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Bank Credit Cards are Out of Control

 
Lizard
(@Lizard)
Trusted Member

With the new laws that are to go in effect this year and next, the Bank Credit cards have raised their interest rates not only on new purchases but on existing balances. If you cancel the card it will have an effect on your credit score. The best thing to do is not use the card on future purchases this will keep your old rate on the existing balances and will have no effect on your credit score. If you are eligible to join a credit union "do it", They have not gone crazy with their interest rates. The same Major Banks we as taxpayers bailed out with a cash infusion are the offenders. Read the fine print when they notify you about changes to your existing account.

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Topic starter Posted : November 2, 2009 5:18 pm
NugBlazer
(@NugBlazer)
Advanced Member

Actually, the very best thing you can do is just pay off your entire balance each month. I've been doing that since I got my first credit card 11 years ago and it's earned me around 750,000 flyer miles (that's enough for 30 domestic tickets) as well as near-perfect credit.

I know it's tough to do, but if you can excersize financial discipline and some willpower you can beat the credit card companies at their own game. You can have your cake and eat it, too.

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Posted : November 3, 2009 6:03 am
DixieChick
(@DixieChick)
Trusted Member

i just use a debit card so far so good. i hate credit cards and refuse to have one. with the visa debit card can use everywhere like credit card but no charges.

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Posted : November 3, 2009 12:33 pm
Lizard
(@Lizard)
Trusted Member

According to the Wall street Journal 80% of the average American Households have a credit card debt of approximately $7,000.00 Dollars. If the Bank sponsored credit cards raise the interest rates from 12% to 18% on existing balances that's greed. They no longer give upper management Bonus Checks they give them a pay raise. Again this is done with taxpayer money. At this rate credit will only be available to the people that don't need it. It's nice to say I'M debt free and disciplined, However that doesn't apply to all people in our current economic climate. This is not a game for the Banks "It's a Business" and a good one for them. I would like to borrow money at 2.5% interest and lend it out at 18%, but if I did that I would be called a Loan Shark and be subject to criminal charges.

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Topic starter Posted : November 3, 2009 1:03 pm
ljr
 ljr
(@ljr)
New Member

Actually, the very best thing you can do is just pay off your entire balance each month. I've been doing that since I got my first credit card 11 years ago and it's earned me around 750,000 flyer miles (that's enough for 30 domestic tickets) as well as near-perfect credit.

Wow.. that is almost $70,000 a year on your charge card. (assuming one mile per dollar.)

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Posted : November 3, 2009 2:20 pm
DUN
 DUN
(@DUN)
Trusted Member

First bank gives .7% on savings, checking & I even asked what their CD rates were(Um, .7%)!
Wire transfers are billed $10 INCOMING!
I don`t know what they charge on their credit/debit cards, but I`m looking into getting my $ out of there!

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Posted : November 3, 2009 10:43 pm
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