Next Card Update

GEORGE,

I am just as angry as you and I am expecting my Nextcard bill anytime now. Believe me I am going to watch for any inserts in the bill raising the apr.

Do you know how you are going to respond to this Nextcard insult yet? Keep us posted.

Jim

 

George ...

Check the "supplimental disclosures" sheet that came with your account agreement - it may explain more about the terms of the account - i.e. you may be on an introductory rate (and didn't know it!).

I didn't know that I had bal xfer. fees on my 9.99% account (which USED to be a PR+.5% account- bastards went fixed when the rates dropped!) until I did a bunch of 'em -- WHAMO, over $200 in fees.

I bitched and apparantly it got to the right person (I faxed my bitch-o-gram to their customer service unit in Phoenix) and I received a rather apologetic phone call the next day and the kindly supervisor waived all the fees on the spot.

Honestly, their email SUCKS. I always get "we've forwarded your inquiry to the appropriate department..." or "please call us to discuss...".

Why offer it?

Overall it's been an OK experience, but I'm re-doing my home equity loan, and guess which card I'll not feel much pain in paying off and putting in the "open in an emergency only" drawer?

-mj

 

What a crap a$$ answer!! You have a terms sheet when you signed. If it don't say it, then they are making it up as they go. Ditch em, and find a creditor who will give you what you deserve with your credit history...notice I did not say with your credit risk...you have an excellent credit history, George. You deserve to be treated right. Just cause you have many cards does not mean you will not pay on time, everytime, if they gave you the rate you deserve...hell you may even carry a balance if the rate was attractive..if they don't give you what you want, Snip Snip Bye Bye Nextcard.

-Dave

 

NEXTCARD CAN NOT BE TRUSTED, I HAD A 9.9%,

THEN AFTER 7 OR 8 MONTHS OF PERFECT PAYMENTS

I GET NOTICE THAT IT WILL BE 19.99%, E-MAILED

CUST. SERVICE, TOLD TO PHONE IN!!!!

PHONE "REP" SAYS MY AUTOMATED EQUIFAX

REPORTING CAUSED THE RATE INCREASE, BUT

COULD NOT BE SPECIFIC. HOWEVER WITHIN A

FEW MORE DAYS IRECEIVED A CREDIT LINE

INCREASE FROM $7000 TO 8500??RISK???????

IN A PANIC I PULL EQUIFAX FROM THEIR SITE

NO CHANGES SINCE I APPLIED EXCEPT I PAID OFF

TWO MORTGAGES TOTALLING SOME 200K.

THEN I GET CONFLICTING E-MAIL SAYING RATE

IS 9.9% FIXED .............I DID A BALANCE TRANSFER

SEVERAL DAYS LATER TO DISCOVER @ 5.9%

AND LEFT A SMALL CREDIT BALANCE WITH THEM

SO IT WILL COST THEM TO SEND A MONTHLY

STATEMENT EACH MONTH, I ONLY KEEP IT OPEN

TO SHOW AN UNUSED <PERMANENTLY> CREDIT

LINE OF $8500. MONTHLY STATEMENTS STILL

SHOW APR @ 19.99, HOWEVER MANY E-MAILS

FOR "SPECIAL BALANCE TRANSFER RATE OF 8.9%"

SCREW THEM!!!!

WIFES NEXTCARD DURING SAME TIME PERIOD

UNAFFECTED, RATE DROPPED TO 7.9% AND THEN

BOUNCED BACK TO 9.9%, WATCHING CLOSELY FOR

ANY CHANGES, PULLED ALL SIX BUREAU REPORTS,

MINE & WIFES, MANY SOFT INUIRIES FROM NEXT

CARD ON ALL REPORTS.

THEY CAN NOT BE TRUSTED.

 

HERE'S THE E-MAIL TERMS I KEEP GETTING:

Promotional Balance Transfer
The Annual Percentage Rate for promotional balance transfers requested before July 15, 2001 is a fixed rate of 8.99% (a daily periodic rate of .02463%) as long as the account is current when the request is received, and you request a transfer of $500 or more. If you fail to make the minimum payment by the payment due date, the Promotional Balance Transfers balance will be added to your Purchase Balance and be subject to the Ongoing APR specified when the Account was opened. Refer to the Supplemental Disclosure you received when you opened your NextCard Account for further details.

LOL NEXTCARD, I'LL STAY AWAY

 

Hmmmmmmm.... both your WIVE'S rates stayed fixed...while both of YOUR rates went up. Me thinks that NextCard knows who REALLY looks at the % figures in the family! Hahahahaha. For 50 years my mom has known about every decimal point in their monetary world while my dad still thinks he controls things )

-Dave

 

NEXTCARD HAS TOO MANY GAMES.

THEY ARE TRYING TO BECOME PROFITABLE BEFORE

THE END OF THE YEAR & WILL PULL ANYTHING,

TO INCREASE PROFITS.

 

FROM CARD WEB:

--------------------------------------------------------------------------------
FULL STORY:

The pioneer of Internet-based credit cards continues to chug along, recently topping a major milestone. NextCard reported last week it surpassed the one million account milestone during June. The pioneering VISA card issuer, was among the first to introduce instant, online approvals for bank credit cards. The company was also on the leading edge of online balance transfers and online bill payments. The NextCard VISA was first introduced in December 1997. NextCard, which went public in May 1999, expects to break-even by the fourth quarter of this year. During the first quarter NextCard posted a loss of $16.6 million compared to a loss of $17.7 million in the year-ago quarter. At the end of the first quarter, credit card receivables stood at $1.6 billion and operating revenue at $70.5 million.

 

I wouldn't focus too much on their quarterly losses - they're a dot.com company who had HUGE start-up costs - new buildings, thousands of people, new bank charter in AZ, getting over the 1M mark... any bank would incurr losses building up that quickly.

It's the "new economy" (mindshare vs. profits) mentality. If they do break-even this year, it's gonna be a miracle- BankOne closed down Wingspan, Royal Bank scaled back SFNB ...

THAT SAID, I'm not their #1 fan, as a customer that is. The rate changing from PR+.25 to 9.99 fixed ticked me off (same feeling when Fleet went from 7.99 fixed to LIBOR+something).

BUT - they're free to move rates around, just as free as we are to move balances around. It works both ways, and I'll let my actions do the talking and see what Chase or B of A are offering this month. They've both earned my business.