I have pushed forward 6 months of changing what cc I carry, and while I have closed these cards, I have replaced them with prime cards. I also bank with each cc I have now. This is something I was going to wait till next fall but with these changes in cc terms I decided to just move forward and just be done with them.

Those of you young to credit have never lived through the world of the 1970's to at least the mid 1990's. Credit was tough and annual fees with interest rates starting at 15.9% on up to an easy 22%+ was the norm NOT the exception. I reviewed credit cards in the far east, Austarlia and the european area plus Canada in the last two days. They pay annual fees and interest that runs in the easy 19%+. We have had it pretty soft for a long time probably fifteen years. My first bank credit card was in 1973 as a BankAmericard with a credit limit of $300 and 18% with an annual fee. My second bank credit card was a Mastercard Issued by Northwestern National Bank Northwest and started at $1,000 CL and 18% annual fee. Felt good to get the bank cards. Note they verified my job, income and where I lived before issuing the cards. There was no taking the applicant's word for it. Today as we move toward the new rules for credit which includes proving yourself with actual income is nothing more than they did back in the 1970's and 1980's. It limited credit but people stayed solvent and had a harder time getting into financial trouble because they couldn't get the credit to live beyond their means. Soon we will be returning to that approach.

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back in the 70's and 80's interest was at 22%, This was normal. I think that banks will go back to these rates soon. It's a new world once again.

Those of you young to credit have never lived through the world of the 1970's to at least the mid 1990's. Credit was tough and annual fees with interest rates starting at 15.9% on up to an easy 22%+ was the norm NOT the exception. I reviewed credit cards in the far east, Austarlia and the european area plus Canada in the last two days. They pay annual fees and interest that runs in the easy 19%+. We have had it pretty soft for a long time probably fifteen years. My first bank credit card was in 1973 as a BankAmericard with a credit limit of $300 and 18% with an annual fee. My second bank credit card was a Mastercard Issued by Northwestern National Bank Northwest and started at $1,000 CL and 18% annual fee. Felt good to get the bank cards. Note they verified my job, income and where I lived before issuing the cards. There was no taking the applicant's word for it. Today as we move toward the new rules for credit which includes proving yourself with actual income is nothing more than they did back in the 1970's and 1980's. It limited credit but people stayed solvent and had a harder time getting into financial trouble because they couldn't get the credit to live beyond their means. Soon we will be returning to that approach.

If you read there new tos, it says every account will be assessed a annual fee, and it doesn't matter if you don't have one now, you will get the new fee no matter what your credit is, limit is, and there is no way to waive it. The only plus is, some people get lower fees than others..

... remember closing the credit card accounts is fine but what do you replace the account with...??? We that have challenged credit histories have trouble getting good credit cards and in today's credit climate even the best are adjusting terms and conditions. It is a game... a game ... a game. Over time what you see happens (on a smaller basis). There are less credit card issuers and less competition than in the 70's and 80's... It is probable that most of us on this site understand the frustrations of today but .... the person who owns the gold rules (credit card issuers). It takes more than us to change the course of business. We must have patience... It too will pass. Might take some time (years) but it will pass. :

It's true that about those card companies are increasing APR's as soon as possible. Some are basically forcing us to Close the Account. Who wants to keep a card with a previous APR of 11.99% (Chase) and now going up to 23.9%? Ive gotten APR hike letters from Chase, BofAmerica, Sears MC,MErrill Lynch Visa, Krogers MC, and I'm just waiting on the HOoters MC letter.

All the banks, took the Bailout money, put it in the valt and KEPT it, yet continued to cut limits, close accounts even for the non-risky card holders. My assumption is the fact that the Mortgage Loan Industry has taken a front seat to everything else, and the banks or creating damage control by "cutting" things back a little.

The whole thing is a mess.

Yes just shut down my Hooters, had no annual fee, $1200 cl kept card paid off, got letter, want $50 annual fee, an increase interest rate Dec 14, called and they didn't care closed account. This is the 3rd card I have closed in the last 4 months all with letters stating that is has nothing to do with my credit history. Never had any issues with them hated to let it go, I even sent a letter to Hooters Corp. they didn't care either.

Your [Edited] your just making your credit look bad, at the oldest accounts and debt ratio.. Every single credit card is going to go up before the new laws take into effect and by then you won't get any credit cards, so good luck.

hooters charges up to a $89 annual fee on every single card, so yours wasn't too bad.

Yes just shut down my Hooters, had no annual fee, $1200 cl kept card paid off, got letter, want $50 annual fee, an increase interest rate Dec 14, called and they didn't care closed account. This is the 3rd card I have closed in the last 4 months all with letters stating that is has nothing to do with my credit history. Never had any issues with them hated to let it go, I even sent a letter to Hooters Corp. they didn't care either.

Smart move, there is no good reason for Merrick to suddenly want annual fees.

Yes just shut down my Hooters, had no annual fee, $1200 cl kept card paid off, got letter, want $50 annual fee, an increase interest rate Dec 14, called and they didn't care closed account. This is the 3rd card I have closed in the last 4 months all with letters stating that is has nothing to do with my credit history. Never had any issues with them hated to let it go, I even sent a letter to Hooters Corp. they didn't care either.

I just got a hooters card and I don't have much credit, scores are 600 - 680 and BK 7 years ago, yet still approved me for $500 with a annual fee of $36 which isn't bad at all for a mastercard.. I've heard alot of bad reviews of the company jacking up interest but it's high as soon as I get it so If I pay it off in 20 days I don't get any charges so I don't mind almost like using it a debit card and not having any charges or having too worry about things but I like they do auto credit increases too..

I got the same letter! I bet you all my bottom dollar, we are going to get another letter about raising something else too (such as annual fees or Apr's) they are not being this nice for nothing, trust me.

Has anyone been able to get the Hooters mastercard annual fee removed, if so how, and what number, or what did you say, and how long were you a member?

I have been reading lately that Hooters is sending out change of terms adding annual fees to cardholders who's account did not have any and raising their APR also.

Has anyone been able to get the Hooters mastercard annual fee removed, if so how, and what number, or what did you say, and how long were you a member?

Oh I never would, because they used to give you a $39 fee and raise your rates, I've had it happen it sucks.

I just got the new Hooters credit card, on the statement it says.. "we're doing away with overlimit fees effective dec 15 2009 overlimit fees will no longer be charged on your account."

I got the same thing. But that still doesnt make it okay to go over your credit line EVER!