No more fixed rates

[F=MA]

You should have seen the look on the dealers face when I put my new van on a credit card for a couple days so I could get the points again.. they failed to write into the contract that I could "NOT" use a cc... they had to take the card and I got the points

 

[Liltroy]

You should have seen the look on the dealers face when I put my new van on a credit card for a couple days so I could get the points again.. they failed to write into the contract that I could "NOT" use a cc... they had to take the card and I got the points

now thats working the system.

 

[mr8ball]

I just got off the phone with my bank and closed my credit card account. They raised it 6% and said they changed all their cards to variable rates. I've been looking around and I think Discover might be the only one with a fixed rate, but it starts at 14%. It's all cash now

I had the same thing happen to me a while back and told them to stuff it. Its all a big rip off and i wish everyone could get rid of the just the show the CC people we don't need them. They are a bunch of crooks as far as i am concerned.

 

[Ranger]

If I keep snow balling my payments I figure I'll have my CC's paid off in 5-7 years :oh: Very sad, I know...

 

[majestic12]

Has anyone noticed the only people getting that 18% return on their investment (yes that is you) are the credit cards? Me thinks they have something figured out and the rest of us should take a look at them and next time we are in a store ask, "Do I really need _______?"

 

[Projekt]

Credit cards equal loan sharking and economic slavery.. Just use cash. But how do you buy airline tickets online without one? Or how do you stay off terror watchlists? By using a credit card.

 

[F=MA]

Credit cards are a tool, just like cash is a tool. Other than the hidden cost of purchasing with plastic, there is nothing inherently wrong with credit cards.

The problem for many is when the tool is used incorrectly or excessively.

Best wishes with your personal situation Ranger.

 

[Projekt]

The U.S. has some of the highest interchange fees in the world...nearly double what much of the developed world has to pay.

That sir, is offset by higher average interest rates relative to US rates..

 

[Projekt]

Credit cards are a tool, just like cash is a tool. Other than the hidden cost of purchasing with plastic, there is nothing inherently wrong with credit cards.

The problem for many is when the tool is used incorrectly or excessively.

Best wishes with your personal situation Ranger.

A tool only necessary because of the consumer culture created by credit cards.. A true paradigm.

 

[ogre]

my BlackAmex is still good. They always take care of their clients.

those are kinda spendy to get. if you make enough to rock a black card, you should be on the ducati forums.

 

[F=MA]

A tool only necessary because of the consumer culture created by credit cards.. A true paradigm.

I disagree. E-commerce would not likely be the industry it is today without the ability to use plastic to pay for, speed transactions, and help promote consumer confidence in merchants they're dealing with online.

I will use a credit card vs. a debit card for any online transaction. There's no point giving a stranger direct access to your bank account. I can pay either way, but one carrys less risk.

I agree the "I want it all, and I want it now." rallying cry of the consumer is a problem, and no doubt the creation of revolving lines of credit fueled the market for instant gratification. Still, it's not the tool's fault it's owner didn't use it correctly.

 

[afterhours]

A tool only necessary because of the consumer culture created by credit cards.. A true paradigm.

i think it was the other way around.....

if we decided to live within our means, credit card companies would be fighting over our business, offer us low interest and actually pay real customer service reps to handle our problems....

 

[Projekt]

i think it was the other way around.....

if we decided to live within our means, credit card companies would be fighting over our business, offer us low interest and actually pay real customer service reps to handle our problems...

I cannot agree with this based on my perspective seeing it in developing market countries, specifically Bosnia and Herzegovina. Heck, ten years ago in the English developing credit market, interest rates were well into the range above 22% unlike prevailing US rates at the time which were significantly lower.
The transition from cash economy to credit struggles through obstacles such as price adjustments and marketing changes. It isn't as effortless as one would think.

 

[Loomis]

I only use AMEX (Gold Reward Card) and pay in full every month, No monthly CC bills..

 

[skydivr]

They can try and charge whatever interest rate they want, because I'll never pay a penny of interest. I use CC as a substitute for cash ONLY.

It's against the cardholder agreement to charge a surcharge for using it. They can close your Merchant Account for doing it, but it's not being enforced. However, I signed that merchant agreement, so I don't charge a surcharge. HOWEVER, I limit the size of the purchase that I will accept a card for. I looked, we paid over $60K in CC acceptance fees last year, and that's still limiting purchases to stuff that we had a high enough margin on to allow.

Bogus, you'd never got past me on that one with the Van - the only person that got hurt in that deal was the Dealer. They usually only make 2-3% on a sale if you priced them right, and that cc fee took all their profit. I tried the same thing once; the salesman was all for it; about 15 minutes later the business manager called and told me he just couldn't do it. I said "I know, I just wanted to see if anyone was paying attention" and wrote him a check which I'd planned to do in the first place.

I won't take AMEX because they want 4% to accept and they can shove it. I pay about an average of 2.49% to accept VISA,MC,Discover.

 

[wardie]

You would've been better off just abstaining from current credit card use and pay cash but not cancel the card if you've had it a couple of years. The reason is that the CRS (Credit Reporting Services) could see this as a negative change in your credit history and actually lower your credit score a little. The holds true when you go buy a car. If each of the 5 dealers you visit checks your credit history you'll probably drop a few percentage points because of the checking. Just sayin'. I was pissed at Chase went from 7.99% to 11.99%. Paid off my card then I called them and told em' I was going to use my American Express exclusively except once a quarter I'm going to charge something small just to keep my account active. I asked them to remark on the computer that this is my way of protesting. I think the CC companies are going to get so much heat from Obama Admn. and users that they will lower it somewhat after the first of the year.

 

[F=MA]

They can try and charge whatever interest rate they want, because I'll never pay a penny of interest. I use CC as a substitute for cash ONLY.

It's against the cardholder agreement to charge a surcharge for using it. They can close your Merchant Account for doing it, but it's not being enforced. However, I signed that merchant agreement, so I don't charge a surcharge. HOWEVER, I limit the size of the purchase that I will accept a card for. I looked, we paid over $60K in CC acceptance fees last year, and that's still limiting purchases to stuff that we had a high enough margin on to allow.

Bogus, you'd never got past me on that one with the Van - the only person that got hurt in that deal was the Dealer. They usually only make 2-3% on a sale if you priced them right, and that cc fee took all their profit. I tried the same thing once; the salesman was all for it; about 15 minutes later the business manager called and told me he just couldn't do it. I said "I know, I just wanted to see if anyone was paying attention" and wrote him a check which I'd planned to do in the first place.

I won't take AMEX because they want 4% to accept and they can shove it. I pay about an average of 2.49% to accept VISA,MC,Discover.

I agree with everything you've written.

One of my businesses last year paid roughly $47,000 in fees to credit card companies...none of it because of carrying any balances.

There are weeks when we may eat out a couple of times or more. Groceries usually cost a couple of hundred bucks per week. I'm sure I could do it if I had to, but I've a habit of getting $200/wk. in cash from the ATM and paying for everything else with a credit card. It take getting used to needing to get$600-$800 wk. in cash.

When negotiating a purchase of $2000 and up, I"ll ask for a cash discount because I know the merchant is going to get hammered with credit card fees. Sometimes it works, and sometimes the salesperson/sales manager isn't well trained enough to realize this is in their businesses best interest.

When we remodeled our kitchen last year, I negotiated a 1% discount on $19,000 in appliances by offering to pay with a cashier's check (or cash if they preferred). The folks at the cabinet store weren't so willing to negotiate, so they got to pay 2% on roughly $24,000 in cabinets/granite. The cash was available, but their flat "NO" to my offer resulted in every invoice being paid with plastic. Wonder how the owner feels about his/her employees throwing $250 - $500 in the trash can in the middle of a recession? I'd have been happy to get them a cashier's check or cash if they'd been willing to discount 1% of the total price.

 

[skydivr]

The one's the are driving me crazy aren't even retail consumer individual cards, but the "corporate buying program" cards.

"Hey, Mister company, I'll give your company a credit card with at $30,000 limit, and airmiles/rewards, etc., and you can put all your wholesale purchases on it (but if you go late it's azzkicking interest" looks free, right? NOT, the Merchant takes it where the sun don't shine if they consistently give up 2-4% on WHOLESALE goods.

But hey, I tried asking my vendors if they'd take a credit card (over 7 figures in some cases); for some reason they declined...

Have you seen the BS commercials for AMEX "Plum" cards? Man, i wish I could add my 2 cents to THAT add....

 

[Rauzer]

Last month Citibank sent me a letter saying on Jan 1 they were raising my interest rate to 29.99%. Then added some bull**** about that if I make my minimum payment on time, I'll get credited 50% of the interest on my next statement. WTF? There was also an option to opt out, freeze the card and pay it off at the current rate. So screw them, went that route, will be paying it off at tax time.

 

[Dr E]

Keep at least one card for car rentals and those times when cash and check won't cover the need. Otherwise, we are switching over to cash for everything.