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

[lithium78]

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@Anonymous wrote:

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@FrugalRican wrote:

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@Anonymous wrote:

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Account terms can change over time, you knew this.  Bank of America decided to raise its price for your card because it wasn't making enough money, you can choose to either continue using the product or cancel the account.  BoA was not wrong in charging an annual fee and either choice you could have made is not wrong either.  Yes, Bank of America is greedy, every company is.  Atleast, every company that wants to stay in business.

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Of course I knew the terms COULD change, but my initial agreement wasn't with BoA, it was with MBNA.

Even so, I know this doesn't allow me to feel "entitled". I just don't get what's so wrong about voicing displeasure about something that I don't like... ignorant, or not.

I'm closing my card, and I know my credit limit won't do any "damage" to BoA and won't teach them lesson, but it'll make me $59 lighter in my wallet next year.

I'm not in this or doing this for them, every single move I've plotted is for me, and that's why I willingly paid the fee this year.

But I don't see why I don't have the right to voice my displeasure on a public forum without being labeled as "ignorant". (not saying that you called me ignorant - )

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There's nothing wrong with voicing displeasure about something you don't like.  I wouldn't like that situation either, but there's a difference when it seems you are saying or implying that Bank of America was wrong in starting to charge an annual fee.  For instance, I don't like when gas prices go up, and I might complain about it to someone, but that doesn't mean any injustice has happened, I just may need to use less gas.  It's people who get outraged at high gas prices I don't understand, people who call oil companies greedy crooks.  The price of oil, just like the price of credit and everything else, is determined by supply and demand.  Sometimes prices have to go up, sometimes they have to go down.

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Well, in the case of oil, the price is actually determined by energy traders and speculators.  It really has very little to do with supply and demand.  Oil companies have also shut down refineries and slowed production purposefully to drive prices up, which is why many people are angry with them and call them greedy.

[CreditCrusader]

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@lithium78 wrote:

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@Anonymous wrote:

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@FrugalRican wrote:

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@Anonymous wrote:

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Account terms can change over time, you knew this.  Bank of America decided to raise its price for your card because it wasn't making enough money, you can choose to either continue using the product or cancel the account.  BoA was not wrong in charging an annual fee and either choice you could have made is not wrong either.  Yes, Bank of America is greedy, every company is.  Atleast, every company that wants to stay in business.

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Of course I knew the terms COULD change, but my initial agreement wasn't with BoA, it was with MBNA.

Even so, I know this doesn't allow me to feel "entitled". I just don't get what's so wrong about voicing displeasure about something that I don't like... ignorant, or not.

I'm closing my card, and I know my credit limit won't do any "damage" to BoA and won't teach them lesson, but it'll make me $59 lighter in my wallet next year.

I'm not in this or doing this for them, every single move I've plotted is for me, and that's why I willingly paid the fee this year.

But I don't see why I don't have the right to voice my displeasure on a public forum without being labeled as "ignorant". (not saying that you called me ignorant - )

---

There's nothing wrong with voicing displeasure about something you don't like.  I wouldn't like that situation either, but there's a difference when it seems you are saying or implying that Bank of America was wrong in starting to charge an annual fee.  For instance, I don't like when gas prices go up, and I might complain about it to someone, but that doesn't mean any injustice has happened, I just may need to use less gas.  It's people who get outraged at high gas prices I don't understand, people who call oil companies greedy crooks.  The price of oil, just like the price of credit and everything else, is determined by supply and demand.  Sometimes prices have to go up, sometimes they have to go down.

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Well, in the case of oil, the price is actually determined by energy traders and speculators.  It really has very little to do with supply and demand.  Oil companies have also shut down refineries and slowed production purposefully to drive prices up, which is why many people are angry with them and call them greedy.

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Oil, like any commodity priced in currency, finds its price per its value against that currency. Running $1-1.5 trillion deficits, quantitative easing and other Fed-bloated policies have nearly taken all significant value out of the dollar.

In other words, as the dollar has sunk, oil (a commodity priced in dollars) has jumped in price.

[crunching_numbers]

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@Anonymous wrote:

I read the OP and agree with a lot of it, but this line is not accurate

" Simply put, the credit card doesn't need you"

Uh...you mention they are a business. Businesses make money.

They dont, however, make money without CUSTOMERS.

In essence they DO need us and we DONT need them.

My finances will get by just fine without use of a credit card.

The CC company, wont do as well without customers paying all those fees and interest you mentioned.

Thats generally why they bend over backwards for their GOOD customers as long as they requests are reasonable.

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CC need customers. FACT. But what defines a "good" customer?

Low risk, PIF monthly?  (swipe fees only)

Carries a balance, pays on time? (interest plus swipe fees)

Loyal customer (years worth of interest and fees)

From a business standpoint, where is the balance? And are they really bending over backwards for anybody? They are in it to make money, and they will make money on all of us. Swipe fees are profitable. If they weren't, CC would not offer accounts without AF's.