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If what the lady told me on the phone is true, then as long as you pay your CC off entirely every month, you won't have any interest payments. I'm going to keep a closer eye on Chase this month and see if it's true. At that point, it's worth it for the 1.5-2% cash earned you can get from them.
H.
The main complaint is that the government unneccesarily put the credit card companies in a position where they felt it necessary that they had to take drastic measures (at our expense) to make their point known. I wish the general public would act as drastically when faced with stupid legislation.
Hoosier, you are now paying several percentage points of interest MORE now, than you were before, regardless of any hidden fees.
Bailey nailed that one! The new legislation is a joke!
You think they raised their APR's to make their displeasure known?
TBH I'm shocked that a bill the banks didn't like actually made it through congress with bipartisan support. Maybe I'm jaded but it seems like any legislation that can make it through the lobbyist-controlled Congress had to be detrimental... so maybe this bill was just an excuse for them to jack up their rates, and that's why they supported it.
Did you know that if you pay off your bill every month, the credit card industry calls you a "deadbeat"? And if you run a balance month to month, you're called a "Revolver".
I saw that revolver type comment come to bite me when applying for my home loan. Bastards. Get you either way. Being responsible or irresponsible.Quote:
Originally Posted by Hoosier
Paying off my card was one of the best things I ever did.
Right now I keep it and use it for gas now and again, and pay it off, normally that night. I recently used the points I earned to get a K-Bar. I figure they don't exist to buy me stuff, they exist to make money, they aren't my friends and they could care less if they bankrupt me (so long as they get their money first).
So long as they keep buying me stuff and I don't pay them a cent of interest, I am fine with this deal.
In terms of comparing this to the gun industry, gun makers took the assault weapon ban and followed the letter of the law to keep their customers as happy as possible, the banks followed the letter of the law to bleed a little more out of their customers before they have to get up front and honest. I don't feel a bit of pity for them.
Side story about credit cards.
I had a card with a different bank years ago (the one I paid off) and they charged a fee when you canceled you card, but they didn't mention it or send you a bill at the time of cancellation. So I cancel my card, two month later I get a bill for 60 or so dollars, for a cancel fee, and two late fees as its been two months. I call them up, fully ready to yell at someone, long story short they cancel the card and I ask, "So will this just repeat itself in two months, am I gonna get a new cancellation fee?" Lady admitted I was going to and had to take it up with her supervisor so that I wouldn't. I made sure to name drop my attorney a couple times. No Pity for them. Thankfully the bank is now out of business
a credit card is like a loaded gun. useful and potentially life saving, but dangerous in the hands of idiots.
I never posted in the "what do you do for a living" thread...... right now I work in collections.
90% of the people I talk to have completely fucked themselves financially, pardon my french.
Years of overspending and bad money management, now all of a sudden everything is the credit card company's fault. In reality they are all victims of economic darwinism. Like a bum that falls asleep on the tracks, then gets mad at union pacific because his legs were chopped off when the train came.
Blaming credit card companies for your financial trouble is like a chain smoker blaming BIC for their two pack a day habit.
Sorry, I could rant for hours on this. Sufficeth me to say that you have the right idea. If you don't like how a card company has treated you, do business with someone else.
Pay back what you owe, on time, and there will always be a credit card issuing bank that will want your business.
Again...I'm not endorsing what the CC companies are doing.
BigMat...I agree it's a love/hate relationship with credit cards. But I have to question your comment about bankrupting you (or anyone else). I just don't see how credit card companies are responsible for people spending outside their means.
I learned my lesson the hard way about credit card debt. The credit card company gave me a credit card based on my ability to repay any loan they made to me. Never once did a credit card company force me to charge anything. Getting in over my head was all on me.
People who get in over their heads in CC debt can't blame the CC companies.
I agree with that, I did spend the money that I racked up the debt with, my fault, no doubt about it. I guess the problem I have with them is the way they do it. A little too much like a loan shark, rates sneaking up, marketing making it seem like a good idea, and going after college kids. Can't really blame them for the way they do things, but I know I don't like it either.
chase has paid ME $925 in the last 2 years. I don't pay them a dime. I don't care what they hike their rate to.