Those tricky credit card companies

[buddahj]

Linky

[TimC]

Credit cards are for suckers. Plain and simple. The majority of people with credit card debt are poor people that can't handle themselves emotionally and financially. Easiest way out of credit card debt is to stop buying crap you can't afford. People need to be knocked upside the head for ever carrying a balance. These are the first people we could start killing to help America return to greatness again.

[Perchoutofwater]

You mean regulations sometimes have unintended consequences? What is really bad is the old fees only affected those to stupid to read the terms of their use and their statements, the new ones affect all of us. I remember my father only carrying two credit cards, a personal Visa card and AMEX business card. I remember him telling me that he kept them for emergency use only, or when he was on vacation. Now I'll admit that I use mine more often then him, primarily for the cash back and airline points, but I still remember him telling me to always pay them off at the end of each month, whenever possible, and when it isn't possible, to not put anything else on them that wasn't a necessity. What is so hard to understand about that.

[WaterMan]

Getting laid off is hard to understand for credit card companies.

[Ursa Majoris]

You mean regulations sometimes have unintended consequences? What is really bad is the old fees only affected those to stupid to read the terms of their use and their statements, the new ones affect all of us. I remember my father only carrying two credit cards, a personal Visa card and AMEX business card. I remember him telling me that he kept them for emergency use only, or when he was on vacation. Now I'll admit that I use mine more often then him, primarily for the cash back and airline points, but I still remember him telling me to always pay them off at the end of each month, whenever possible, and when it isn't possible, to not put anything else on them that wasn't a necessity. What is so hard to understand about that.

Is there any point at which you don't support business against the consumer? Or is your vision of the future totally dominated by the doctrine of caveat emptor?

[MrTed46]

Credit cards are for suckers. Plain and simple. The majority of people with credit card debt are poor people that can't handle themselves emotionally and financially. Easiest way out of credit card debt is to stop buying crap you can't afford. People need to be knocked upside the head for ever carrying a balance. These are the first people we could start killing to help America return to greatness again.

 

I disagree that credit cards are for suckers. It is actually stupid to pay cash (in most cases) because when you pay cash you have no proof of a purchase (especially if you do not receive or lose a receipt) and you do not get any additional value. Most credit cards offer rewards on every purchase and if used responsibly, you should take advantage of it.

 

For example, my discover card is offering me 5% back on all my gas purchased made for 3 months, so I am using my discover card on that. My Chase offered 5% back on any groceries so I used that.

 

Now if you guy crap you cant afford, you have other issues more important than using a credit card...

[The Holy Roller]

I have joined the ranks of ZERO balance on all my cards. Finally. I am joining Perch's dad in my philosophy about using them. Emergency only.

Edited August 3, 2010 by The Holy Roller

[Yukon Cornelius]

use mine to pay for everything that is required. pay off at the end of month, always, and get free shart from cabelas

[Kid Cid]

I pay everything I can with the one CC I own. I pay it off every month. This allows me to earn points but not to pay interest. That isn't too hard to follow.

[Perchoutofwater]

Is there any point at which you don't support business against the consumer? Or is your vision of the future totally dominated by the doctrine of caveat emptor?

 

I was just pointing out that prior to the new regulation, the obscene credit card fees were only levied on the stupid, now thanks to the regulation, they are levied on anyone that uses a card. Is there any point where you support personal responsibility over the nanny state?

[Riffraff]

I'm anti-American. I don't own any credit cards.

[i_am_the_swammi]

I was just pointing out that prior to the new regulation, the obscene credit card fees were only levied on the stupid, now thanks to the regulation, they are levied on anyone that uses a card. Is there any point where you support personal responsibility over the nanny state?

 

On my two cards, I haven't had any fees levied against me.

 

Not sure you can correctly state that the fees "are levied on anyone that uses a card". If you manage them correctly, you'll pay none of these obscene fees.

 

i

[myhousekey]

I disagree that credit cards are for suckers. It is actually stupid to pay cash (in most cases) because when you pay cash you have no proof of a purchase (especially if you do not receive or lose a receipt) and you do not get any additional value. Most credit cards offer rewards on every purchase and if used responsibly, you should take advantage of it.

 

For example, my discover card is offering me 5% back on all my gas purchased made for 3 months, so I am using my discover card on that. My Chase offered 5% back on any groceries so I used that.

 

I"m in this boat. In fact I use my CC for almost everything I can. Of course I'm responsible enough to pay off my balance each month. The way I figure it, I might as well take advantage of the free cash back.

Edited August 3, 2010 by myhousekey

[Pope Flick]

On my two cards, I haven't had any fees levied against me.

 

Not sure you can correctly state that the fees "are levied on anyone that uses a card". If you manage them correctly, you'll pay none of these obscene fees.

 

i

 

 

Let perch feel like a victim please. It's the only time he's content.

[gbpfan1231]

On my two cards, I haven't had any fees levied against me.

 

Not sure you can correctly state that the fees "are levied on anyone that uses a card". If you manage them correctly, you'll pay none of these obscene fees.

 

i

Agree with that but I am also betting that the fees are spread out more than they were before. Some cards charge a fee just to have the card and it is still worth it if you get the rewards but you will probably see these fees going up to cover the other fees so in essence all people will be paying more "fees" in that sense.

 

I have used my CC for almost everything for years and have never paid a fee. I am once again glad that my hard work and overall common sense can help the other idiots in this world.

[Perchoutofwater]

On my two cards, I haven't had any fees levied against me.

 

Not sure you can correctly state that the fees "are levied on anyone that uses a card". If you manage them correctly, you'll pay none of these obscene fees.

 

i

 

Did you read the article where it stated annual fees are about to go up? Now true, not all cards have annual fees, and we can debate whether or not the ones that do are better than the ones that don't but fact of the matter is it appears as though the legislation while focused to protect the stupid, is going to end up costing the average consumer more, or make them receive less in points / rewards. So in effect we are protecting the idiots from themselves at the cost of those that do everything they are supposed to do.

[gbpfan1231]

Did you read the article where it stated annual fees are about to go up? Now true, not all cards have annual fees, and we can debate whether or not the ones that do are better than the ones that don't but fact of the matter is it appears as though the legislation while focused to protect the stupid, is going to end up costing the average consumer more, or make them receive less in points / rewards. So in effect we are protecting the idiots from themselves at the cost of those that do everything they are supposed to do.

Perch - you might want to cut and paste your above comment and save it in a Word document - I have the feeling this exact same statement could be used many more times in the future.

 

You can use that extra time that you save by just copying it into your next post and use your time more wisely like filling out 1099 forms.

[Ursa Majoris]

I"m in this boat. In fact I use my CC for almost everything I can. Of course I'm responsible enough to pay off my balance each month. The way I figure it, I might as well take advantage of the free cash back.

Exactly. I get $1.25 for every $100 I spend and always pay it in full, so it's the equivalent of a 1.25% reduction on price. And no fees.

[i_am_the_swammi]

Did you read the article where it stated annual fees are about to go up? Now true, not all cards have annual fees, and we can debate whether or not the ones that do are better than the ones that don't but fact of the matter is it appears as though the legislation while focused to protect the stupid, is going to end up costing the average consumer more, or make them receive less in points / rewards. So in effect we are protecting the idiots from themselves at the cost of those that do everything they are supposed to do.

 

You same premise covers:

 

Why my insurance rates are higher than they should be.

Why my taxes are higher than they should be.

Why almost any toy I buy my kids costs more than it should.

 

and on, and on, and on.....and its not the gov's fault....Its Stupid's fault.

[Perchoutofwater]

You same premise covers:

 

Why my insurance rates are higher than they should be.

Why my taxes are higher than they should be.

Why almost any toy I buy my kids costs more than it should.

 

and on, and on, and on.....and its not the gov's fault....Its Stupid's fault.

 

I agree in large part, but if the government stopped taking care of Stupid, maybe Stupid would learn to take care of himself.

[Azazello1313]

You same premise covers:

 

Why my insurance rates are higher than they should be.

Why my taxes are higher than they should be.

Why almost any toy I buy my kids costs more than it should.

 

and on, and on, and on.....and its not the gov's fault....Its Stupid's fault.

 

I think what perch is saying is, it's the government's fault when they start making rules incentivizing "stupid" and, as a necessary result, disincentivizing "responsible".

Edited August 3, 2010 by Azazello1313

[Ursa Majoris]

I think what perch is saying is, it's the government's fault when they start making rules incentivizing "stupid" and, as a necessary result, disincentivizing "responsible".

I tend to agree about Stupid but there are also a crapload of predatory practices (now banned) that CC companies used to try to screw people. One was the ever-shifting due date. Now it's fixed, the same date each month.

[i_am_the_swammi]

I agree in large part, but if the government stopped taking care of Stupid, maybe Stupid would learn to take care of himself.

 

What if he didn't? Is that a society worth living in? the rich get richer, and the 30+% of the population that is stupid goes on being stupid, mucking it up for the rest? What happens to them as they get further and further behind? Do they resort to crime? Depression and drugs?

 

Point is, if the big corporations are allowed unfettered to levy ridiculous fees which only affect stupid (who is likely already in trouble), isn't this like kicking a man when he;s down? Where does it end?

 

Which makes more sense? Charging Stupid enormous rates for his insurance, which he then won't pay, which then puts me at risk when I have an accident with an uninsured driver? Or charging everyone a little more to make it more reasonable for everyone?

 

I think what perch is saying is, it's the government's fault when they start making rules incentivizing "stupid" and, as a necessary result, disincentivizing "responsible".

 

Incentivized? or protected from pedatory practices?

[lennykravitz2004]

I agree in large part, but if the government stopped taking care of Stupid, maybe Stupid would learn to take care of himself.

 

It's why we have warning stickers on lawn mowers which tell people not to not use the lawn mower as hedge trimmers, to not put your hands under the case while the engine is on. It's why McDonald's has a warning on their coffee cups that "contents may be HOT". Debate the semantics of frivolous lawsuits vs stupidity - to me they are one and the same. "It's your fault you didn't protect me from me."

 

Politics aside, it's why we have the annual Darwin Awards.

 

Just my

 

However, speaking to topic of CC Companies, they do need to keep it simple for us. I do believe the "fine print" can be very difficult to understand. For those who do not use credit cards, I found that I when I didn't either, my credit score suffered. CC's do serve the purpose of showing you can manage credit, not that you need it, or rely on it.

Edited August 3, 2010 by lennykravitz2004

[whomper]

CC companies are total AHoles and I am an Ahole for racking up the big numbers I have in the past.

 

Me and the Mrs. Ran up some ludicrous CC debt. We had to stop the bleeding because the min payments were strangling me and I have a fair amount of $ on over 3 cards. We make the decision to swear off these bastards for good. WEe have been living cash only for about 2 months now and it feels awesome. So we moved some money around in order to pay these bastards off. I called every one of them and got my final balances for a payoff. We send the final balance that each of these Aholes told us that we owed. I gave them instructions to close each card after the payoff. So these F'ers get my checks in time but they hold it just long enough for interest to kick in before applying it to my payment. So far example, I called and they said my balance was 1000 for a payoff. I send them 1000. they hold the check. The next month I expect all zero balances on closed cards and they all hit me with the same bulldiaper dirt when we called. The 1000 payoff turned into 1150 because they held these checks. Spread that over a bunch of cards and I get stuck for an extra 1200 that I had to pay off

 

I racked up the debt and I did right by it. Didnt walk away and made it go away and they give me the kick in the nuts send off. My heart dont break for them at all when people F them out of what they owe. AHoles