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Thread: Seven New Fees On My Credit Card

  1. #1
    God/dess Deogol's Avatar
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    Default Seven New Fees On My Credit Card

    I barely use this card but once or twice a year and it is paid off within 20 days (usually within five days.)

    Apparently they are sniffing around for new transaction fees. These use to be free (covered by an interest rate of course).

    Seven new fees!

  2. #2
    AudreyLeigh
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    Default Re: Seven New Fees On My Credit Card

    Why am I not surprised? Ive been slowly paying off and closing my CCs. Im going to keep 3 of my 11 (now 8 ) because of all this crap. I actually had Chase change my due date when they bought WaMu and I had my first ever late payment (by 3 days) I was super POd.

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    Banned Melonie's Avatar
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    Default Re: Seven New Fees On My Credit Card

    ^^^ arguably the credit card underwriting banks have received the message from Washington regarding the upcoming 'credit card bill of rights' legislation. This will limit the underwriting banks ability to recover as much money from 'subprime' credit card account holders to help offset the losses being created by 'subprime' credit card bankruptcy filings. Thus the underwriting banks are now attempting to extract extra dollars from 'prime' credit card account holders to subsidize their 'subprime' credit card losses.

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    God/dess Deogol's Avatar
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    Default Re: Seven New Fees On My Credit Card

    ^^^ More reason for me not to use it so good luck to them on that!

    I mean - 4% is to fucking much on that kind of stuff.

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    God/dess Paris's Avatar
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    Default Re: Seven New Fees On My Credit Card

    Credit cards are likely to become a thing of the past. Revolving charge cards are a scam and most people are tired of being bilked out of their hard earned cash. This is not going to help with the economic recovery as the US economy is primarily in the money lending business, with most other jobs having been sent over seas.

    Consumer bill of rights or no, people are onto the scam and are tired of it. The consumer bill of rights is as likely to save the lending industry as it is to destroy it.


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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by AudreyLeigh View Post
    Why am I not surprised? Ive been slowly paying off and closing my CCs. Im going to keep 3 of my 11 (now 8 ) because of all this crap. I actually had Chase change my due date when they bought WaMu and I had my first ever late payment (by 3 days) I was super POd.
    This happened to me too from Chase. I got hit with a late fee and I was po'ed. In the last year my interest has gone up on cards I pay regularly. Other banks have closed cards that I paid off. I hate credit cards. My cards weren't subprime and al carried low interest because I pay them on time.

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    Banned Melonie's Avatar
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    Default Re: Seven New Fees On My Credit Card

    Consumer bill of rights or no, people are onto the scam and are tired of it. The consumer bill of rights is as likely to save the lending industry as it is to destroy it
    True in theory. However in practice it also means that Americans must do what is necessary to move from a 'credit card' paradigm to a 'debit card' paradigm. This will mean initially saving up a positive bank balance equal to their former credit card limit in order to have the ability to use their debit card to cover 'emergency' expenses in the same way that they used to rely on their credit card.

    Is the forced saving of $3000 - $5000 - $10,000 or whatever a good idea ? Again in theory yes it is because it provides banks with capital, it reduces consumer debt level etc. However in practice this means that average Americans will have to start devoting $500 - $1000 - $2000 a month or whatever toward building up their bank balances over the next 6 months. This money will NOT be available to either pay other bills or to make new purchases, both of which work against economic stimulus.

    In a pessimistic real world scenario, a lot of Americans are going to find that they are unable to actually save up a significant amount in their debit card accounts while still paying current bills. As a result, when an economic 'emergency' does arise i.e. their car engine blows up, their home water heater pukes all over the basement floor, a cold spell results in a need for an extra fuel tank fillup etc. they are far more likely to 'stiff' the local car repair shop or plumbing / heating contractor or local fuel oil / propane dealer. Besides pushing the local car repair shop and plumbing / heating contractor or fuel oil / propane dealer one step closer to going bankrupt themselves, this will also create huge pressure for 'cash up front' requirements by all such businesses, which will work against economic stimulus even more.

    ~
    Last edited by Melonie; 04-29-2009 at 04:56 AM.

  8. #8
    AudreyLeigh
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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by Lexi_Girl View Post
    Make sure to always call if you're late - if you're regularly a good paying customer, they'll often get rid of any charges and record of it so it won't hurt your credit score.
    Well, since it wasnt 30 days Im not worried about my credit. Im actually going back to dancing to pay off my remaining cards. Oh - when Chase took over my WaMu that I have NEVER made a late payment on they upped my APR from 14% to 29%. Uhm yea... AND changed the due date so I could be hit with a $39 fee AND Im sure theyre going to up my rate again. They will be the first I pay off next week. Luckily theres only $900 left to pay off that card.

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    Veteran Member StuartL's Avatar
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    Default Re: Seven New Fees On My Credit Card

    I have seen these types of fee increases on this side of the Atlantic as well. Several UK card firms have added new charges and most have increased whatever fees they already had. I have also seen some press about French cards doing similar.

    I'm not sure they are trying to subsidise. Perhaps. I get the feeling that they are just having a lot of defaults and are looking at stonking (a technical financial term!) losses headed their way in the coming months. So in advance of that, why not put up the fees?

    They might also feel that these new lower interest rates can't last long. In a contracting economy, with increasing interest rates and bad debts all over the place, it will be difficult to increase fees. So why not get them in early???

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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by Melonie View Post
    True in theory. However in practice it also means that Americans must do what is necessary to move from a 'credit card' paradigm to a 'debit card' paradigm. This will mean initially saving up a positive bank balance equal to their former credit card limit in order to have the ability to use their debit card to cover 'emergency' expenses in the same way that they used to rely on their credit card.

    Is the forced saving of $3000 - $5000 - $10,000 or whatever a good idea ? Again in theory yes it is because it provides banks with capital, it reduces consumer debt level etc. However in practice this means that average Americans will have to start devoting $500 - $1000 - $2000 a month or whatever toward building up their bank balances over the next 6 months. This money will NOT be available to either pay other bills or to make new purchases, both of which work against economic stimulus.

    In a pessimistic real world scenario, a lot of Americans are going to find that they are unable to actually save up a significant amount in their debit card accounts while still paying current bills. As a result, when an economic 'emergency' does arise i.e. their car engine blows up, their home water heater pukes all over the basement floor, a cold spell results in a need for an extra fuel tank fillup etc. they are far more likely to 'stiff' the local car repair shop or plumbing / heating contractor or local fuel oil / propane dealer. Besides pushing the local car repair shop and plumbing / heating contractor or fuel oil / propane dealer one step closer to going bankrupt themselves, this will also create huge pressure for 'cash up front' requirements by all such businesses, which will work against economic stimulus even more.

    ~
    This isn't as difficult or as big of deal as you make it sound. I personally opened up a line of credit at a local Credit Union and used that line of credit to pay off my AMEX when my fees went through the roof. My interest is now being earned locally, not to the giant corporation. I have the ear of the board of directors at my local credit union, not so much with a giant multinational corporation.

    AMEX, instead of changing their policies, decided to close my account. They did it just before Christmas, too. Since I didn't have that credit line available, I opted to open another savings account that is getting nice and fat today.

    I don't dance anymore. I'm a full time student that works a desk job as a Strip-o-gram agent. In other words, I'm only making about $30K a year these days. I already have $3200 in my ready savings for vacations or emergencies or whatever. I'm still shopping, still dining out every week, still going on vacations etc. It just takes a little planning, is all.

    If I can go from making $100K a year as a dancer to $30K a year as an agent and still have a fluffy bank account, anyone can do it. Self control and planning is all it takes. I did it by cutting out my useless bank fees. I discovered $400 a month in bank fees and interest on credit lines. RIDICULOUS! Over a year that is $4800! For abso-fucking-lutely nothing! Now I get an extra vacation for my family for what I've saved on bank fees.


    Promote yourself and earn more money! This is a business that is owned by strippers for strippers. Let's make that money!


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  12. #11
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    Default Re: Seven New Fees On My Credit Card

    ^^^ You're definitely on the right track Paris.

    However, you also had the 'luxury' of an excellent pre-existing history of verifiable income, tax payments, and credit reports when you opened the new credit line to 'replace' your Amex account. I highly doubt that a young (unmarried) dancer would have the same success as you did obtaining approval for a low interest rate 'prime' credit card account from a local credit union.

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    Default Re: Seven New Fees On My Credit Card

    I'm almost embarrassed by the interest rate on my CC. It's ridiculously low for purchases BUT it is quite high for cash advances - almost 20% APR. I NEVER use it for cash advances.

    I shopped around a long time ago for a CC and picked one with an ALWAYS low interest rate.
    Forget about the teaser and intro rates. Look at what the ULTIMATE interst rate is. I rarely have a balance on it ( and when I do, usually pay it off in a couple of months ) and have an excellent credit history.

    The keys are to ALWAYS pay MORE than the monthly minimum and NEVER pay late. Most CC's have computer programs that kick in when certain things happen and the extra fees and rate increases are automatic. So make sure you avoid the "triggers".

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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by AudreyLeigh View Post
    Why am I not surprised? Ive been slowly paying off and closing my CCs. Im going to keep 3 of my 11 (now 8 ) because of all this crap. I actually had Chase change my due date when they bought WaMu and I had my first ever late payment (by 3 days) I was super POd.
    closing your ccs is not a very smart move for someone that is trying to rebuild a credit score - and keep it high - after a bankruptcy. closing cards drastically affects your avg. length of account history, which constitutes a portion of ur credit score

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    Default Re: Seven New Fees On My Credit Card

    Credit Cards are a HUGE ripoff. They should be used for emergencies only, like big doctor bills or auto engine transplants. Not for new shoes or meals. Unless you truly pay them off before interest is charged. And even then it's just an opportunity for VISA or AmExpr or MCard to foist stupid, but innovative, usurous fees upon you.

    I couldn't read most of that pic, but ATM advances were never free.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    God/dess Deogol's Avatar
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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by threlayer View Post
    Credit Cards are a HUGE ripoff. They should be used for emergencies only, like big doctor bills or auto engine transplants. Not for new shoes or meals. Unless you truly pay them off before interest is charged. And even then it's just an opportunity for VISA or AmExpr or MCard to foist stupid, but innovative, usurous fees upon you.

    I couldn't read most of that pic, but ATM advances were never free.
    Mine were. That is why they were on the list.

    But alas, no more...

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    Veteran Member Lexi_Girl's Avatar
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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by threlayer View Post
    Credit Cards are a HUGE ripoff. They should be used for emergencies only, like big doctor bills or auto engine transplants. Not for new shoes or meals. Unless you truly pay them off before interest is charged. And even then it's just an opportunity for VISA or AmExpr or MCard to foist stupid, but innovative, usurous fees upon you.

    I couldn't read most of that pic, but ATM advances were never free.
    I pay mine off every month and usually get about $10-$20s in free groceries out of it monthly As long as you use them responsibly they're a great way for young people to build their credit scores. It's just most people see them as additional money.

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    Default Re: Seven New Fees On My Credit Card

    It's just most people see them as additional money.
    This is more true than you probably realize !

    In the past, the widespread availability of credit cards, both 'prime' and 'subprime', began to take the place of real savings for many Americans. Where our parents and grandparents had once made sure that they always kept enough money in the bank to cover a car engine blowing up, a water heater puking on the basement floor, or buying groceries and paying utility bills for a few weeks in the event of a job loss, many of our generation saw such savings as 'a waste of money'. This was particularly the case in an environment of low interest rates where investment advisors deemed bank savings accounts and short term CD's one of the worst investments that a person could make.

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    Default Re: Seven New Fees On My Credit Card

    Most Americans only have enough cash saved up for 2 weeks of living expenses in the case of a job loss. It's a very different world... only 80 years ago if you wanted to buy something, you had to pay cash for it.

  20. #19
    AudreyLeigh
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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by Obama nation View Post
    closing your ccs is not a very smart move for someone that is trying to rebuild a credit score - and keep it high - after a bankruptcy. closing cards drastically affects your avg. length of account history, which constitutes a portion of ur credit score
    I started to give a fuck about my credit score about 6 months ago. Having a bunch of maxed out credit cards is just as bad for your score as having closed accounts. I cannot handle credit cards. I was better off before I decided to "fix my credit" by opening a "couple" accounts and paying in full. I NEVER PAID IN FULL. I'm keeping 5 - closing 6. If my score dives that's fine. I'm not looking to buy or finance anything anytime soon.

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    Default Re: Seven New Fees On My Credit Card

    Quote Originally Posted by AudreyLeigh View Post
    Well, since it wasnt 30 days Im not worried about my credit. Im actually going back to dancing to pay off my remaining cards. Oh - when Chase took over my WaMu that I have NEVER made a late payment on they upped my APR from 14% to 29%. Uhm yea... AND changed the due date so I could be hit with a $39 fee AND Im sure theyre going to up my rate again. They will be the first I pay off next week. Luckily theres only $900 left to pay off that card.

    I know it's scary. I just had one skyrocket too and I always pay it off in full w/in 60 days when I do use it (Christmas and Back to school time for books and such). I almost hit the floor when I opened my last statement. I literally have $37 to pay and then I'm cutting it up.
    XoXo Gia
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