George - they wouldn't make money because they would get killed when they packaged the card loans into assed-backed securities. No investor would buy into securities priced that low. How would NextCard make a profit - even assuming they could get a 2% spread? Factor in the costs they pay to First Data to mail statements, maintain the databases, staff the call centers, mow the grass, pay for electricity (when it works)... I'm all for a company earning a reasonable profit. But the game playing as you've described and we've all felt, is too much. It certainly doesn't inspire me to stick with them for the long-haul. mj
THEY COULD ALSO OFFER A PRIME CARD LIKE WACHOVIA...they would still make $$$$ because banks don't pay prime!!! I'M JUST TIRED OF ALL THE RAISES IN INTEREST RATES EVERYBODY IS GETTING WITH PRIME DOWN 2.75%!!!
Yeah, but have you seen his dog, Spot, recently? -------------------------------------------------------- DIRECTV WON'T LET ME HAVE ALL THE LA STATIONS...LIKE KTLA 5, KTTV 11, KCAL 9 I LOVED THOSE COMMERCIALS... I GET DENVER STATIONS OR NONE...I EVEN OFFERED TO PAY MORE!!! THEY SAID THEY CAN'T...SOME LAW.
George no problem, anytime man! MJ, That's a load of hooey...what's happening is they are greedy. I agree they are realizing that all the teaser rates and BTs are causing some smart folk to bounce around the cash and use the % rates to their huge advantage. They have to jack up the rates for their promotions. They do not have to jack up the rates for a reasonable profit margin! Hell, reasonable AND THEN SOME. Bottom line they make money and plenty of it. With higher risk means higher rates, sure...but George is NOT HIGH RISK! I think he WANTS them to find him, he aint runnin. What risk? He would be a loyal and wonderful customer if treated with a little respect...if not he will be a loyal and wonderful eX-customer. It's simple, the question is, what kind of customer do they want to keep? Apparently not low risk, high spending ones . -Dave
WTF!!!!!!!!!!!!!!!!! After reading all the posts I decided to RECHECK my APR again. I had already checked it once back in April, and guess what?? It's up to 21.99%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! When its supposed to be a fixed rate of 12.99%!!!!!!!!!!!!!! I'm so pissed at the moment. I called Next Card and they told me my rate has been at 21.99% since September of LAST year!!!!!!!!!!!!!!!!!!!!!!!! So whoever I talked to in April lied to me!!! I dont know how or where I can get this disputed, but something needs to be done to stop ripping off consumers!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Some one's not paying attention to their statments Everyone gets a statment by snail mail,it is the law.
Yes, your probably right there, but, I still think that them lying to me was very unethical. But so is their APR.
jfpruitt -- I won't scold you for not reading your statements -- but it's a good lesson for EVERYONE to get here --- RYFS! I've caught phone calls FROM Moscow on a B of A ... a triple billing for a hotel on Amex ... a double airline charge on Diners ... plus the ever-popular creeping APR on NextCard. I use Paytrust, so my statements don't come to my house - they get scanned. That's how I missed the notice that the APR was going 9.99 fixed from PR+.25. NextCard's on-line statements SUCK. The data doesn't always match what's on the paper statements- and they done list APRs on the on-line version.
