Or just pay it off each month, before there's interest due. Tough concept.

St_Francis_P: Or just pay it off each month, before there's interest due. Tough concept.

That's what my wife and I do. However, some companies are canceling credit card accounts for customers that don't carry a balance and make the account profitable.

What's good for the banks (individuals with loan debt) is generally bad for the economy as a whole (money spent on interest to large banks is not spent in local economies).

Con_Authority: St_Francis_P: Or just pay it off each month, before there's interest due. Tough concept.

That's what my wife and I do. However, some companies are canceling credit card accounts for customers that don't carry a balance and make the account profitable.

What's good for the banks (individuals with loan debt) is generally bad for the economy as a whole (money spent on interest to large banks is not spent in local economies).

Well, if they cut me off I'll get a card elsewhere.

Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

St_Francis_P: Con_Authority: St_Francis_P: Or just pay it off each month, before there's interest due. Tough concept.

That's what my wife and I do. However, some companies are canceling credit card accounts for customers that don't carry a balance and make the account profitable.

What's good for the banks (individuals with loan debt) is generally bad for the economy as a whole (money spent on interest to large banks is not spent in local economies).

Well, if they cut me off I'll get a card elsewhere.

I got two offers from Capital One as I'm typing this, so I'm really getting a kick, etc.

I live in a feudal state with an early renaissance nascent market economy just begging to develop, so I'm really getting a kick out of these replies

As A.P. Giannini rolls over in his grave.

I just got the notice yesterday. I only have about $500 on my card. But they decided to raise my fixed APR of 7% to a variable14-20% APR. They are even doing this not on new purchases but existing balances as well.

The card will be closed this week after I pay it off. F**ckers.

holiday_inn_in_cambodia: I live in a feudal state with an early renaissance nascent market economy just begging beginning to develop, so I'm really getting a kick out of these replies

ftfm

Need a Dispenser Here: Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

Maybe they are in tough times.
Not everyone that runs up cc debt is buying furs and designer clothes.

Is this the thread where people can feel smug over paying their credit card bills on time and champion the virtues of credit unions while others relate stories to one another about how banks have screwed them with overdraft fees and such?

Con_Authority: St_Francis_P: Or just pay it off each month, before there's interest due. Tough concept.

That's what my wife and I do. However, some companies are canceling credit card accounts for customers that don't carry a balance and make the account profitable.

What's good for the banks (individuals with loan debt) is generally bad for the economy as a whole (money spent on interest to large banks is not spent in local economies).

There's more to it than that, it's profitable for them even if you DO pay it off in full every month. They collect a percentage of everything you put on the card. It's free money.

If people are losing their cards, it's typically because some gigantic and complex risk formula says they're riskier than they're comfortable with. It's often BS, but no one says banks have to extend you credit...

goldschlager16: Is this the thread where people can feel smug over paying their credit card bills on time and champion the virtues of credit unions while others relate stories to one another about how banks have screwed them with overdraft fees and such?

yes

goldschlager16: Is this the thread where people can feel smug over paying their credit card bills on time and champion the virtues of credit unions while others relate stories to one another about how banks have screwed them with overdraft fees and such?

No, this is Abuse. You want next door.

You mean $1,000,000,000,000 in bailout money (provided by the taxpayer) isn't enough?

Need a Dispenser Here: Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

I had to run a balance when I was between graduating college and getting my first job. I paid it off in two months though and now pay it at the end of the month. A credit card is a good thing to have in the case when you don't have enough money saved up for an emergency... so long as you keep it reasonable.

panda: but no one says banks have to extend you credit...

This is true. But loaning money is one way banks make money. If the amount they have loaned out drops too much, so do their revenues.

You morans that carry balances on your credit cards deserve everything that you get. I never fail to pay my balance every month, and I feel good about it. It's just one of the reasons that I am superior to you.

What the hell are you doing with your money in the bank and not a credit union anyway?

/Posted from my 17-inch MacBook Pro

Bank of America sucks.

And jeez, thereadlines, trying for as many asshole points as possible in one post? You should have praised Nickelback, too.

Need a Dispenser Here: Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

You're not very bright are you?

holiday_inn_in_cambodia: I live in a feudal state with an early renaissance nascent market economy just begging to develop, so I'm really getting a kick out of these replies

Arkansas?

Nirvana98R: Need a Dispenser Here: Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

I had to run a balance when I was between graduating college and getting my first job. I paid it off in two months though and now pay it at the end of the month. A credit card is a good thing to have in the case when you don't have enough money saved up for an emergency... so long as you keep it reasonable.

This is Fark. You take that reason crap and go somewhere else where they like that kind.

thereadlines:
/Posted from my 17-inch MacBook Pro

In your Moms basement?
I can tell you are also weight challenged.

Has anyone pointed out that the credit card companies make money from the merchants on every credit card sale?

If credit card users carry a balance, they make even MORE money, but I think it is specious to say they are losing money on an account that is not carrying a balance.

They ARE losing money on accounts with no balance, AND that are not used at all, but even then, very little.

Big Secret: Call the CC company and say you can't afford to pay. They'll close the account, but if you have other cards (for emergency purposes) and don't need a credit check too soon, they'll drop your APR from like 20%+ to around 4% for the life of the balance to help you pay it off before -- they assume -- you'll skip out on the bill entirely. Suze Orman really is a friggin' genious on this one.

Ta-da! Again, this is for those really not in need of that one credit card causing them trouble. Keep the rest and don't use them too much.

www.bankrate.com

Go ahead people. get a better bank.

When my "Boston Red Sox" MBNA card got sold to BoA, and they sent me a new card.

With the Baltimore farking Orioles on it.


/hates BoA

thereadlines: You morans that carry balances on your credit cards deserve everything that you get. I never fail to pay my balance every month, and I feel good about it. It's just one of the reasons that I am superior to you.

What the hell are you doing with your money in the bank and not a credit union anyway?

/Posted from my 17-inch MacBook Pro


You sound almost as awesome as me! I live in a 31 story high rise condominium, right in the middle of the Buckhead nightlife district. Do you ever come to this area of town to shop/go out/visit/explore?

I went to an Ivy League school - the University of Pennsylvania - for my undergraduate degree in economics and my graduate degree in management (Wharton School of Business). Where did you go to school?

What activities do you currently participate in to stay in shape? I work out 4 times a week at LA Fitness. Do you exercise regularly? I am truly sorry if that sounds rude, impolite or even downright crass, but I have been deceived before by inaccurate representations so I prefer someone be upfront and honest on initial contact...

I do mergers & acquisitions (corporate finance) for Limited Brands (Bath & Body Works, Victoria's Secret, etc). Enjoy any of our stores/divisions?


/Posted from the gym, where I've been for the past 26 minutes.

Time for Auntie what_now's credit lessons:

Keep your oldest card open. Even if the terms suck, as long as you aren't paying an annual fee, it shows length of credit history.

Store credit cards are the devil*. No, lady at the Gap, I don't want to save 15%, and be charged 24-28% APR on my $40 jeans. If you have a card from a single store, pay it off and cancel your card. You don't need to buy shiat.

When they up your credit limit, you don't need to accept it, and you shouldn't. Potential debt is weighted against your credit score. This means that if you have a MasterCard with a $20k credit limit, a lender may hesitate because you COULD go buy $20k worth of crap.

*unless you're financing a large purchase, like a computer or furniture or something, and the company will give you 12 months of no interest. However, make sure you pay it off in 12 months.

Sigh...: Has anyone pointed out that the credit card companies make money from the merchants on every credit card sale?

If credit card users carry a balance, they make even MORE money, but I think it is specious to say they are losing money on an account that is not carrying a balance.

They ARE losing money on accounts with no balance, AND that are not used at all, but even then, very little.

Actually, the credit card companies don't make money on transactions. Visa and Mastercard do, but most CCs are from companies who simply use Visa and Mastercard. Like HSBC, Capital One, etc.

At least I think that's accurate.

jlmurchi:
This is Fark. You take that reason crap and go somewhere else where they like that kind.

Good point. I'll try hillary44 or stormfront. Maybe they'll be more accepting of reason.

St_Francis_P: Or just pay it off each month, before there's interest due. Tough concept.

This.

I pay my bill off every month. If the credit card company wants to cancel the account, then I just get another card.

Sounds like a brilliant plan to me. The lending industry is a prime factor for causing the economy to tank through their greed. Now people are out of work and trying to get by for a little while on credit while they look for work. So let's demand more money from them so that they have to default on the credit already extended. That way, the lending institutions get back a few pennies on the dollar and then claim a loss so the government will bail them out with money extorted from people who have lost their jobs.

/Not defending those who are in CC debt due to financial irresponsibility.

carmody: And jeez, thereadlines, trying for as many asshole points as possible in one post? You should have praised Nickelback, too.

I'm just sitting here drinking my afternoon coffee and following up on what goldschlager16 said. This coffee's great, but I would wager its nuanced notes would escape your plebeian palate. It would tell you that it's from Peru, but you probably don't even know where that is. You probably also don't know how to use a proper French press, like the one I had custom made in Paris. And yes, I do have Nickelback in my collection, but I don't see why that is relevant. Right now I'm listening to a drum-and-bass track that I composed myself on my Livid Ohm Metal MIDI Controller.

what_now: www.bankrate.com

Go ahead people. get a better bank.

When my "Boston Red Sox" MBNA card got sold to BoA, and they sent me a new card.

With the Baltimore farking Orioles on it.

Fark em all....

I pay cash just because I can't stand the games they like to play with interest. It significantly reduces my buying power, and that sucks sometimes. On the other hand, everything I own is paid for.

Giving up the cards made life a lot less stressful for me, so the trade-offs are worth it.

Usury.

thereadlines: You morans that carry balances on your credit cards deserve everything that you get. I never fail to pay my balance every month, and I feel good about it. It's just one of the reasons that I am superior to you.

What the hell are you doing with your money in the bank and not a credit union anyway?

/Posted from my 17-inch MacBook Pro

A simpleton like yourself only has one line of thinking, so it's no surprise that you cannot grasp the concept that there are people out there with different life situations than you.

I carry a huge balance. I ran up the card when I took time off from my job to care for my mother. I couldn't work when I had to take her to chemo 5 days a week. Now that she is in remission, I went back to work. I have enough money to pay off every last cent. Have I, no, why? 0% for 12 months and I never pay balance transfer fees. I've been doing it for years (At least 6 years of paying no interest). I can hear you now, "Oh no, your credit takes a hit every time you rollover, bullshiat, I have an excellent credit rating, just checked last week. I have a ton of cash while the banks foot the bill. Just because you aren't smart enough to know how to use the system, don't say it isn't right for everyone.


/ Also holding out for the slight chance that our socialist president pay off my debt

Mentat: what_now: www.bankrate.com

Go ahead people. get a better bank.

When my "Boston Red Sox" MBNA card got sold to BoA, and they sent me a new card.

With the Baltimore farking Orioles on it.

(Buckner)

I got over it.

Eff you BoA! I paid off both my cards and never used them again!

/cut my credit card debt in half in a year and very proud of myself
//*pats self on more responsible back*

thereadlines: .

you just made my favorites list

I had a Capital One 7.9% fixed rate card with a low balance. My credit score is around 790. They raised my rate more than 10% (17.99). Closed account, never will go back. Fixed means nothing to them. I have a small balance with my local bank. the big banks are only for people that like getting screwed.

Thank you sir, may I have another

After paying off my B of A Visa with my tax refund, they cut my credit line. I'm going to cut their card and return it with a letter telling their overpaid underachiever CEO Ken Lewis to suck it.

American Express > B of A

Nirvana98R: jlmurchi:
This is Fark. You take that reason crap and go somewhere else where they like that kind.

Good point. I'll try hillary44 or stormfront. Maybe they'll be more accepting of reason.

LOL!!!

Every time I go through the line at BoA they ask me if I want to apply for a BoA credit card. Now I see what they were pushing so hard for.

They should call that place Bank of Mexico though. At three different branches they've had to get somebody out of one of the back offices to translate for me because none of the tellers spoke English. LoL.

If you have excellent credit, get a Simmons First card. No frills but it's a 7.25% fixed rate and has been for a long time.

Need a Dispenser Here: Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

When I switched jobs, I carried a balance for a few months while I was on training pay. There are a few reasons I can think of to carry a balance.

Hick: Need a Dispenser Here: Over in one...

Could someone explain to me why one would keep a balance on a credit card in the first place?

Maybe they are in tough times.
Not everyone that runs up cc debt is buying furs and designer clothes.


This. The IRS was trying to buttrape my husband and I and while we were fighting that we had to use our credit cards. It was a biatch.

We had small balances before but after a year of living paycheck to paycheck - god it was rough:( The bills were mostly groceries, gas, and utilities. Sucked.

supposedly keeping a balance improves credit score.

also
RickRR: I had a Capital One 7.9% fixed rate card with a low balance. My credit score is around 790. They raised my rate more than 10% (17.99). Closed account, never will go back. Fixed means nothing to them. I have a small balance with my local bank. the big banks are only for people that like getting screwed.

Thank you sir, may I have another
Read your TOS, they probably had a clause in it like Qwest does with their "same price for life."

Which reads something along the lines of "If you ever contact the company in anyway, your bill is subject to change without your knowledge or prior notification."
hbk72777:
/ Also holding out for the slight chance that our socialist president pay off my debt
this is some of the most retarded thinking I've ever seen. Government paying debt = you are paying your debt some other way, whether it be through higher taxes (considerably), or through one of your inalienable rights being revoked.

goldschlager16: Is this the thread where people can feel smug over paying their credit card bills on time and champion the virtues of credit unions while others relate stories to one another about how banks have screwed them with overdraft fees and such?

Yes.

DarnoKonrad: Usury.

This. High interest rates defraud the true trading value of currency. A $10 trinket simply isn't worth $300.