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You'll Want To Read This!! *Credit Card Rant*

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Tommy5746
Regular Contributor

You'll Want To Read This!! *Credit Card Rant*

I love these forums.. they are filled with excellent knowledge and support from others in similar situations such as myself. I am especially drawn to the credit card forum since I have been trying to rebuild my credit with the help of some credit cards... but, as I read some of the posts on here I have to laugh and shake my head because sometimes I am stricken with second hand embarrassment from comments that’s others post as you'll read about in this rant...

 

Some of my favorite comments are below:

 

 "How dare they charge me an annual fee!"     - Ok, Let's start with WOW! You know before you apply for the credit card what the annual fee is. And not only that, had you read your card holder agreement which is available for you BEFORE you apply and then given to you AFTER you apply that the annual fee can change with due notice! I'm sure people are saying "I was never given notice!" and my answer to that is yes, you were. It either comes to you via email or mail. You choosing to not read your mail or email does not mean you didn't receive a notice, it simply means you chose to disregard your mail. Credit Card companies can charge any annual fee they want! And they should be able too because THAT is one of the many variables that separates credit card companies apart. YOU as the consumer choose if this is something that you agree with or don’t agree with and if you don't agree but STILL apply for the card, then you my friend are a fool and have no leg to stand on when complaining about your annual fee. Also, it cracks me up when I see people saying things like "I'm going to close out my card if they don't waive the annual fee!". Really? So, you mean to tell me that you are going to threaten a billion dollar financial institution by closing out your 10k limit credit card because they wouldn’t waive a fee that you not only knew about BUT signed a form stating to pay the annual fee too? Laughable...

 

 

"I can't believe they charged me fees, don’t they know how much I have with them in my checking account!?"    - I love this one! People with large sums of money sitting in a checking or savings account at a bank and/or credit union who they also have a credit card with. Listen, this is simple and easy.. If you have a large sum of money in your account then CLEARLY you can afford to pay the fee's.. SO PAY THEM! You have a credit card and how do credit card companies earn income aside from interest? Fees! Everything from cash advance fee's to dormant account fee's.. It is this exact problem that roots down deep to one of the biggest problems today.. People with money who want certain "things" for free... The more money you have doesn't mean the less you'll have to pay.. If ANYTHING it should be the complete opposite.. If you have the money, then you should be paying the applicable fees without complaining about it. Granted, sometimes a credit card company will up the amount of a fee to what may seem steep, BUT you have the choice to close out your card or keep the card... Throwing around numbers only makes you look pompous and greedy.

 

"I've been a card holder for years now!"     - Being a card member to a specific credit card company for long periods of time does NOT entitle you to be exempt from interest charges and miscellaneous fees. This is a credit card we're talking about.. not your best friend. You are in a BUSINESS relationship with the company, nothing more! It's simply business...Stop looking for handouts from your credit card like it "owes" you something in return for using it for the last decade. Simply put, the credit card doesn't need you, you "need" the credit card... I put need in quotations because nobody should ever actually need a credit card, but you get the point. Put this "loyalty" nonsense to bed and stop acting like your dating your credit card.

 

"They refused to lower my interest rate!"     - This is one of the best lines I keep hearing... They won't lower your interest rate.. Ha. You have a credit card that is based almost entirely around one thing.. Interest. You know this. It makes me laugh every time I read this because the second a persons interest rate goes up, even the slightest bit, they are on the phone with customer service bluffing about closing out the card because they refuse to pay anymore than they have too. Let me get this straight.. you're flipping out because your VARIABLE rate credit card interest rate went up!? Notice how I put lots and lots and lots of emphasis on the word VARIABLE! Variable means that rate is going to go up at some point and you know this.. Also, it means the rate can go down which does happen. If your rate went down would you be calling up customer support screaming at the representative for unknowingly dropping your rate? Of course not! This also goes back to the cardholder agreement that you either signed or acknowledged when you initially applied for the card. You knew that the card had a variable rate which means it goes up and it goes down.. Some credit cards have a ceiling that is high and some have a floor that is low.. You have to decide if the rate is worth it or not.. So please, remember this next time your rate goes up because it will go up!

 

Sorry everybody, I just had to get this off of my chest! Smiley Happy *big smile*

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 1 of 43
42 REPLIES 42
espnjunkie
Established Contributor

Re: You'll Want To Read This!! *Credit Card Rant*

While I hear what you are saying you make tons of assumptions here. First of all, never assume that creditors only fee you for legitimate reasons and if you have the money don't complain and just pay up. There have been countless examples of threads where customers were wrongly charged fees, double charged for the annual fee, incorrect billing statements, etc. Banks can and do often make mistakes.

 

In terms of loyalty I believe it makes a bit more difference than you present it. Yes it is a business relationship, but like any business relationship you can gain more favorable treatment and terms over time. That's not to say this is to be automatic or expected, but it is definitely not out of the question to ask to have something done for you when you have been a cardholder and customer for 10+ years for example.

 

Annual fees...well I agree that you know what you are getting yourself into. It is not stupid to ever ask if they will waive the annual fee for you though. Can never hurt to ask.

 

Interest rate...meh I feel that with rare exception credit cards should never be used to purchase things people currently could not afford to pay for. Keeping balances on your cards all the time digs a person deeper and deeper into debt.

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 2 of 43
Tommy5746
Regular Contributor

Re: You'll Want To Read This!! *Credit Card Rant*


@espnjunkie wrote:

While I hear what you are saying you make tons of assumptions here. First of all, never assume that creditors only fee you for legitimate reasons and if you have the money don't complain and just pay up. There have been countless examples of threads where customers were wrongly charged fees, double charged for the annual fee, incorrect billing statements, etc. Banks can and do often make mistakes.

 

In terms of loyalty I believe it makes a bit more difference than you present it. Yes it is a business relationship, but like any business relationship you can gain more favorable treatment and terms over time. That's not to say this is to be automatic or expected, but it is definitely not out of the question to ask to have something done for you when you have been a cardholder and customer for 10+ years for example.

 

Annual fees...well I agree that you know what you are getting yourself into. It is not stupid to ever ask if they will waive the annual fee for you though. Can never hurt to ask.

 

Interest rate...meh I feel that with rare exception credit cards should never be used to purchase things people currently could not afford to pay for. Keeping balances on your cards all the time digs a person deeper and deeper into debt.


 

All of what I have written is not based upon assumptions... It is based upon NON errored complaints. Meaning, everything I talked about was based upon the fact that it was not an error.. Who wouldn’t say something if they were charged incorrectly? Its people that KNOW about the procedures and the charges and then decided to complain about them after the fact... Error and ignorance are two different things..

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit Smiley Happy
Message 3 of 43
Anonymous
Not applicable

Re: You'll Want To Read This!! *Credit Card Rant*

Quotes of Mod Cut who think someone else is already responsible (e.g the CCC) always make me laugh.

 

You can give an opinion without calling people names - MarineVietVet, myFICO moderator

Message 4 of 43
Anonymous
Not applicable

Re: You'll Want To Read This!! *Credit Card Rant*

I have a similar gripe with people who complain about airlines. I know airlines make mistakes worth complaining about like lost luggage, etc but what really grinds my gears is people who think they are special. Terms and conditions clearly state that if you want to change your flight, it will be a 150 dollar change fee. Airlines have it for a reason but people complain about "horrible customer service" when the reservation agent won't waive that fee because it is just changing some data in a computer, how can it cost 150 dollars?

 

Or people upset about having to pay money to standby for an earlier flight. If you can take earlier flights for free, then everybody would be buying the late night or early morning cheap flight, then trying to take a prime time flight.

 

 

My view on annual fees is I don't have any problem with them. It is not like it is a surprise charge it is quite easy to know what it will be before you app. Sometimes you can get the fee waived but I dont count on it. If the rewards and perks I get from the card justify the annual fee I have no problem with it.

Message 5 of 43
espnjunkie
Established Contributor

Re: You'll Want To Read This!! *Credit Card Rant*

I was moreso just looking to play a bit of devil's advocate. I do agree with most of what was posted though. People know the terms and conditions when they apply for credit. Ignorance is no excuse.

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 6 of 43
john398
Senior Contributor

Re: You'll Want To Read This!! *Credit Card Rant*

On the annual fee rant, isn't it possible a person had the card with no annual fee and sundenly they get a fee?

Message 7 of 43
espnjunkie
Established Contributor

Re: You'll Want To Read This!! *Credit Card Rant*

Arilines are in a tough position. They do want to make customers happy, but there are so many different things that can go wrong to piss poeple off.

 

Back to the topic of credit...people make mistakes and I believe rebuilding can become a great learning process. I do feel that all too often the posts on this board have been pretty superficial as of late with headlines like "OMG I just got approved for *insert some prime/entry level prime card from Amex/Citi/Chase/Discover*" and this is viewed as a huge success. The successful applicant is showered with praise and gongrats, everything is peachy. The dangers of credit fall to the wayside. Getting approved for card XYZ is just the beginning. The real vistory is in maintaining that account and establishing a positive tradeline.

 

It is so much easier to ruin your credit than to build it up. We live in a society that loves instant gratification. Credit can be a valuable tool when used wisely and cautiously, but once used carelessly can have servere impact. This thread is a breath of fresh air in that it bluntly lays out a dose of reality for people that could use it. We need more like it

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)
Message 8 of 43
Datx
Valued Contributor

Re: You'll Want To Read This!! *Credit Card Rant*


@john398 wrote:

On the annual fee rant, isn't it possible a person had the card with no annual fee and sundenly they get a fee?


Yup, sure is possible. I saw a thread earlier about someone being charged a $59 AF when the card had no AF at all for like 6 years? Yea, thats no way to treat a customer. You think someone is going to say...YAY! After no AF for 6 long years, my creditor is going to start charging a $59 AF. High fives all around, hollerz! Of course you are going to be upset. I'm certain the OP would be upset if in the same situation.

 

And yes, folks close their CCs all the time when they dont agree to a AF. You get to a certain point where your overall credit health has improved, and you have other CCs without AF. So to call a creditor to let them know you want to close your card because of the AF is not unusual. Im sure people do it all the time. I dont see it as it being a laughable matter like the OP.

 

Message 9 of 43
Anonymous
Not applicable

Re: You'll Want To Read This!! *Credit Card Rant*


@Datx wrote:

@john398 wrote:

On the annual fee rant, isn't it possible a person had the card with no annual fee and sundenly they get a fee?


Yup, sure is possible. I saw a thread earlier about someone being charged a $59 AF when the card had no AF at all for like 6 years? Yea, thats no way to treat a customer. You think someone is going to say...YAY! After no AF for 6 long years, my creditor is going to start charging a $59 AF. High fives all around, hollerz! Of course you are going to be upset. I'm certain the OP would be upset if in the same situation.

 

And yes, folks close their CCs all the time when they dont agree to a AF. You get to a certain point where your overall credit health has improved, and you have other CCs without AF. So to call a creditor to let them know you want to close your card because of the AF is not unusual. Im sure people do it all the time. I dont see it as it being a laughable matter like the OP.

 



+100000

Message 10 of 43
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