do have to be accomodating if they want to stay in business during these tough times. I just worry about what the previous commentor points out, the possibility for future extra charges? Hopefully legislation aids in preventing that.
@Ms. Jenkins – Keep us posted. Your right that people do have their priorities and if they have to take it on the chin and get hit with extra finance charges, then they will. Its good to see credit card companies act like humans. Good luck.