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The cc companies do not care. They make money if you carry a balance. Credit card companies refer to people who pay off their balance each month "credit abusers". You did the right thing.
It is going to get worse folks. Why all need to strive to become credit abusers.
And by the way -- if the gas station accepts credit cards but gives discounts for cash, I think he's voilating his credit card agreement and could lose his ability to take credit cards -- AND get sued. What's he's doing isn't legal.
No, in most states (all?) you can give a discount for the use of debit/cash, what you can't do is charge a fee for anybody that uses a credit card.
The cc companies do not care. They make money if you carry a balance. Credit card companies refer to people who pay off their balance each month "credit abusers". You did the right thing.
It is going to get worse folks. Why all need to strive to become credit abusers.
You can try and justify your attitude with BS, but it simply does not hold water.
Right now there are dozens of ways to truly abuse your credit card company. Except in states with overly restrictive issuing laws the cc companies can and do adjust fees to bring their cost of business in line with the services provided.
While some analysts MAY occasionally throw around the term you used this is done for 'journalistic drama' and also to try to encourage the firms the analysts track to increase profitability.
In NO WAY is it abusive to pay off ones bills in a timely manner.
In NO WAY is it abusive to use the credit card for routine purchase.
In NO WAY is it abusive to collect the rewards that come from normal uses.
The idea that firms ONLY profit from those that pay interest rates is patently FALSE. For decades AMEX was profitable with NO revolving credit cards. Today every card issuer has SOME MIX of customers that do not ever use the finance / time payment features and they STILL MAKE MONEY.
These are complex businesses that has MOUNTAINS more data than any other on the real time behavior of it customers / clients. Even the smallest card issuers can evaluate the performance of their portfolio in an instant and adjust fees / rates to get the kinds of returns appropriate for their investors/ owners.
You can try and justify your attitude with BS, but it simply does not hold water.
Right now there are dozens of ways to truly abuse your credit card company. Except in states with overly restrictive issuing laws the cc companies can and do adjust fees to bring their cost of business in line with the services provided.
While some analysts MAY occasionally throw around the term you used this is done for 'journalistic drama' and also to try to encourage the firms the analysts track to increase profitability.
In NO WAY is it abusive to pay off ones bills in a timely manner.
In NO WAY is it abusive to use the credit card for routine purchase.
In NO WAY is it abusive to collect the rewards that come from normal uses.
The idea that firms ONLY profit from those that pay interest rates is patently FALSE. For decades AMEX was profitable with NO revolving credit cards. Today every card issuer has SOME MIX of customers that do not ever use the finance / time payment features and they STILL MAKE MONEY.
These are complex businesses that has MOUNTAINS more data than any other on the real time behavior of it customers / clients. Even the smallest card issuers can evaluate the performance of their portfolio in an instant and adjust fees / rates to get the kinds of returns appropriate for their investors/ owners.
exactly! does it make any sense that the cc companies set the rules and the people who play by the rules are abusers? all these issues with the big banks are why i use my local credit union for my daily banking needs. i've never had an issue in 15+ years with them and dont pay fees on anything.
At one time credit cards were an alternative service to checks and cash. They were a simple way to make a transaction and you chose to use if you wanted. The push to the cashless society and now the push away from checks (Whole Foods) are/have become to make plastic (debit/credit) more of a necessity. The frustration for many comes from feeling like we are being led down a road that is full of craters and pot holes designed to get your money without giving you much in additional benefits in many cases.
At one time credit cards were an alternative service to checks and cash. They were a simple way to make a transaction and you chose to use if you wanted. The push to the cashless society and now the push away from checks (Whole Foods) are/have become to make plastic (debit/credit) more of a necessity. The frustration for many comes from feeling like we are being led down a road that is full of craters and pot holes designed to get your money without giving you much in additional benefits in many cases.
Your ability to carry a piece of plastic and use it as a form of payment - and not be liable for stolen/fraudulent use of that card - is a HUGE ADDITIONAL BENEFIT. I wish people would realize that.
I spent quite a long time living in Russia where credit cards still have not really taken off (they're much more common now, but not nearly to the extent that they are here). Would you really like to have to walk down the street with thousands of dollars in cash to pay for things? I engaged in several cash transactions totaling of $5K or so. Although nerve-wracking as hell, that was small-fry stuff. People there buy cars, houses and apartments with cash that they carry in plastic bags and briefcases - mostly because credit was not as well developed and banks weren't as trustworthy (again, this is starting to change).
Anyway, do you really want to have to do that here? Other benefits like miles and points and cash back are minuscule in comparison to that main benefit that I state above. $30-75 per year is chump change when you think about the true benefit/security of cashless payment.
Stores demanded an ID to be shown to prove it was your credit card.
That was quickly done away with cuz nobody gave a darn if the credit card was stolen.
Somebody has to pay when your credit card gets reimbursed on charges you didn't make.
Your ability to carry a piece of plastic and use it as a form of payment - and not be liable for stolen/fraudulent use of that card - is a HUGE ADDITIONAL BENEFIT. I wish people would realize that.
I spent quite a long time living in Russia where credit cards still have not really taken off (they're much more common now, but not nearly to the extent that they are here). Would you really like to have to walk down the street with thousands of dollars in cash to pay for things? I engaged in several cash transactions totaling of $5K or so. Although nerve-wracking as hell, that was small-fry stuff. People there buy cars, houses and apartments with cash that they carry in plastic bags and briefcases - mostly because credit was not as well developed and banks weren't as trustworthy (again, this is starting to change).
Anyway, do you really want to have to do that here? Other benefits like miles and points and cash back are minuscule in comparison to that main benefit that I state above. $30-75 per year is chump change when you think about the true benefit/security of cashless payment.
The means of exchange between cash and plastic was checks. I suspect most Americans are not using plastic to buy cars, houses and apartments. Perhaps for their rent and that is becoming problematic with some apartments from what I have read not taking credit cards anymore. If you have read my previous posts I am not bothered by the fee but I understand why some are and why the banks need to charge them. It is called the middle ground.
I didn't mention in the post... but I did call... not a jerk, nice and polite. Even got passed on to some account retention "supervisor." Was told, "thanks for being a good customer, but these "platinum" accounts will now have annual fees. I was welcomed to close it and apply for a different B of A CC but why in the heck would I want to do that?
Wow! I have 2 B of A CCs: Visa Signature and Phi Theta Kappa Platinum Plus (former MBNA) and haven't heard any crapola like this about either one, but of course it may happen, as I'm already convinced the responsible people are being punished across the board. MBNA up until recently was my best card in case I need to carry a balance (7.9% fixed), but I think that changed... I've been busy and haven't paid attention. I don't care much about Visa Signature, but I'd hate to close the other one because it's old and and has a high limit. Eeeh, it used to be a very good card before B of A took over.
Which card exactly did they impose this annual fee on?
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I have 2 B of A CCs: Visa Signature and Phi Theta Kappa Platinum Plus (former MBNA) and haven't heard any crapola like this about either one, but of course it may happen, as I'm already convinced the responsible people are being punished across the board. MBNA up until recently was my best card in case I need to carry a balance (7.9% fixed), but I think that changed... 
I've been busy and haven't paid attention. I don't care much about Visa Signature, but I'd hate to close the other one because it's old and and has a high limit. Eeeh, it used to be a very good card before B of A took over.
