Credit Card Act 2009

[Outlaw1&2]

After reading about this I have concluded this is a joke just like everything else. It doesn't offer a whole lot of anything. Credit card Companies as of late have been bailed out with billions of tax payer dollars yet still are and will be allowed to rape the American public with late fees,absorbent interest rates and then if you can or when you pay them off and tell them to kiss it, they turn around and lower your FICO rating which is directly connected to your insurance premium prices. Any Thoughts or enlightenment?

[ga.crappie&breamguy]

yeah i did that with one of my C/C paid it in full and was still charged for intrest. so i closed that card. and one other time i got a letter said i didnt use one of my other cards engouh so they closed it. so its dam if you do or damed if you dont.

[Arkie John]

CC companies are the bane of this society and we can do without them. I have done without THEM for fifteen years now and I am all the better for it.

When my kids got out on their own, it was only then they realized that they had grown up in extra-ordinary circumstances--without CC debt. CC companies are underhanded and unfair, out only to make a buck for themselves. I pity those who are in so deep to these places.

It was so liberating when I was able to tell Discover Card to 'stick it where the sun doesn't shine.'

aj

[deathb4disco]

CC companies are the bane of this society and we can do without them.

I dunno. They're very handy for travel and online purchases.

[wwwUncle]

I dunno. They're very handy for travel and online purchases.

Yep.

[Cane Pole]

Yep#2.

[superdave1984]

Something I had to learn the hard way: If you can't pay cash for it, either save up or do without. Unless it's a house or something. Credit cards will crush you if you are not 100% on top of it at all times AND pay off the total amount each month. I was told by Citibank I think it was that canceling the card (even after the balance was paid in full) would damage my credit rating. Dumbest thing ever. I now only have my bank debit card which works just fine for whatever I need to buy.

[Bowfin]

I carry my cc instead of lots of cash and pay it off every month. I keep a special low limit card just for online purchases. I like the protection they offer if a transaction goes sour.

However, if they start hitting me with fees, they'll be gone. But my cards are from a local credit union, not a bank, so they tend to be fair and give great service.

I don't use my card to charge anything beyond my ability to pay it off monthly.

The key to using a cc is knowing your limits, pay it off every month, and don't by anything you don't already have the money to cover.

[LBM]

Speaking of Debit Cards. What is the advantage of using a Debit Card over a Credit Card?

I've always liked the fact that by using a credit card I always had some extra recourse if you had a problem with the vendor. You could contest the payment to the vendor from the credit card company if the vendor and you couldn't reach some agreement. With a debit card once used the money was immediately out of your account and if you had a problem with the vendor you were at the mercy of the vendor in any dispute resolution.

I've never carried a balance or paid any fees on my CC's but now I would sure hate to not be using CCs anymore. In the past when the companies tried to charge fees we just called them and got them to quit charging fees to keep us onboard.

As bad as I hate to say it I'll probably be willing to pay a fee for the convenience of using them if the fee isn't out of bounds. :rolleyes:

[deathb4disco]

I now only have my bank debit card which works just fine for whatever I need to buy.

Dave Ramsey seems to be the biggest proponent of debit cards. Here's one of his tips for using them:

Check bank statements.

To insure that no one but you is using your debit card, check your bank statements online every day. It may seem tedious, but it's better than someone stealing your money. Be sure your internet connection and computer are secure before logging into your personal information. If you spot anything suspicious, call your bank immediately.

The Basics of Your Debit Card


He's definitely right about checking your bank account daily being tedious. I would never do that. I like the fact that I get to look at my CC statement and decide if it's correct before I pay it. I also like the fact that VISA will call me if some purchase looks fishy.