Overstated worries on this forum!

[parakleet]

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@ccnewcc wrote:

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@TheConductor wrote:

Ok, I'm stifling the laughter at the rest of the thread long enough to suggest a few serious additions:

- Annual Fees - Some people have an aversion to them, but they are neither inherently good nor bad. It is all about what value you are able to get from that card in return, which depends heavily on your own individual spending habits. A good rule of thumb is to only pay fees for benefits you get value from, and avoid paying fees for the same exact benefit from multiple cards. An overstated paranoia rule of thumb is "Annual fees bad. Mongo no like fees."

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As far as AFs, I wouldn't say that they are inherently bad, but for me I would not have a CC with an AF.  Among other reasons, I wouldn't pay for the access to credit.

The same reason why I don't pay for commercials.  "Internet  streaming TV", "Netflix is the wave of the future", blah blah blah, whatever reason the talking heads are giving for why more and more people are cutting the cable misses MY reason.  

I don't pay for commercials.  I will pay for subscription TV when all TV channels are commercial free.  Otherwise, I will stick with free TV paid for by advertisers.

So, long story short, I am a profitable consumer without AFs. So, I wouldn't say that AFs are inherently bad, but I won't pay for access to credit.  Free access is better and works just fine and has plenty of rewards options.

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@But you're just illustrating the very point @TheConductor made about AFs - for some, it's worth it. For others, it's not. For me - I like the benefits that I get from my AF cards, such as the BCP, whereas clearly, you wouldn't. And there's nothing wrong with that. It's just that this AF vs. No-AF debate can go on ad nauseum. 

[TheConductor]

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@parakleet wrote:

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@ccnewcc wrote:

So, long story short, I am a profitable consumer without AFs. So, I wouldn't say that AFs are inherently bad, but I won't pay for access to credit.  Free access is better and works just fine and has plenty of rewards options.

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@But you're just illustrating the very point @TheConductor made about AFs - for some, it's worth it. For others, it's not. For me - I like the benefits that I get from my AF cards, such as the BCP, whereas clearly, you wouldn't. And there's nothing wrong with that. It's just that this AF vs. No-AF debate can go on ad nauseum.

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I think the lesson here is that "value" is not always monetary.  ccnewcc clearly has personal values that make free access a priority. That's entirely reasonable, to know "I could certainly make more profit by paying for that card instead of this one, but it's profit I don't want to make because holding to my principles has more value to me."  

On the other hand, some people avoid annual fees by rote, without considering the value proposition. They make an unreasoned assumption as opposed to a reasoned determination.  And those are the people the items in this list are aimed at...the people who haven't stopped to think about the other perspective on that thing they're worrying about.

[toppers555]

I think credit inquries is what cracks me up the most.  People make a deal out of one inquiry and they think its the end of the world or will stop them from getting higher limit cards.   Also Barclay did AA my account with them and I actually kinda laughed at it.

[Epcot]

This thread is great! I plan on closing two of my cards before years end due to the low CL and high APR.
As for cards with annual fees, I think I have 4 cards with AF, including the $450 Amex Platinum, but what I get in return far far outweighs the cost of membership.

[cleanitup]

I really appreciate this thread.   I also plan to close 4 accounts, high APR and low limits and 1 has AF.    I feel my file has way too much credit.   I simply don't need it. 

I also want to say this Forum is fantastic, and i totally appreciate all the help over the years.    

[thom02099]

BUMP ! ! !

This NEEDS to be at the top of the list, and should be required reading for newbies...as well as some of us olders...as a reminder;

Don't take this credit stuff so seriously ! !

Yes, credit is serious.  But it's not the end of the world if some of this happens.