The outrage in your credit card's fine print


Stretch
#1
The outrage in your credit card's fine print (external - login to view)

By: Webmaster Tags: ECONOMY (external - login to view)
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GO TO ORIGINAL ARTICLE (external - login to view)


During the housing bubble, credit-card vendors inflated interest rates – even as the Fed slashed them – and found increasingly sneaky ways to usher their customers into perpetually indebted servitude. Such as:
•Raising rates as high as 32 percent on existing balances, with no notice, even when they've always been paid on time.
•Compressing the time between statement mailings and due dates.
•Charging interest on debt already repaid.
•Posting on-time payments after their due date – and then charging late fees.
www.csmonitor.com/2008/0813/p09s01-coop.html (external - login to view)
 
lone wolf
#2
You have to watch them all the time. Credit cards are worse than banks for crooked little tricks. Beware of unpaid balances after the balance you saw on the bill is paid off. My CU Mastercard went back in two pieces along with a sternly-worded letter from the Caisse (who will no longer be doing business with them)
 
L Gilbert
#3
Yes. Damned well have to eyeball account notices. Pay everything when you get the notice and phone the buggers when you see something on them that does't fit. I am sure our CC account holders don't like my wife much. Just about every account report comes in she's on the phone to the credit creeps.
And CanPost doesn't help much. We bought A GIC a little while ago and the bank sent the paperes that day. We got nothing for a week and a half. Wife phoned them and they said they sent it but would send another batch of papers. We got the second set the next day by courier and the day after, CanPost finally got around to delivering the first set.
Not only that, we made a donation to a charity and they didn't get the cheque. Phoned a week later to ask them and they said they didn't get it so we sent another cheque. Weekend rolls by and they phoned and said they got both cheques the same day. Federal employee efficiency = 0%
 
tay
#4
Stay away from balance protector plans for your credit card










CBC did a short video on this legal scam. Be sure to check your credit statement and remove this if you have it!




The girl in the video requested a refund and actually received it. Was 1800$ she had paid over 7 years




Credit Card Catch - Marketplace - CBC Player
 
taxslave
+2
#5  Top Rated Post
Don't overspend and it won't be an issue. pay off your balance every month.
 
Walter
#6
Quote: Originally Posted by tayView Post

Stay away from balance protector plans for your credit card
CBC did a short video on this legal scam. Be sure to check your credit statement and remove this if you have it!
The girl in the video requested a refund and actually received it. Was 1800$ she had paid over 7 years
Credit Card Catch - Marketplace - CBC Player

fify

Stupid people who use their credit cards as a long term loan.
 
EagleSmack
+1
#7
I only have an AMEX. I paid off all my balances for my other cards when I was in my late 20's and cancelled the cards.

I NEEDED a new car (new to me, I bought a used car) in January and the guy doing the financing said to me that I had a great credit score. I told him how much it pains me to write this check and actually have any sort of debt. He said he could tell as I had no current debt at all.
 
tay
#8
I have had a letter sitting here for a few weeks that got lost in the pile of mail I get and finally opened it today.

Turns out it's my Credit Card renewal. I do wonder why do they have to be renewed?

Anyways, I haven't used it in a very long time and was debating as to whether I should bother although I realize without one you can be limited on booking Hotels etc..

So I open the big page up and it tells me my Cash Advance and purchase limits.

Where it gets interesting is that if you don't make the minimum payment on the due date the rate goes to 24.99% for purchases and 27.99% for Cash Advances.

Out of interest I searched lowest interest rate canadian credit card and found what looks to be a good deal at National Bank even though I don't fit the profile ; I never carry a balance. If I do use it, it's for a rental or such and I pay it off well before I get the statement and since I don't use it, I'm not interested in points.

This Card Is Great For You If:
  • You're prone to carrying a balance
  • You want to pay down your credit card debt
  • You don't mind not earning rewards
https://www.ratesupermarket.ca/credi...s/low_interest (external - login to view)



Even though I don't see the fine print on the site as to what rates would go to if you miss a payment etc., the moral of the story is people who are prone to using these cards should shop around......
 
Danbones
+1
#9
odd..
without constant debt and repayment a person will have no credit history or score
which potential creditors find to be BAD
 
Angstrom
#10
It's simple. Credit cards are a dim a dozen. If one is dicking you arround get a new one, and close the old. Make them compete with one a other for you're buisness

I've made them compete with one a other and I have today a credit line at 4.3%
 
tay
#11
Quote: Originally Posted by AngstromView Post

It's simple. Credit cards are a dim a dozen. If one is dicking you arround get a new one, and close the old. Make them compete with one a other for you're buisness

I've made them compete with one a other and I have today a credit line at 4.3%

I've never investigated a credit line but may do so to see what that's about. Of course the need for a credit card for me is more ultility in as much as booking trips etcetera.

But I have an update of sorts.

I went to my bank a few weeks ago and asked for an update on my CC because I hadn't received a statement. I knew there would be a renewal on my CAA card which is the only charge I have automatically on the CC.

I paid it in full, or so I thought.

I have had a statement laying around for a week and just looked at it. I owe 49 cents. One may scoff at that BUT if I did not make that minimum payment, which in this case is 49 cents, the interest rate on the Card would go from 11% to 21% for future debts, if I incurred any. Ah yes, the fine print.

I will be making a $2.00 payment today to cover any future add ons.......
 
Walter
#12
Quote: Originally Posted by DanbonesView Post

odd..
without constant debt and repayment a person will have no credit history or score
which potential creditors find to be BAD

If you pay-off your credit card bill every month your credit rating improves just as if you carried the debt over from month to month paying only the minimum.
 
Cannuck
#13
Quote: Originally Posted by AngstromView Post

... and I have today a credit line at 4.3%

The interest rate is irrelevant. It depends on how you use your card. My interest rate is high but it gives me cash back on my purchases. I buy as much as I can with my card and pay off the balance monthly.
 
PoliticalNick
#14
We use one for points. Everything goes on it followed immediately by an online payment of a corresponding amount. Since it is issued by our bank the payment is immediate...not '3-5 days to process'. Probably put $10-12k/month on it. Usually wind up with a 5-star week in Mexico for 2 every spring and never pay a dime in interest.
 

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