Comments on: Wells Fargo Raises Interest Rates

By: Balance Transfers Helper

Balance Transfers Helper — Tue, 04 May 2010 17:12:27 +0000

Thanks for clarifying that Sid. I wan’t aware of these policies at Wells Fargo, as those are not standard with most other credit card companies.

I also think your department store card point is a very good one; people should avoid those cards anyway if they carry balances, because of the absurd interest rates. Just couldn’t find any data to verify, but I think its a very good observation.

Sorry if I came across as impolite in my first response. I’m protective of the people who post here and most really are intelligent people and smart credit card users. Thanks again for coming back to share. Hoping someone with some credit bureau inside info will stop by and clarify the department store issue.

By: sidman

sidman — Tue, 04 May 2010 17:07:53 +0000

well I know about the vairable rate, but wells fargo has three catigories of interest that is covered in the balance. your old balance is caculated first by the rate at that time after the deduction, the new balances are caculated by the current rate at that time. Your credit limit is mostly relies on how munch over your income you go with all credit cards. as far as your overal balance and what above minium payment you pay.
sorry for not clearfing myself better. The balence for wells fargo have 3 different prime interest rate numbers.
Purchase balance interest rate balence of purchased items to caculate that rate.
next Cash Advance interest rate. from taking out cash by transfer or withdrawal.

The next interest rate is based on overdraft protection if you have that option. The 3 different rates could vary depending on what balance is what. for example my rates I can give you is this.

PURCHASES 22.85% variable $406.22 30 $7.63
CASH ADVANCES 23.99% variable $0.00 30 $0.00
OVERDRAFT ADVANCE 23.99% variable $25.12 30 $0.49

the department store cards, the reason why they cause you to become high risk expecially clothing store or hardware stores is they have sales every quarter, so no matter what time of you you get it you beome a higher risk to all your card companies as the account shows up on your credit report and is a negative for your credit score, because they assume your gonna max it out every sale or promotion they have.

I hope you understand what I am saying better now.

By: Balance Transfers Helper

Balance Transfers Helper — Tue, 04 May 2010 16:42:57 +0000

Sidman,

I take offense to your opening statement: most of the people who post on Smart Balance Transfers are in fact well-informed. Nearly all have or had good credit scores (until their credit card companies cut their limits) and most make excellent observations.

You also made a good observation about department store cards, though I am not sure how immediate the impact is. Also, that is speculation, and there is no public data supporting that.

As to variable rates, you are 100% dead wrong. A variable interest rate is based on either the Prime Rate or the London Interbank Overnight or LIBOR rate. It has nothing to do with your balance or spending habits. When the Prime rate or libor rate increases or decreases, the variable interest rate adjusts accordingly.

I do appreciate your sharing and insights, though I must point out that you are misinformed about variable rates and made a very incorrect judgement of the people who share their experiences on Smart Balance Transfers.

By: sidman

sidman — Tue, 04 May 2010 16:22:39 +0000

hmm you guys don’t get credit cards do you variable is bases on the amount you purchase and transfer, if your balance is close to the maxium credit limit and your balance thing is high each month than yes the company of wells fargo can cut your credit limit and increase your interest rate. Variable means based on you card balance the higher you go in each of the fields the higher the rate goes. Paying the minuim balance won’t reduce your interest rate. for example I have a balance of 400 usually and I got a interest rate of 22.85% variable that means they take the about you have on your balance and the new purchases for there part. You lower your balance and your rate will decrease. Also the lower of maxium rovling credit you have from wells fargo the higher your credit line will be. That is based on how munch above your income you are spending, or below. Also balance transfer are kinda pointless because of one reason most credit card companies take extreme risk with balance transfers, they are often not covered by the low income apr so read the fine print. Also other cards you get from credit card companies can have an influence on your credit line for all your cards. The more cards you have the more of a risk you become, the less money they will be willing to risk to you. Also the worst cards that will definately hurt you is the department store cards signing up for them will imediately cause a high risk alert lower your credit score and cut your max credit line in half. Because they assume when you get a department store card that you tend to buy with it to get the sales that go through it at the same time they won’t tell you that your hearting your other credit card limits and ratings.

By: Balance Transfers Helper

Balance Transfers Helper — Mon, 22 Mar 2010 19:18:45 +0000

I beg to differ, Lydia, and am not sure why you are attacking me. I’m sorry for not responding sooner, but even bloggers take Sundays off. I also moderate all comments to prevent misinformation from being posted, so I’m sorry if you are upset and I’m confident enough in the fact that I’ve helped many thousands of visitors that I’m willing to allow you to attack me on my site.

And BTW, I am sorry about what happened to you with Wells. A lot of credit card companies are acting this way and going to a credit counselor is a really good choice. These companies have really helped out a lot of people who found themselves in situations like yours.

By: Lydia

Lydia — Sun, 21 Mar 2010 23:46:39 +0000

To whoever is on here as the Balance Transfer Helper:

Just WHO are you working for?? It’s very obvious because you haven’t “helped” alot of customers!!

By: Lydia

Lydia — Sun, 21 Mar 2010 23:44:17 +0000

I also want to apologize to any of the people I recommended WELLS FARGO to. I also will NEVER do that again. My anger with them is mostly out of the rudeness of the customer service reps I dealt with. The people in my WF bank branch are really nice but that’s as far as it goes.
WF doesn’t give a damn about their individual customers when it comes to interest rates – even if these people have bank accounts with WF.

By: Lydia

Lydia — Sun, 21 Mar 2010 23:39:16 +0000

If anyone wants the phone # and web address for that non-profit place, let me know and I’ll be glad to provide the information.

By: Lydia

Lydia — Sun, 21 Mar 2010 23:38:03 +0000

In one word – BALONEY!!!

I finally contacted a non-profit consumer place yesterday (they are rated A+ by the Better Business Bureau). They were able to have Wells Fargo negotiate the interest rate from 22.75% to 6% on my Visa card and lower my monthly payment by $180.00 per month. The one hitch was that I had to close my account with them which I gladly did!!
I also am now going to transfer my checking and savings account to either a credit union or CHASE. Wells Fargo, BOA and others don’t deserve my business or anyone else’s but I guess their arrogance makes them not really care!!

By: Balance Transfers Helper

Balance Transfers Helper — Sun, 21 Mar 2010 23:22:25 +0000

Wells Fargo hasn’t generated as many complaints as many of the other banks, but they really seem to irk customers that they do upset. With the big bailed out banks, there really seems to be no interest in helping customers. Its a shame, but because these banks are so big, they could care less if they lose a few thousand customers.

By: Lydia

Lydia — Sat, 20 Mar 2010 18:45:59 +0000

Wells Fargo has my interest rate on my Visa credit card at 22.85%. I have called them numerous times to work with me on lowering my interest rate and the finance charges. (I pay them on time every month). They absolutely refuse and are rude as well. (I also am paying them a high interest rate on my mortage – something else they won’t work with me on lowering). They are absolutely horrible to deal with and when I told the customer rep that perhaps I need to take my checking and savings account to either another bank or a credit union, each rep said basically, “That’s your choice.” WONDERFUL customer service!!

Wells Fargo are nothing but loan sharks who could care less about their customers. This is a bank that the TAXPAYERS bailed out too! I’m fed up and I’m closing my checking and savings account with them.