Holy mackeral! Credit Card bending me over

[jadinolf]

What the heck...go for it.

 

[Pepsei]

wow, that really sucks. does you get any type of cashback or points with that card?

 

[Fritzo]

Originally posted by: spidey07

Originally posted by: Baked
/me loves to hear people who complain about how CC companies rape them in the ass w/ pineapple when they only pay the minimum each month. Here's an idea, don't buy shed you can't afford and don't carry a balance.

hey smarty pants I had to make a lot of charges this month due to changes in finances and some business travel.

I love simplistic people like that. They think the only thing people use CC's for is going to Best Buy and buying 52" LCD TV's for each room of the house or some other frivolous reason.

 

[rudder]

Originally posted by: pulse8
Can anyone explain to me the purpose of having a credit card and not carrying some kind of balance? Why not just pay it in cash?

I can understand it if you're getting rewards like frequent flyer miles or something. Otherwise, if you have the cash to pay it off at the end of the month, why not just buy it in cash to begin with?

buyer protection. Last time I checked newegg does recommend sending cash. I used my debit card for most pruchases, but use a credit visa for all online purchases, hotel reservations, etc. Sometimes car rental companies will run a card a ring up a $250 charge to see if its valid. You don;t want that on a debit card. And try getting a rental car with cash.

 

[spidey07]

Originally posted by: rudder

Originally posted by: pulse8
Can anyone explain to me the purpose of having a credit card and not carrying some kind of balance? Why not just pay it in cash?

I can understand it if you're getting rewards like frequent flyer miles or something. Otherwise, if you have the cash to pay it off at the end of the month, why not just buy it in cash to begin with?

buyer protection. Last time I checked newegg does recommend sending cash. I used my debit card for most pruchases, but use a credit visa for all online purchases, hotel reservations, etc. Sometimes car rental companies will run a card a ring up a $250 charge to see if its valid. You don;t want that on a debit card. And try getting a rental car with cash.

or a debit card for that matter. has to be a credit card.

 

[xirtam]

Overpay your bill and tell them to wire the difference minus postage fees to Nigeria. And tell them to include an extra 30% interest.

 

[MaxDSP]

Originally posted by: Baked
/me loves to hear people who complain about how CC companies rape them in the ass w/ pineapple when they only pay the minimum each month. Here's an idea, don't buy shit you can't afford and don't carry a balance.

:thumbsup: fixed

 

[RaiderJ]

Originally posted by: pulse8

Originally posted by: Yossarian

Originally posted by: pulse8
Can anyone explain to me the purpose of having a credit card and not carrying some kind of balance? Why not just pay it in cash?

I can understand it if you're getting rewards like frequent flyer miles or something. Otherwise, if you have the cash to pay it off at the end of the month, why not just buy it in cash to begin with?

why use credit?

so you don't have to carry cash around with you. so you have a record of everything you bought without having to keep receipts. so you can automatically download transactions into Money or Quicken. so you can build credit. and of course so you can get 5% cash back from citi platinum dividends

Building credit and the 5% cash back are the only two advantages over using a check card.

Airline Miles!!!! I buy/sell computers on eBay and I get a free ticket every other month or so.

 

[RabidMongoose]

I have the same credit card and got a similar card in the mail. I cleared out my credit card.

 

[oogabooga]

I use my credit card to 1) build credit but 2) it's nice knowing that there is a company, not just me, who is watching out for my purchases (intentional or not). When i had to contest a charge, it was a lot easier contesting it thanks to the CC company then had i paid cash or whathaveyou.
people who are buying a lot on their card and essentially living beyond their means by paying the min per month are asking for trouble and they'll get it soon enough.

 

[astroview]

I just got this mailing too. It says they're lowering my grace period and making me pay a 39 dollar annual fee. No word on interest rates for me.

If you want to know why, it's b/c MBNA stock lost 20% recently because lots of people are paying their CC's off early b/c of rising interest rates. Thus MBNA profits are going lower.

I don't want to close this account but if I have to, I will. I refust to pay any fee when I can have a free card from discover, amex, or citibank.

 

[Plasdom]

why close it? Just cut up the card and don't use it

 

[astroview]

Well if you cut up the card you still have an account...

So how does that get rid of the annual fee?

 

[astroview]

Well I called today. They won't get rid of the annual fee. I'll cancel the card soon.

FWIW, I forsee more companies using the annual fee model if they feel that they can't get anything from you in high interest payments. If you don't carry a balance why extend credit to you?

 

[spidey07]

Originally posted by: astroview
Well I called today. They won't get rid of the annual fee. I'll cancel the card soon.

FWIW, I forsee more companies using the annual fee model if they feel that they can't get anything from you in high interest payments. If you don't carry a balance why extend credit to you?

well I for sho ain't paying no annual fee.

But I got other notices from other cards as well...as of today no balances on any card I have.

But then again business travel is coming up and I'm now a consultant which means I charge it and get re-imbursed. Man I miss the corporate AMEX.

so any international travel that is business related I need to be sure to get re-imbursed that 3 or 5 percent "rape me" fee.

 

[Plasdom]

Originally posted by: astroview
Well if you cut up the card you still have an account...

So how does that get rid of the annual fee?

Missed the part about the annual fee. Surprised that credit cards charge that these days

 

[alphatarget1]

why don't you get another CC?

I pay my CC off online at least 7 days before it's due, if something fvcks up i can still fix it.

 

[alphatarget1]

oh yeah btw, which company is it?

 

[Plasdom]

MBNA

 

[alphatarget1]

Originally posted by: Plasdom
MBNA

damn, MBNA has been treating me pretty well. might have to rethink it now.

 

[dmcowen674]

Originally posted by: Mo0o
Holy cow 30%

Is there any limit to the % CC can charge or are they just sanctioned Loan Sharks by the U.S. Govt???

 

[cavemanmoron]

Originally posted by: FoBoT
yeah, they suck

just pay it off and get a different card with another company. not that they won't bend you over too, all the CC companies do that kind of stuff. one payment 2 days late? jack your rate to 30%, they all suck

 

[Dunbar]

You don't even need to carry a balance or pay late. If your FICO score drops they can raise your interest rate. Frontline did a good story about credit cards, you can view it here:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/

 

[iversonyin]

Originally posted by: pulse8
Can anyone explain to me the purpose of having a credit card and not carrying some kind of balance? Why not just pay it in cash?

I can understand it if you're getting rewards like frequent flyer miles or something. Otherwise, if you have the cash to pay it off at the end of the month, why not just buy it in cash to begin with?

You delay the payment.

Let say its beginning of the month and you don't have cash, you charge your credit card. By the end of the month, you would have cash (hopefully you have a job or investment that give you cashflow) and pay it off.

Why would anyone carry a balance with such high interest rate?

 

[iversonyin]

For the threadstarter:

how much of a balance you usually carry over on a monthly basis?

if you keep carrying certain amount, sh*t like this tend to happen. or if the orginal terms you agree with expire, they would create new terms anytime