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Old 06-23-2010, 08:53 AM
 
151 posts, read 470,195 times
Reputation: 66

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[SIZE=3]I called customer service to cancel a credit card I have had with Citibank for 2 years because the benefits (bonus points) expired. The representative offered me some additional perks (for 6 months I think) but still not enough for me to keep the card. We were on the phone for nearly 10 minutes and I just got fed up but still kept my cool because I called from my office. Strangely, he got all personal and angry and said just go ahead and destroy the card and get on with my life. He even said how I can just walk away from an institution that supported me in the past 2 years. I was like WTF. In any event, I think he finally closed my account but I won’t believe it until I receive the confirmation letter in the mail. How strange .... [/SIZE]
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Old 06-23-2010, 08:59 AM
 
1,110 posts, read 3,546,193 times
Reputation: 412
All banks have already lost it. I have been a customer with Chase for 15 yrs. They increased my credit rate nearly double after having perfect payment record. American Express - They not only increased my rate, they reduced my available credit from 20K to 3K. Unreal. All banks should go bankrupt. I cant wait for that day.
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Old 06-23-2010, 10:12 AM
 
Location: Epping,NH
2,097 posts, read 4,932,095 times
Reputation: 1042
All banks did that when the ability to add additional charges was removed. Good payers have to make up for the fraud and deadbeats.
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Old 06-24-2010, 06:28 AM
 
12,455 posts, read 12,857,953 times
Reputation: 6636
Forget "points". Get CCs that rebate in cash. I've got three that I use for just about everything and it adds up over time.

Also, for that to pay off, don't run a balance. Pay in full every month if you can.
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Old 06-24-2010, 06:56 AM
 
Location: NJ
12,284 posts, read 28,784,726 times
Reputation: 5147
Quote:
Originally Posted by doc1 View Post
Forget "points". Get CCs that rebate in cash. I've got three that I use for just about everything and it adds up over time.

Also, for that to pay off, don't run a balance. Pay in full every month if you can.
Actually, if you can get a card that gives you the option that may be the best bet. I just redeemed 60,000 points/miles and got a $600 credit on my card to offset a plane ticket. If i had opted for the cash, it would've been only $350.

Agreed about running a balance, I've never paid interest on a card.
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Old 06-25-2010, 04:50 AM
 
12,455 posts, read 12,857,953 times
Reputation: 6636
Quote:
Originally Posted by tahiti View Post
Actually, if you can get a card that gives you the option that may be the best bet. I just redeemed 60,000 points/miles and got a $600 credit on my card to offset a plane ticket. If i had opted for the cash, it would've been only $350......
That's a good deal!

I love good deals. Almost as much as the product itself.
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Old 06-25-2010, 06:47 AM
 
Location: NJ
12,284 posts, read 28,784,726 times
Reputation: 5147
Quote:
Originally Posted by doc1 View Post
That's a good deal!

I love good deals. Almost as much as the product itself.
me too!

this is a capital one card. their travel rewards come in ranges - it's 60K miles for a ticket priced anywhere between $350 - $600 (in the form of a credit statement for that amount) so obviously the higher the plane ticket, the more bang for your buck. the price of my ticket was just shy of $600 so it made sense for me to redeem even though i wasn't going to originally. they also have cash rewards but it's not even close to a 1:1 ratio (well, 1:100 i guess, lol). 60K is around $350 as I mentioned.

i also put everything on the card, because like you said, it DOES add up.
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Old 06-25-2010, 10:24 PM
 
20 posts, read 59,412 times
Reputation: 21
I'd advise to do NO BUSINESS with ANY BANK at ANY TIME, IF AT ALL POSSIBLE.. I know, it's difficult, but Banks are a problem.
VALLEY NATIONAL BANK is my worst nightmare right now. Held joint bank account. They are holding the funds. Want me to pay tax. I say don't owe tax. They say joint account you only get half after death of partner. They want to tax the rest. I say I'll fill out L-8...They say I'm not eligible! Who gave them the right to decide? They determine whether or not someone is a partner, or not. Supposed to be State of NJ. But they make their own rules, but only tell you about it after the fact. No advice offered when you put the funds in.
GOD FORBID WHAT THEY ARE DOING TO ME, AND DON'T CARE EITHER ABOUT YOUR GRIEF OR LOSS OR ANYTHING, NO MATTER WHAT YOU DO OR SAY. Even hired outside tax lawyer to fight me, even though I have 8 mos. before I must pay, according to them.
It's difficult to explain, but does the bank work for the State Of NJ?
I want to prove partnership, but they won't accept L-8 as proof. They want an Affidavit of Waiver, and I don't have a registration for partnership.
DON'T GET A JOINT ACCOUNT WITH ANYONE, UNLESS YOU ASK ABOUT TAX ADVICE AND HAVE PROOF OF YOUR RELATIONSHIP. THEY SAY I AM CLASS "D" BENEFICIARY. NOT "A" I SAY "A".
THEY HOLD MONEY ANYWAY, LIKE THEIVES.
I TRY TO READ ALL THE LAWS, BUT THEIR ALL MURKY...
Well hope this saves/helps someone else.
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Old 06-26-2010, 06:57 AM
 
12,758 posts, read 11,464,972 times
Reputation: 24176
To the original poster: It's actually advised NOT to cancel a credit card even if you don't use it anymore. Credit scores are based (aside from paying on time, etc) on how much available credit you have vs. how much you use. So if you have $30,000 of available credit but only $2000 used, that's a good ratio. If you cancel a card with a $15,000 limit, you cut your amount of available credit in half, thus lowering your credit score. I have a lot of cards I haven't used in years, and an excellent credit score because I have so much available credit compared to what I use.

As to the cards with points, I only started using them a few years ago and wish I had started a long time ago. I used to use my debit card for everything, until it got hacked (I suspect a gas station in Berlin) and someone charged 2 one-way plane tickets to Chili on it. I got reimbursed by the bank the day after I discovered it but decided to start using credit cards instead. I started using a Discover Miles card for everything from groceries to gas, pay it off in full each month (actually I pretend it's a debit card and deduct each purchase from my checkbook at the time I make the purchase). I have gotten hundreds of dollars back! Many things count as "travel" reimbursements - I had my transmission rebuilt last year requiring me to rent a car for 3 days, and had the entire amount reimbursed by Discover!
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Old 06-28-2010, 09:06 AM
 
151 posts, read 470,195 times
Reputation: 66
Quote:
Originally Posted by ocnjgirl View Post
To the original poster: It's actually advised NOT to cancel a credit card even if you don't use it anymore. Credit scores are based (aside from paying on time, etc) on how much available credit you have vs. how much you use. So if you have $30,000 of available credit but only $2000 used, that's a good ratio. If you cancel a card with a $15,000 limit, you cut your amount of available credit in half, thus lowering your credit score. I have a lot of cards I haven't used in years, and an excellent credit score because I have so much available credit compared to what I use.

As to the cards with points, I only started using them a few years ago and wish I had started a long time ago. I used to use my debit card for everything, until it got hacked (I suspect a gas station in Berlin) and someone charged 2 one-way plane tickets to Chili on it. I got reimbursed by the bank the day after I discovered it but decided to start using credit cards instead. I started using a Discover Miles card for everything from groceries to gas, pay it off in full each month (actually I pretend it's a debit card and deduct each purchase from my checkbook at the time I make the purchase). I have gotten hundreds of dollars back! Many things count as "travel" reimbursements - I had my transmission rebuilt last year requiring me to rent a car for 3 days, and had the entire amount reimbursed by Discover!
Thanks for the suggestion but my problem is that we (me and my wife)have too many credit cards and we really want to keep track of our financings closely. We want to use the cards that give us the most benefits and eliminate the ones we are not going to use - like the card I cancelled.
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