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(Time)   Most Americans still have no idea how much interest their credit cards actually charge them   (time.com) divider line
    More: Facepalm, financial crisis, Late-2000s recession, new study, basic financial literacy, National Capability Study, Americans, FINRA Foundation, unpaid medical debt  
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3644 clicks; posted to Main » and Business » on 14 Jul 2016 at 12:16 AM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2016-07-14 5:28:58 AM  

chicken nugger: jtown: Christ, you're a farking idiot.  I posted a picture of my APR from a recent statement.  WTF do you mean "cards don't just up and stop offering a certain rate"?  Offers come and go all the time on cards.  You're an idiot.

Yeah, offers such as a certain APR for a certain period and such.  No card gives a certain rate for those people who signed up in a certain year and another for those that didn't.  You're claiming to be grandfathered into a lower rate and that's flat out bullshiat.  You posted something from a new card, that's what you did.

Also, keep name calling, bro.  It's how we know who the cool kids are.


Do you have a diagnosis for the type of retarded you are?

Welcome to the "ignore" list.  You're number 1 on my list.  As in the only person on it.  It's an exclusive club.  And, no, I'm not going to show you proof.
 
2016-07-14 5:31:23 AM  
I careied a balance that was rather large for awhile...while I was married. Now I'm not and now it's not.  What a weird coincidence.

/I'll get it paid off at some point. Very rarely do new charges go on it.  My other CC carries no balance. I should probably look to xfer balance.  Use my debit card for 75% of purchases.
 
2016-07-14 5:33:00 AM  

jaylectricity: He just said his variable rate had been 5.4% for a long time before going up to 5.65%.


No variable rate card is that low right now  Prove me wrong and I'll admit it.
 
2016-07-14 5:36:33 AM  

paulleah: Harry_Seldon: I lived an extravagant lifestyle funded by credit cards for years. Then I lucked into buying house t just the right time. House prices skyrocketted in SoCal, so I started to use the equity as a piggy bank. Then, my income tripled over the next few years, so I was able to spend more money on credit cards. At one point, I bought a $10k motorcycle on a credit card. I saw the house bubble burst coming, so I sold my house in 2006 for a $250k profit, and paid off my student loans and credit cards, and still walked away with over $100k, so I moved to Portland. I decided to not work for a couple of years, and blew the $100k and ran up another $20k in credit card debt., so I had to get a job.

And what did we learn?


I kind of screwed myself, and would have been retired early. Now, I am white knuckling to retirement, but I knocked my net worth from -$70k to +$425k in the last six years thanks to a god send of a job, and living in a less expensive boring city...maybe a little more maturity. I got really lucky. The Ph.d. in a science didn't hurt either.
 
2016-07-14 5:40:26 AM  
I should also say:

Most Americans can't read or write in their native language

Most Americans can't find Iraq on a map

Most Americans believe in creation myths

Most Americans can't name 10 elements on the periodic table

Most Americans have never travelled outside of the United States

That they can't or won't read a CC statement shocks me!
 
2016-07-14 5:45:37 AM  

jtown: chicken nugger: jtown: The fact that you can't get it now doesn't mean I don't have it.

So, no proof then?  Got it!  Cards don't just up and stop offering a certain rate, please go somewhere else with that BS.

Christ, you're a farking idiot.  I posted a picture of my APR from a recent statement.  WTF do you mean "cards don't just up and stop offering a certain rate"?  Offers come and go all the time on cards.  You're an idiot.


chicken nugger: jtown: Christ, you're a farking idiot.  I posted a picture of my APR from a recent statement.  WTF do you mean "cards don't just up and stop offering a certain rate"?  Offers come and go all the time on cards.  You're an idiot.

Yeah, offers such as a certain APR for a certain period and such.  No card gives a certain rate for those people who signed up in a certain year and another for those that didn't.  You're claiming to be grandfathered into a lower rate and that's flat out bullshiat.  You posted something from a new card, that's what you did.

Also, keep name calling, bro.  It's how we know who the cool kids are.


Now kiss.
 
2016-07-14 5:51:01 AM  

Harry_Seldon: paulleah: Harry_Seldon: I lived an extravagant lifestyle funded by credit cards for years. Then I lucked into buying house t just the right time. House prices skyrocketted in SoCal, so I started to use the equity as a piggy bank. Then, my income tripled over the next few years, so I was able to spend more money on credit cards. At one point, I bought a $10k motorcycle on a credit card. I saw the house bubble burst coming, so I sold my house in 2006 for a $250k profit, and paid off my student loans and credit cards, and still walked away with over $100k, so I moved to Portland. I decided to not work for a couple of years, and blew the $100k and ran up another $20k in credit card debt., so I had to get a job.

And what did we learn?

I kind of screwed myself, and would have been retired early. Now, I am white knuckling to retirement, but I knocked my net worth from -$70k to +$425k in the last six years thanks to a god send of a job, and living in a less expensive boring city...maybe a little more maturity. I got really lucky. The Ph.d. in a science didn't hurt either.


OK. I read your post as facetious.
 
2016-07-14 5:53:42 AM  

cygnusx13: I should also say:

Most Americans can't read or write in their native language

Most Americans can't find Iraq on a map

Most Americans believe in creation myths

Most Americans can't name 10 elements on the periodic table

Most Americans have never travelled outside of the United States

That they can't or won't read a CC statement shocks me!


??? I don't think most Americans are functionally illiterate. Metaphorically illiterate, maybe.
 
2016-07-14 6:13:14 AM  
It doesn't matter, because I fully pay off my bill every month.
 
2016-07-14 6:19:09 AM  
I'd have to look it up.

/Never paid CC interest.
 
2016-07-14 6:25:40 AM  

MetalMen: bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.

This confuses me. Doesn't everyone do this?


People who have the means to do so generally do. Given the rampant poverty (and the potentially enormous expense for emergency medical care and inherently unpredictable nature of most medical emergencies) in the US, that's not an option for everyone. And other people are just stupid middle-class twats who are unwilling to act like adults and not borrow money they can't pay back.
 
2016-07-14 7:14:03 AM  

bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.


I have one card that has a rewards program that I pay off every month. No clue what the rate is other than 'High'.

I also have one that is around 6.25% that I have as an emergency card in the event of a sudden, expensive cost. I've used it for car repairs, oral surgery, etc. Also one vacation. That one I'm ok with having some carry over and thus interest for a few months to avoid dipping into savings and ensuring I have enough cash in checking to cover all my monthly costs.
 
2016-07-14 7:48:22 AM  

cygnusx13: I should also say:

Most Americans can't read or write in their native language

Most Americans can't find Iraq on a map

Most Americans believe in creation myths

Most Americans can't name 10 elements on the periodic table

Most Americans have never travelled outside of the United States

That they can't or won't read a CC statement shocks me!


Most Americans can, however, name off things that most Americans can't do.
 
2016-07-14 7:54:49 AM  

Demetrius: Go fark yourselves, Capital One. Fark yourselves with a big stick of salt-encrusted razors.


Capital one was my first CC.

$300 limit.

I would mail my check to them the DAY I got the bill, but they wouldn't apply payment until due day. Sometimes that meant they listed my payment as late, and applied a $25 late fee. That $25 would sometimes put me over my limit, so they'd charge me a $25 over-the-limit fee.

I had to start paying for Return Receipt (I think? The green slips...) to prove they were the ones messing up, but they wanted me to send them my original receipt, not a copy. So I did, with a return receipt. They "lost" it.

I asked them to raise my limit, but they refused.

Eventually I got a new card from MBNA (at a Trek convention, of all places) for 5 times the limit and cancelled them, never to look back.

/they were all to happy to try to raise my limit when I called to cancel
//couldn't match MBNA
///Cancelled that card when Bank of America bought them out
 
2016-07-14 7:58:42 AM  

chicken nugger: jaylectricity: He just said his variable rate had been 5.4% for a long time before going up to 5.65%.

No variable rate card is that low right now  Prove me wrong and I'll admit it.


Pretty safe place you like to argue from.
Spout off and be obnoxious.  Call out those BS'ers but offer to admit you were wrong IF someone can prove you wrong.  But I'm betting it's ONLY if they prove you wrong in a way that you can't find a way to justify as BS.

Ego, brah, ego.
 
2016-07-14 7:58:57 AM  
And people say Trump can't get elected.  Look who's voting.
 
2016-07-14 8:00:20 AM  
pay my card every month and had one late payment when my check was lost or stolen. had the same card for about 10 years and when i asked to have the late fee waved they said haha. i told them i'm thinking about cancelling the card and got a yawn reaction from them. i put about $500 a month on the card but i guess i'm more of a liability to them not a asset.
 
2016-07-14 8:01:17 AM  

bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.


I'm with the others on here, never give them the opportunity to even take interest. If you are, you're doing it wrong..
 
2016-07-14 8:08:10 AM  
I do, 0% because I have no credit cards, and plan on keeping it that way.  I recall a Farker saying he never seen a credit cardless person with a score above 700.  Um, my score is in the high 600s right now, and even if I don't cross over the 700 line, it's still the highest my score has ever been, even back when I had cards.
 
2016-07-14 8:14:33 AM  

Public Savant: Whe the fark don't americans just use debit cards?!

You only spend what you have.
What's not to get?


Credit cards have rewards, and also give you a month to review and dispute charges before paying. With debit card fraud, the money is gone right away and you have to fight to get it back.

Again, all of that is still within usage where you pay it off on time and don't pay any interest. So debit has no advantage whatsoever, unless your self-control is so nonexistent that you need to bump against an overdrawn warning to know when you're past your means.
 
2016-07-14 8:23:34 AM  

lack of warmth: I do, 0% because I have no credit cards, and plan on keeping it that way.  I recall a Farker saying he never seen a credit cardless person with a score above 700.  Um, my score is in the high 600s right now, and even if I don't cross over the 700 line, it's still the highest my score has ever been, even back when I had cards.


High 600s is a B which is good, I don't think the banks are ready to drop on their knees until you are above 830.  But credit rating is all about getting loans and being able to owe them interest for money you will have to pay on.  
"OOOooooOOOOH...  But what if you NEED to take out a loan????"

High 600s will still get you a good interest rate.  So you are sitting in a really good spot.
 
2016-07-14 8:26:02 AM  

Public Savant: Whe the fark don't americans just use debit cards?!

You only spend what you have.
What's not to get?


1. As someone else pointed out, debit cards lack the fraud and purchase protection of credit cards. You get bad charges on a debit card, you're screwed. You get bad charges on a credit card, you're out maybe $50. Maybe nothing.

2. Every time I use my credit card, I get 1.5% of the amount back in cash. Since I pay the balance in full, and there's no annual fee, they're paying me to use the credit card. Actual free (to me) money, no strings attached.

3. Last I heard, it costs merchants more to run a debit card than a credit card, so it sucks for merchants, and for everyone else when they have to raise prices to compensate.

4. It sucks, but emergencies do happen. And of course, being fiscally responsible, you have three months' worth of expenses socked away in an interest-bearing account to cover them, right? Great. But this emergency will cost you six months' worth of expenses. Now what do you do? Yeah, sometimes it's nice to be able to carry a balance if circumstances warrant.

5. It's dead easy to keep track of your spending, what with being able to download statement and recent activity into an xls or quicken file. You also need to track your expenses if you only want to "spend what you have" using a debit card. With the same amount of effort, and less self-control than it takes to drag your ass into work each day, you still only spend what you have.

So that's why this American doesn't use a debit card. Unless something changes several of the above points, I would never use a debit card.
 
2016-07-14 8:29:35 AM  
Zero. The answer is zero. Because I pay the bill every month.
 
2016-07-14 8:30:14 AM  

The Beatings Will Continue Until Morale Improves: zero interest - I pay off the balance every month


Zero interest because I don't have a credit card, don't want one, and don't need one.

/Not poor
//Not financially ignorant
///Smug slashies
 
2016-07-14 8:35:00 AM  
It's not too important to know the interest rate when you pay off the entire balance every month.
 
2016-07-14 8:37:39 AM  
Quick: If you take out a $1000 loan that has a 20% rate, how much will you owe a year in interest?
Answer: $200. But if you got that wrong, you're not alone.


Apparently not alone, as TFA got it wrong too.

The answer to the question is that there is not enough information to provide an answer. We are not given the amortization schedule for the loan, and it even goes as far to say "rate" instead of "APR".

Since the subject is credit cards, we assume compounding occurs monthly. This means at the end of one year, if we make no payments until then, we would owe $1,219.39.

If we make monthly payments of equal value that will lead to the loan being paid off in one year, we'd pay $92.63 per month, leading to a total interest payment of $111.61 on the $1,000 loan.
 
2016-07-14 8:39:50 AM  

usafdave: Wow, based on this thread, every Farker out there is a slice of the most responsible life.  (I sound like I have crippling debt... no, but I do have sharp knees).

/one 15 year old credit card
//balance is higher than I'd like but 8.9%, thanks USAA
///don't get engaged... but certainly don't get married (whew)
////slashies like slashing that debt... 7 months to go


People who have a job where they can spend all day on Fark probably meet certain demographic criteria.
 
2016-07-14 8:41:50 AM  
Hmmm... 14.9 percent of nothing is, let me do the math here, nothing into nothing, carry the nothin'...

Newsflash: Carrying a balance on credit cards if you don't have to is a bad idea. Easier said than done for a lot of people, obviously (whether due to circumstances, such as medical bills or a broken-down car when you need to get to work, or due to stupidity, such as a college student saying "Hey, free money!").
 
2016-07-14 8:41:51 AM  
I pay mine off every month, so they could charge me 100% interest and I still wouldn't care.
 
2016-07-14 9:00:20 AM  

Madman drummers bummers: Public Savant: Whe the fark don't americans just use debit cards?!

You only spend what you have.
What's not to get?

1. As someone else pointed out, debit cards lack the fraud and purchase protection of credit cards. You get bad charges on a debit card, you're screwed. You get bad charges on a credit card, you're out maybe $50. Maybe nothing.

2. Every time I use my credit card, I get 1.5% of the amount back in cash. Since I pay the balance in full, and there's no annual fee, they're paying me to use the credit card. Actual free (to me) money, no strings attached.

3. Last I heard, it costs merchants more to run a debit card than a credit card, so it sucks for merchants, and for everyone else when they have to raise prices to compensate.

4. It sucks, but emergencies do happen. And of course, being fiscally responsible, you have three months' worth of expenses socked away in an interest-bearing account to cover them, right? Great. But this emergency will cost you six months' worth of expenses. Now what do you do? Yeah, sometimes it's nice to be able to carry a balance if circumstances warrant.

5. It's dead easy to keep track of your spending, what with being able to download statement and recent activity into an xls or quicken file. You also need to track your expenses if you only want to "spend what you have" using a debit card. With the same amount of effort, and less self-control than it takes to drag your ass into work each day, you still only spend what you have.

So that's why this American doesn't use a debit card. Unless something changes several of the above points, I would never use a debit card.


That's the bit that bothers me, actually. It's really not actually free, as the money comes from somewhere - cash back from the credit card comes from the vendors that allow you to use the credit card, and those vendors have to build the fees into their prices.  In effect, you have to pay more, and a portion of that purchase price comes back to you.

Of course, I can see why you call it free - it's not like you get a discount in most places for using cash, so it is money that you wouldn't get back otherwise. But as I said, it bothers me - the credit cards have successfully inserted themselves as integral middle men, where it makes more sense to use them on an individual level, but less sense for the collective of consumers.  We might be better off if everyone stopped using credit cards, but unless everyone else does it would be dumb for me to quit.
 
2016-07-14 9:12:04 AM  

eKonk: It's really not actually free, as the money comes from somewhere - cash back from the credit card comes from the vendors that allow you to use the credit card, and those vendors have to build the fees into their prices. In effect, you have to pay more, and a portion of that purchase price comes back to you.


Or maybe they take it from the extra fees charged to the merchants for using debit cards.

Yes, I know there's no such thing as a free lunch, but I used shorthand for "I would have paid the same amount with cash or a debit card or a check (whatever that is), and this way I get cash back." It's still better for me than giving the banks "free" money in the form of fees or interest rates that work out to prime +20%.

eKonk: We might be better off if everyone stopped using credit cards, but unless everyone else does it would be dumb for me to quit.


Exactly. As long as the system exists, I'll take advantage of it. Switch to a different system, and I'll take advantage of that, too. I wouldn't *not* take advantage of it any more than I'd fail to itemize my deductions on the principle that "the US needs the extra tax revenue."
 
2016-07-14 9:17:25 AM  

Harry_Seldon: chicken nugger: Sure I do, it's 7.50%, the lowest rate of any card around.

Mine is 7.49%...you're such an interest loser. Big L.


Daily, weekly, monthly or yearly?
 
2016-07-14 9:23:00 AM  

Bullseyed: Quick: If you take out a $1000 loan that has a 20% rate, how much will you owe a year in interest? Answer: $200. But if you got that wrong, you're not alone.

Apparently not alone, as TFA got it wrong too.


I thought that was funny too. In general I love the idea of writing "quick!" in front of a question like that. What is this, a child's frisbee that just flew out in front of your car? No, it's a farking loan. Calm the fark down and open a spreadsheet.
 
2016-07-14 9:25:02 AM  
FTA:
"If you take out a $1000 loan that has a 20% rate, how much will you owe a year in interest?"

This is a stupid question with no one correct answer.
 
2016-07-14 9:26:05 AM  
The balance on my card is $2200, only reason it is even there is because of some emergency plumbing work I had to have done. If it all goes to plan (knock on wood) I should be done paying it by next Julyish. I have always been good about paying stuff off but I have gotten a few nut kicks the last few years so its not like weekends in wine country or lobster but just mundane life crap.
 
2016-07-14 9:31:14 AM  

bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.


I used to float a balance for one billing period, once in a while, then pay it off in full. That actually helps your credit rating.

My CR is pretty much the max now, so no need anymore.
 
2016-07-14 9:34:04 AM  

Madman drummers bummers: Public Savant: Whe the fark don't americans just use debit cards?!

You only spend what you have.
What's not to get?

1. As someone else pointed out, debit cards lack the fraud and purchase protection of credit cards. You get bad charges on a debit card, you're screwed. You get bad charges on a credit card, you're out maybe $50. Maybe nothing.

2. Every time I use my credit card, I get 1.5% of the amount back in cash. Since I pay the balance in full, and there's no annual fee, they're paying me to use the credit card. Actual free (to me) money, no strings attached.

3. Last I heard, it costs merchants more to run a debit card than a credit card, so it sucks for merchants, and for everyone else when they have to raise prices to compensate.

4. It sucks, but emergencies do happen. And of course, being fiscally responsible, you have three months' worth of expenses socked away in an interest-bearing account to cover them, right? Great. But this emergency will cost you six months' worth of expenses. Now what do you do? Yeah, sometimes it's nice to be able to carry a balance if circumstances warrant.

5. It's dead easy to keep track of your spending, what with being able to download statement and recent activity into an xls or quicken file. You also need to track your expenses if you only want to "spend what you have" using a debit card. With the same amount of effort, and less self-control than it takes to drag your ass into work each day, you still only spend what you have.

So that's why this American doesn't use a debit card. Unless something changes several of the above points, I would never use a debit card.


I recently switched banks to one (Nicolet Bank - based in northeast WI) that will pay 3.00% interest on balances up to $15000 if you use your debit card at least 10 times a month. And the grocery store I frequent (Woodman's) doesn't take credit cards, so it works out beautifully.
 
2016-07-14 9:44:55 AM  

eKonk: We might be better off if everyone stopped using credit cards, but unless everyone else does it would be dumb for me to quit.


Or if there were discounts for cash (or debit cards.)
 
2016-07-14 9:47:23 AM  

Mr_Fabulous: I used to float a balance for one billing period, once in a while, then pay it off in full. That actually helps your credit rating.


No it doesn't, and even if it did, there is almost no circumstance where the help would be worth paying interest for.
 
2016-07-14 9:49:15 AM  
I got fired, got upside down on credit cards, my life was a country song for about two years.  Paid all that off.

It wasn't just interest on the cards that kills you, certain cards (Discover) charge fees for holding a balance on top of interest.  So my minimum payment of $200, got eaten up by $160 in interest and fees.  It's total usury.

Glad to out from under that yoke.
 
2016-07-14 9:53:43 AM  
Yes my wife and I pay off our balances every month.

The occasional exception is the Kohls store card, where you can carry a balance, but there is zero interest if you pay it off within 3 months, and each payment has to be at least a third of the balance. Guess where a large, interest free amount of our Christmas shopping is done?

We also have a fair number of other store cards. Usually we had opened the account to get a discount on a large purchase, but we never carry a balance on these ever (27% interest? Go piss up a rope). Target and Lowe's cards get used at those stores because of the 5% discount, but again we never carry a balance.

I know it is just anecdotes, but I've seen two groups of people that carry balances from month to month. The first are people working jobs that pay shiatty, and while they live fairly modestly, they had to run up a credit card for car repairs/new water heater/dental work/more care repairs/medical bills. Because of the high interest rates, they're on a treadmill they can never get off, and can never get ahead.

The second group are people that use cards to live far beyond their means. Cruises, new furniture every few years, weekly visits to the spa/nail salon, eating out for most every meal, frequent hotels, etc...

I have friends and relatives in both groups. Of the "grinding away" group, the biggest portion of the balances carried are from dental and medical expenses. They have better insurance now, but the bills that piled up are from before that.

People I know that live far beyond their means refuse to see anything wrong with the debt they are racking up. Even when they are so jammed up they asked me for help making their car payment. Really? After you just got off the plane from another trip, and a cruise before that, and were out for dinner and drinks last night? Fark no.

\"you've always been my worst critic" - sister in law to my wife, after she and I refused to loan any money
\\again
 
2016-07-14 9:54:04 AM  

Madman drummers bummers: 3. Last I heard, it costs merchants more to run a debit card than a credit card, so it sucks for merchants, and for everyone else when they have to raise prices to compensate.


Pretty sure that one's backwards. I remember when gas stations (which are extremely low-margin on the actual gasoline) used to charge extra for credit cards over debit until they were barred from doing so by law - and as soon as the law was changed to let them do it again, they did.

Rest is pretty much spot-on though.
 
2016-07-14 9:54:39 AM  

FormlessOne: algrant33: FormlessOne: "What good is math to me?", they say...

TwowheelinTim: The comments in this thread make it look like the average Farker is fiscally responsible. There are a couple explanations that come to mind, but I'm going with "the average Farker is fiscally responsible". It's good to see you have ignored the lessons and examples your family, friends, and government have been providing all these years.

Yeah. Paid off my mortgage, paid off & canceled my credit cards, and my reward? A lowered credit score, because, hey, I clearly won't make a bank any money if they give me a line of credit. Never mind that I have an 80+ spread between credit scores depending on which agency I ask, or that one agency still thinks I work at CIGNA, a company at which I haven't worked in 18 goddamned years.

No, I'm supposed to curate my credit score because it's increasingly used to measure my value as a person, instead of merely indicate how much of a profit margin I'd give a creditor. Fark that.

welltheresyourproblem.jpg

That's exactly it, though. Keep in mind that I have a "good" score (between 700 and 750) - my credit's not terrible - but it's ridiculous that one of the things that's dragging it down is the fact that I only have 5 open & closed accounts, total. That's considered "very poor."

OK, fine, sure - I can see that they're not going to get a lot of money from me, so I'm not as desirable a customer. They want to see 21+ credit accounts for an "excellent" rating. Who in the hell is maintaining twenty or more credit lines? That's ludicrous.


Yes, that would be ludicrous. Which is why it isn't true. I have an 800+ credit score with, like, 2 credit cards, a mortgage and a home equity line of credit.

The important bit is how much credit you have available compared to how much you actually use. Keep a credit card or two open and don't use it, or pay off the balance every month, and your score will go up.
 
2016-07-14 10:03:44 AM  
I pay mine off each month, too.

img.fark.netView Full Size
 
2016-07-14 10:05:08 AM  
Ok how long before the IRS starts wanting us to report as income all the sweet 2% cash back?
 
2016-07-14 10:16:19 AM  
img.fark.netView Full Size
 
2016-07-14 10:22:30 AM  

Malacon: Demetrius: Go fark yourselves, Capital One. Fark yourselves with a big stick of salt-encrusted razors.

Capital one was my first CC.

$300 limit.

I would mail my check to them the DAY I got the bill, but they wouldn't apply payment until due day. Sometimes that meant they listed my payment as late, and applied a $25 late fee. That $25 would sometimes put me over my limit, so they'd charge me a $25 over-the-limit fee.

I had to start paying for Return Receipt (I think? The green slips...) to prove they were the ones messing up, but they wanted me to send them my original receipt, not a copy. So I did, with a return receipt. They "lost" it.

I asked them to raise my limit, but they refused.

Eventually I got a new card from MBNA (at a Trek convention, of all places) for 5 times the limit and cancelled them, never to look back.

/they were all to happy to try to raise my limit when I called to cancel
//couldn't match MBNA
///Cancelled that card when Bank of America bought them out


I have a capital one card and I noticed that it was auto-filling in the payment date for the credit card due date instead of the current date.

Online payments had a 3 day processing time...
 
2016-07-14 10:25:41 AM  
I have no idea, but that's because i pay them off in full every month and have never paid a dime in credit card interest.
 
2016-07-14 10:27:30 AM  

Moopy Mac: FTA:
"If you take out a $1000 loan that has a 20% rate, how much will you owe a year in interest?"

This is a stupid question with no one correct answer.


Janet Yellen?  That you?
 
2016-07-14 10:31:02 AM  

prickly pete v2: I recently switched banks to one (Nicolet Bank - based in northeast WI) that will pay 3.00% interest on balances up to $15000 if you use your debit card at least 10 times a month. And the grocery store I frequent (Woodman's) doesn't take credit cards, so it works out beautifully.


Good deal! I hadn't heard of anyone doing that.
 
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