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(Pittsburgh Post-Gazette)   Satisfaction with credit card issuers is up for the fifth straight year. This may change when the credit card companies finally ask to start paying off some of those five year balances   (post-gazette.com ) divider line
    More: Unlikely  
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448 clicks; posted to Business » on 01 Sep 2014 at 12:11 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



46 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2014-08-31 11:09:02 PM  
Heh..."ask"
 
2014-09-01 12:31:46 AM  
credit card issuers are fine, it's the collectors that have the low ratings
 
2014-09-01 12:45:05 AM  
They don't want you paying balances. They want you paying interest on those balances.
 
2014-09-01 01:09:24 AM  

SurfaceTension: They don't want you paying balances. They want you paying interest on those balances.


This. I am depressed I had to pay $3.25 in interest payments this year. I will make sure it not anymore than that.
 
2014-09-01 01:24:18 AM  
Satisfaction score averages have risen from "Hot nails through my eyes" to "Just sat on my balls".
 
2014-09-01 02:36:59 AM  
That sounds a lot like people that shouldn't be getting credit are still getting credit, even when the banks know they will default. Luckily, they can also invest in that, so here we are.
 
2014-09-01 03:08:50 AM  
Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties
 
2014-09-01 07:22:59 AM  
Credit card companies just need to thank Comcast for making them look good in comparison
 
2014-09-01 07:46:21 AM  
Does it factor in satisfaction with issuers that holders don't use? Because I'm sick of the three "pre-approved" offers from cap one that show up in my mailbox every week.
 
2014-09-01 07:49:36 AM  

Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties


They're handy if you're not a blooming idiot.
 
2014-09-01 07:53:32 AM  
And the two "highest rated" cards are the two that are accepted at fewer places. But they each have a single issuer; Visa and MC are brands licensed to all kids of financial companies, and "satisfaction" probably depends on who issued the card. Your credit union or local bank (there are a few left) can get you a Visa or Master Card.

Chase, Citi and Capital One are the banks behind many of the "affinity" cards. I keep getting an "offer" for a hotel affinity rewards card, that includes the "privilege" of an annual fee. Um, let's see, how about, "no,"  does "no" work for you?

Also, I found out when someone dies (my mother in this case), if there is outstanding debt on a credit card, the estate has about 30 - 60 days before that debt is sold to a collector. In our case, the estate had enough assets to pay off the cards, meaning the estate had enough assets to get sued for the debt.
 
2014-09-01 08:28:12 AM  

Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties


I wouldn't be too smug about that, the proper response we're looking for is "I use them to my advantage and keep them paid off".  So sorry, next thread though, next thread.
 
2014-09-01 08:53:58 AM  

BumpInTheNight: Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties

I wouldn't be too smug about that, the proper response we're looking for is "I use them to my advantage and keep them paid off".  So sorry, next thread though, next thread.


Pay off the balance every month, get some percent back?

I would brag about it, but I'm sure it leads me to spend more on crap than I should. I get 2% back at my place of employment, probably leading to unnecessary purchases. Sure, I've gotten $60 worth of points this year, but that probably just pays for my extra snacks I didn't really need to buy in the first place.
 
2014-09-01 09:03:47 AM  

kittyhas1000legs: Pay off the balance every month, get some percent back?

I would brag about it, but I'm sure it leads me to spend more on crap than I should. I get 2% back at my place of employment, probably leading to unnecessary purchases. Sure, I've gotten $60 worth of points this year, but that probably just pays for my extra snacks I didn't really need to buy in the first place.


Yah I put everything I can on my credit card, it gives me points for free groceries at a rate of 1$ for every $50 spent with the card.  I don't necessarily chose to buy more things but I always prefer to pay with the credit card and then pay that off using the handy online site which I check in on once in a while because screw waiting for some sort of balance statements or terrestrial mail, how primitive.  It also of course makes online purchasing a whole lot easier (fark you paypal).
 
2014-09-01 09:04:47 AM  

Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties


So your proud to leave a bunch of free money on the table?
 
2014-09-01 09:06:18 AM  
Farking autocorrect screwing up my grammar.
 
2014-09-01 09:33:38 AM  

Unobtanium: And the two "highest rated" cards are the two that are accepted at fewer places.


I can't think of any moment in the last six months where my AmEx card wasn't accepted.  I had to get the stupid thing replaced because it wore out.
 
2014-09-01 09:34:16 AM  
I've always been happy with my credit card issuer. My credit card issuer is my credit union.
 
2014-09-01 09:58:04 AM  

jso2897: I've always been happy with my credit card issuer. My credit card issuer is my credit union.


BINGO!

I'd suggest the uptick in satisfaction has a lot to do with the massive migration of customers from banks to credit unions.  More perks, fewer problems and it turns out they work for you and know it.

Stolen credit card number?  No problem, my credit union figured it out before I did.  I was traveling so they killed my card and sent me to a shared branching credit union.  They handed me a new card on the spot.  20 minutes total invested in the mess.  Wasn't even my credit union that cut the card.  When I was with BOA, it'd take two weeks.
 
2014-09-01 09:58:28 AM  

The Angry Hand of God: That sounds a lot like people that shouldn't be getting credit are still getting credit, even when the banks know they will default. Luckily, they can also invest in that, so here we are.


The banks don't know anyone WILL default. They calculate that of this bunch of 100 applicants, not more than one will default; and of that bunch, between 4 and 6 will default.

What do you propose should be offered to the 94 good customers?
 
2014-09-01 10:07:57 AM  

Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties


I make over a hundred bucks every year by using my credit card for nearly everything. Might as well get cash back for purchases. What I don't ever do though is spend money I don't have. This includes for a car or a mortgage.

F debt, it's a prison.
 
2014-09-01 10:37:48 AM  
My credit card company is fine. I pay for something with my card and pay off the balance. You have no one but yourself to blame for credit card problems.
 
2014-09-01 10:54:32 AM  

DubyaHater: My credit card company is fine. I pay for something with my card and pay off the balance. You have no one but yourself to blame for credit card problems.


I think the card detractors must simply not be aware that a balance outstanding for under a month isn't treated as an actual balance--it's literally like a debit card with a short interest-free payment delay, plus rewards.

All of their arguments assume any card payment equals debt, so they must not be aware of how it works.
 
2014-09-01 11:05:31 AM  

gingerjet: Unobtanium: And the two "highest rated" cards are the two that are accepted at fewer places.

I can't think of any moment in the last six months where my AmEx card wasn't accepted.  I had to get the stupid thing replaced because it wore out.


I have a corporate AMEX for travel and car expenses. There are some maintenance places (usually small chains or independent garages) and car washes that don't take it. A few eating places also won't (independent restaurants). But cash is usually an acceptable work around.
 
2014-09-01 11:09:04 AM  
I got one card and it is all I need, it is almost paid off and I only use it for emergencys and online shopping. And I dont do that much often. I was cleaning up at work and found one of my coworkers CC bills. I tried not to look but cripes the thousands and thousands she owed almost made my eyes pop out, she will probably die with the debt.
 
2014-09-01 11:36:18 AM  

rohar: jso2897: I've always been happy with my credit card issuer. My credit card issuer is my credit union.

BINGO!

I'd suggest the uptick in satisfaction has a lot to do with the massive migration of customers from banks to credit unions.  More perks, fewer problems and it turns out they work for you and know it.

Stolen credit card number?  No problem, my credit union figured it out before I did.  I was traveling so they killed my card and sent me to a shared branching credit union.  They handed me a new card on the spot.  20 minutes total invested in the mess.  Wasn't even my credit union that cut the card.  When I was with BOA, it'd take two weeks.


Do that many people actually have credit cards from local credit unions?

I would assume something like 90% had the major national cards.

Do credit unions typically have cash back?
 
2014-09-01 11:48:14 AM  

BMFPitt: rohar: jso2897: I've always been happy with my credit card issuer. My credit card issuer is my credit union.

BINGO!

I'd suggest the uptick in satisfaction has a lot to do with the massive migration of customers from banks to credit unions.  More perks, fewer problems and it turns out they work for you and know it.

Stolen credit card number?  No problem, my credit union figured it out before I did.  I was traveling so they killed my card and sent me to a shared branching credit union.  They handed me a new card on the spot.  20 minutes total invested in the mess.  Wasn't even my credit union that cut the card.  When I was with BOA, it'd take two weeks.

Do that many people actually have credit cards from local credit unions?

I would assume something like 90% had the major national cards.

Do credit unions typically have cash back?


You're very correct, mine's a visa.  However, I have no interaction with visa, the credit union takes care of all of that.  I can assure you, satisfaction goes up dramatically when your interaction is with a Credit Union over BOA.

...and yes, credit unions do have cash back.  I'm taking the family to Europe for 3 weeks this year covered completely by credit card bonuses.
 
2014-09-01 12:01:18 PM  

Yankees Team Gynecologist: DubyaHater: My credit card company is fine. I pay for something with my card and pay off the balance. You have no one but yourself to blame for credit card problems.

I think the card detractors must simply not be aware that a balance outstanding for under a month isn't treated as an actual balance--it's literally like a debit card with a short interest-free payment delay, plus rewards.

All of their arguments assume any card payment equals debt, so they must not be aware of how it works.


I think a lot of them just know they aren't capable of acting responsibly, and assume everyone else is the same.
 
2014-09-01 12:07:26 PM  

rohar: You're very correct, mine's a visa.  However, I have no interaction with visa, the credit union takes care of all of that.  I can assure you, satisfaction goes up dramatically when your interaction is with a Credit Union over BOA.


I was thinking in terms of Chase, Citigroup, Capital One, etc.  While they do have retail banking, they are mostly thought of as credit card companies.  I don't think I've ever done banking and cards with the same company.
 
2014-09-01 12:09:46 PM  

BMFPitt: rohar: You're very correct, mine's a visa.  However, I have no interaction with visa, the credit union takes care of all of that.  I can assure you, satisfaction goes up dramatically when your interaction is with a Credit Union over BOA.

I was thinking in terms of Chase, Citigroup, Capital One, etc.  While they do have retail banking, they are mostly thought of as credit card companies.  I don't think I've ever done banking and cards with the same company.


Ah.  Understood.

There's a HUGE benefit to putting both your checking and credit cards at the same Credit Union.  First, I don't pay checking fees and actually accrue interest on that account.  Second, not that I'd ever need it, but if you've got a credit card with your Credit Union, you've got overdraft protection built in.
 
2014-09-01 12:10:25 PM  

gingerjet: Unobtanium: And the two "highest rated" cards are the two that are accepted at fewer places.

I can't think of any moment in the last six months where my AmEx card wasn't accepted.  I had to get the stupid thing replaced because it wore out.


I use my AMEX for virtually all purchases for the FF miles.

Maybe half of the cafes I go to don't take it. Merchants that many do verysmall transactions really hate it.

And my mechanic doesn't take it.
 
2014-09-01 12:15:10 PM  

rohar: There's a HUGE benefit to putting both your checking and credit cards at the same Credit Union.  First, I don't pay checking fees and actually accrue interest on that account.  Second, not that I'd ever need it, but if you've got a credit card with your Credit Union, you've got overdraft protection built in.


Last I checked, my Capital One 360 (formerly ING Direct) has all of that, and pays higher interest than the credit union at work.  Plus had an infinitely better website and app that does mobile deposit.

// Still waiting for Cap One to ruin it somehow.
 
2014-09-01 12:19:41 PM  
I have to say that I'm very satisfied with AMEX.


You can always get someone on the phone fast -- no phone tree where you have to keep asking for a "representative." Excellent fraud protection, no arguments when I dispute charges (I travel a lot for work, which opens me up to these kinds of issues). Rewards are goods. And, there's no foreign transaction fee (that's huge savings when I travel overseas).

As a comparison, I also have a BOA issued VISA for places that don't' take AMEX. BOA is the worst. The bill pay connection to my bank account keeps getting reset (so I have to keep re-enrolling the account); getting someone on the phone takes forever, and once you have them on the phone, they're always putting you on hold.

I really need to dump that card.
 
2014-09-01 12:34:36 PM  

BMFPitt: rohar: There's a HUGE benefit to putting both your checking and credit cards at the same Credit Union.  First, I don't pay checking fees and actually accrue interest on that account.  Second, not that I'd ever need it, but if you've got a credit card with your Credit Union, you've got overdraft protection built in.

Last I checked, my Capital One 360 (formerly ING Direct) has all of that, and pays higher interest than the credit union at work.  Plus had an infinitely better website and app that does mobile deposit.

// Still waiting for Cap One to ruin it somehow.


Yeah, not all credit unions are the same.  Some have more capabilities than others.  I'm with you though, mobile deposit rocks, that'd be a deal breaker for me.
 
2014-09-01 12:35:35 PM  

Yankees Team Gynecologist: DubyaHater: My credit card company is fine. I pay for something with my card and pay off the balance. You have no one but yourself to blame for credit card problems.

I think the card detractors must simply not be aware that a balance outstanding for under a month isn't treated as an actual balance--it's literally like a debit card with a short interest-free payment delay, plus rewards.

All of their arguments assume any card payment equals debt, so they must not be aware of how it works.


EXACTLY.

People are so allergic to the idea of debt that they just cannot understand that you only pay interest if you don't pay off the balance on the due date (typically a few weeks after the close of the month).

If you cannot pay off the balance, that's because your purchases exceeded your income -- it has nothing to do with the credit card.

Let me also add that even if you refuse to use a credit card, merchants build the transaction fee into the cost of the products they sell, so you're actually helping to subsidize the cost of everyone else who is using their card, and those people reaping reward benefits from the cards for their purchase which you're not.

And, what people can really not comprehend is that sometimes the opportunity cost from going into debt outweighs the interest paid on the debt. For example, if you need a car to get to work and it breaks down, and the repair cost is greater than the amount of cash you have on-hand (or it will be a huge blow to your liquidity), paying a few hundred dollars in interest really isn't that bad when the other option is not having a car.
 
2014-09-01 12:53:17 PM  

gingerjet: Unobtanium: And the two "highest rated" cards are the two that are accepted at fewer places.

I can't think of any moment in the last six months where my AmEx card wasn't accepted.  I had to get the stupid thing replaced because it wore out.


Where I work, the company credit card is an AmEx card. I use it a lot to get tools, supplies, and parts for the equipment. And there are several places that we purchase these things from regularly that don't accept it. I either have to remember to grab a check before I go to these places, or use my personal funds and then remember to get reimbursed. It's irritating- I wish the owner would get a Visa or MC card as well, for use at those places.

However... AmEx's service is great. My wallet got lost when I had the company card in it about 5 months ago, and the owner called AmEx, they killed the old card and overnighted a new one, free of charge. Of course, my wallet was found about a week later, AFTER I'd already closed my assorted cards and was waiting for my bank to get me the new ones.
 
2014-09-01 03:05:19 PM  

rohar: BMFPitt: rohar: There's a HUGE benefit to putting both your checking and credit cards at the same Credit Union.  First, I don't pay checking fees and actually accrue interest on that account.  Second, not that I'd ever need it, but if you've got a credit card with your Credit Union, you've got overdraft protection built in.

Last I checked, my Capital One 360 (formerly ING Direct) has all of that, and pays higher interest than the credit union at work.  Plus had an infinitely better website and app that does mobile deposit.

// Still waiting for Cap One to ruin it somehow.

Yeah, not all credit unions are the same.  Some have more capabilities than others.  I'm with you though, mobile deposit rocks, that'd be a deal breaker for me.


My credit union has mobile deposit, but I deal with very few checks any more.

/except for the estate account I am managing. Credit union won't touch it, and the monster bank (chosen because it was mom's bank) won't enable mobile banking, on-line bill pay, debit card, or anything else useful.

//and how fhall I make out the cheque, my good man?
 
2014-09-01 03:48:30 PM  

Unobtanium: and the monster bank (chosen because it was mom's bank) won't enable mobile banking, on-line bill pay, debit card, or anything else useful.


How does a bank like that stay in business?  Do they just have tons of elderly customers that don't care?
 
2014-09-01 05:33:07 PM  

BMFPitt: Unobtanium: and the monster bank (chosen because it was mom's bank) won't enable mobile banking, on-line bill pay, debit card, or anything else useful.

How does a bank like that stay in business?  Do they just have tons of elderly customers that don't care?


Oh, they will do it for personal accounts, and other business accounts, but estate accounts are evidently a special class of "business account." I guess they are trying to prevent fraud, which I appreciate, but you would think they would at least let us phase some of that stuff in after the account has been active for some length of time. Mom's estate isn't large, but I am finding out that even small estates can take a couple of years to sort through and close out. The banking restrictions are an annoyance, but we'll make do.
 
2014-09-01 06:10:30 PM  

BMFPitt: rohar: jso2897: I've always been happy with my credit card issuer. My credit card issuer is my credit union.

BINGO!

I'd suggest the uptick in satisfaction has a lot to do with the massive migration of customers from banks to credit unions.  More perks, fewer problems and it turns out they work for you and know it.

Stolen credit card number?  No problem, my credit union figured it out before I did.  I was traveling so they killed my card and sent me to a shared branching credit union.  They handed me a new card on the spot.  20 minutes total invested in the mess.  Wasn't even my credit union that cut the card.  When I was with BOA, it'd take two weeks.

Do that many people actually have credit cards from local credit unions?

I would assume something like 90% had the major national cards.

Do credit unions typically have cash back?


I accumulate points that I can redeem for cash card rewards.
 
2014-09-01 06:10:40 PM  

thornhill: Yankees Team Gynecologist: DubyaHater: My credit card company is fine. I pay for something with my card and pay off the balance. You have no one but yourself to blame for credit card problems.

I think the card detractors must simply not be aware that a balance outstanding for under a month isn't treated as an actual balance--it's literally like a debit card with a short interest-free payment delay, plus rewards.

All of their arguments assume any card payment equals debt, so they must not be aware of how it works.

EXACTLY.

People are so allergic to the idea of debt that they just cannot understand that you only pay interest if you don't pay off the balance on the due date (typically a few weeks after the close of the month).

If you cannot pay off the balance, that's because your purchases exceeded your income -- it has nothing to do with the credit card.

Let me also add that even if you refuse to use a credit card, merchants build the transaction fee into the cost of the products they sell, so you're actually helping to subsidize the cost of everyone else who is using their card, and those people reaping reward benefits from the cards for their purchase which you're not.

And, what people can really not comprehend is that sometimes the opportunity cost from going into debt outweighs the interest paid on the debt. For example, if you need a car to get to work and it breaks down, and the repair cost is greater than the amount of cash you have on-hand (or it will be a huge blow to your liquidity), paying a few hundred dollars in interest really isn't that bad when the other option is not having a car.


Until your credit card company finds a way to burn you and they will. The game is rigged in their favor. You ever read one of their contracts? It's intentionally incomprehensible. They don't provide "rewards" because they're being nice. They're want to trap you and using the "rewards" as the bait.
 
2014-09-01 09:16:35 PM  

Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties


You're smug about intentionally not being smart with money?

Ok...
 
2014-09-01 11:31:18 PM  

Resigned to the new normal.

 
2014-09-02 12:39:30 AM  

Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties


You're forgetting, this is Fark, where everyone pays off their card balance in full every month and makes billions in cashback rewards. Funny how the average american household has over $7,000 in credit card debt, yet everyone claims they pay theirs off in full every month.

If everyone paid their balance in full the way everyone claims they do, these cash reward programs would go away overnight because these banks would be going broke.
 
2014-09-02 08:07:59 AM  

ReapTheChaos: Huck And Molly Ziegler: Is this a spot where I can smugly mention I choose not to use any credit cards, or should I wait 'til later in the thread?

/not fun at parties

You're forgetting, this is Fark, where everyone pays off their card balance in full every month and makes billions in cashback rewards. Funny how the average american household has over $7,000 in credit card debt, yet everyone claims they pay theirs off in full every month.

If everyone paid their balance in full the way everyone claims they do, these cash reward programs would go away overnight because these banks would be going broke.


CC companies make tons off of zero balances because they take a cut of every purchase too.

The households in CC debt do not seem to chime in on these threads. The two parties that do chime in are (supposedly) 1) those who use CCs but pay off every month; and 2) those who don't use CCs at all. Both groups (as self-reported) are fiscally responsible. What advantage does #2 have over #1?
 
2014-09-02 12:10:42 PM  

SurfaceTension: They don't want you paying balances. They want you paying interest on those balances.


They don't give a fark about the interest.  They want you to just use the card because of the charges they place on the transactions.  Interest is just some sprinkles on the cake.
 
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