Yard Card Changes

[johnwon]

I just got in the mail today. I'm not sure what it all means, but looks like APR is going from 1.9% to Prime plus 21.74% which equals currently to 24.99%. They say this will go into effect on Nov. 30, 2009 They give you a phone number to call and "Opt-out" I'm not sure what that means. My wife tried to call today and the phone number did not seem to work at all. Fortunately I can pay mine off this month. I just want to give everyone who may have a balance with Yard Card a heads up. The notice looks like junk mail by the way.

[Stillwater]

oh thats not junk mail.......

[mdlwn1]

They all did it for the most part

[Schuley]

Im trying to figure out if my current no payments untill spring promotion will still stay the same....or if i'm paying 24% interest.... Anyone know?!

[shovelracer]

You'll have to read what they sent. I personally was carrying over 100K of available credit, large monthly charges and payoffs, lots of rewards, and a few small balances, never once in my life have I missed a payment and regularly would pay 5-10 times the minimum or in full. Once these letters started coming I paid everything off and told them all to pound sand. One I had been with for over 12 years and had a perfect rating with them. They offered no sympathy and where more than happy to close my account.

OK, so what do these typically mean. It means that you are being notified that your account is changing. If you continue to use your account or wish to keep it open you will go to the new rate IE 21% plus prime. Now what happens when prime jumps up to 10%+. Also you may find that your minimum is increased. What may have been 2% may now be 4%. So what if you have a balance you cant pay off, but dont want to pay 25%. This is where the opt out comes in. Typically this would enable you to deactivate your account so you cant use it, but still be able to pay off your loan at the old rate and terms. When you are paid in full the account closes. Each is different, but this is basically the trend that has been going around.

[cutbetterthanyou]

Is this something that yard card is doing with all of there loans or is this just the way yours is set up

[mdlwn1]

All Forms of credit cards have made drastic changes over the last 6 months. Its been all over the news. Even Obama foolishly tried to do something about it.

[cutbetterthanyou]

I was confused i don't have a card "yard card" is who my lawn mower loan is thru

[mjealey]

All right here is what is going on. They are just notifying you your rate is cahnging. If you have their special promotions like 0% for 12 months it doesn't effect you. You still are at 0%. Prime right now is 3.25%. They have a margin of 21.74% they add to the prime rate. That is how they come up with your rate. If prime was 5%, then your rate would be 26.74%.

if you choose to opt out, then your account is closed. If you want to accept these chamges then don't do anything and the changes will apply on the date stated, and you will be able to use your card in the future.

As far as cards go in general, everybody was all happy because the government swept in and limited what card companies can do and it takes effect next year. What the card compaines are doing is raising all rates now before the legislation takes effect. Smae thing with approvals. Even if you have an 800 credit score and income of 500,000 you are going to get approved at 15% now instead of maybe 7.99%. You can thank Obama for this one. This is what happends when you have goverment coming in forcing legislation.

I have never missed a payment and have good credit and every one of my cards have went up drastically as far as the rate goes. i don't carry any balances on them so I don't pay interst, but American Express raised my rate from 9.99% to to Prime + 12.74% for no reason. Happened with every one of my cards.

[Mahoney3223]

Another FYI do NOT MISS A PAYMENT ON PROMOTIONAL YARD CARD PLANS OR BE 1 SINGLE DAY LATE..they will jack your rate up to 30% and tell you go to h3LL you have to pay it...they are absolute crooks!

[trooper8870]

The moral to this story is DON"T BORROW MONEY TO BUY YOUR EQUIPMENT!!!

[greenred]

Another FYI do NOT MISS A PAYMENT ON PROMOTIONAL YARD CARD PLANS OR BE 1 SINGLE DAY LATE..they will jack your rate up to 30% and tell you go to h3LL you have to pay it...they are absolute crooks!

Yes this is very important with Yard Card if you have a promotional rate. I send my payments in early and after I have seen the check clear on my account I still call to verify they have received payment. I dont need my interest rate going from 3.9 to 30 percent.

[flatlander42]

All the credit card companys are doing is pissing off their customers....they WON'T COME BACK! If they would just treat us/the customers good, we might stay around and pay the 4%....but when they rip off people, they just loose customers even if it is only 4%. 4% is better than 0% Idiots.

[Richard Martin]

As far as cards go in general, everybody was all happy because the government swept in and limited what card companies can do and it takes effect next year. What the card compaines are doing is raising all rates now before the legislation takes effect. Smae thing with approvals. Even if you have an 800 credit score and income of 500,000 you are going to get approved at 15% now instead of maybe 7.99%. You can thank Obama for this one. This is what happends when you have goverment coming in forcing legislation.

As easy as it is to blame Obama for every little problem in this case a large part of it has nothing to do with the legislation. Credit card debt, just like mortgage debt, is securitized. Credit card companies sell this debt to investors. Right now the only way to get any investors to purchase CC securities is to offer excellant rates of return. They also have to cover ever increasing losses and expenses associated with attempts to collect bad CC debt.

http://www.businessweek.com/magazine/content/08_42/b4104024799703.htm

[johnwon]

As easy as it is to blame Obama for every little problem in this case a large part of it has nothing to do with the legislation. Credit card debt, just like mortgage debt, is securitized. Credit card companies sell this debt to investors. Right now the only way to get any investors to purchase CC securities is to offer excellant rates of return. They also have to cover ever increasing losses and expenses associated with attempts to collect bad CC debt.

http://www.businessweek.com/magazine/content/08_42/b4104024799703.htm
That link is a good read. This looks like it's shaping up to be another one of those deals where my children's and grandchildren's future earning's will be used to bail out the very people who took the risk and should also suck up the losses, but no, we would not want to make their balance sheets look too bad, that may effect their big bonus you know.

[turfrider1020]

does yard card penalize for early pay off ?

[johnwon]

does yard card penalize for early pay off ?
I don't think so. I'll know when I get my Nov. statement, I plan on paying in full when I get my Oct. statement. But one thing for sure, it looks like a penality to keep it going.

[menefeeoutdoorservices]

Any one else having problems with yard card taking payments meant to pay off the revolving high interest side and kicking it to the 0% promotional balance leaving you with a balance in the revolving account? They have done that repeatedly in the last 6 months, even when I write on the face of the check "revolving account only" and that account number specifically. I was using the revolving account to buy parts and supplies and then pay it off monthly, but I've stopped using it since they've started these dirty tricks.

[Richard Martin]

Any one else having problems with yard card taking payments meant to pay off the revolving high interest side and kicking it to the 0% promotional balance leaving you with a balance in the revolving account? They have done that repeatedly in the last 6 months, even when I write on the face of the check "revolving account only" and that account number specifically. I was using the revolving account to buy parts and supplies and then pay it off monthly, but I've stopped using it since they've started these dirty tricks.

All credit card companies currently do that. That practice is being banned next year. Here's basically what will happen from www.creditcards.com...

Highest interest balances paid first: When consumers have accounts that carry different interest rates for different types of purchases (i.e., cash advances, regular purchases, balance transfers or ATM withdrawals), payments in excess of the minimum amount due must go to balances with higher interest rates first. Current industry practice is to apply all amounts over the minimum monthly payments to the lowest-interest balances first -- thus extending the time it takes to pay off higher-interest rate balances.

You can read a synopsis of all of the new rules at http://www.creditcards.com/credit-card-news/help/what-the-new-credit-card-rules-mean-6000.php