Here's an interesting article about hearings going on in the Senate regarding credit cards, fair practices, etc. I'd like to come up with some really witty response, but the whole discussion just makes me want to go home and cut up my credit cards even more than I did before I read this!
Ok, I'll admit it, I've been reading and listening to Dave Ramsey for a while, and making a concerted effort to stop "playing with snakes" and do everything on a cash basis. This just adds fuel to the fire.
Charging an annual fee to those who don't carry a balance so that they "pay their fair share" and help the credit card companies make a profit? I think I'm going to break down crying for the poor credit card companies that can't make enough money! And the thought that hitting me with an annual fee would make it possible (like it isn't already) to charge lower late fees and interest from those who do carry a balance is just laughable. Puh-leaze! Like the credit cards are forced against their will to charge the ridiculous late fees and interest they have now! Go ahead, charge me an annual fee! See just how quickly I slice and dice my credit card! In fact, I'll save you the trouble. I'm such a "deadbeat" (the credit card company's term for someone who doesn't carry a balance) that I should just get out of your hair. So let me state here publicly that I will no longer carry a credit card. I have a debit card, a checkbook, and good old fashioned cash. The last of my credit cards will be shredded by nightfall.
Oh, and you know those commercials where the world grinds to a halt when someone tries to use cash instead of the "wonderful", "easy", almost "magical" credit card? I call bogus! If I had a donut for every time I've seen a cashier delighted to see cash because their stupid credit card machines were out of order, I'd be on a first name basis with Jenny Craig...
Anyone else out there want to join the growing revolution and have a "plastectomy", as Dave Ramsey calls it? Shred 'em and sound off below!
Friday, January 26, 2007
Cut ‘em up!
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3 comments:
We stopped using ours about a year ago and haven't looked back... except that time where we had the identity theft thing and had to cancel our bank card and get new ones. I recommend keeping one credit card as backup, unless they start billing for it.
I guess I should clarify - It's not just the idea of an annual fee that torques me off and makes me want to shred the cards. That is annoying, but only as part of a discussion of credit card companies "finding new ways to be profitable." I've paid annual fees before, though if given the choice I would opt not to.
What is worse is the discussion of all the current tactics used, such as the Universal Default Clause, and having heard many stories about the unethical and occasionally illegal tactics used by the collections departments of the major credit cards. Oh, that and the fact that my TWO YEAR OLD has received credit card offers already! Dead people and dogs can get credit cards! And yet people go around worshiping the credit score and doing things to keep their credit score "healthy", when all it really means is that you borrow money and stay just enough in debt to make other people want to loan you more money so you can be more in debt!
Okay, okay, I'll stop now...
I in general won't pay an annual fee for credit cards. I have one through US Airways that gives me 1.5 miles/dollar that waives fees for the first two years. I might keep that one going.
If you do pay off your credit card every month, then it really is like getting a free monthly loan, interest free. Although some people can't handle the level of responsibility it takes to do so, I personally never charge more than what I can fully pay for. So, I get 1-5% cash back or miles or whatever, and I don't ever pay finance charges. The few times I do, it's b/c I've somehow forgotten to send in the online bill or something. My track record is so good though that almost every time, that finance charge and late fee are taken off.
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