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Boy! I just don't get it?????

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Allan

01-12-2004 18:25:14

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Okay,

So, I want to pay off a credit card. I call the card company and today's balance is $3000.29.

But, the lady tells me if I want to pay it off, I then would now owe $3079!!!!! !!!!!

What's with that? I know I'm no finicial genius, but this is plain robbery!!!

I sent 'em their damned extra $79 bucks and will tear this thing up promptly.

Allan

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01-14-2004 09:55:52

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

sometimes it is cheaper and a heck of a lot better to pay people to get out of your life. Did it last year with a daycare. Good ridance

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sod

01-13-2004 22:41:29

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

Good responses all. One other thing should be done by all of us... send back the return envelope empty (postage is prepaid) on all of the solicitations for new cards.
good luck
sod

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Dave

01-14-2004 04:08:39

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Re: Re: Boy! I just don't get it????? in reply to sod, 01-13-2004 22:41:29

Don't send it back empty-fill it with washers!Remember,it's their $$$$.Dave

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Garry

01-13-2004 12:31:22

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

I recently received a generic notice in my bank statement that says if someone I write a check to comes to the bank to cash it and does not have an account with my bank they may charge me a $5 service fee. I'll be looking for another bank if they do that, after they here from me.

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Sam#3

01-13-2004 07:30:25

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

After reading all these replys this morning I think they can be summed in one phrase, 'learn and live'. If all else fails read the book. Learn the terms of the contract and live with it.
I am not in any way connected to the credit business but I will say they are not out to get you only to make money off their investment. The problem is they make the rules the borrower just blindly accepts them. I have always said credit is a tool. Use it to make life more comfortable but misuse it and becomes a burr in your blanket.

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farmerboybill

01-13-2004 05:38:57

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

If you went over your alloted time to pay off the monthly balance, you got charged the interest prorated back to the days you purchased with it. if you went over the dealine for payment, they also stuck you with a late fee. On the other hand, they just might have had you figured for a sucker and illegitimitely charged you interest.

Were it me, I'd've told the nice lady on the other end of the line that if I had to pay it, I'd promptly be cutting up the card. I read in one of my magazines last week that it costs the credit card company about $200 to replace YOU(guess all those mailers get expensive). They usually get very friendly when you threaten to leave.

I've a credit card through National City and am extremely happy with them. I've never ever been charged a fee legitimite or otherwise. They're usually quite prompt about getting to me when I'm on hold. They've lowered my interest rate to 8.5% (which helped when I wasn't employed for a short time but now doesn't do much for a 0 balance). I have had the card for three years and hope to never have to cut it up.

Thousands of companies want your credit card business. Find a better one.

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Nebraska Cowman

01-13-2004 03:25:34

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

Allan, just learn to say "yes mamm", and "yes sir" and let the people keep the books that are paid to keep the books. I ain't gonna worry my head about it.

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John K

01-12-2004 21:19:09

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

I keep getting offers from American Express (American Excess) to get a preaproved card. I keep telling them that if they give me my 11.00 that they me with interest from 1984 I will then consider it. I even send the envelope back empty as they pay return postage. Kind of feels good to have them ask but better costing them for me to say no.

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paul

01-12-2004 21:13:32

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

You folks _do_ read that little booklet written in 4 point text the credit card companies send out once a year? This is your user agreement, and it outlines every single way the credit card company can hose you, and how by using the card you agree that you can't do anything at all about it; plus you are giving up your right to sue locally but need to sue in _their_ state or country of origin????

Much like the Microsoft & software agreements, you do read those?

And the Roundup Ready & other tech agreements?

Simpley using these products gives these companies the right to hose you in any way they see fit. We all understand this, don't we?

--->Paul

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Nominday

01-12-2004 20:49:16

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

On another costly subject, I had a scary bank experience today! I accepted a Wells-Fargo Bank Check Saturday for a very expensive car. When presented today, I was told that payment had been STOPPED!!!! Yes! payment CAN be stopped on a cashier's check, ostensibly in case of lose,etc.
This turned out okay, Wells-Fargo error, they still had a stop payment in effect for a same number check issued in June, but be warned! Don't take a bank check for a cash item! Demand cash or a wire transfer.

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Shane

01-13-2004 05:23:11

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Re: Re: Boy! I just don't get it????? in reply to Nominday, 01-12-2004 20:49:16

There are a few problems with demanding cash for a large purchase like a car. First is not too many want to carry around that kind of cash! Second is when you withdrawl $10,000 or more from a bank they start asking questions and you have a sheet to fill out. And if the person had to get a loan for whatever the bank will issue a check out to the seller, no cash available. But I do see your point. I guess you just have to trust your intuition and hope it is right.

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Shane

01-12-2004 19:57:26

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

Your first mistake was to carry a balance on any credit card, pay off the bill each month! Second mistake was to not argue the extra $79 dollars, I have found out the more you ask for a manager and the louder and meaner you get the more attention you get and the better the results... but you have to know the limits to doing this, it really works at stores where people start looking! You may have tried to go online and paid your bill too, usually they have your current balance and allow payment online. These compaines are smart about getting every dollar, since you called it let them know you were going to pay it off and they already had a plan on how to charge you extra. Got to watch these people. Live and learn I guess.

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Keith

01-12-2004 19:26:25

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

I think I would be doing some checking with the head of thier accounting Dept.. Fleet Credit Card
tried to do the same thing to me couple of years ago. I called the CEO's office,when all was said and done, they owed me. Took me 2 years before I finually got a check from them. In the mean time recieved a letter from an attorney out of Florida
were there was a class action judgement against them for thier accounting practices. I filled out the paper works and sent it to the attorneys Nov
2003. And now I use thier credit card for an emergency windshield ice scraper. And I give them all the free advertising I can...

Best of Luck

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Hermit

01-12-2004 19:22:37

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

Some credit card companies are now charging interest from the day of purchase without a grace period. That way you can't pay off the card at the end of each month without paying some interest.

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snitkawl

01-13-2004 03:35:20

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Re: Re: Boy! I just don't get it????? in reply to Hermit, 01-12-2004 19:22:37

If I had a card that did that, it would be cut in little pieces and thrown in the trash. There are too many cards available to put up with bs like that.

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01-12-2004 18:56:54

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

I only use my credit card for travel expenses, and for mail orders. I pay them before interest is added. I have had a credit card for many years and ,to my knowledge, I have never paid any interest. USE THEIR MONEY!! I saw a report that the AVERAGE family owes $3,000.00 in credit card debt, so don't feel so bad, just be more careful in the future. Think of all the people that owe 20-30 thousand!!!

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jocco

01-12-2004 18:54:28

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

they add 10 days to allow for the check to arrive

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Been There etc.

01-12-2004 18:54:25

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Re: Boy! I just don't get it????? in reply to Allan, 01-12-2004 18:25:14

While we all blow our stack at those credit card companies (I've done the same thing), we seldom sit down and realize who is the real person to blame for the whole fiasco, namely ourselves. Heard a guy on the radio last summer that asked a simple question. He asked the listening audience to imagine that they had a $2500 debt to say Visa or Mastercard. If you paid just the minimum required monthly payment every month (and not a penny more), how long would it take you to pay off the debt? Apparently the answer is "NEVER", you would never pay off the debt by paying the monthly minimum. Guess I've wandered a bit off topic with this but your response to rip the whole thing up (I assume you are referring to the card) would be a wise decision (unless you can pay off the balance charged every month).

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sod

01-13-2004 00:58:01

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Re: Re: Boy! I just don't get it????? in reply to Been There etc., 01-12-2004 18:54:25

When they send out the bill they compute the interest to the day of the close of the billing cycle. Some days later when you get the bill and want to pay it off, they compute the interest to the day you talk to them on the phone. That's where the extra dough comes in. Hope this helps. (you should consider yourself lucky to be paying off 3k plus in one hunk.)
good luck
sod

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Allan

01-13-2004 13:45:07

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Re: Re: Re: Boy! I just don't get it????? in reply to sod, 01-13-2004 00:58:01

Sod,

Yes, I consider myself the luckiest man alive in that I'm now doing well after those hard times are past me.

I am also old enough that I can remember when running slush funds were a federal offense and resulted in hard time. Now it is a common everyday occurrence.

I've been using banks and credit cards for connivence sake, but now I'm mad. I'm treating this like a $79 dollar lesson.

If the wife and I continue to do well, we have decided to pay off everything; even the low interest stuff. Cash and carry from now on and a new year�s project.

Thanks for your reply,

Allan

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Garry

01-13-2004 12:21:52

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Re: Re: Re: Boy! I just don't get it????? in reply to sod, 01-13-2004 00:58:01

I agree, however $79 interest on a $3,000 amouuts to 2.6% for one month,which is a yearly rate of about 31%

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sod

01-13-2004 22:33:14

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Re: Re: Re: Re: Boy! I just don't get it????? in reply to Garry, 01-13-2004 12:21:52

Yes. I am not saying that the credit card companies are not a bunch of thieves...they are.
I am in the process of paying off the @%#&^%** myself. It is hard to send off a big wad of hard earned dough. Just keep in mind, you/I started it by using the card and we HAVE to pay it off as soon as possible.
all the best of good luck
sod

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