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| User Info | Credit Card Bill and Bank Debt in forum [Ticker] | |||
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Genesis Posts: 71403 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1050-C....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me Last modified:
2009-05-19 15:41:17 by genesis
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Binney Posts: 2326 Incept: 2008-08-27 
Riverhead, NY
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I'm with you Karl, if the banks start imposing fees on my cards they'll hear "Bite Me" from me too!
---------- Holy crap!!!! I'm a left leaning authoritarian!
2009-05-19 15:34:37
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Mondocondo Posts: 3141 Incept: 2007-12-03
Miami
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I'm with you on this. I never carry a balance, use only no-fee cards, and use the ones that give me some reward points. If they start imposing a fee, goodbye card. If they start charging interest whether I pay it all off at the end of every month, goodbye card. If they cut out the rewards program, well, I'll look for a different card that still has one. I can live fine without the cards. It's purely a matter of convenience. **** THEM and their partners in crime in Congress.
2009-05-19 15:40:05
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Dji Posts: 720 Incept: 2009-04-21
Fleming Island Online
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cash is king!!!! consumer spending 0% coming soon ---------- What goes up Must come Down- Alan Parsons Project THE TRUTH HURTS! -Dji
2009-05-19 15:44:20
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Keewaydin Posts: 1547 Incept: 2007-08-22
Just a fleshwound!
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Quote:I'm with you on this. I never carry a balance, use only no-fee cards, and use the ones that give me some reward points. If they start imposing a fee, goodbye card. If they start charging interest whether I pay it all off at the end of every month, goodbye card. If they cut out the rewards program, well, I'll look for a different card that still has one. I can live fine without the cards. It's purely a matter of convenience. **** THEM and their partners in crime in Congress. My thoughts exactly.
2009-05-19 15:45:26
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Templar223 Posts: 397 Incept: 2008-04-28 
Champaign, IL
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Fee? Oh, hell no. Grace period? Or else. Want me to pay for deadbeat Charlie? Go **** yourself. Two things: I recently canceled a Chase card after they took seven business days to process a payment, making it a day "late". That's not timely, and I chalked it up to them "slowing" the processing so as to ding otherwise timely customers. The fees + interest ate up about a third of the "cash back bonus" that I had earned with the card. **** them. Paid in full and canceled. I get a statement for a dollar the next month. Interest on the late fee and interest... So I sent them $1.02. And had them expend that dollar to generate and print a 2 cent check to refund the credit. (Thanks to my boss for the suggestion, BTW). Secondly, if even half of the people like me, my mom, Karl and other TF members cancel their cards if grace periods are eliminated, that will leave them with a high percentage of deadbeats as customers. Look for those chargeoff percentages (whatever they call them in the credit card lingo) to rocket from the current 10% default rate to 20% and more - they will face percentages of defaults higher than the subprime liar home loans! I like my credit cards and have had them for an average of about 20 years, but not enough to pay annual fees or interest during the grace period. John
2009-05-19 16:00:07
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Tbear Posts: 2527 Incept: 2007-10-30
Tug Hill
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I went through the divorce from hell a few years back...every time she went to court (and they were frequent!) she pushed the spending issue, and if there were two nickles left, she wanted them both, plus a third. (plus attorney fees). It got me in the habit of living on cash and never using cards. Now i can't break the habit...which is fine. Paying with cash can be done, easily, so F these card companies when they try to dry **** their customers. Become a former customer.....then let's see how profitable they are. And by the way, thanks for setting the record straight, Gen. Those of us who pay our bills every month are giving the card companies 1% (half that two percent fee they get from our purchases, through the merchant), and in my book, that is 12% a year on a 30 day billing cycle. Borrow from the dirty masses at virtually zero, and lend out a rates from 12 to 30%. I can't cry for them whatsoever.
2009-05-19 16:00:11
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Bogey Posts: 727 Incept: 2008-03-12
Montana Online
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Having just read the ticker and halfway through the comments, my Outlook chimes in with the following: Bogey, learn more about your rewards Capital One [capitalone@email.capitalone.com] Wasting no time are we? On another note, when are the merchants going to fight back for the right to offer a cash discount (aka credit surcharge)? Last modified:
2009-05-19 16:10:51 by bogey
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Jenha Posts: 57 Incept: 2009-03-27 Florida
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I got a letter TODAY from Crapital One raising my interest rate to nearly 16%. This is on a card I got nearly 20 years ago as a freshman in college. I've never been late with a payment and carry a very small balance. They'll now lose me as a customer as I'll be choosing the "decline and close" option. I wish them luck when all they have left are the leeches. So what's 29% of blood from a stone, anyway? KD, thanks for all you do! As a J6P member of the sheeple class, I don't always understand everything you are talking about, but thanks to reading your tickers, I've got a much better grasp of the mess we're in than do the rest of my ilk.
2009-05-19 16:09:14
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Eighty6thebs Posts: 768 Incept: 2007-06-26
It's contained to sub-prime!
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This reminded me to call Amex and cut my card from Platinum back to regular and stop that 150 annual fee. I agree..."Grace period? Or else!" They eliminate the grace period or do anything else that makes it cost 1 cent to me, the 50k in annual purchases will come off that bitch so fast they won’t know what happened. ---------- "Sounds to me like you guys are a couple of bookies" - Billy Ray Valentine
2009-05-19 16:13:08
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Binney Posts: 2326 Incept: 2008-08-27
Riverhead, NY
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bogey wrote..Bogey, learn more about your rewards ha-ha, me too and to make it just a little wierder 2 of the "featured" rewards: 1. Cash is King (just like the above poster said) 2. A Genesis grill from Weber I had to look twice! ---------- Holy crap!!!! I'm a left leaning authoritarian!
2009-05-19 16:15:47
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Seektruth Posts: 380 Incept: 2007-09-01
Online
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Go ahead, banks. Make my day. Watch how fast I close out all my credit card accounts. I don't need credit cards, they're nothing more than a convenience item.
---------- Those who hammer their guns into plows will plow for those who do not.
2009-05-19 16:18:42
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Spaceoptimist Posts: 12 Incept: 2008-05-13
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I thought I would come over and express my frustration at the stupidity and I find I'm not alone. Way back when I started college I was told a credit card would be a better way to manage cash. All I had to do was pay it off and it wouldn't cost me. I walked out the dorm and signed up. Yes it was that easy. I even got a shirt. Sucks for them. Going on 15 years now that I've paid it off. They'll be surprised how fast I cancel cards if they try to charge me. I expect a few of my cards issued by the majors might try this stunt, but I would think the smaller issuers will play nice. Fine with me. I prefer the small guys anyway. Maybe I'll get a card from my credit union. They seem nice.
2009-05-19 16:19:32
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Arrack979 Posts: 1271 Incept: 2008-07-15
Blue State Hell
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Anybody think this will be a given if you have a CC by BOA?
---------- Cash IS a position, just like fetal and reverse cowgirl
2009-05-19 16:29:36
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Xqqme Posts: 76 Incept: 2009-01-09
Ohio
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Templar223 said, "Want me to pay for deadbeat Charlie? Go **** yourself." Ditto!
2009-05-19 16:31:06
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Wombat3923 Posts: 375 Incept: 2008-01-13
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If people stop using their credit cards, what will happen to Amazon and Paypal and other retail online outlets?
2009-05-19 16:36:49
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Koaj Posts: 950 Incept: 2009-02-03
NJ
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my wife got the rate hike notice from BofA a few weeks ago. no balance, everything paid in full. rate was hiked to 24 or 26% i told her to cut it up and be done with CCs if Amex pulls this on me i'm gone
2009-05-19 16:37:13
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Ruffcut Posts: 2187 Incept: 2007-07-07 Mushagain Online
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Take away the grace period, and let the bank****s shoot themselves with a the bazooka paulscum was always talking about. There are growing gas stations that discount for cash verse credit sales. I think they don't like you not coming in to pay and buying a coke and candy bar to improve your figure. Take away the grace period, won't help online sales much either. Simply put..... ****ing crooks..... ---------- Support locally, and **** off globally!
2009-05-19 16:38:24
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Lostinspace Posts: 52 Incept: 2009-05-06
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I agree with everyone here. I have an AMEX Delta Miles card, so I pay $55 per month. I also pay off my card every month. If that fee increases or they start charging interest on immediate balances, I will cancel. It is only convenience for me too and I like the miles for traveling, however, it will be gone immediately and I will pay by check and cash. The fact they're even thinking about this makes me want to cancel my cards. Can't we get an ATM card anymore without it being a VISA card?
2009-05-19 16:41:33
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Lostinspace Posts: 52 Incept: 2009-05-06
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By the way, for your credit score, it is actually better to cut up your cards and not use them again then to officially cancel them.
2009-05-19 16:42:49
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Genesis Posts: 71403 Incept: 2007-06-26
KD^2
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True, but I don't give a **** since I don't need credit. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-05-19 16:43:20
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Ruffcut Posts: 2187 Incept: 2007-07-07 Mushagain Online
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Writing checks again, at the grocery store, really, seriously sucks....
---------- Support locally, and **** off globally!
2009-05-19 16:46:25
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Eighty6thebs Posts: 768 Incept: 2007-06-26
It's contained to sub-prime!
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Someone has to handle the processing just as your bank has to cover up processing fees on checks and cash withdrawals. I'm ok with VISA making some amount of processing fee recovery but nothing that would subsidize below market interest rates for dead beats like I already do via the GSE’s on homes, via the government on SBA loans, via Sallie Mae on student loans, via FHA on first time home owners, via the inner city programs for “revitalization”, via the Federal Reserve on T-bill loans, and the 100 other bull**** government programs. Do people understand how ****ed up this country really is?
---------- "Sounds to me like you guys are a couple of bookies" - Billy Ray Valentine
2009-05-19 16:49:24
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Ruffcut Posts: 2187 Incept: 2007-07-07 Mushagain Online
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Geez, Eighty. Most people have a sense, how ****ed up we are, but must feel better to attack you for "being negative", than seek the truth and face the music. ---------- Support locally, and **** off globally!
2009-05-19 16:54:07
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Sandor Posts: 1002 Incept: 2007-08-08
Deltaville,Virginia
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I use my Emigrant Direct MasterCard for everything, and pay it off at the end of the month. They give me 1.4% cashback on all purchases, deposited to my Emigrant Direct account every 6 months. I have had the account for about 3 years and earned $814 cash back so far, and I'm at $243 cash back heading to my August cashback payout date. Since I'm about to build another house (I charge all the material on this card), I'm expecting about a $500 payout this August. The money in the local bank earns 3% and I get to float the debt (and keep earning interest) for 30 days (max) for free. They upped my credit line last month to $19.5K. My BoA card I use to charge my monthly health insurance premium has a line of $38.5K All this being said, remove these benefits and I'll go to the debit card and never look back. I have it good, for now.
2009-05-19 16:57:22
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