Can somebody clear up this misnomer for me?

For just about anything you want to get off your chest about credit cards.
14 posts
MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Mar 31, 2014 5:56 am

Living without credit cards for many years was what trained me to be the way I am today - I treat the cards like they are debit cards not credit cards. I don't spend what I don't have and don't even think about it. I think honestly going for many years with only a debit card is a good thing. And sometimes I've thought if I had to go to cash and carry that's not the worst thing that could happen. The big PITA would be at the gas pump, having to carry around BIG cash to go in the store, drop a wad of money in there, go pump the gas then go back and deal with that again what a PITA and carrying a lot of cash into these places that get robbed, yeah that doesn't really sound great. I'd use the debit card for this stuff or buy pre-paid cards just to use for gas.


But you could survive and it wouldn't be the end of the world and frankly with Big Brother spying on our every word and act and even thought if they could (and they are working on that from what I read, seriously) maybe it would be for the better.


I'm probably a terrorist in this country for thinking this, but the way I see it, the money I earn through honest work and have paid taxes on is mine, and how much of it I chose to carry in my pocket and what I do with it (within legal means) is my affair. There is no current way for them to track that (which I'm sure bothers the hell out of them) but all too soon we will see them asking for our name, address, SSN and DOB to buy a gallon of milk or loaf of bread in the grocery store, to protect us from terrorism of course....it's coming soon to a fascist nation near you.


User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Mon Mar 31, 2014 8:12 am

JoDa wrote:And even 4 overdraft fees aren't enough that the "borrower" will be able to declare BK or enter settlement over them, so they'll get the money. I'm very happy with the way the new regs are set up, though not so much with their marketing. When the new regs went into effect, I got the emails to "accept or decline overpayment protection" and I, of course, declined. Decline the transaction if something weird happens and I don't have the money, fercrissakes! But they still send me monthly emails asking me to "protect yourself from overpayments!" i.e., let them overdraft me AND PAY FOR IT. It's very slick marketing, and for someone who didn't totally understand what they were authorizing and living on a shoestring, they may opt in to those fees unwittingly.


One of the marketing tricks I've seen banks do is "save yourself the embarrassment of being declined." Well, I don't know about you but I'd rather be embarrassed at the checkout counter because my debit card declined than having to pay $150 in overdrafts.

I was glad to see the new banking regulation which stated I had to opt into overdraft protection. Not that I use debit cards anymore, but back in the day... I would overdraft my account by a dollar or two and get hit with cascading overdraft fees (the bank couldn't run the transaction in order which would allow only one overdraft, they always ran them in the order which caused 4 or 5). And you'd call them up and they would act as if they were doing you a big favor.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Mon Mar 31, 2014 9:58 am

7055 wrote:I'm having a hard time understanding credit card companies, they seem contradictory. Why is it that you have to have a good credit score to get approved so that you are not a risk but then when you get your credit card, which is basically loaned money, they hope that you only pay the minimum balance or miss some payments so that they can make bank off of you. Doesn't that seem contradictory?

The risk thing should be self explanatory and it's really not contradictory unless you're running on some broad generalizations and incorrect assumptions.

I haven't seen anything that indicates that definitively proves that creditors want consumers to only pay minimums. Paying only the minimum will certainly adversely affect your credit, potential CLI's, future approvals, etc. Yes, they do make money off interest and fees but it's a bit of a leap to say that they intend for everyone to do so.

They still make money on swipe fees, AF's, etc.

darkguy2
Centurion Member
Centurion Member
 
Posts: 606
Joined: Thu Jan 24, 2013 12:24 am
Location: United States

Postby darkguy2 » Mon Mar 31, 2014 2:12 pm

MemberSince99 wrote:I'm probably a terrorist in this country for thinking this, but the way I see it, the money I earn through honest work and have paid taxes on is mine, and how much of it I chose to carry in my pocket and what I do with it (within legal means) is my affair. There is no current way for them to track that (which I'm sure bothers the hell out of them) but all too soon we will see them asking for our name, address, SSN and DOB to buy a gallon of milk or loaf of bread in the grocery store, to protect us from terrorism of course....it's coming soon to a fascist nation near you.


They can already track what you buy. Why do you think they push you to use their store savings card? They track everything you buy and sell it to make money. They do not just put things on sale to be nice. That is where a lot of grocery stores make a lot of their money. Every time I go to the Target pharmacy they try to get me to sign up for their savings card. The last thing I want is for them to be able to track what medication I am getting. People seem to easily trade their privacy for discounts nowadays.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: DavidSpode and 2 guests