The credit card companies are not your friend

re: The credit card companies are not your friend

John — Tue, 07 Jul 2009 21:44:00 GMT

By using your Credit card everyone pays more because the vendor has to pay fees to the credit card!

re: The credit card companies are not your friend

Jason — Thu, 18 Jun 2009 14:07:22 GMT

I didn't use one of my cards for about a year and got a letter that they are canceling my card. So, the company goes from potentially makeing money from me because I have the card, to never making money from me ever again because I no longer have the card. How do these places stey in business if they keep taking away cards from people?

re: The credit card companies are not your friend

Don — Sat, 09 May 2009 04:41:32 GMT

Hey Jack McManus Which credit card company do you work for?

re: The credit card companies are not your friend

tony Guerriera — Thu, 30 Apr 2009 12:29:47 GMT

Who is kidding who? The credit card companies pull all this crap because the regulators allow them to. Doesn't the federal government regulate these companies much like they do the banks? So if they are allowed to pull all these scams it is the federal regulators who let them. In fact wasn't it some of VP Biden's family who helped lobby to make the bankruptcy laws more difficult. So put the blame where it truly belongs, the credit card companies, along with their enablers, the regulators in the US congress.

re: The credit card companies are not your friend

John — Mon, 20 Apr 2009 21:54:24 GMT

So - my wife and I have had credit cards for over 30 years - always pay them off in full each month.....never incur interest charges so it's more of a convenience for us. In the last month, we have twice been hit with late charges and interest for being one day late (different cards). We pay on-line and the money was deducted from our checking account before the due date (in one case, two days). After we called, they gave us credit. Where is this money going? Is there a black hole that it drops in for two days before it makes it to the credit card company? Who is getting the interest? Somebody needs to go to jail! Electrons move very fast (when the credit card companies want them to).

re: The credit card companies are not your friend

Chris — Thu, 16 Apr 2009 20:23:14 GMT

Just got a call from Capital One. My Master card with the 6500 limit was going down to a 500 limit. Perfect payment record, and I had just made a 4000 payment to take the balance to zero. Why I asked? "We reserve the right to blah, blah blah"

So now my credit score will go DOWN even though I was perfect and had no balance! And there is even money that my other credit card issuers will do the same thing (no balances on those either) since I am now a bad risk. What a joke.

re: The credit card companies are not your friend

Carol Preston — Mon, 13 Apr 2009 11:48:01 GMT

I recently had to charge several thousand dollars to my Citicard credit card due to expenditures associated with the purchase of a house. We began paying it down over 3 months. On the last pay-down payment bill it showed that along with the monthly new charges we had a finance charge of $35 since we had had an outstanding balance from the previous month of $1,000. We paid everthing off including the new charges, the outstanding balance and the finance charges - therefore owing Citicard nothing. The following month I was stunned when we got a bill for $12 finance charges claiming that we owed that much on the $1,000 outstanding balance from the previous month. I argued that the $35 covered that and that once the total amount for that month was paid we owed them nothing. Eventually they agreed to give a credit for the $12.

re: The credit card companies are not your friend

scott.ingram5@verizon.net — Tue, 07 Apr 2009 15:12:40 GMT

I love my Discover card. I have carried it for 17 years. Recently they implemented a little reminder for me not to forget making the payment. They raised the APR to 26% after I was late for the first time. They are so helpful. Imagine how comforting the new APR would have been had I just been laid off from my job. I wrote them and requested they raise the APR to 50%. I explained this would be Just punishment should I ever carry a balance again. They replied that unfortunately federal law prevents them from doing this. Now I remember to pay my balance except for one penny each month.

re: The credit card companies are not your friend

sheila — Mon, 06 Apr 2009 23:32:04 GMT

here in the Phils. we dont have that credit score. i find it interesting hehe.

planning to get a credit card for emergency prupose only and w/ my current profile i think my credit limits would only be P20,000 maximum. that is less 500 in DOLLARS hehe. a month! :)

re: The credit card companies are not your friend

Bob S. — Mon, 06 Apr 2009 22:31:38 GMT

cash is king, if you don't like the way credit cards work vote with your feet so to speak. Take your business elsewhere. If everyone treated credit card companies (or banks) the same way they treat other companies they do business with things would be different. For more info on how the credit card companies abuse people check out Prof Warren, Dave Ramsey and a documentary called Maxed out. They changed the way I deal with them. I was a "responsible" customer and never carried a balance. Now its cash or debit.