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Credit card education

  1. #101
    First name on the shit list.... SVRACER01's Avatar
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    Quote Originally Posted by CEO
    While all of the rates are listed as "variable" for credit cards, I have never once had a rate go UP... in fact, I've had a bunch of them drop (I think it's when you have good history or your credit score improves.

    As someone said, you can use credit cards like a debit card. Make some purchases, then make the payment from your account. If you don't have your money in the account, don't make the purchase. It's not terribly hard to be disciplined. Also, the credit is then there if you need it or have a problem.
    I wish I could agree with the first half of this. I had a card that started at something like 12% and it wasnt an introductory thing. At one point I had a balance of over $15k on it and ALWAYS made my payments. Every year the rate would go up a little.I always overpaid, not much, usually just rounded up to the next $10. One time it went up enough without me noticing that my usual payment wasnt enough so not only did I get hit with a late fee but they bumped my interest rate to the max (23%). The only payment I ever missed in almost 10 years and I didnt even really miss it, just didnt send enough, and they jammed it in my ass.
    I called and bitched. They waived the late fee and after talking to a supervisor they waived the hike in interest. I asked why they keep raising it and as such a good customer I should be rewarded with lower rates not higher. He told me that if I couldnt make my payments then they could give me some stupid low rate to help but id have to miss a few payments (thus fucking my credit score) before they could do that.
    I cancelled the card, and made payments for the next few months until I could transfer it.
    funny thing is when I called to cancel the account the lady told me that if I cancelled I wouldnt be eligible for any drops in interest rates. I told her that in 10 years its only ever gone up so ill take my chances. By cancelling the account I was locked into the rate I had at the time of cancellation.

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  2. #102
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    I would think that when you carry a balance like that, they have zero incentive to lower your rates.... cuz that's. how. they. make. money.
    If you DON'T carry a balance, they have more incentive to lower your rates so that you WILL.... cuz that's. how. they. make. money.

    My father had an issue with American Express over a decade ago... I remember him telling me about the phone call.
    "But I always pay my card off in full every month! I AM AN EXCELLENT CUSTOMER!"
    "Sir, with all due respect, excellent customers like you don't make us a dime."

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    Last edited by OreoGaborio; 08-21-14 at 05:54 AM.
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  3. #103
    Lifer Chippertheripper's Avatar
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    I would think that when you carry a balance like that, they have zero incentive to lower your rates.... cuz that's. how. they. make. money.
    If you DON'T carry a balance, they have more incentive to lower your rates so that you WILL.... cuz that's. how. they. make. money.

    My father had an issue with American Express over a decade ago... I remember him telling me about the phone call.
    "But I always pay my card off in full every month! I AM AN EXCELLENT CUSTOMER!"
    "Sir, with all due respect, excellent customers like you don't make us a dime."
    Exactly. So why give those asshats any money at all?
    Why, when your bank will give you the same convenience of having a card for free most times?

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  4. #104
    Lifer ZX-12R's Avatar
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    "Sir, with all due respect, excellent customers like you don't make us a dime."
    AmEx has some of the highest transaction fees in the credit card world. They make plenty of money off of people who pay their bills in full.

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  5. #105
    Burns retinas nhbubba's Avatar
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    My father had an issue with American Express over a decade ago... I remember him telling me about the phone call.
    "But I always pay my card off in full every month! I AM AN EXCELLENT CUSTOMER!"
    "Sir, with all due respect, excellent customers like you don't make us a dime."
    But that is false. Credit card companies also make money off the retailer. They charge the retailer a fee to accept their cards. If you carry a balance, CC companies make money on both ends of the transaction.
    Also more card holders => more clout. No retailer is going to want to accept a card nobody carries.

    CC companies have plenty of incentive to keep "excellent" customers like your dad.

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  6. #106
    Burns retinas nhbubba's Avatar
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    Re: Credit card education

    Quote Originally Posted by Chippertheripper View Post
    Why, when your bank will give you the same convenience of having a card for free most times?
    The problem with debit cards is they work backwards from cc cards. With a debit card, the money is deducted from your account immediately. With a cc, you deduct that card at the end o the month when you write the check or pay online electronically. With a bogus transaction on a debit card, it's like the IRS; guilty until proven innocent. The money is gone. Sure, you may will get it back eventually when you contest. But in the meantime, you gots noz moniez. If you were about to write your rent or mortgage check, well, you're fucked. Meanwhile with a cc you don't pay the bogus transaction until they prove it isn't bogus. Sure, you will pay some late fees and/or interest. But if you're in the right, you pay nothing and still make that rent payment.

    CC's are a tool of convenience. Used effectively they are a great tool.
    Debit cards are also a tool of convenience. Like a philips JIS vs a flat-head, each has their use.

    Personally, I am very, very careful about where I use my debit card.

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    Last edited by nhbubba; 08-21-14 at 06:13 AM.

  7. #107
    Super Moderator TheIglu's Avatar
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    Re: Credit card education

    Bubs nailed it. I get no benefits when using my debit. I get points and security assurances when using my CC. Simple as that.

    My wife, after listening to my advice of always using credit when non-local or at a place you don't frequent, must of got confused and has since always used her debit at shady establishments or when travelling.

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  8. #108
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    Re: Credit card education

    Quote Originally Posted by ZX-12R View Post
    AmEx has some of the highest transaction fees in the credit card world. They make plenty of money off of people who pay their bills in full.
    Quote Originally Posted by nhbubba View Post
    But that is false. Credit card companies also make money off the retailer.
    sigh.... COMPARATIVELY. They make a lot more off of customers that carry a balance w/ a nice juicy APR than customers that don't.

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  9. #109
    Burns retinas nhbubba's Avatar
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    Re: Credit card education

    It just doesn't make sense that a CC co would treat customers that don't carry a balance like shit just because they aren't collecting interest off them. It also doesn't match my experience. Discover has fallen over itself to treat me right over the last 15-ish years. And they've made maybe $20 directly off me in fees and interest.

    I guess one should avoid AmEx.. COMPARATIVELY speaking.

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  10. #110
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    WTF, Colin... Who the hell said they were treating him like shit?
    They changed their layout on the bill and my dad mistakenly paid the min payment amount instead of the full ballance.
    He called, pleaded his case & they waived the interest. They weren't being aholes, the guy was just speaking friendly, honestly and frankly..... you know... how people USED to speak to customers.

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    Last edited by OreoGaborio; 08-21-14 at 08:31 AM.
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  11. #111
    Burns retinas nhbubba's Avatar
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    Re: Credit card education

    Geezus H. Didn't intend to piss in cherios. Nevermind.

    Guess I read too much into your post. Now I'm not clear on what point you were trying to convey.

    But really, it doesn't matter. Disregard.

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  12. #112
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    sigh.... COMPARATIVELY. They make a lot more off of customers that carry a balance w/ a nice juicy APR than customers that don't.
    THAT.

    Am I speaking Chinese or something?

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  13. #113
    Super Moderator TheIglu's Avatar
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    Re: Credit card education

    BING BONG DING DING DONG

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  14. #114
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    Re: Credit card education


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  15. #115
    Super Moderator TheIglu's Avatar
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    Re: Credit card education

    Because of this thread, I'm having chinese for lunch for the second time this week. DERISHUS.

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  16. #116
    Lifer ZX-12R's Avatar
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    Re: Credit card education

    Sum-yung-gai?

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  17. #117
    Super Moderator TheIglu's Avatar
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    Re: Credit card education

    I'm gunna put it on my Amex too!

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  18. #118
    Day late, dollar short carsick's Avatar
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    Re: Credit card education

    Don't piss in the Oreos.

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  19. #119
    Burns retinas nhbubba's Avatar
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    Re: Credit card education

    Whatever. Just don't scratch my rimz, yo.

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  20. #120
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    Quote Originally Posted by carsick View Post
    Don't piss in the Oreos.
    Right?!?! Seriously...

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  21. #121
    First name on the shit list.... SVRACER01's Avatar
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    Re: Credit card education

    well they get nothing if i close the account, so they can suck it trebek

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  22. #122
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    Just got approved for Amex Blue Preferred. Thanks for the tips, guys.

    I also created a Google Drive spreadsheet that's easy to use for Jackie & I to get a snapshot of shared living expenses.
    The spreadsheet shows past AND upcoming shared expenses (groceries, rent, utilities, etc), when it was (or will be) accrued, how much, as well as who paid for it.
    Then it has a couple of cells off to the side that automatically calculates how much we've each paid & who owes who.

    Should work well. If anyone wants something similar I can create a copy of it & share it with you on Google Drive.

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    Last edited by OreoGaborio; 08-25-14 at 08:28 AM.
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  23. #123
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    Just got approved for Amex Blue Preferred. Thanks for the tips, guys.

    I also created a Google Drive spreadsheet that's easy to use for Jackie & I to get a snapshot of shared living expenses.
    The spreadsheet shows past AND upcoming shared expenses (groceries, rent, utilities, etc), when it was (or will be) accrued, how much, as well as who paid for it.
    Then it has a couple of cells off to the side that automatically calculates how much we've each paid & who owes who.

    Should work well. If anyone wants something similar I can create a copy of it & share it with you on Google Drive.
    FWIW - when Rob and I moved in together we created a joint checking account that we each contributed an equal amount to each month. We calculated our living expenses (rent, groceries, utilities, etc) and paid only those things out of the joint account. Car payments, gas, personal fun time stuff, etc, were all paid for out of our own individual accounts. As we got more committed (engaged, then married, then a family), we started paying more stuff out of (and contributing differently and more to) the joint account, and keeping less for our own fun money. It works great for us, saves a ton of bickering over stupid money things (like going out to lunch or guys/girls night out), and was probably the smartest financial move either of us ever made.

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  24. #124
    Super Moderator OreoGaborio's Avatar
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    Re: Credit card education

    Yeah that may be an option at some point, too

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  25. #125
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    Re: Credit card education

    Quote Originally Posted by OreoGaborio View Post
    Yeah that may be an option at some point, too
    We started real small - like $600/month each - $800 to rent, and then $400 for utilities and groceries (we ate out a lot). We had every security measure on there like we both had to approve closing of the account and whatnot.

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