Keeping track of change

Well that's the chance they take when working on credit and not using cash to pay for things they want instead of need. It's up to the consumer to be smart about who they get into business with. They have every right to read the fine print and decide whether or not they want to pay X% or have X restrictions or penalties. Problem is most aren't smart enough to do so cuz they just want what they want and they will cry boo-hoo I'm getting screwed or just screw you periodt o the credit company later.

LoisLane wrote:

sparks wrote:

Since Mirage has been talking about some of the abuses going on in the credit card industry, I thought I'd check the Obamameter. He has two ideas concerning credit cards.
No. 28: Create a consumer-friendly credit card rating system
"The Federal Trade Commission (FTC) will assess the degree to which credit cards meet consumer-friendly standards … (such as) the underwriting standards used to issue the card, the card's interest rate spread between the introductory rate and the maximum rate allowed, and
transaction fees. ... Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents."
>>More

No. 33: Establish a credit card bill of rights
The credit card bill of rights would "ban unilateral changes ... apply interest rate increases only to future debt ... prohibit interest on fees ... prohibit 'universal defaults' (whereby a credit card raises its rates because the consumer was late paying a different creditor ... require prompt and fair crediting of cardholder payments."

I love it. BLAME the credit card companies. Don't BLAME the person with 6 to 8 credit cards in his wallet maxed out. The temptation to charge something when you can't pay for it is the sole responsibility of the possessor of the credit card. Yes, let's invite MORE government intervention. Lets make an Obama Card.

Here is the problem, Lois with your thought. The credit was granted under one term and rate, yes it is prob. a varible rate, but regardless, it was granted. The card has an experation date, if for what ever reason the customer has a medical collection, that would be enough to raise the rate for that good paying customer. The other thing they are now doing, is reducing the credit limits on a lot of consumers cards, to even a little under the credit they are currently holding, and now the fees and fines are starting to add up. They are playing dirty and screwing the customer and getting fat and sassy in the mean time.

Face wrote:

Here is the problem, Lois with your thought. The credit was granted under one term and rate, yes it is prob. a varible rate, but regardless, it was granted. The card has an experation date, if for what ever reason the customer has a medical collection, that would be enough to raise the rate for that good paying customer. The other thing they are now doing, is reducing the credit limits on a lot of consumers cards, to even a little under the credit they are currently holding, and now the fees and fines are starting to add up. They are playing dirty and screwing the customer and getting fat and sassy in the mean time.

So, how many credit cards do you have? I have ONE. Balance due, today: $297.00. It's called living within one's budget. (The $297.00 is for a garage door opener I bought at SEARS on Saturday)

I use my card for emergency only, like when I had to rush a pet to the Vet, and my Honey forgot to leave the checkbook at home. We paid off the bill as soon as it came in.
For us, it's cash, unless it is a genuine emergency. Priorities are needs, not wants.

LoisLane wrote:

So, how many credit cards do you have? I have ONE. Balance due, today: $297.00. It's called living within one's budget. (The $297.00 is for a garage door opener I bought at SEARS on Saturday)

Three hundred for a garage door opener? Wow

Next time you might want to shop around, you can get one at Menards for around $130.
They're made by the same company - Chamberlain

Tiger1 wrote:

I use my card for emergency only, like when I had to rush a pet to the Vet, and my Honey forgot to leave the checkbook at home. We paid off the bill as soon as it came in.
For us, it's cash, unless it is a genuine emergency. Priorities are needs, not wants.

There are instances where using credit cards makes good financial sense. In your case, failing to invest money in your home for insulation,new windows and a modern,energy efficient boiler is very costly. You would be ahead financially to carry a balance on a low interest credit card instead of shelling out $900/month to Nipsco.

edge540 wrote:

LoisLane wrote:

So, how many credit cards do you have? I have ONE. Balance due, today: $297.00. It's called living within one's budget. (The $297.00 is for a garage door opener I bought at SEARS on Saturday)

Three hundred for a garage door opener? Wow

Next time you might want to shop around, you can get one at Menards for around $130.
They're made by the same company - Chamberlain

INSTALLED
(unless YOU'D like to make a few bucks)

LoisLane wrote:

edge540 wrote:

LoisLane wrote:

So, how many credit cards do you have? I have ONE. Balance due, today: $297.00. It's called living within one's budget. (The $297.00 is for a garage door opener I bought at SEARS on Saturday)

Three hundred for a garage door opener? Wow

Next time you might want to shop around, you can get one at Menards for around $130.
They're made by the same company - Chamberlain

INSTALLED
(unless YOU'D like to make a few bucks)

Oh I see.

Gotta find a guy that's "handy"

edge540 wrote:

LoisLane wrote:

edge540 wrote:

LoisLane wrote:

So, how many credit cards do you have? I have ONE. Balance due, today: $297.00. It's called living within one's budget. (The $297.00 is for a garage door opener I bought at SEARS on Saturday)

Three hundred for a garage door opener? Wow

Next time you might want to shop around, you can get one at Menards for around $130.
They're made by the same company - Chamberlain

INSTALLED
(unless YOU'D like to make a few bucks)

Oh I see.

Gotta find a guy that's "handy"

They're all "Handy" 'til you need something done.

I got a notice from my Visa card today. They are changing all of their rates and policies as of April 20th. They are jacking the interest rate across the board, all the way to 29.9% for ALL of their credit card holders. I called up and inquired as to why this was being done. They said it was an executive decision for ALL card holders. I told them I was very dissapointed, as I had this card for over a decade, paid all my payments on time, and always paid off my balances early. I told the rep to tell her bosses that I am canceling my card, and hope that all the rest of their responsible customers like me, cancel theirs, too.
I feel like all the good customers are paying for the ones that did not pay their bills. I will go to my bank this week, and ask about their Visa. If their rates are too high, the heck with it.

Not to rub it in too much but I did tell you so.

Mirage wrote:

Not to rub it in too much but I did tell you so.

It wasn't just for my account, it was for ALL accounts with the Visa. The only thing they didn't change, was the $25 a year fee. Since I rarely use the credit card, I could care less. I am going to check with my bank, and see what they offer. I have impeccable credit, and have no debts other than my home, which will be paid off in a year.

Tiger1 wrote:

Mirage wrote:

Not to rub it in too much but I did tell you so.

It wasn't just for my account, it was for ALL accounts with the Visa. The only thing they didn't change, was the $25 a year fee. Since I rarely use the credit card, I could care less. I am going to check with my bank, and see what they offer. I have impeccable credit, and have no debts other than my home, which will be paid off in a year.

It sounds like you have a VISA from a company that caters to individuals that are considered "high risk". I would never have a card that charges me a yearly fee for the privilege of using it.The best cards have no yearly fee, low APR and have cash back bonuses.Here is a link to a comparision of different credit card offers.

If you have an excellent credit rating the APR is zero, usually for a year.

It's like a free loan.
I would put "big purchases"( flat screen, frig, vacation, etc.) on a 0% APR card, after about 10 months I would the transfer balance to another 0% card for another "free loan" till the balance was paid off.

Why pay it off if I have a "free loan" & my cash is sitting in a CD or making 5% APR?

Up until recently they never charged a "balance transfer fee," but now they do, so I pay the card off within a year.

Tiger1 wrote:

I got a notice from my Visa card today. They are changing all of their rates and policies as of April 20th. They are jacking the interest rate across the board, all the way to 29.9% for ALL of their credit card holders. I called up and inquired as to why this was being done. They said it was an executive decision for ALL card holders. I told them I was very dissapointed, as I had this card for over a decade, paid all my payments on time, and always paid off my balances early. I told the rep to tell her bosses that I am canceling my card, and hope that all the rest of their responsible customers like me, cancel theirs, too.
I feel like all the good customers are paying for the ones that did not pay their bills. I will go to my bank this week, and ask about their Visa. If their rates are too high, the heck with it.

My credit card company tried to pull the same crap. I called them and told them I won't be penalized for their mistakes, and if they didn't roll back the interest rate, that I will be sending them the card back, all cut up. I also demanded an answer within 5 working days. Got a call and an apology the same day. There are many credit card companies, and shopping around is worth the effort.

You are lucky Lois, as my Visa company, Emerge', couldn't have cared less, by the attitude of the customer rep I got. Her attitude was take it or leave it. I cancelled my Visa and cut up my card. FYI, my original Visa card company was bought out by Emerge' about 4 years ago. Prior to that, there was no yearly fee, and customer service was polite and friendly. This rep I got yesterday, sounded like she was at a place in India, accent and all. Outsourceing.

If you really have good credit you will have no problem getting a low % rate with another card with cash back bonuses & other benefits to boot.

Yeah that's a great card you had
http://www.cardratings.com/creditcardblog/2005/06/emerge-credit-card-scam.html

The card was good until Emerge' bought them out. I didn't shop around for another card at the time, because I hardly ever used it anyway. This was the last straw.

I am going to check with my bank later this week. If they do not have what I want, I might try Chase.

Tiger1 wrote:

Mirage wrote:

Not to rub it in too much but I did tell you so.

It wasn't just for my account, it was for ALL accounts with the Visa. The only thing they didn't change, was the $25 a year fee. Since I rarely use the credit card, I could care less. I am going to check with my bank, and see what they offer. I have impeccable credit, and have no debts other than my home, which will be paid off in a year.

Like I said, after the bailouts they are now going after good customers to make up lost revenue.

Funny how making bankruptcy harder to get was supposed to fix the revenue loss from people who couldn't pay, never mind the predatory lending practices and fees that got many of them in that bind and made repayment harder. But then we bail out the banks and S&Ls and now they come after good customers.

Speaking of banks, I just got a flyer in the mail today from WaMu (states on the flyer how it is becoming Chase) offering $100 to open a checking account. Since banks don't make a lot of revenue on checking accounts in good standing could it be argued that they took some of that bailout money to attract customers who would rack up fees? Many banks now are charging fees for cashing a check written by one of their customers if you don't have an account with them too but I have a feeling that they are banking on you using your check card and going slightly over your available funds from time to time to make checking accounts profitable today. Even if overdraft protection kicks in you have a fee.