Sneaky changes to your credit cards - Economics - Page 2 - City-Data Forum

Traderx · 05-12-2009, 01:53 PM

At least there's an easy solution to this problem. We don't need Congress either. Just stop using the stupid credit cards and poof! No more problem. How simple can it get?

bentlebee · 05-12-2009, 03:08 PM

Quote:

Originally Posted by ufcrules1

Hey,
What do you know, we agree on something else. I use my CC for EVERYTHING. I'm talking gas, electricity bill, phone bill, cable bill, going out to eat, malls, restaurants,vacations, etc. I always pay it off at the end of the month. I do this because I get tons of points. I get about $1500 back every year. It's free money! Why wouldn't you do it this way? As long as you don't have a problem managing your money, then this is how you should do it!

What I haven't figured out is, how do the banks make money off it? Visa is the one who gets paid on all the swipes, I always thought the bank got paid off people paying the interest (Which I don't do) the points program is provided by the banks, if I'm not mistaken. So maybe they get some kind of kickback from Visa? I don't know... and I don't care. Just keep showing me the money, and I will keep paying with Visa for EVERYTHING!

I do the same as you do...pay every little and bigger item with my cc. I don't have many cards...1 for myself and 1 business card and all have the points and I move the points to one card and get gift cards for them and they are very nice to receive so even the $ 1.- chicken sandwich at McDonalds is giving me points and giftcards back....but recently I need more points for the same gift cards and less places to get the gift cards for...

Cav Scout wife · 05-14-2009, 10:08 AM

Quote:

Originally Posted by Traderx

At least there's an easy solution to this problem. We don't need Congress either. Just stop using the stupid credit cards and poof! No more problem. How simple can it get?

Exactly!

I mean really now, cash never bounces, never has computer issues, and is accepted everywhere (at least legally it is, and throw a FIT if they refuse to take it!!!).

If I can't afford it, I just don't need it, or I save for it.

70Ford · 05-14-2009, 12:08 PM

Try to buy a plane ticket or rent a car with cash. If your house catches fire, your mattress burns. So do credit cards, but they can be replaced in a few days. Cash, not so much. One of the interesting things that Chase Amazon offers is a categorized "end of year" printout/booklet sort of thing of every purchase you have made. This comes in SUPER handy dandy during tax season. It beats looking through 1000 receipts. (Yes, I had about that many charges.)

If I have one of your checks, I have your bank account, your routing number and normally your name. Some folks even put their address AND phone number on there. *Bonus*

With a cell phone w/camera, I can steal your credit card information in about 10 seconds. ...or the check information for that matter. However, only one of these provides some sort of consumer protection against theft. If your accounts are ever stolen, it is a nightmare to get it fixed and for that amount of time, you might be out $500 bucks to "sky's the limit." It depends on how you have your accounts set up. My debit has a $500 day limit, which I can call the bank and have changed to $2000 or so.

Checks: The Most Dangerous Transaction | Perimeter Grid

I remember telling my mom this...and scaring a little old lady to death. Woops. All I need is one of your checks to take pretty much every dime you have. By the time most folks realize they've been had, I'd be in Tijuana drinking tequila and watching the sun set.

John23 · 05-14-2009, 07:03 PM

I think the subtle changes in credit cards mirror the subtle changes in media, changes in tv, changes in big corporatization. All in collusion with each other IMO, its not by accident.

In an era of hyper distraction, its easier to take your money without you knowing about it. If people had more time and more control over their lives, they'd be more proactive with their credit cards and finances. CC companies need distracted, reactive people to take money from.

Also in collusion with schools...you cant have future CC customers mastering compound interest, or understanding the way debt mushrooms. More people would be outraged IMO if they truely knew what was going on when their rates goes from 15-30% on a four figure debt.

Say, your debt is $5,000 and you're now paying 15% more a year, that's $750a year. For what? For paying your bill a minute past the due date? Where else can you get ripped off for $750 for such a small infraction?

SamNC · 05-18-2009, 10:18 PM

yes, I got screwed over too

I feel very very dumb!! The only solution is for me to pay off that 0% credit card ASAP, but I am trying to figure out how to do so....

k374 · 05-19-2009, 12:22 AM

I just got a letter from Chase Freedom the other day that they are going to downgrade my rewards and IF I want to keep my current rewards program I have to pay $30 annual fee per year...WTF! Screw these bastards! These a-holes are trying to screw us to make up for their loses, just because they lent like drunken sailors to delinquents doesn't mean they can make up the difference by sticking it to their good customers!

Twinkle Toes · 05-19-2009, 06:55 PM

Most of my credit cards are raising their interest rates and lowering my credit lines. I am seriously considering cancelling all but one card. I've been a great customer of these companies for years. Never had late payments and always either paid them off in full or paid a significant amount if I were making payments - and this is how they reward me??? Yeah, I'm pissed.

texdav · 05-19-2009, 07:41 PM

There will be alot of changes coming thru 2010 as the rulkes are set to change. Its just the risk verus reward on huge amount of unsecred loans or credit card debt really.I think credit card companies will go back to the way it was in limiting or even requiring accounts to be paid in full monthly.Looks to me like they are wanting to dump alot of people that run monthly balances by the time the new changes take effect.

bentlebee · 05-20-2009, 08:01 AM

So from what I heard over the last 2 days....If these new things will start, than i will cut up my credit cards....!

I will not, I WILL NOT!!! Pay the bailout for people who are behind on their credit cards and still are allowed to use them.

So I will be punished for paying my credit cards off in full every month!

I will have to start paying interest after I use my credit card each time!

I will have to pay a high annual fee because I pay off my credit card in full!

I won't get any reward points because the money needs to go to people who don't pay their credit card bill, just because Obama wants "change"!

well than the credit card companies will loose me as a customer and IMO they will loose many others and keep the losers who aren't paying...we will see how long Obama's socialism will succeed....

In Europe this has been going on for years. Hardly any one uses a credit card and there isn't a credit score system like over here, which IMO will be gone as well...In Europe the have the system that if you pay on time you are credit worth in the eyes of the lender. The less debt the better changes you will get a loan and better rates...

Let's wait and see how many more people will loose their job who are now working at the credit card companies....more job lost under Obama and the only jobs he is creating are government and green jobs which are not making money for the economy! Just more oversight and donut eaters and coffee drinkers and lazyness as we have witnessed in Europe....