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Credit Card Usage will keep you poor by jaybug56
Started on: 12-29-2017 01:36 PM
Replies: 25 (736 views)
Last post by: rogergarrison on 12-31-2017 07:20 PM
jaybug56
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Report this Post12-29-2017 01:36 PM Click Here to See the Profile for jaybug56Send a Private Message to jaybug56Edit/Delete MessageReply w/QuoteDirect Link to This Post
This is getting ridiculous.
I am kind-of to blame this on The whole paperless banking system that we now have. I can do all of my banking on the internet and never look at another paper statement ever again. I have become very complacent about the statements and rarely look at them. I look at my accounts almost everyday. It's just plain easy. Isn't life great.

I have a credit card that expires this month and I got a new one in the mail. I called the 800 number to activate it and had no problems doing it. Next day I used the card and it worked just fine. A week after doing so, I received in the mail a letter from the bank issuing the card with the updated "TERMS" for the card. I was shocked to see the interest rate had changed from 10.24% (where it had been at for at least 6 years) all the way to 24.00%.

This must be a mistake. I have been with the same big nation wide (maybe world wide) bank for 20 years and have good to excellent credit rating. Surely they wouldn't treat a loyal customer this way. After talking to the customer service rep for almost one hour, there is nothing to be done about this. It's the way it's going to be, There is nothing I can do, There is no way to go back to the original rate. He says " You did agree to the new terms simply by activating the new card. If you had called before activating maybe something could have been done." HOLY **** What a con game. How was I supposed to know that the rate would change?

So, The only way around the new 24% interest is pay off the damn card every month. No problem. It will just take a little more attention to the calendar each month to make sure the auto pay is actually working. The problem with that is Auto Pay is on the 27th and the billing cycle ends 7 days later.

I was checking my credit card statement today which I haven't done for a long time.I actually read it quite thoroughly.

This is what I cut and pasted from that statement


New Balance $30.23
Payment Due Date 12/27/17
Minimum Payment Due $30.00
If we do not receive your minimum payment
by the date listed above, you may have to pay a late fee of up to $37.00


HOLY CRAP

The big bank is just going to keep you down if you happen to fall
Up to $37.00 late fee.
Going from 10.24% up to 24% was bad enough


I guess using my credit card for the Reward Points is not going to be worth it any more
Thanks for letting me rant on about this

Keep your eyes open

Jay

[This message has been edited by jaybug56 (edited 12-29-2017).]

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RayOtton
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Report this Post12-29-2017 02:25 PM Click Here to See the Profile for RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
All due respect. I dunno about the warning, seems you SHOULD have been watching all along.

I've been a credit card user for 40 years and have NEVER paid either a penalty or made a partial payment.

I bought four cars using the GM points for a total of $15K off the price of those vehicles. I quit doing that a few years back because I'm not buying any more new cars.

However, I routinely get back $1K in points each year by using a card to buy everything and paying it off each month at least a week before it's due.

I'm also a credit card slut. I'll go with whoever offers the best deal.

See, each year around this time certain cards offer cash to join up. Last year it was $150 from Chase Visa, this year it's $200 from Wells Fargo Mastercard.

So, I've already got the Wells Fargo card ready to go and once the December Chase bill is paid I'll cancel that card.

How's this affect my credit rating?

It's 820, so, I'd say not so much.

The moral.

Use them, don't let them use you.
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Report this Post12-29-2017 02:36 PM Click Here to See the Profile for 82-T/A [At Work]Send a Private Message to 82-T/A [At Work]Edit/Delete MessageReply w/QuoteDirect Link to This Post
I've been REALLY bad about paying my bills on time, which is totally irresponsible.

My wife always used to pay all the bills for me. I'd just give her money, and she'd pay them. Hahah...

When I moved to San Antonio, we were apart for 4 months while my daughter finished school in Florida, and I renovated the house here in Texas before they moved in.

During that time, I opened all new accounts so I had two power bills and cable bills... blah blah.


Wife still paid them all in Florida, but here in Texas, it's happened at least 4-5 times I've gotten an e-mail saying that I am "late" on my payment.

CRAP! So I log in really fast and pay it.


I really have no excuse... but I'm going to have my wife pay them from now on so I don't keep doing this.


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jaybug56
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Report this Post12-29-2017 02:59 PM Click Here to See the Profile for jaybug56Send a Private Message to jaybug56Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by RayOtton:

All due respect. I dunno about the warning, seems you SHOULD have been watching all along.

I've been a credit card user for 40 years and have NEVER paid either a penalty or made a partial payment.

I bought four cars using the GM points for a total of $15K off the price of those vehicles. I quit doing that a few years back because I'm not buying any more new cars.

However, I routinely get back $1K in points each year by using a card to buy everything and paying it off each month at least a week before it's due.

I'm also a credit card slut. I'll go with whoever offers the best deal.

See, each year around this time certain cards offer cash to join up. Last year it was $150 from Chase Visa, this year it's $200 from Wells Fargo Mastercard.

So, I've already got the Wells Fargo card ready to go and once the December Chase bill is paid I'll cancel that card.

How's this affect my credit rating?

It's 820, so, I'd say not so much.

The moral.

Use them, don't let them use you.


Obviously you have used them well

So have I

I've never paid a penalty

Others.... Who knows
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Report this Post12-29-2017 03:04 PM Click Here to See the Profile for rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
If you sign up for FREE creditkarma.com (and it is free, no card info needed), you can check your credit report as often as you like. ANOTHER thing they do is going by your credit history, they will recommend cards that would be profitable to you. They also can use the info on you they have to tell you whether or not an application would be accepted before you even bother calling them.

I also read every page of every card statement I get, and I also check my bank accounts online often...usually each day. Thieves if they steal a card or card number, might wait a month and charge something small a few times like for a cup of coffee to see if it works ok, THEN go by tvs, lawn equip, and other big ticket items before you know it.

[This message has been edited by rogergarrison (edited 12-29-2017).]

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Report this Post12-29-2017 03:22 PM Click Here to See the Profile for RWDPLZClick Here to visit RWDPLZ's HomePageSend a Private Message to RWDPLZEdit/Delete MessageReply w/QuoteDirect Link to This Post
Don't get mad, get even. Assuming there are no annual or monthly fees, it doesn't cost you anything to keep the card open. Use it once in a while to keep it open, and it will help your credit score up, by having the amount of available credit on the card added to your total available credit, and the length of time you've had the card increases your credit history average account age.

Even a 24% interest card can be useful. Do you have any balance transfer offers on the card? 0% interest for 12 months? You can use those to transfer balances from other cards you're paying interest on (or about to start paying interest on) to this card, and likely pay only a 3% fee on the total. Park the money there and make minimum payments. Pay it off in full a couple months before the balance transfer promo period ends. All it cost you was the fee, likely less than you were paying in interest on the other cards, unless you're paying off the cards in full every month.

If you're going to buy a car or house and need financing (not paying cash for it), you can use it to help manipulate your credit score. The 'sweet spot' seems to be around 5-10% credit utilization. New cards frequently have 0% interest introductory offers, you can have a balance on them without costing you money. I noticed my score was lower when I paid them all off in full every month, because the banks consider those people to be 'deadbeats', that they couldn't make any money off of.

Fool them, trick them, and manipulate them to your whim. It costs a few bucks, but ultimately it saves you thousands if not tens of thousands. Figure out their game, and use it against them, to the extent it can be. The system they have concocted is overwhelmingly in their favor, but it CAN be done, like counting cards in a casino.
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Report this Post12-29-2017 03:43 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
I got rid of all of mine 5 years ago, and refuse to get another one. If I need to order something with one, I just get a single-use pre-pay card.

I also picked an apartment with utilities included, my phone is a pre-pay monthly no-contract deal, and my only recurring bill is internet.

Its not easy to set up to live like this, but after the stress dealing with life from 07-15 I wanted simple, no worries living. I really have had enough of jumping or else every time somebody or some corporation opens its hole, so I set life up as one giant **** you.

Dunno if I really solved anything though, because now I spend 3 times the past energy fighting off azzholes who feel that just because THEY want me to have something, I should be spending MY money and jumping thru their hoops to keep them happy and me miserable.
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Report this Post12-29-2017 04:26 PM Click Here to See the Profile for RaydarSend a Private Message to RaydarEdit/Delete MessageReply w/QuoteDirect Link to This Post
Do you listen to Clark Howard?
The truth of the matter is that big banks don't want your business. It costs them money to maintain "piddling little" consumer accounts, when they would rather be managing large corporate accounts.
That being the case, I am only too happy to oblige. I closed my last account (a CD) with Wells Fargo, a few weeks ago. Eff the bastages.
All of my business is done with my credit union.
My wife and I still have a joint account with Regions, that we use for our bills, but Regions is still small enough to have a clue as to how to treat people.
I pay off my credit card every month. Our joint card doesn't carry a large balance, and also gives us cash back at the end of the year.
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Report this Post12-29-2017 06:06 PM Click Here to See the Profile for Rickady88GTSend a Private Message to Rickady88GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
Credit cards are racist, stay away from them.
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Report this Post12-29-2017 10:59 PM Click Here to See the Profile for maryjaneSend a Private Message to maryjaneEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Rickady88GT:

Credit cards are racist, stay away from them.

Only if you use them to buy asparagus at a farmer's market.,
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Report this Post12-30-2017 12:21 AM Click Here to See the Profile for Rickady88GTSend a Private Message to Rickady88GTEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by maryjane:

Only if you use them to buy asparagus at a farmer's market.,


LOL, you may have a point. I was over thinking it, keeping people down in debt and all.
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Report this Post12-30-2017 01:50 AM Click Here to See the Profile for FriendGregorySend a Private Message to FriendGregoryEdit/Delete MessageReply w/QuoteDirect Link to This Post
It was a hard lesson but, it is important to be constantly doing math and compromising. I was paying in credit card interest as much as a nicer Mercedes payment back when I was about 26. In the last 20 plus years maybe 6 different months I rolled any balance from one month to another. It is important to be paying attention to your money or you will not have any.
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Report this Post12-30-2017 02:18 AM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
"Credit Card Usage will keep you poor"
Only when your dumb and spend more then can pay off every month.
And No surprise to many that Min Pay often doesn't even pay interest for most cards and been so for last 2 decades or more.

I haven't paid Interest for CC for 15+ years because I pay the statement balance or entire balance every month before deadline.
Pay entire balance mean the statement balance is lower or same next month depending what bills I change to them. Paying other bills can get CC points for other things. I payed most of Entire Balance (left ~$100) then charge current car insurance and Verizon bills this month.

------------------
Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurassic Park)


The Ogre's Fiero Cave

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Report this Post12-30-2017 07:40 AM Click Here to See the Profile for ls3machSend a Private Message to ls3machEdit/Delete MessageReply w/QuoteDirect Link to This Post
It's 100% your fault. They are by default designed to make money and keep you in debt. In fact our credit system is based upon you having debt. As someone else noted $0 balance can negatively impact your score and ability to get loans.

Best way to game credit cards and your score is to let the balance hang until the bill cuts then pay them off. I only use them for rewards and their ease of getting money back from vendors. I get to keep my checking and saving average balance high (used to earn around $80 a month when my credit union was at 4%/25,000) then you get all the bonus points. Mine range from 2%-5%. If you are reimbursed by your company on expenses and/or mileage you can double dip. Paying them off still being key. I am with Ray though. Anything over $200 and I'll take the card. It is usually at most you have to spend 5k in 3 months. That isn't feasible for everyone and if it isn't DON'T get the card.

[This message has been edited by ls3mach (edited 12-30-2017).]

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RayOtton
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Report this Post12-30-2017 08:19 AM Click Here to See the Profile for RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Another way to extend the benefits on a card is to shop through their portal ( I guess that's what it would be called )

The best I've found for this is Discover Card.

For instance, I use the $1k I get in points to purchase gift cards for the family at Christmas time. The cards are discounted so that say, a Lowe's card for $50 actually takes only $40 worth of points to purchase. The discount varies from 5% to 25%.

In the end I get about $1400 worth of cards for my $1000 worth of points. Meaning the kids and grand kids have a great Christmas......... AND IT DOESN'T COST ME A CENT.

Making America Great Again, one credit card bonus at a time. ( Until they decide to tax this little under the radar income )
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Report this Post12-30-2017 08:31 AM Click Here to See the Profile for ls3machSend a Private Message to ls3machEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by RayOtton:

Another way to extend the benefits on a card is to shop through their portal ( I guess that's what it would be called )

The best I've found for this is Discover Card.

For instance, I use the $1k I get in points to purchase gift cards for the family at Christmas time. The cards are discounted so that say, a Lowe's card for $50 actually takes only $40 worth of points to purchase. The discount varies from 5% to 25%.

In the end I get about $1400 worth of cards for my $1000 worth of points. Meaning the kids and grand kids have a great Christmas......... AND IT DOESN'T COST ME A CENT.

Making America Great Again, one credit card bonus at a time. ( Until they decide to tax this little under the radar income )


I know that game, but I have a hard time getting someone a gift card for a specific store at Christmas or any time really. Gift cards are big time in the stores favor and most brick and mortar stores are shamefully over priced compared to their online counterparts. I am all for shopping local and small and understand paying more, but sometimes it is absurd. Like whoever posted the other thread... Discover does rock socks. When I buy something local I will often get one of their discounted cards too, but then I just go buy it for the savings immediately, same way I do with groupon. I earn thousands a year in rewards and such on things I am for sure already going to buy. Next month will be the first month I will have to "pay" my cell bill in ages. Cricket has had a rewards program that, I guess few used. If you played it right you never had to pay your bill. This is $1200 a year I'll be losing out on. Smart move for them obviously, as I can't be the only person who figured this game out. I never boasted about it online as I learned from previous exploits what that'll get you...the loophole shutdown.

If I didn't have such issues with Sprint I'd go to their free 1 year bring your own device plan. Still might...
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Report this Post12-30-2017 08:51 AM Click Here to See the Profile for RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
The kids LOVE gift cards from the big retailers.

Nothing worse than dad buying them a shirt.
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Report this Post12-30-2017 09:20 AM Click Here to See the Profile for ls3machSend a Private Message to ls3machEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by RayOtton:

The kids LOVE gift cards from the big retailers.

Nothing worse than dad buying them a shirt.


Our daughter likes cash. I am not one for giving her cash and she has virtually everything in the world already. This year she got from us a Honda Reflex. MSF. Riding gear. Clothes. Cell phone. All new bedding. Makeup, Cash. We only gave her $20 in cash, but family gave her hundreds total and I have no idea what else. I don't recall this extravagance at 14. We also do not do anything with either of my sides of the family, so who knows what she could've actually walked away with. They have more little ones than we do 1 vs at least 10+ so it would've just cost us a ton. If she had that information put together I am sure she'd have taken more for herself than giving to the little ones on my side. I can't blame her for this though I would've made that same decision at her age and I have removed myself so much so that I am not sure if they all even know who I am.
Jenny took her and her friends shopping. She spent $100 on 2 pair of jeans and this was on sale with some kind of gift card promo we scammed up. Absurd to me. I don't wear jeans, like physically don't own a pair, but if I did they wouldn't be trendy. They'd be as cheap and sturdy as I could find for working in. Wherever that line intersects. I am not a girl though, so what do I know.
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Report this Post12-30-2017 09:41 AM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by RayOtton:

The kids LOVE gift cards from the big retailers.

Nothing worse than dad buying them a shirt.


Yes, there is......I once got Nick a copy of Transport Canada's flight manual, along with a copy of the regs...

Wanna hear "but daaaaddd, I dont wanna"... ....really kid, because if you would quit crying ya would find the other box is a Red Rider BB gun, that you can use to put somebody's eye out.

LMAO


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jaybug56
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Report this Post12-30-2017 12:43 PM Click Here to See the Profile for jaybug56Send a Private Message to jaybug56Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by theogre:

"Credit Card Usage will keep you poor"
Only when your dumb and spend more then can pay off every month.
And No surprise to many that Min Pay often doesn't even pay interest for most cards and been so for last 2 decades or more.





I think that there are some people out there that are smart but they have no other options. Life happens. Car breaks down. Kids need something important. Somebody in the family gets sick. If any of this happens when the cash and savings are low, what other options are there.
Taking out the plastic is so easy
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Report this Post12-30-2017 12:55 PM Click Here to See the Profile for ls3machSend a Private Message to ls3machEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jaybug56:
I think that there are some people out there that are smart but they have no other options. Life happens. Car breaks down. Kids need something important. Somebody in the family gets sick. If any of this happens when the cash and savings are low, what other options are there.
Taking out the plastic is so easy


Tons of other options. Also most people are in those situations of their own volition. I am not here to lecture if tell anyone how to run their own life, but PLENTY of options, most just choose not to go those routes.
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Report this Post12-30-2017 01:04 PM Click Here to See the Profile for FrugalFieroEdit/Delete MessageReply w/QuoteDirect Link to This Post
I pay everything I can with a credit card - even auto pay utility bills. Convenient, and cash back dollars with Discover Card.

There must be a whole lot of people who carryover credit card balances or just pay the monthly minimum.

If the credit card companies had to depend on a person like me, they'd be out of business - except for the kickback % on every transaction, they don't make a nickel off me.
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Report this Post12-30-2017 08:12 PM Click Here to See the Profile for Old LarSend a Private Message to Old LarEdit/Delete MessageReply w/QuoteDirect Link to This Post
I'll use my credit card for most things but pay it off every month. But this month I did carry a balance on one card, but should have enough cash rewards points to pay for the interest. I had to shell out $1100 for a new crown, plus Christmas expenses and a new sofa. One of my cards, when purchasing groceries, I get Fuel rewards for gasoline for Shell and for Mobil/Exxon. Easy to save $0.20-0.50 off per gallon when I shop at Shell.

Just pay it off monthly (on time) and you wont get hit with interest or late fees.
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Report this Post12-30-2017 11:49 PM Click Here to See the Profile for Stubby79Send a Private Message to Stubby79Edit/Delete MessageReply w/QuoteDirect Link to This Post
I too put everything on my CC and pay it off monthly. It's also set up to take out the minimum payment on it's own, should I forget. They give me $ back to spend and give me 5.99% or 6.99% interest. Been that way ~14 years, when I paid off my balance completely the first time.
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Report this Post12-31-2017 06:47 PM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jaybug56:
I think that there are some people out there that are smart but they have no other options. Life happens. Car breaks down. Kids need something important. Somebody in the family gets sick. If any of this happens when the cash and savings are low, what other options are there.
Taking out the plastic is so easy
Max'ing out CCs are very bad if you can't pay down fast.

People see CC limit as only thing you buy but no... Current Balance and Interest and any other Fees must be below CC Limit at most Banks.
I don't think last CC "reform law" change this. (Overview Credit CARD Act of 2009)
Unless you "opt in," All CC co's should now stop you purchasing w/ over limit cards but can still charge Fees and Interest even for a "Closed" accounts. (Card is permanently close but Account is open until you pay it off.)
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Report this Post12-31-2017 07:20 PM Click Here to See the Profile for rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
In todays world you HAVE to have credit cards unless your dead broke or live in the backwoods. You cant get a hotel room, rent a car, and I dont think you can buy an airline ticket...just to name a few. Utilities like gas, electric, phone look at your records too or you have to put up a huge deposit. I had a renter for some of my property thats divided with separate gas and electric meters and he had to put a $500 deposit for electric with no cards. Your likely going to never get new car or a house without some credit cards unless you buy $500 junkers for cash. In Ohio, I dont think you can buy a car over $10000 with cash. I just have to have them for convenience...my plane blew an engine out of state and I used AM EX to pay for a $25k engine...i didnt carry that much cash with me most times.
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