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People, Credit Card Companies and Banks NEED US MORE than we need them!!

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Madison
Regular Contributor

People, Credit Card Companies and Banks NEED US MORE than we need them!!

Right now the credit card companies and banks are in a desparate position. They have to generate profits. I would suggest using your check card instead of credit cards. Pay off your credit card balances or try to make more than minimum payments. Maybe they will get the message that the credit card holders are not going to be rate jumped, credit line ecrease, fee charging and blindsided by these crazy card companies. Folks, the credit card companies and banks NEED US MORE THAN WE NEED THEM. If enough people pay off their credit cards and stop using them then they MIGHT get the message!
Message 1 of 13
12 REPLIES 12
Chopbrocoli
Established Contributor

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!

But if you do that, you give them more of an excuse to rate jump or charge ridiculous service fees. No matter what, the financial institutions will come up with a way to avoid profit loss whether its APR increases, services fees, or other various junk fees. Just look at the airlines... they are charging a fee for checked baggage or a fee to book over the phone.
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Message 2 of 13
Anonymous
Not applicable

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!


@Madison wrote:
Right now the credit card companies and banks are in a desparate position. They have to generate profits. I would suggest using your check card instead of credit cards. Pay off your credit card balances or try to make more than minimum payments. Maybe they will get the message that the credit card holders are not going to be rate jumped, credit line ecrease, fee charging and blindsided by these crazy card companies. Folks, the credit card companies and banks NEED US MORE THAN WE NEED THEM. If enough people pay off their credit cards and stop using them then they MIGHT get the message!

I'm not sure paying off balances is going to help everyone - some have reported that they have received a CLD or their card was closed after they paid off most or all of their balance.

 

Now if you PIF every month then it is a good idea NOT to start carrying a balance if they ratejack you.

 

If you want to use your credit cards less then I would suggest not using it for smaller purchases under $5 - that is where the merchants pay higher fees %-wise, and also credit-card protection is not useful for such a purchase.

Message 3 of 13
Anonymous
Not applicable

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!


@Chopbrocoli wrote:
Just look at the airlines... they are charging a fee for checked baggage or a fee to book over the phone.

Airlines are actually a good example. I had been flying with America West/US Airways quite often in former times. Now I have to keep my rewards alive by spending my points on other stuff (just ordered "The Economist" ), because I haven't used this airline in a long time. Instead, I fly with their competitor (Southwest), who advertises with their "no fees" policy. No fees for anything, and that's why I use them and not US Airways. If I look at US Airways' stock price, I seem not to be the only one who thinks like this.

 

And I will act accordingly with credit card companies.

Message Edited by Ulan on 05-20-2009 11:05 AM
Message 4 of 13
Anonymous
Not applicable

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!

That is right,banks need customers not customer need banks..Bank profits came from Customer and no one else. No customer means No business. You don't need to have a business degree to understand business and this is ALWAYS  THE LAW OF BUSINESS. No business means out of business, out of business means no profits, no profits mean no more business and no more customers.

 

 

 

Message 5 of 13
Anonymous
Not applicable

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!


@Madison wrote:
Right now the credit card companies and banks are in a desparate position. They have to generate profits. I would suggest using your check card instead of credit cards. Pay off your credit card balances or try to make more than minimum payments. Maybe they will get the message that the credit card holders are not going to be rate jumped, credit line ecrease, fee charging and blindsided by these crazy card companies. Folks, the credit card companies and banks NEED US MORE THAN WE NEED THEM. If enough people pay off their credit cards and stop using them then they MIGHT get the message!

I don't know if i would agree totally with this, we need each other. If no banks were around to lend then we wouldn't be able to get some of the things we want/like i.e. Cars,Homes etc. Unless we have access to all the materials ourselves and since none of us or should I say most people don't have access to unlimited free resources then we need banks to help us get from A to B just like they need us to make interest and keep them making money. 

 

So banks do serve a purpose, but all to often as we now see banks are taking advantage of the consumer. These practices hurt us all and not all banks and credit union are bad. It's just the bad apples out there spoil the bunch. I'm sure you all have heard of that saying.Smiley Wink  Just my input on this.

 

King 

Message 6 of 13
GomerPyle
Regular Contributor

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!

Remember the Golden Rule,

 

"He who has the gold rules"  This is true whether it be the banks with the gold or the customer with the gold.  $$$$ always does the talking and sets the rules. That is why it is so funny watching Congress attempting to regulate the banks. It is truly the fox watching the hen house.

Message 7 of 13
Anonymous
Not applicable

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!

Know what? most people take these banks and their credit cards way too seriously.

 

Just do not carry a balance. PERIOD.

 

If they close your account. Accept it and move on with your life.  Who needs so many cards anyway.  I have several dozen credit cards. Once the dust settles I do not care if I am left with just 3. 

 

Who will be left having credit cards?  I guess people with scores below 600.  If you have a score over 700 you will not be profitable to the banks so they may cut you off.

 

I am NOT going to pay interest charges from the day of my purchase.  If they pull that I will close those accounts. If they charge an annual fee I will close those as well.  Enough is enough at this point.

Message 8 of 13
Anonymous
Not applicable

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!


@Anonymous wrote:

Know what? most people take these banks and their credit cards way too seriously.

 

Just do not carry a balance. PERIOD.

 

If they close your account. Accept it and move on with your life.  Who needs so many cards anyway.  I have several dozen credit cards. Once the dust settles I do not care if I am left with just 3. 

 

Who will be left having credit cards?  I guess people with scores below 600.  If you have a score over 700 you will not be profitable to the banks so they may cut you off.

 

I am NOT going to pay interest charges from the day of my purchase.  If they pull that I will close those accounts. If they charge an annual fee I will close those as well.  Enough is enough at this point.


Hey Mark....I think you are correct on this, I PIF 90% of the time. And believe some people take their credit cards too seriously as I'M GUILTY myself but it's something i have to work on. Smiley Wink

Message 9 of 13
Red1Blue
Super Contributor

Re: People, Credit Card Companies and Banks NEED US MORE than we need them!!

I nevery carry balance. I always do PIF. Some times I leave very small balances on couple of accounts to make FICO happy.
Message 10 of 13
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