just thought everyone may like to read this, credit cards are more trouble than they are worth
Credit card tricks and credit card scams come in many forms, including credit card fees and more. Read the following credit card fraud article for more information.
Dirty Credit Card Tricks
Credit card companies are coming up with some rather devious ways to get more and more money from consumers.
Late credit card fees and over the limit fees are much higher now than they were a few years ago. The average for each of these fees is now around $30.00.
It used to be that if your payment arrived by the due date, credit card companies wouldn't charge a fee. More often now, it is the time and not the date your payment arrives that matters. Even if your payment arrives on the due date, you might be charged a late fee because it arrived after the credit card company's cutoff time.
Credit card companies will use any excuse to increase their customers' interest rates. They'll run your credit report and if it's less than perfect, they'll increase your interest rate. If your cards are maxed out, they might increase your interest rate for that, too.
Then, there's the Balance Transfer Scam. Consumers are tempted to transfer their balances from one credit card to another with the hopes of getting a better interest rate. Many people who apply for "pre-approved" balance transfer deals get burned because the new company claims that they don't qualify for the preferred rate. Also, the company charges a fee to transfer the balance. If you transfer from a 15% interest card to a 13% card, it can do more harm than good if you have to pay a 3% Balance Transfer Fee.
Some credit cards companies are running a collection agency style scam. Consumers who have defaulted on a credit card bill could receive an offer from another company for an appealing credit limit. What consumers usually don't realize is that their old balance gets added to their new card. This is one of the many reasons it is important to carefully read the fine print of everything you receive from credit card companies.
Shrinking Grace Periods are another way credit card companies rip off their customers. This increases the chance that consumers will not pay their balances on time and will have to pay the interest.
Annual Fees. What's that about? It's just another way for credit card companies to steal more money from consumers. Cash Advance Fees are a big ripoff, too-- not to mention the higher interest rates that they charge for purchases.
0% interest for 12 months? Better read the fine print. If you can't pay off the entire balance in 12 months, the interest from that 12 months will be added to your balance! This type of scam is called "deferred interest".
Did you know that merchants who accept credit cards are getting ripped off, too? Credit card processing companies charge them a monthly fee, a billing statement fee, and a customer service fee. PLUS, they take up to 4 percent of the amount the customer pays to the merchant. Just think, if you were to start a business and accept credit card payments, you would be ripped off both as a consumer and as a business owner.
Full Version: Credit card tips, tricks and scams
QUOTE(rommel @ Jun 24 2006, 07:47 PM) 
just thought everyone may like to read this, credit cards are more trouble than they are worth
Credit card tricks and credit card scams come in many forms, including credit card fees and more. Read the following credit card fraud article for more information.
Dirty Credit Card Tricks
Credit card companies are coming up with some rather devious ways to get more and more money from consumers.
Late credit card fees and over the limit fees are much higher now than they were a few years ago. The average for each of these fees is now around $30.00.
It used to be that if your payment arrived by the due date, credit card companies wouldn't charge a fee. More often now, it is the time and not the date your payment arrives that matters. Even if your payment arrives on the due date, you might be charged a late fee because it arrived after the credit card company's cutoff time.
Credit card companies will use any excuse to increase their customers' interest rates. They'll run your credit report and if it's less than perfect, they'll increase your interest rate. If your cards are maxed out, they might increase your interest rate for that, too.
Then, there's the Balance Transfer Scam. Consumers are tempted to transfer their balances from one credit card to another with the hopes of getting a better interest rate. Many people who apply for "pre-approved" balance transfer deals get burned because the new company claims that they don't qualify for the preferred rate. Also, the company charges a fee to transfer the balance. If you transfer from a 15% interest card to a 13% card, it can do more harm than good if you have to pay a 3% Balance Transfer Fee.
Some credit cards companies are running a collection agency style scam. Consumers who have defaulted on a credit card bill could receive an offer from another company for an appealing credit limit. What consumers usually don't realize is that their old balance gets added to their new card. This is one of the many reasons it is important to carefully read the fine print of everything you receive from credit card companies.
Shrinking Grace Periods are another way credit card companies rip off their customers. This increases the chance that consumers will not pay their balances on time and will have to pay the interest.
Annual Fees. What's that about? It's just another way for credit card companies to steal more money from consumers. Cash Advance Fees are a big ripoff, too-- not to mention the higher interest rates that they charge for purchases.
0% interest for 12 months? Better read the fine print. If you can't pay off the entire balance in 12 months, the interest from that 12 months will be added to your balance! This type of scam is called "deferred interest".
Did you know that merchants who accept credit cards are getting ripped off, too? Credit card processing companies charge them a monthly fee, a billing statement fee, and a customer service fee. PLUS, they take up to 4 percent of the amount the customer pays to the merchant. Just think, if you were to start a business and accept credit card payments, you would be ripped off both as a consumer and as a business owner.
Credit card tricks and credit card scams come in many forms, including credit card fees and more. Read the following credit card fraud article for more information.
Dirty Credit Card Tricks
Credit card companies are coming up with some rather devious ways to get more and more money from consumers.
Late credit card fees and over the limit fees are much higher now than they were a few years ago. The average for each of these fees is now around $30.00.
It used to be that if your payment arrived by the due date, credit card companies wouldn't charge a fee. More often now, it is the time and not the date your payment arrives that matters. Even if your payment arrives on the due date, you might be charged a late fee because it arrived after the credit card company's cutoff time.
Credit card companies will use any excuse to increase their customers' interest rates. They'll run your credit report and if it's less than perfect, they'll increase your interest rate. If your cards are maxed out, they might increase your interest rate for that, too.
Then, there's the Balance Transfer Scam. Consumers are tempted to transfer their balances from one credit card to another with the hopes of getting a better interest rate. Many people who apply for "pre-approved" balance transfer deals get burned because the new company claims that they don't qualify for the preferred rate. Also, the company charges a fee to transfer the balance. If you transfer from a 15% interest card to a 13% card, it can do more harm than good if you have to pay a 3% Balance Transfer Fee.
Some credit cards companies are running a collection agency style scam. Consumers who have defaulted on a credit card bill could receive an offer from another company for an appealing credit limit. What consumers usually don't realize is that their old balance gets added to their new card. This is one of the many reasons it is important to carefully read the fine print of everything you receive from credit card companies.
Shrinking Grace Periods are another way credit card companies rip off their customers. This increases the chance that consumers will not pay their balances on time and will have to pay the interest.
Annual Fees. What's that about? It's just another way for credit card companies to steal more money from consumers. Cash Advance Fees are a big ripoff, too-- not to mention the higher interest rates that they charge for purchases.
0% interest for 12 months? Better read the fine print. If you can't pay off the entire balance in 12 months, the interest from that 12 months will be added to your balance! This type of scam is called "deferred interest".
Did you know that merchants who accept credit cards are getting ripped off, too? Credit card processing companies charge them a monthly fee, a billing statement fee, and a customer service fee. PLUS, they take up to 4 percent of the amount the customer pays to the merchant. Just think, if you were to start a business and accept credit card payments, you would be ripped off both as a consumer and as a business owner.
TAKE YOUR ANTI CREDIT CARD GARBAGE BACK WHERE IT CAME FROM!!!
DON'T LET THE DOOR HIT YOU IN THE BUTT ON THE WAY OUT.....
QUOTE(GEORGE @ Jun 24 2006, 09:20 PM)
QUOTE(rommel @ Jun 24 2006, 07:47 PM)
just thought everyone may like to read this, credit cards are more trouble than they are worth
Credit card tricks and credit card scams come in many forms, including credit card fees and more. Read the following credit card fraud article for more information.
Dirty Credit Card Tricks
Credit card companies are coming up with some rather devious ways to get more and more money from consumers.
Late credit card fees and over the limit fees are much higher now than they were a few years ago. The average for each of these fees is now around $30.00.
It used to be that if your payment arrived by the due date, credit card companies wouldn't charge a fee. More often now, it is the time and not the date your payment arrives that matters. Even if your payment arrives on the due date, you might be charged a late fee because it arrived after the credit card company's cutoff time.
Credit card companies will use any excuse to increase their customers' interest rates. They'll run your credit report and if it's less than perfect, they'll increase your interest rate. If your cards are maxed out, they might increase your interest rate for that, too.
Then, there's the Balance Transfer Scam. Consumers are tempted to transfer their balances from one credit card to another with the hopes of getting a better interest rate. Many people who apply for "pre-approved" balance transfer deals get burned because the new company claims that they don't qualify for the preferred rate. Also, the company charges a fee to transfer the balance. If you transfer from a 15% interest card to a 13% card, it can do more harm than good if you have to pay a 3% Balance Transfer Fee.
Some credit cards companies are running a collection agency style scam. Consumers who have defaulted on a credit card bill could receive an offer from another company for an appealing credit limit. What consumers usually don't realize is that their old balance gets added to their new card. This is one of the many reasons it is important to carefully read the fine print of everything you receive from credit card companies.
Shrinking Grace Periods are another way credit card companies rip off their customers. This increases the chance that consumers will not pay their balances on time and will have to pay the interest.
Annual Fees. What's that about? It's just another way for credit card companies to steal more money from consumers. Cash Advance Fees are a big ripoff, too-- not to mention the higher interest rates that they charge for purchases.
0% interest for 12 months? Better read the fine print. If you can't pay off the entire balance in 12 months, the interest from that 12 months will be added to your balance! This type of scam is called "deferred interest".
Did you know that merchants who accept credit cards are getting ripped off, too? Credit card processing companies charge them a monthly fee, a billing statement fee, and a customer service fee. PLUS, they take up to 4 percent of the amount the customer pays to the merchant. Just think, if you were to start a business and accept credit card payments, you would be ripped off both as a consumer and as a business owner.
TAKE YOUR ANTI CREDIT CARD GARBAGE BACK WHERE IT CAME FROM!!!
DON'T LET THE DOOR HIT YOU IN THE BUTT ON THE WAY OUT.....
Are you denying that any of these are true? Fact is, they're all true, or can be depending on the card, though not all necessarily relevant to all credit card users. Then again, none of them are exactly new "news", either. These things have all been around for quite a long time.
FOR THE MOST PART
THIS WEB SITE IS PRO-CREDIT CARD WEB SITE
NOT ANTI-CREDIT CARD
THIS WEB SITE IS PRO-CREDIT CARD WEB SITE
NOT ANTI-CREDIT CARD
QUOTE(GEORGE @ Jun 25 2006, 11:19 AM)
FOR THE MOST PART
THIS WEB SITE IS PRO-CREDIT CARD WEB SITE
NOT ANTI-CREDIT CARD
THIS WEB SITE IS PRO-CREDIT CARD WEB SITE
NOT ANTI-CREDIT CARD
Actually, no, it's not a "pro-credit card" website... it's a "pro-use credit wisely" website... and warnings to look out for the things mentioned in the original post, and to avoid them, are not only entirely appropriate, they're a good service.
ETA: A "pro-credit card" website would be more of something along the lines of a site sponsored by the credit card companies themselves, with no warning about paying unnecessary fees or interest at all.
When I started getting credit cards around 10 years ago ( I consider myself pretty young, but old enough to have credit experience and knowledge), ALL these things applied. Nothing knew. I had due sates with 6am cutoffs. Well I never chanced it that close anyway. I knew better than to send a payment late and hope its gets there on time. Late/Overlimit fees on most of my cards have always been around $29. BT fees are always spelled out. I have never done a BT without knowing the exact terms. The 0% for 12mo. deals- my 3 year-old could tell you the whole point is to pay it off before 12 months. If I didn't have the money to PIF on day one, I probably wouldn't do it. Annual fees are known upfront. All the other stuff has to do with defaulting or paying late.. Of course you will pay penalties for that.
As far as businesses getting ripped off- rrrright. Well, if they are really paying 4% they might be getting ripped off. But businesses accept cards because it's good business. They are free to NOT accept credit cards. The ( tax deductible) cost of accepting cards is far outweighed by the extra sales ( and higher average ticket/receipt) generated by accepting credit cards. If the card companies are "ripping off" the business by charging a reasonable fee for a service, then I guess the water company, power company, landlord,etc are all ripping them off to.
I mean afterall, people should be able to use credit without any cost at all, pay their bills whenever they feel like it and pay 0%, and businesses should get unlimited charity.
As far as businesses getting ripped off- rrrright. Well, if they are really paying 4% they might be getting ripped off. But businesses accept cards because it's good business. They are free to NOT accept credit cards. The ( tax deductible) cost of accepting cards is far outweighed by the extra sales ( and higher average ticket/receipt) generated by accepting credit cards. If the card companies are "ripping off" the business by charging a reasonable fee for a service, then I guess the water company, power company, landlord,etc are all ripping them off to.
I mean afterall, people should be able to use credit without any cost at all, pay their bills whenever they feel like it and pay 0%, and businesses should get unlimited charity.
I USE CREDIT CARDS FOR MY BENEFIT
IF YOU DON'T LIKE CREDIT CARDS
DON'T USE THEM!!!
AND DON'T COME HERE AND SAY THAT THEY ARE BAD!!!!
START YOUR OWN ANTI-CREDIT CARD WEB SITE!!!
IF YOU DON'T LIKE CREDIT CARDS
DON'T USE THEM!!!
AND DON'T COME HERE AND SAY THAT THEY ARE BAD!!!!
START YOUR OWN ANTI-CREDIT CARD WEB SITE!!!
QUOTE(gregcjackson @ Jun 25 2006, 11:01 AM)
When I started getting credit cards around 10 years ago ( I consider myself pretty young, but old enough to have credit experience and knowledge), ALL these things applied. Nothing knew. I had due sates with 6am cutoffs. Well I never chanced it that close anyway. I knew better than to send a payment late and hope its gets there on time. Late/Overlimit fees on most of my cards have always been around $29. BT fees are always spelled out. I have never done a BT without knowing the exact terms. The 0% for 12mo. deals- my 3 year-old could tell you the whole point is to pay it off before 12 months. If I didn't have the money to PIF on day one, I probably wouldn't do it. Annual fees are known upfront. All the other stuff has to do with defaulting or paying late.. Of course you will pay penalties for that.
As far as businesses getting ripped off- rrrright. Well, if they are really paying 4% they might be getting ripped off. But businesses accept cards because it's good business. They are free to NOT accept credit cards. The ( tax deductible) cost of accepting cards is far outweighed by the extra sales ( and higher average ticket/receipt) generated by accepting credit cards. If the card companies are "ripping off" the business by charging a reasonable fee for a service, then I guess the water company, power company, landlord,etc are all ripping them off to.
I mean afterall, people should be able to use credit without any cost at all, pay their bills whenever they feel like it and pay 0%, and businesses should get unlimited charity.
As far as businesses getting ripped off- rrrright. Well, if they are really paying 4% they might be getting ripped off. But businesses accept cards because it's good business. They are free to NOT accept credit cards. The ( tax deductible) cost of accepting cards is far outweighed by the extra sales ( and higher average ticket/receipt) generated by accepting credit cards. If the card companies are "ripping off" the business by charging a reasonable fee for a service, then I guess the water company, power company, landlord,etc are all ripping them off to.
I mean afterall, people should be able to use credit without any cost at all, pay their bills whenever they feel like it and pay 0%, and businesses should get unlimited charity.
TRUE FACT
THE TACO BELL I GO TO ONE DAY STARTED TAKING CREDIT CARDS
THEY INCREASED THEIR DAILY BUSINESS DOUBLE or TRIPLE
THEY WERE 100% CASH!!!
TELL ME THAT CREDIT CARDS COST TOO MUCH FOR A BUSINESS AND YOU WILL BE WRONG
WATER
GAS
SEWER
TRASH
PHONE
ELECTRIC
CREDIT CARD FEES
ALL TAX DEDUCTABLE COST OF DOING BUSINESS
WHY IS IT ONLY THE CREDIT CARDS ARE A RIP-OFF???????????
GAS
SEWER
TRASH
PHONE
ELECTRIC
CREDIT CARD FEES
ALL TAX DEDUCTABLE COST OF DOING BUSINESS
WHY IS IT ONLY THE CREDIT CARDS ARE A RIP-OFF???????????
Georgy boy, lay off the crack, you are too high strung, I simply posted that for informational purposes, and no I am not anti credit card, I have them myself, but they are a rip off concerning fee's, APR's etc.........these boards are about learning the whole credit game and not just the pro side----get a grip
QUOTE(rommel @ Jun 25 2006, 11:17 AM)
Georgy boy, lay off the crack, you are too high strung, I simply posted that for informational purposes, and no I am not anti credit card, I have them myself, but they are a rip off concerning fee's, APR's etc.........these boards are about learning the whole credit game and not just the pro side----get a grip
YOU PRINTED A LINK SAYING IT IS NOT YOUR WORK???
YOU SAID FOR INFORMATIONAL PURPOSES ONLY???
SORRY DUDE...I DO PEPSI
yes, for informational purposes only, so people can learn and avoid mistakes and high fee's.....you cant tell me that if you are a minute late on a card, and that in turn triggers a universal default and all your APR's go to 29%....that's not a rip off?....face it...credit cards are nice, but they will rape you for fee's and high APR's
QUOTE(GEORGE @ Jun 25 2006, 12:22 PM)
SORRY DUDE...I DO PEPSI
They make a caffiene-free version, also.
QUOTE(GEORGE @ Jun 25 2006, 12:22 PM)
QUOTE(rommel @ Jun 25 2006, 11:17 AM)
Georgy boy, lay off the crack, you are too high strung, I simply posted that for informational purposes, and no I am not anti credit card, I have them myself, but they are a rip off concerning fee's, APR's etc.........these boards are about learning the whole credit game and not just the pro side----get a grip
YOU PRINTED A LINK SAYING IT IS NOT YOUR WORK???
YOU SAID FOR INFORMATIONAL PURPOSES ONLY???
You never did answer the question...
QUOTE(playthecreditgame @ Jun 25 2006, 09:36 AM)
Are you denying that any of these are true?
QUOTE(rommel @ Jun 25 2006, 11:26 AM)
yes, for informational purposes only, so people can learn and avoid mistakes and high fee's.....you cant tell me that if you are a minute late on a card, and that in turn triggers a universal default and all your APR's go to 29%....that's not a rip off?....face it...credit cards are nice, but they will rape you for fee's and high APR's
I HAVE USED CREDIT CARDS FOR OVER 30 YEARS AND IF I GET RIPPED-OFF THE CARD IS HISTORY
IF THEY DO ME WRONG THEY ARE HISTORY
THERE ARE 100's or 1,000's OF CARDS OUT THERE TO CHOOSE FROM
"IF" I JOT JACKED OVER MY "MAX" I WILL PAY OF 9.99% THAT CARD IS PIF AND KEPT AT $0.00
I CAN NOT EVER SEE USING CREDIT CARDS AS A BAD THING
QUOTE(rommel @ Jun 25 2006, 12:26 PM)
yes, for informational purposes only, so people can learn and avoid mistakes and high fee's.....you cant tell me that if you are a minute late on a card, and that in turn triggers a universal default and all your APR's go to 29%....that's not a rip off?....face it...credit cards are nice, but they will rape you for fee's and high APR's
...if you let them.
Warden Norton rides again!!!
After 30+ years I know all about the GOOD AND BAD about credit cards....
MORE GOOD THAN BAD
MORE GOOD THAN BAD
Ok, so we are all in accord then?...we all agree CC's are nice to have as long as you dont make a single mistake and get violated?....excellant.......that was the point of the original post,.....but CC co's are always finding new ways to squeeze the last dollar 
QUOTE(GEORGE @ Jun 25 2006, 12:33 PM)
After 30+ years I know all about the GOOD AND BAD about credit cards....
MORE GOOD THAN BAD
MORE GOOD THAN BAD
Maybe it's me, but why is it so hard to acknowledge that there's a potential downside to credit cards, also? "Potential" being the key word... if you let it. Generic "you", not you specifically. Is your self-esteem really so fragile that you need to insist on sticking your head in the sand whenever something even hinting a negativity is mentioned?
Dealing with the credit card is like dealing with a two edge knife. If you use it wisely, it can be a great benefit for you, if you don't, then you might end up in serious debt.
thanks for useful post, OP.
thanks for useful post, OP.
QUOTE(princess101 @ Jun 25 2006, 12:53 PM)
Dealing with the credit card is like dealing with a two edge knife. If you use it wisely, it can be a great benefit for you, if you don't, then you might end up in serious debt.
thanks for useful post, OP.
thanks for useful post, OP.
When people come to a PRO-KNIFE USAGE WEB SITE AND SAY (in so many words) don't buy or use a knife because you will get cut real bad
(with-out the point being 100% clear)
THAT IS OUT OF LINE!!!
QUOTE(GEORGE @ Jun 25 2006, 12:03 PM)
QUOTE(princess101 @ Jun 25 2006, 12:53 PM)
Dealing with the credit card is like dealing with a two edge knife. If you use it wisely, it can be a great benefit for you, if you don't, then you might end up in serious debt.
thanks for useful post, OP.
When people come to a PRO-KNIFE USAGE WEB SITE AND SAY (in so many words) don't buy or use a knife because you will get cut real bad
(with-out the point being 100% clear)
THAT IS OUT OF LINE!!!
You missing the point here, sir. I never said not to use a credit card nor a knife. I said to use it with precaution (use it wisely). Not everyone is a credit wise like you, so a precaution is what they should take when using a credit card. We always advise people not to spend beyond your control, and not to spend more than what you can afford.
QUOTE(princess101 @ Jun 25 2006, 03:58 PM)
QUOTE(GEORGE @ Jun 25 2006, 12:03 PM)
QUOTE(princess101 @ Jun 25 2006, 12:53 PM)
Dealing with the credit card is like dealing with a two edge knife. If you use it wisely, it can be a great benefit for you, if you don't, then you might end up in serious debt.
thanks for useful post, OP.
When people come to a PRO-KNIFE USAGE WEB SITE AND SAY (in so many words) don't buy or use a knife because you will get cut real bad
(with-out the point being 100% clear)
THAT IS OUT OF LINE!!!
You missing the point here, sir. I never said not to use a credit card nor a knife. I said to use it with precaution (use it wisely). Not everyone is a credit wise like you, so a precaution is what they should take when using a credit card. We always advise people not to spend beyond your control, and not to spend more than what you can afford.
Well that is common sense. You should never spend so much that you can't make the minimum payment each month on all cards.
well as I get ready to fly first class to vegas for the second time in 3 months from fla , go chase go your united sig card is a thing of beauty and I luv it ..... rip me off all you want lol
QUOTE(willgator @ Jun 25 2006, 05:30 PM)
well as I get ready to fly first class to vegas for the second time in 3 months from fla , go chase go your united sig card is a thing of beauty and I luv it ..... rip me off all you want lol
Yeah...just like my Citi AAdvantage card...damn those 200K+ FF miles on American...damn those First Class upgrades...
some people are afraid of cashback, miles, hotel nights, etc.
QUOTE(BBQ123 @ Jun 25 2006, 04:18 PM)
QUOTE(princess101 @ Jun 25 2006, 03:58 PM)
You missing the point here, sir. I never said not to use a credit card nor a knife. I said to use it with precaution (use it wisely). Not everyone is a credit wise like you, so a precaution is what they should take when using a credit card. We always advise people not to spend beyond your control, and not to spend more than what you can afford.
Well that is common sense. You should never spend so much that you can't make the minimum payment each month on all cards.
You'd be surprised how uncommon common sense really is.
QUOTE(hegemony @ Jun 26 2006, 02:46 PM)
some people are afraid of cashback, miles, hotel nights, etc.
I think alot of people just don't understand how they work. That, and they don't want to appear stupid by asking or getting taken advantage of because they didn't understand.
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