Real Estate Community Forum

I recently received a notice in the mail regarding my credit card. The notice was to inform me of their new policy. This policy stipulates that if my account number or card expiration date changes and I have an automatic billing established with a merchant, they will automatically provide the new account information to the merchant to ensure uninterrupted billing. Normally, someone might think this is a kind gesture, but to me, I don't like the thought of my credit card company giving away my information without notifying me prior to the transaction! This can be dangerous. There have been instances where I have changed my account information because unauthorized transactions were made to my account. How can I prevent someone from using my account now if my credit card company is going to be giving my new account information out? To me, this is their way of charging more money on my credit card, so they they can profit from it. It's terrible!! Now I'm really going to check my credit card statement thoroughly every month. Who came up with this idea? It's so obvious this is their way of cashing in on people who are too busy to monitor their statements and catch false transactions. Who is protecting the consumer?

Checking your credit card statement for accuracy is a good idea no matter what. I can see your point though...there have been times when I've canceled a credit card just to stop erroneous recurring billing from a stubborn merchant. On the other hand, I do tend to put a lot of my bills on credit card "auto pay" to take advantage of the interest free float...so I can see the bank's argument about convenience.

In the past, I've just sent a letter to the bank asking that all charges from a specific merchant, recurring or not, be stopped....and my card issuers have always honored my wish. YMMV.

I guess that feature sounds convenient, but I bet it's probably more for a self-serving reason. I know banks like to encourage auto deposits/debits because it makes it more difficult to move your account somewhere else. At least most credit card companies indemnify you against any fraudulent charges, so I guess it's their money at risk.

I have heard that credit card companies are going to be more strict with their policies because more and more people are defaulting on their credit cards as they are use them to pay for their home mortgages. This includes making it more difficult to be approved for a credit card and for those who are late with a payment, expect to see your interest rates go up when you get your next statement in the mail. I personally hate dealing with credit cards. I wish I didn't have an outstanding balance with any of them, but the irony is we need credit cards to demonstrate our payment history. So how did people manage before credit cards? I wonder what procedures people had to follow before the invention of credit cards?

Credit cards came into existence during World War II. Before that time, there were "mom and pop" stores who offered you a line of credit and they often knew who you were so you were more likely to make a conscious effort to pay the owner's back. Other than that you paid cash for everything. Things were a lot different back then. People did not spend money they didn't have and they saved their money if they wanted something. There was also less impulse buying going on. People didn't have tons of products to choose from. Basically, they had a much simpler life style. Sometimes I think they had a better way of life than we do today, with less gadgets.

I just heard today that the federal government is going after credit card companies. One of the major problems against credit card companies is their ability to raise interest rates on customers without notifying them or sending them a letter explaining to them their reasons for changing the interest rates. I personally think this is something that should have been taken care of a long time ago. What made them decide to finally go after credit card companies now? In addition, I think all credit card companies should change the way they do business. Government needs to step in an clean house because there is too much corruption going on.

I wouldn't get too excited about the government going after credit card companies and changing their practices. Chances are it's going to take a long time for these laws to get passed. Anything related to the government always takes a long time because of the bureaucratic channels that must approve everything. For example, where I live, there has been talk of building a new bridge to help with the flow of traffic. The government has approved enough money for the project, but that was over 5 years ago! So where is the bridge?

I have a credit card pet peeve. I noticed that every time I start paying down my balance I get a letter in the mail from my credit card stating that they are raising my credit limit. So far, my credit limit is $18,000 dollars. Of course, I am no way near this limit, but they tactic they use to encourage people to spend is ridiculous. In fact, has anyone ever seen credit card commercials where they show someone on the beach sunbathing or eating an expensive dinner in a restaurant with the slogan, " make your dreams come true. You deserve it". They will do anything to make you spend, spend, spend!

Lebby,
Kudos to you!!!...

just view the fact that you are getting higher credit limits as an acknowledgment of your responsibility in the manner in which you handle your debt. Yes, credit card companies make money when you use the card however, you are building credit that many people will be watching as you progress in your life. you never know when it may come in handy.

balance...everything is balance.

way to go!

What really bothers me about credit cards is the min amount they are asking from customers per month. If people were to sit down and do the math, if they make the min payment on their credit cards, it will take 30 years till it's finally paid off. Isn't that crazy? Chances are you'll probably use that credit card on and off during your life time, which means your balance will get bigger and bigger. As your balance increases and you still pay the min you'll forever be paying it off. I think someone told me that credit cards only require 10% of the balance due each month. It's such a crazy game they play with people. Who ever came up with the idea of credit cards must be laughing at the American people.