Finance Discussions

If my credit card company began charging such fees, I'd find a different company.

Be very careful about using debit cards. They do not give you the protections that credit cards do. Once you pay for something with a debit card, the company you paid has YOUR money. When you pay for something with a credit card, the company has the credit card company's money. There's a big difference between the two.

You can easily contest purchases with a credit card but it's MUCH harder with a debit card. And all the time, the company will have your money. Try to maintain a credit card just to get this protection. Good luck!

--Bob

Thanks for the warning. This sounds like a round-about way to get money out of people who want a high credit score.  There's a webite called creditcard .com where you can search for credit cards based on your needs (low rate, rewards, credit status, etc..)

Yikes! Thanks so much for the warning. :O

Bob I've heard that before about Debit cards which is why I only use credit.  I gave that same argument to people who try to tell me to use debit :)  

The only way I'd even consider using Debit cards is if all Credit Card companies started doing these fees.  If it comes down to carrying around Cash or a Debit Card, I think I'd choose the Debit card.

Sounds like a good site!  Thankfully my bank was not included in this report and I would hope they would give me a break as a loyal customer.  But I will keep that in mind in case they ever do start doing this crazy fees thing!

I use my debit card for everything.  I used to have cash in my pocket because I waitressed as a second job, but since kids, I only have one job.  I hated writing checks and the card is so easy, I just have to remember to write the sale in the check register.  I've never had a problem, but maybe I'm just lucky?  I also like that I don't have to show my license to use the card or hand it over the to clerk (who more than once forgot to give it back).  There is no paper trail with the electronic pad at the registers.  That seems like a plus.

I had a Chase Disney Visa for a few years.  I accrued over three hundred dollars in Disney dollars (the reward for purchases) to use when we went on vacation last year.  The beginning of this year('09), the company sent me a notice that they were changing my fixed 9.9% rate to a variable rate + prime.  That sounded way to fishy for me.  I called the company - I was a great customer, never a late payment, payed double the minimum every month - I was sure it was a mistake.  They refused to change me back to my fixed rate.  If I wanted to keep the 9.9%rate on the balance (which now included the vacation) I had to cancel the card.  I was floored.  Well, I cancelled the card and paid off the balance.  My mother, who had the same card, got her notice of rate change about three months after me.  She never even carried a balance.  She'd charge $2,000.00 each month for all her bills, and then pay the balance at the end of the month.  It doesn't get any better than that, and they jacked her rate.  It's all a big scam.  I think all credit card companies are crooked, and the banks are right behind.    I hope I can pull myself out of debt at some point, put my own money away in a bag under my bed and loan myself money when I need it, no interest at all.  I think that's the only way you wil ever get ahead.   

I agree with you that financial ratios are the valuable and easy way to interpret the numbers found in statements. Examining these ratios over time provides some insight as to how effectively the business is being operated. Different ratios such as liquidity, safety, profitability, efficiency, etc are equally useful for making comparisons between your business and other businesses in your industry. Subscribe to FINTEL, it is quite helpful for Ratio analysis.

Welcome to Capitalism 101.  This is America where profit is King, and the consumer is a sucker waiting to be had.  And with little to no government consume protection, there is nothing to stop the credit card company's from continuing their rien of financial terror.

We do not carry a balance on our card, we use them, but we don't carry a balance on purpose.  If the credit cards company's start charging a fee for being being a good financial citizen, I'll just find some other bank to do business with.  

Vincent 

I would have major issue with the concept of charging for non-use and for early pay off... that's the whole benifit of paying in full every month.

That said, we have not used credit in several years just because we had enough issues that ran our credit into a hole.  The cards we had got closed and the scores were low enough not to obtain any new.  Now we use only what we have, which means I primarily use debit cards just because it's easier to track spending than having cash on hand.

I don't know if either of these things will help but the first is an article I recently did on new credit card laws for next year ... 

http://www.identitytheftsecrets.com/the-new-credit-cards-laws-go-into-effect.html and here is a new government agency that is proposed to protect consumers finances 

http://www.associatedcontent.com/article/2437370/consumer_financial_protection_agency.html?cat=3