Credit Card Fees: 10 Ways Credit Card Companies Are Still Ripping You Off

businessinsider.com:

Credit card companies are already finding new ways to get rich at your expense, all while racing to increase penalties and other charges before February, when the new rules go into effect.

Read the whole story: businessinsider.com

Comments

[Sundialsvc4]

No.

They are not.

Anymore.

[ILibertine]

If one does not charge more than they can pay off before interest accrues, these little devils work perfectly. If the card issuer wants a yearly fee, they can forget my account.

The fundamental trap, of course, is that one can lose track of what they are charging, or become tempted by constant mailings for cash advances and the like at incredible fees. Huge profits are made by people not paying attention to their expenditures and the business has become spoiled by expecting these usury profits with no parental control (effective legislation).

It's true that one virtually needs to have a card from the standpoint of reserving motel rooms & so forth. Current practices are thievery as such, that is why strong regulation and limiting of charges is needed.

[NoMoreBail2]

No more bailouts for too big to fail. NO more stupid tax cuts and other gimmicks. Need more jobs, affordable education & heath care.

good articles; http://financeopinionss.blogspot.com

[Gates trades]

Tired of boring news and stupid facebook widgets?

better news: http://financeopinions.blogspot.com

[lemonyashes]

I stopped using credit cards in 2003, and I do not miss them. I refused to have a checking account from 1998-2007 because of an $18.00 overdraft fee for $0 .43 overdraw. I was even able to buy my house without a checking account. I did finally get a checking account with my credit union when they agreed not to charge me overdraft charges if the money was available in my savings account. I wanted it because my debit card acts as a credit card which is convenient to order things off the internet or when you need to have a credit card without the interest or payments. I am without the headaches and frustrations of having credit cards especially in these times. I pay as I go and therefore I always live within my means, and I do surprisingly well without them. Of course being a single parent and a limited income I don't have a back-up plan for emergency situations like if my refrigerator were to break but I'm willing to take the risk and will have to deal with these situations as they come up, which I think is a better trade off in the long run.

[JeroenRitsema]

What kind of backwards archaic country has checks? Must be the USA.

[Fitfanatic37]

I received a letter today from Citibank notifying me that they are raising my apr from 11.2% to 29.99% starting next month. I called and pleaded with several people including a senior account manager who finally told me that there was nothing I nor she could do to prevent this increase. I was told that it was necessary to maintain Citibanks profits which have been hit hard and to keep the investors happy. I asked her how sending me into bankruptcy would help their profits and was told not to take it personally, that I was not being targeted but that it was a blanket increase across all customers. I was told my only avenue to prevent the increase was the opt out which cancels the card. I have been a customer with them since 1995, always paying on time with at least the minimum. Now I am angry, lost, and on the verge of tears, feeling like a lone peon against a huge corporation.

[isee61]

It is sad to see a grown man cry, but you have to realize that the for-profit banks and credit card company IS NOT YOUR FRIEND, period.

They were telling you point blank that you are NOT valued as a customer and the only thing that matters to them is sucking your wallet dry.

I agree with them that people that use their product (which is called debt) not take this a personal because they warned US that they would do anything in their power to suck the life out of anyone who would CHOOSE to use their credit cards. It says that right there in the fine print right before we sign our name on the dotted line.

I actually used them for a change. They kept sending me offers 7-10 offers a week. I had the need and took advantage of the low rates and used them once and paid way more than the minimun payments and they didn't like it and closed the accout stating that I did not live up to my end of the contract. I payed them off early and they didn't make much money off me.

I don't use credit cards anymore because I don't like the way they play.

[Fitfanatic37]

I've decided to opt out and have the card cancelled. They do not deserve my money and this has served as a huge wake up call for me. I'm going to get a card with a smaller limit through my credit union and use it only for emergency. I too want to be free of the headaches, hassles, and stress caused by living at the whim of these horrible companies.

[RickCoMatic]

The Credit Card Industry needs to be brought under control. The toothless legislation passed in May gave all the Credit card Companies plenty of time to make changes to their terms that skirt the new rules.
The Credit Card Reform Bill only pulled a curtain in front of the huge loophole that lets the Credit Card Companies do as they please.
Why bother passing legislation that does NOT address the heart of the matter for why the legislation was needed.
There are major problems in Government which have been yanked from the shadows into the light of day but the Congress will not act to do anything about then because the Congress does NOT want these issues discussed.
Why don't you revisit Credit Card Company Oversight and give us a meaningful Bill that affords protections to Credit Card Holders.
Try getting a Bill passed that actually does something good.

[ResearchtheFacts]

Boycott Black Friday November 27, 2009

We can better help our citizens who are struggling by utilizing our buying power to lobby on their behalf. Unfortunately congress doesn't listen until there is money involved. Hence the term lobbyist.

Black Friday is the biggest push for citizens like us to spend big bucks. Reject that idea and lobby for the Americans who are living in tent cities, cheap motels, storage units unemployed or under-employed. On food stamps and for the masses that will be in food lines this Thanksgiving. There is no current remedy in the making for our citizens who are unemployed. Basically, only purchase what we essentially need and leave the cheap Chinese crap on the shelves. Beforehand writing or calling congress, making it clear if they don’t start doing something proactive that we can see or approve of to help the plight of ordinary Americans over Wall Street or the Banking Industry then this country can look for other ways to make up for the GDP losses else where. Hey congress, get it from the banking industry or Wall Street through heavy taxation on bonuses. We have already begun our protesting.

This is not about political party affiliations but about us the people fighting for citizen rights. http://hiteminthewallet.wordpress.com

[isee61]

Boycotts only work if you continually NOT do something. It won't work if you don't use a CC for just a day a week or a month.

Call them up and tell them to cancel your card and not use the CC ever again. That's how boycotts work.

On black friday, go out and spend your money, just don't use credit cards. You will save youselves money from not paying interest and the satisfaction that your personal boycott empowers YOU and not THEM.

[JustJoy7]

Engineer, Bill Fair and Mathematician Earl Isaac are sloppy rich and could care less about ordinary hard working people. Yet, they determine how we are judged for credit. It's all a part of the fleecing of America. You can win!!! If you have excellent credit, the model kills you. If you have louse credit, it kills you. There is no winning. It all goes to benefit this whole financial system that is TOO BIG TO FIX. Yes, TOO BIG TO FIX.

[JustJoy7]

Yes, we know that the credit card industry is ripping us off, BUT OUR WORST ENEMY IS THE FICO SCORING CONSPIRACY!!!

If you use your credit cards, they ding you!!!
If you don't use your credit cards, they ding you!!!
If a company inquires on your credit, they ding you!!!
If the company drops your limit, they ding you!!!

That's just a few. I'm sure others can add to this list. The system is corrupt and it is a sin and a shame. These companies couldn't get by with all this s**t if they didn't know the FICO farce were not there. There has to be a better way to evaluate people's creditworthiness.

[01202009]

You are so right! FICO has to go. The congress is sitting on its hands while these people charge a bundle for you to see what they're saying about you.

They ding you if you close accounts. I've lost one hundred points because of closing cards that increased my credit limits or change terms.

FICO sucks!

[horsesforever]

When this bill was signed by Obama, it should have gone into effect immediately.. The credit card companies were given 6 months or so to screw us. I am waiting for my MC to increase my rate, if they do that card will be closed, and I have had the card for 32 yrs..I also have a Visa from the local CU and they, at this time, have not raised the rates..it amazes me that the ones who pay their bills every month and pay them off are the ones getting screwed. We end up paying for the ones who, in some cases, shouldn't even been given a credit card in the first place..

[Militant Leftist]

I've been paying my balance off each month for years now, and have heard of the practice of cc companies dropping customers for this reason. I'm waiting to be dropped, or should they ever slap me with the $99 annual fee mentioned in the article, drop them.

[01202009]

I pay off my balance every month and have had that happen. The bankers call us *dead beats* and claim they can't make any money on us. Another bank that I've used for years doubled my rate. Needless the say I got rid of them both. I joined a credit union and got a card with a decent balance for under 8%.
Just be aware that when you cancel cards or they bump up your interest that FICO lowers your credit rating. The congress needs to look into FICO. Maybe when some senator gets screwed it will get his/her attention.

[01202009]

I pay off my balance every month and have had that happen. The bankers call us *dead beats* and claim they can't make any money on us. Another bank that I've used for years doubled my rate. Needless the say I got rid of them both. I joined a credit union and got a card with a decent balance for under 8%.
Just be aware that when you cancel cards or they bump up your interest that FICO lowers your credit rating. The congress needs to look into FICO. Maybe when some senator gets cheated it will get his/her attention.

[Hank10303]

YOU KNOW WHAT - WE CAN LIVE WITHOUT CREDIT.

THE ONLY CREDIT YOU REALLY "NEED" IS YOUR MORTGAGE AND CAR.

CUT THE CARDS UP AND MOVE ON

[ResearchtheFacts]

Easier said then done. Some people are into the "mob" large. And, now with the meter running over-time and no brakes on the run away train, there is no way to come out from under.

[Caxrine]

With articles and replies posted here, I now have a zero balance on my big bank credit cards and only use my Navy Federal Credit Union card.

However, now my NFCU card is changing to a variable rate up to 19.9% (from a fixed 7.9). SO not all credit unions are "safe" now either.

I'd be grateful to hear which actual Credit Unions are not changing their rates.

[LHoney]

I had an interesting experience this month. I always pay my credit card in full every month. The bill came late (which I didn't notice as I pay bills every week, so never worry about being late). I opened it on Nov 10th and it was due Nov 11th (today). So, I called them to make a payment by phone (never did this before) and they charged me $15 for the pleasure of using this option! Immediately shredded the card (Capital One).

[Hank10303]

Point is - we can live without credit cards; if every American stopped using them they would go back to rates of 2% in less than one month of reviewing their financial reports. If still most held out they would go back to 0% intro for six months. If most still held out savings account rates would increase to near 10%. The less we give banks the more they give us. The more we give banks the less they give us. STOP GIVING THEM YOUR MONEY AND THEY WILL GIVE US FAIR SERVICE AND RATES

[01202009]

I don't agree that the banks will ever give fair services and rates. They don't make most of their money on our little accounts. Besides, why should they worry when we hand them billions every time they hiccup?