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14 February 2006, 06:43 AM | #1 |
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Join Date: May 2005
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New Requirements Re Credit Card Payments
I used to carry high balances on credit cards, not any longer...
for anyone who does, new laws in USA require that the bank charge you either 4% minimum payment instead of the 2% it is now (changes this month) or some of the larger banks have done a deal where they can charge the higher of 1% of balance plus that months late fees, if any and the finance charge for that month, or 2%, whatever is higher... in many cases the latter example will result in payment similar to the old 2%, so I am assuming the larger companies were able to get political consideration need to find out what your company is doing.... just thought you would want to know !! |
14 February 2006, 06:48 AM | #2 |
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I quit carrying high limit cards after mine was hijacked & some turkey in Taiwan ran up $23,000.
I was on holidays, taking someone out to lunch & my card comes back "REJECTED". Visa security only told me I was over my limit. So at 4 am, security calls me back. I ask "Why didn't you just cancel me card when you saw it being used in Vancouver, Hawaii & Tawain on the same day?" Her response " We did not want to inconvinience you" I was "WTF, I get rejected at a restaurant, and called at 4 am on my holidays & you didn't want to "inconvinience me"??? So, now I carry two low limit cards & when I buy ( say a new watch) I prepay and advise Visa BEFORE my purchase what I will be doing. As for the Fees. That sounds about right for what they would do to there customers. OH, and Cnd people, did you know VISA adds an extra 1-2% processing fee to any US purchases on CDN Visas?. If you do carry balances on you CC's, contact you VISA centre & ask for low interest rate cards. You might get charged an annual fee, but this could be lower than the 18% or more interest they charge you.
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Something witty to go here. Member # 293 Last edited by Launch Mini; 14 February 2006 at 06:50 AM.. |
14 February 2006, 07:18 AM | #3 |
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I've never carried a balance on a credit card. I always pay it off when it's due......
I did ask one card company to lower the limit on one card, because if it was ever stolen, the charges could add up fast....... I use one card specifically for on-line purchases - just in case something goes wrong I know what card to cancel and it doesn't have a big limit. |
14 February 2006, 07:30 AM | #4 |
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We don't carry a balance either. Ever.
Some of you 'old' guys may remember that around the time C was born, someone tried to steal my identity via my VISA card. It was an inside job with someone trying to transfer some $50,000 to an account in Dallas. He even went so far as to call Bell Canada to have the phone number changed so when the bank called home to verify the large transfer, he could pick up the phone. Thankfully, the bank called me at work. But this guy had my mother's maiden name, pass words, everything! It's harder to prove that you're you, when someone has your identity than for the imposter to prove he's you. And don't get me started on dealing with the credit bureaus. They treat you like a bloody criminal, when you're the victim. I hate credit cards and use mine sparingly. |
14 February 2006, 08:25 AM | #5 |
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I also pay off my cards in full every month. I also notify the credit card company when I am going to be going overseas. I learned that lesson years ago when I had trouble using a card in Europe.
The other thing to watch for now is a transaction fee on foreign currency transactions. Many card companies are tacking on a 2-3% "transaction fee" for converting currencies, even when you pay in your home currency. For example, a number of London stores will charge you in US$ (not that their exchange rate is any great shakes) but Visa still takes on a 3% transaction fee. That is pure profit for them. I got a Capital One Visa just to use overseas. So far they are not charging any transaction fee and there is no annual fee. I'm telling my United Milage Plus Visa people to stick it where the sun don't shine for this trip.
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Despite the high cost of living, it's still very popular. Tosser Cabinet Member Official Member: 'Perpetual 30' Vegas International GTG 2016 Official Member "WIS-CON" Las Vegas International GTG 2017 Official Member "WIS-CON" Las Vegas International GTG 2018 Official Member "WIS-CON" Las Vegas International GTG 2019 |
14 February 2006, 04:38 PM | #6 |
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I don't believe in Credit Cards - problem solved!!
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Words fail me in expressing my utmost thanks to ALL of you for this wonderful support during my hour of need!! I firmly believe that my time on planet earth is NOT yet up!! I shall fight this to the very end.......and WIN!! |
14 February 2006, 07:58 PM | #7 |
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Same here JJ just a debit card for me,cannot get tempted then.
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ICom Pro3 All posts are my own opinion and my opinion only. "The clock of life is wound but once, and no man has the power to tell just when the hands will stop. Now is the only time you actually own the time, Place no faith in time, for the clock may soon be still for ever." Good Judgement comes from experience,experience comes from Bad Judgement,.Buy quality, cry once; buy cheap, cry again and again. www.mc0yad.club Second in command CEO and left handed watch winder |
14 February 2006, 10:45 PM | #8 | |
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Quote:
By the way, I never use any ATM that is not associated with a bank (preferrably my own bank, but that is sometimes difficult when out of the country). Many instances of people having issue with ATM machines are with the machines that are not from a bank but are in some little corner store. |
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14 February 2006, 11:29 PM | #9 | |
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Just a couple of weeks ago I found a fraudulant charge on my CC statement, and I also got a call from the bank about some 'odd' purchases (they track your spending habits at the bank as a security measure). Turns out someone got my VISA number and was buying stuff. We cancelled the card and got a new one reissued. I've had to do this three times now over the past three years. And none of the 'thefts' have been from online companies (of which I do very little purchasing). They've been brick and mortor places. |
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15 February 2006, 03:13 AM | #10 | |
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You writers, always palgiarizing other people's work..... |
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15 February 2006, 04:00 AM | #11 | |
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Oh, and how about 50 one handed ones for that misspelling there. |
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15 February 2006, 01:45 AM | #12 | |
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Quote:
can get your money back,it carries the same rules as a Visa CC
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ICom Pro3 All posts are my own opinion and my opinion only. "The clock of life is wound but once, and no man has the power to tell just when the hands will stop. Now is the only time you actually own the time, Place no faith in time, for the clock may soon be still for ever." Good Judgement comes from experience,experience comes from Bad Judgement,.Buy quality, cry once; buy cheap, cry again and again. www.mc0yad.club Second in command CEO and left handed watch winder |
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15 February 2006, 03:16 AM | #13 | |
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We all have our preferences, but for me the credit card makes a lot more sense security wise. |
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15 February 2006, 03:59 AM | #14 | |
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15 February 2006, 04:02 AM | #15 | |
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Thank you, John for that horibel xampel.
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Despite the high cost of living, it's still very popular. Tosser Cabinet Member Official Member: 'Perpetual 30' Vegas International GTG 2016 Official Member "WIS-CON" Las Vegas International GTG 2017 Official Member "WIS-CON" Las Vegas International GTG 2018 Official Member "WIS-CON" Las Vegas International GTG 2019 |
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15 February 2006, 04:11 AM | #16 | |
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And this, ladies and gentlemen, coming from a master of goggldy-gook speak... a lawyer. BTW, I work for the Ministry of Redundancy Ministry. |
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15 February 2006, 06:43 AM | #17 | |
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"With a credit card I can always choose not to pay the bill if I believe the charges aren't mine - yes, there are consequences to that, but I'd rather fight to keep my money than fight to get it back.........." By the way, you forgot your 'r' above.....oh one with head of bone........ Last edited by ----; 15 February 2006 at 06:45 AM.. |
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