Just read this about credit card companies

amulford

The CC companies are just out to get all they can before the new legislation against egregious lending practices kicks in next years.

Citi has effed my credit up so badly it's not even funny. But I have something for them...Hehehe...

PhantomOG

polkatese wrote: »

Chuck, just to clarify for my own education here, I thought those Debit cards carrying the MasterCard or Visa logo are also protected by a maximum of $50 exposure/liability (if it is Lost or Stolen and reported in a timely manner, which is usually up to 72 hours or whatever the issuer institutions deemed to be timely)? is it not or has it change recently?

The problem with debit cards is they are directly linked to your checking account. The longer it takes you to notice a fraud issue the more of a chance your checking account will be completely drained. Then you are at the mercy of your bank to get your money back to you, not to mention any issues you might have with automatic transfers for mortgage/car payments/student loans getting bounced because of a negative balance. Or what if you do actually need CASH during the time the bank is investigating the fraud issue? During the time that the bank is dealing with the fraud (which can take several days) you are S.O.L. With credit cards you don't have this issue. Plus most credit cards offer alot more perks than debit cards -- extended warranties, rental insurance, much better reward programs, etc.

WilliamM2

nadams wrote: »

Steveinaz- Keep in mind the banks are out to get the interest money. You were paying too much... It's the people who pay off their cards every month that are getting their cards closed. If you pay it every month, you don't make them any money!!!

Not only don't they make any money off you if you pay the balance, but since getting my Chase Amazon Visa in March, I have earned $100 cash back and $75 in Amazon gift cards, probably have enough points for $50 more now.:)

Wonder how long before they close my account?:(

WilliamM2

steveinaz wrote: »

I've paid my bills. I'll never have another credit card---but then again, I have that luxury.

How can you live without a card? I use mine for everything, that way there's no need to carry cash, and some stores won't take a personal check, especially if you are out of town. Then there are internet purchases, probably save thousands a year that way, and I love having things delivered to my door, instead wasting time and gas to go get them.

And without internet purchases, my audio hobby would disappear, there are no audio dealers left in my area.

apphd

PhantomOG wrote: »

The problem with debit cards is they are directly linked to your checking account. The longer it takes you to notice a fraud issue the more of a chance your checking account will be completely drained. Then you are at the mercy of your bank to get your money back to you, not to mention any issues you might have with automatic transfers for mortgage/car payments/student loans getting bounced because of a negative balance. Or what if you do actually need CASH during the time the bank is investigating the fraud issue? During the time that the bank is dealing with the fraud (which can take several days) you are S.O.L. With credit cards you don't have this issue. Plus most credit cards offer alot more perks than debit cards -- extended warranties, rental insurance, much better reward programs, etc.

I maintain 2 different checking accounts for this. My main checking account with a min. balance and free checking, and a second account I keep just a small amount in. No good for large $$ use, but for small things I did not plan enough in advance to have cash in my pocket, (wife calls to have me pick up a "few" things on my way home) it works.


Chase really gets me pi$$ed. When I had a job, we went on reduced work hrs. the state has a program that allows you to claim partial unemployment. They used Chase for this, who issued a debit card. Not many ATM's in our area "linked" to them, others ATM $1 charge by Chase, + what ever that ATMs owner charged. You could use an affiliate ATM twice a month, if you tried to use it more, $.50 charge for checking your balance. Anyway about a page of small print on all the extra little charges, which are small to any one person, but I wish I had the added profit this must have been generating for them over a year.

I agree the only thing cc are good for is creating a credit history for the large (home/car) loans we need to make.

potee

The only time we use a cc is when we buy something that is interest free for a year or 2. If not interest free we pay for it. It took a long time to get here but its nice not have to give them any of my money. I use a debtit card for small stuff no charge by my bank.

heiney9

WilliamM2 wrote: »

How can you live without a card? I use mine for everything, that way there's no need to carry cash, and some stores won't take a personal check, especially if you are out of town. Then there are internet purchases, probably save thousands a year that way, and I love having things delivered to my door, instead wasting time and gas to go get them.

And without internet purchases, my audio hobby would disappear, there are no audio dealers left in my area.

Ever hear of a DEBIT card. I use that instead of cash or checks and I save as much money as you and have things delivered to my door. I have one CC which usually carries carries < $300 balance.

I do sometimes use my CC for internet purchases for extra protection but it's probably still 70/30 DEBIT card. I also use PayPal a lot to pay for things on the internet. More and more places are accepting PayPal.

The thing is when I got out of college and my fiance and I lived on CC's, and I got into debt fairly quickly.......this was the 90's when credit was fairly cheap and easy to get. With all that behind me, I will not go into huge CC debt ever again. If I don't have cash, I don;t buy..........unless it's something large then I try to get 90 days same as cash....etc.

H9

WilliamM2

heiney9 wrote: »

Ever hear of a DEBIT card. I use that instead of cash or checks and I save as much money as you and have things delivered to my door. I have one CC which usually carries carries < $300 balance.

Yes I have heard of a debit card, I just have no use for them. I carry no balance on my cards, pretty much the same as using a debit card, except I get better protection, and usually earn between $25 and $50 cash back a month.

hockeyboy

I received a notice from my Citi credit card that they are changing terms to 29.99%. The card had a 35K spending limit with a balance of 2K. Last I checked, me credit score was close to 800. I really only ever kept the card for things like dentist bills that didn't take AMX as I am comfortable enough financially. I also kept the card because I had it since the 90's and closing those accounts is not good for your score. Anyway F my score, that is straight unethical so I cancelled that account and am paying it off next paycheck.

NotaSuv

WilliamM2 wrote: »

Not only don't they make any money off you if you pay the balance, but since getting my Chase Amazon Visa in March, I have earned $100 cash back and $75 in Amazon gift cards, probably have enough points for $50 more now.:)

Wonder how long before they close my account?:(

LOL.... the companies make $$ on EVERY transaction made...every transaction on every card.. just because you pay off your balance you really believe they aren't making money...hhhhmmm thats like saying cables dont make a difference

nguyendot

I had a Visa for 6+ years, and when it came time to buy a car, I got the loan, but it sure didn't build enough credit to help my rate...

Now after having a car loan and mortgage, that really put my credit rating through the roof.

I wasn't born with a silver spoon in my mouth, but I pay my balance off EVERY month. That's the smart thing to do. Emergencies come up and they're great for that, but nothing beats being smart with your money. If you don't make enough for it, don't buy it.

Debit cards are dangerous - they can drain your account quickly if stolen. I only use mine at Sams club and the ATM, otherwise it never, ever gets used.

WilliamM2

NotaSuv wrote: »

LOL.... the companies make $$ on EVERY transaction made...every transaction on every card.. just because you pay off your balance you really believe they aren't making money...hhhhmmm thats like saying cables dont make a difference

I didn't say they don't make any money, I said they don't make any from me. I get money back everytime I use it.