JayB Posted February 11, 2008 Share Posted February 11, 2008 "A Credit Card You Want to Toss By Robert Berner Thu Feb 7, 8:08 AM ET Credit-card issuers have drawn fire for jacking up interest rates on cardholders who aren't behind on payments, but whose credit score has fallen for another reason. Now, some consumers complain, Bank of America (NYSE:BAC - News) is hiking rates based on no apparent deterioration in their credit scores at all." http://news.yahoo.com/s/bw/20080207/bs_bw/feb2008db2008026105146;_ylt=Ak2vsoO4de2qoZEteGbiB7ms0NUE Quote Link to comment Share on other sites More sharing options...
minx Posted February 11, 2008 Share Posted February 11, 2008 This is why I have my credit cards through my credit union. Not that it can't happen but its less likely to. Quote Link to comment Share on other sites More sharing options...
Hugh Conway Posted February 11, 2008 Share Posted February 11, 2008 Reason #4,759 Bank of America sucks Quote Link to comment Share on other sites More sharing options...
kevbone Posted February 11, 2008 Share Posted February 11, 2008 I have no credit cards. Quote Link to comment Share on other sites More sharing options...
minx Posted February 11, 2008 Share Posted February 11, 2008 why not? how do rent a car? Quote Link to comment Share on other sites More sharing options...
kevbone Posted February 11, 2008 Share Posted February 11, 2008 why not? how do rent a car? Minx.....ever heard of a debit card? It can be used as a credit card. Quote Link to comment Share on other sites More sharing options...
minx Posted February 11, 2008 Share Posted February 11, 2008 really what are those? i've never heard of one. i've also never encountered a situation where that wasn't sufficient. of course you're right kevbone Quote Link to comment Share on other sites More sharing options...
Hugh Conway Posted February 11, 2008 Share Posted February 11, 2008 Minx.....ever heard of a debit card? It can be used as a credit card. No, they can't. They'll just place a hold on your account of $XXX which is a pretty stupid use of money. Quote Link to comment Share on other sites More sharing options...
sexual_chocolate Posted February 11, 2008 Share Posted February 11, 2008 yes indeed, bank of america sucks the mostest. they are among the most predatory of all the lenders. and if one isn't ethically opposed to using a credit card, then it only makes sense with the competitive cash-back cards available. some are even offering 3% back on most purchases. I just got a round-trip ticket with a single business purchase. woohoo! Quote Link to comment Share on other sites More sharing options...
kevbone Posted February 11, 2008 Share Posted February 11, 2008 Minx.....ever heard of a debit card? It can be used as a credit card. No, they can't. Yes is can and does.....Any time I have been asked for a major credit card, for hotel, car rental, airplane tickets……my debit card works just fine. They do not seem to know it is a debit card. Quote Link to comment Share on other sites More sharing options...
Hugh Conway Posted February 11, 2008 Share Posted February 11, 2008 Minx.....ever heard of a debit card? It can be used as a credit card. No, they can't. Yes is can and does.....Any time I have been asked for a major credit card, for hotel, car rental, airplane tickets……my debit card works just fine. They do not seem to know it is a debit card. So you can charge something to your debate card without the funds ever being removed from your account? Bullshit. Plus you can get miles, cash or other things back from using your credit card, also good. Debit Cards can be processed as Credit Cards; they don't act the same. Quote Link to comment Share on other sites More sharing options...
minx Posted February 11, 2008 Share Posted February 11, 2008 kevin, of course you are right. h/e there are some rental places that will either place a hold on a LARGE amount of money in your account for up to 14 days, (even after you've checked out or returned the car) OR will not take a debit card. (yes it does happen) also, you are not offered the quite the same protections with your debit card as you are with credit cards in the event of fraud. and if you pay in full every month, why not enjoy the benefits of a credit card? Quote Link to comment Share on other sites More sharing options...
tomtom Posted February 11, 2008 Share Posted February 11, 2008 The interest rate on a credit card is only important if you carry a balance. And carrying a balance on a credit card is pretty stupid. Quote Link to comment Share on other sites More sharing options...
rbw1966 Posted February 11, 2008 Share Posted February 11, 2008 Dont carry a balance on your credit card. I use one that gives me miles--I've traveled extensively using these miles. Going to Austria for free. Beat them at their own game. Quote Link to comment Share on other sites More sharing options...
kevbone Posted February 11, 2008 Share Posted February 11, 2008 will not take a debit card. (yes it does happen) How would they know? It looks the same..... why not enjoy the benefits of a credit card? Because I have been down that road and was irresponsible as a youngster and the “balance” got REALLY out of control……now that I am paid up……I choose to got go there again. Quote Link to comment Share on other sites More sharing options...
minx Posted February 11, 2008 Share Posted February 11, 2008 look at your debit card, it says "debit" right on it. of course you've noticed that you can select "debit" at many places or the choice comes up automatically. they can tell. as a business its cheaper to take debit for a reason. good on ya for realizing your youthful failings. Quote Link to comment Share on other sites More sharing options...
JayB Posted February 11, 2008 Author Share Posted February 11, 2008 yes indeed, bank of america sucks the mostest. they are among the most predatory of all the lenders. and if one isn't ethically opposed to using a credit card, then it only makes sense with the competitive cash-back cards available. some are even offering 3% back on most purchases. I just got a round-trip ticket with a single business purchase. woohoo! We put pretty much every expenditure we have on a rewards card that kicks 1.5% into the cash account that we have at the investment company we use. Works great as long as you can pay the balances at the end of the month. Quote Link to comment Share on other sites More sharing options...
Gary_Yngve Posted February 11, 2008 Share Posted February 11, 2008 What credit cards do you recommend for good cashbacks? (I don't ever keep a balance unless I accidentally pay a few days late (happens about once every two years), which they're pretty good at giving me a get-out-of-jail-free card on, because they don't want to lose me as a customer.) One trend I noticed is they hook you in with a good cashback offer, only to reduce the benefits after a year or two. (This happened to a Citi card I had that offered 5% back on groceries, which is one of my biggest nonrent expenses; they have since dropped that down to 2%, I think) Quote Link to comment Share on other sites More sharing options...
ClimbingPanther Posted February 11, 2008 Share Posted February 11, 2008 yep Gary, I had the exact same deal with Citi. sucked when they dropped the rate, but of course the way I used the card, there's no way they weren't losing money on me. Right now, I have Citi 2% cash back gas, grocery, drugstore, and 1% cash back everywhere else. Also, CapitalOne doesn't do a foreign transaction fee, so 1% cash back + 1% eating Visa's foreign transaction fee = essentially 2% on all foreign purchases on that card. useful on my upcoming Europe honeymoon. Quote Link to comment Share on other sites More sharing options...
KaskadskyjKozak Posted February 11, 2008 Share Posted February 11, 2008 The interest rate on a credit card is only important if you carry a balance. And carrying a balance on a credit card is pretty stupid. exactly. i use credit cards all the time - for convenience, and pay the balance off in full every month Quote Link to comment Share on other sites More sharing options...
olyclimber Posted February 11, 2008 Share Posted February 11, 2008 I enjoy living beyond my means. I like pretending I'm the federal government, and I'm fighting my own personal war on terror. The terror of not having the trendy expensive consumer items! Quote Link to comment Share on other sites More sharing options...
KaskadskyjKozak Posted February 11, 2008 Share Posted February 11, 2008 I enjoy living beyond my means. I like pretending I'm the federal government, and I'm fighting my own personal war on terror. The terror of not having the trendy expensive consumer items! well, why not, after all it's the government's job and responsibility to bail us out when we spend ourselves into bankruptcy. cradle to grave, baby, cradle to grave. maybe I should convert me 30 yr fixed in to an ARM, so I can spend more? The government will take care of me. Quote Link to comment Share on other sites More sharing options...
olyclimber Posted February 11, 2008 Share Posted February 11, 2008 well someone thinks they need to bail you out! these communist thinkers are sending your $600 come june or july or whatever. fucking commie government. Quote Link to comment Share on other sites More sharing options...
archenemy Posted February 11, 2008 Share Posted February 11, 2008 send more whiskey. Quote Link to comment Share on other sites More sharing options...
olyclimber Posted February 11, 2008 Share Posted February 11, 2008 if they really wanted to stimulate the economy, i don't understand why they didn't give the top %1 a tax break and the money would just trickle down. well, once they figure out that the $600 commie thing isn't going work, i hope thats what they do. arch, you're a %1'er, aren't you? your money can trickle down to some southern whiskey maker employee who will give some to his poor hayseed cousin. economy fixed. Quote Link to comment Share on other sites More sharing options...
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