Closed out another credit card - RANT

[RayP(MI)]

Well, got a large multiple page letter from one of my credit card holders. Upshot is that they upped my intrest rate to 24.99%, and 29.99% on overages. Apparently this card (a major oil company) was sold put to a huge bank, Bank decided to make a killing on all their customers.

I called and cancelled it. It was convenient to make one payment a month on card, rather than having to pay every fillup. But they killed the goose. Normally make monthly payment covering all the bill, but once or twice, the payment got in a "little late." NO MORE AT THOSE RATES! Not gonna finance the bank chairman"s vacation. Not even gonna risk it. We"ve carried that card for over 40 years, and this is how they say thanks.
Bye-Bye! (That"s the second card we have dumped this month.)

 

[rrlund]

You'd be better off to go down and get yourself a VISA check card from Sidney Bank and keep the money in there ahead of time.
Mine just worked to finish up my Christmas shopping online this morning. Didn't even have to use it to put fuel in the truck to go to Greenville and fight the agrivation in the store either. That was a BIG bonus.

 

[hanovertom]

Ive done the same thing over the last several years, one was the first card I ever had!
I now have 2, but either one could go for the same reasons. I also recently opened an account at the local credit union as the bank I have used since I got out of the Navy in 73 keeps changing the rules although so far Ive been grandfathered out.

 

[OH Boy]

They might have done that to intentionally offend you and get you to leave, if you were paying the bill off in full most months. They may have decided your account doesnt produce enough revenue. Cards are easy to get, just get another one from their competitor.

 

[John T]

Yep they will get what they can when they can which is why they may hate people like me who only has and uses their cards for convenience (like when on the road to buy gas) and pays the balance in full soon as I get the bill. HOWEVER they are still making like 3% off the retailers I purchase from as a sur charge, its just that theyre NOT making that 25% interest like they do on soooooooooo many others.

I agree tear them up if you dont need them, nobody makes you subscribe to them, its your choice and if you dont wanna pay that high interest, just pay the bills when due.

HOWEVER ever try to rent a rental car or get a hotel room WITHOUT A CARD??????? I said above its your choice, but they sure make it tough if you choose NOT to have a card grrrrrr. For my own convenience I choose to carry one, but I also choose NOT to pay 25% interest.

John T

 

[Ken Macfarlane]

Car rental places won't take pre-paid or debit credit cards...

 

[Tom in TN]

Ken,

Maybe it's just Enterprise Rent a Car, or maybe it's just Columbia, TN, but I rented a car there a couple of months ago using my bank debit card.

I haven't had a credit card for about 20 years (except for a company credit card that the company I used to work for required me to carry).

I do know this though, although my card is only a debit card, sometimes the merchants run it as though it were a credit card and that works also, but only as a debit.

Strange, huh?

Tom in TN

 

[rrlund]

AH that's where you're wrong. I rented one from Enterprise in August to go to Tennessee and used my Visa debit card. I just had to show proof of income. They told me to just bring something back with me when I came to pick it up. I took them a check stub from the sale barn from selling a load of cattle. That was all it took.
Somebody said something about hotels too. I never had a problem getting a hotel room anywhere with it.

 

[RayP(MI)]

rr - I"m alergic to banks. All my money which is very little is in a Credit Union! Have a card from them at much more reasonable terms, not that they are going to make much on it, but surely not 24.99% There"s a name for that - USURY! Bunch of sharks, anyway!

 

[Geo-TH,In]

I don't get it? There is no interest if you pay each month on time. All my cards are auto-pay from my checking each month the day they are due. They don't cost me a penny. Instead, I get a monthly record of all expences, incase I were to lose a receipt. I get 1,2,3,up to 5% back on all my purchases. One card last year, 2% refund, sent me a check for $250 for using their card.

I don't get what your RANT is all about. I have many credit cards, use them and make money off the credit card companies in rebates. Everything I buy is put on a credit card. Just got a $75 check back from BANK OF AMERICA for using their card for 2 months purchasing things thay I would have paid cash for.

I could care less what interest rate they charge. I've never paid interest or late fees in 40 years. I just love making money from credit card companies. I use my credit cards as if they were a debit card.

George

 

[Dean]

I agree.

I use credit (not debit) cards for just about everything, mostly for convenience and record keeping, have done so for over 30 years, and have never paid a dime in interest to any card company.

Of course, I do pay off the entire balances each month before the due date.

Dean

 

[pat sublett]

I love credit cards, I hope they keep making money off of people who don't pay up every month so they can provide me with free service. I love the use of their money and service for nothing.

 

[Bob Huntress]

Most car rentals will accept debit cards. They just hold a sizable deposit until everything clears, hence you need to have a large chunk of change avalible when you use a debit card for renting a car. I used debit card to rent cars to transit between Lake Charles and Jackson a couple times a year. I just had to maintain a large enough amount of money on the card until the rental is paid.

 

[jackinok]

finaly got tired of all that myself ,gathered them ALL up and had me a little bonfire one evening and havnt had one since. best thing for my finances i ever did. I do use a debit card a lot though, just easier than writing a check.

 

[Green Porsche]

Hey RR,

I'm thinking you might be in Ohio.. I'm in Springfield...

 

[Mike (WA)]

I finally had to start taking credit and debit cards in my law office- nobody had a checkbook any more!

Fees are not too out of line- but got nicked for $142 "compliance fee" today- apparently a guvment mandated deal, don't know what the money's for. I told them I wouldn't pay it (they inadvertanly left it out of my contract)- they said they would have to close out my account, under federal law, but I'd have to keep paying the lease payment on the card reader. And I'd have to get another one if I went to another credit card outfit, as theirs would only work with their company.

Needless to say, I paid- had no choice. But sure getting tired of getting nicked every time I turn around.

 

[GordoSD]

Ypu, same here. I put about 18K a year on my Cabela's Visa. That's some good shopping there and no service charges at all. Write 1 check a month.

 

[rrlund]

Nope. I'm talking about Sidney Michigan. Right here between Rays house and mine.

 

[TimV]

Yup--all of the above, AND you get much better protection against fraud, identity theft and unauthorized usage using a credit card than a debit cart. With a debit card the thief is stealing YOUR money and it"s up to you to rectify the situation. With a credit card, they"re stealing the CREDIT COMPANY"s money, and other than a relatively small amount, it"s THEIR problem as long as you report it promptly. Also, they have a whole lot more resources than you do to go after the thieves. While better protections against fraud and such on a debit card are in the works, they ain"t here yet, and until they are I refuse to have or use one.

Saw an interesting study recently that basically said the people who are not intelligent enough to use credit cards are paying for the people that are, as the 3% or so fee for credit card transactions is built into any purchase that is commonly made with a credit card, and is being paid by the people who don"t take advantage of that fact and use credit for their purchases. Cash may still be king, but only on purchases where it can be used as a negotiation tool, not on "pay one price" purchases, which make up the majority of day-to-day spending.

 

[Nebraska Cowman]

Oh yeah, one of the last times i tried to pay for a motel room with cash they wanted the room rate + a $50 deposit. I dug my card out.

 

[John T]

Years back I was in Dallas Texas going to buy a semi truck at a Taylor and Martin Truck Auction. I had several thousand in cash and a bank letter of credit and draft for $40,000 BUT THEY REFUSED TO RENT ME A CAR without a credit card

John T

 

[dhermesc]

Agreed. Credit card protection is MUCH BETTER than any kinds of protection you get with a debit card. You are only libel for the first $50 on a stole credit card no matter how much they charge. If you checking account gets emptied by an embezzler you're pretty much screwed.

 

[504]

Keep canceling those cards,and your credit score will be so low you can t even by house insurance.

 

[greygoat]

I have a 9% card from my Credit Union, and a 12%
American Express, but haven't paid any interest
in years. It's handy to get a monthly list of
my expenses, and pay in full with one check.

 

[NawlensGator]

I've used a credit card for years and have never had to pay a penny in interest.