John from Riverside Posted January 31, 2009 Share Posted January 31, 2009 WTF I thought it was a mistake on my credit card bill........are they serious? Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 31, 2009 Share Posted January 31, 2009 WTF I thought it was a mistake on my credit card bill........are they serious? What card? I just paid my chase and the min was the same. Link to comment Share on other sites More sharing options...
BuffaloBill Posted January 31, 2009 Share Posted January 31, 2009 WTF I thought it was a mistake on my credit card bill........are they serious? They are all getting serious about managing exposure (read risk) One of my cards I've held for twenty years that was up for renewal was cancelled because I did not use it enough Another one they I have held for about as long was only renewed for 12 months upon expiration. All this and I happen to know (like you I guess) that my credit score is sterling. Link to comment Share on other sites More sharing options...
Stussy109 Posted January 31, 2009 Share Posted January 31, 2009 I think this was discussed during campaigning, as a change they were going to require. The minimum payments basically mean u pay only interest and very little principle. by doing this, it forces people to get out of debt faster and to be fiscally responsible. Even though it sux temporarily, its in the best interest of you. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 31, 2009 Share Posted January 31, 2009 I think this was discussed during campaigning, as a change they were going to require. The minimum payments basically mean u pay only interest and very little principle. by doing this, it forces people to get out of debt faster and to be fiscally responsible.Even though it sux temporarily, its in the best interest of you. I thought that was done years ago Link to comment Share on other sites More sharing options...
/dev/null Posted January 31, 2009 Share Posted January 31, 2009 min payment or balance, what's the difference? Whenever I receive the statement I see 2 numbers Min payment Balance Then I login to the website and see a 3rd number Current balance (last statement + whatever was charged since the statement was posted) I pay the current balance. Never had any problems. And I could care less what the interest rate is because I use only use the card to pay for the purchase in place of cash For more information on my financial philosophy, this may help to explain Link to comment Share on other sites More sharing options...
BuffaloBill Posted January 31, 2009 Share Posted January 31, 2009 I pay the current balance. Never had any problems. And I could care less what the interest rate is because I use only use the card to pay for the purchase in place of cashFor more information on my financial philosophy, this may help to explain If more people did this I believe they would be much better off. There are also studies that show people spend approximately 20% more at each occurence of a purchase when they use a card. I would think that they also forget what they have charged through the month and spend even more again. Link to comment Share on other sites More sharing options...
Bmwolf21 Posted January 31, 2009 Share Posted January 31, 2009 I thought that was done years ago I think you're right. IIRC it was in early 2006 that regulators pressured the CC companies to bump the minimums from 2% to 4%. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 31, 2009 Share Posted January 31, 2009 There are exceptions I had a apartment building that needed a lot of work and my chase card was offering a 3.72% balance transfer,so I paid for everything on my other card [$12000] and transfered it. I don't use the card at all any more-the total balance is at the transfer rate. Where else can I borrow at that rate? Link to comment Share on other sites More sharing options...
BuffaloBill Posted January 31, 2009 Share Posted January 31, 2009 There are exceptions I had a apartment building that needed a lot of work and my chase card was offering a 3.72% balance transfer,so I paid for everything on my other card [$12000] and transfered it. I don't use the card at all any more-the total balance is at the transfer rate. Where else can I borrow at that rate? Just make sure you hit the payoff date - some cards suck you in with a teaser rate and then if you do not bring the balance to zero by a certain point (usually a year) they wack you with what amounts to back interest on the original balance and anything added after. It should be illegal and may be in your state but it is done, Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 31, 2009 Share Posted January 31, 2009 Just make sure you hit the payoff date - some cards suck you in with a teaser rate and then if you do not bring the balance to zero by a certain point (usually a year) they wack you with what amounts to back interest on the original balance and anything added after. It should be illegal and may be in your state but it is done, Way ahead of ya. life of the balance. Could have gone 0% 6-12 months but wanted to avoid exactly that.Check the statement every month though-changing the rules in the middle of the game seems to be standard procedure now days. Link to comment Share on other sites More sharing options...
BuffaloBill Posted January 31, 2009 Share Posted January 31, 2009 Way ahead of ya. life of the balance. Could have gone 0% 6-12 months but wanted to avoid exactly that.Check the statement every month though-changing the rules in the middle of the game seems to be standard procedure now days. That's cool .. when my wife and I got engaged had a similar situation (to buy her ring). The credit card company actualy called me to get me to "borrow" money after I paid off the balance - before the end of the period of low rates. I knew damn well they were trying to trick me into having to get wacked by what I described. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 31, 2009 Share Posted January 31, 2009 That's cool .. when my wife and I got engaged had a similar situation (to buy her ring). The credit card company actualy called me to get me to "borrow" money after I paid off the balance - before the end of the period of low rates. I knew damn well they were trying to trick me into having to get wacked by what I described. I love the fact Chase hates me. The most important thing with those low interest rate transfers is do not have a prior balance,and do not use the card till the low interest rate portion is paid. The fine print says "all payments MAY be be applied to the lower APR" In other words, if you have $2000 at 15%, and $4000 at 3.00% every dime you pay in will go to the 3.00% balance and the 15% will grow like a weed. Link to comment Share on other sites More sharing options...
BuffaloBill Posted January 31, 2009 Share Posted January 31, 2009 I love the fact Chase hates me. The most important thing with those low interest rate transfers is do not have a prior balance,and do not use the card till the low interest rate portion is paid. The fine print says "all payments MAY be be applied to the lower APR" In other words, if you have $2000 at 15%, and $4000 at 3.00% every dime you pay in will go to the 3.00% balance and the 15% will grow like a weed. Glad to know you read the fine print. I drive my wife crazy with this. I refuse to sign anything unless I have read it. I made a title compnay person furious once by asking for advanced copies of everything I would be asked to sign before I bought a house. She said "why don't you you have a lawyer review it?" My response was simply that "at the end of the day I am the one responsible and I am going to know damn well what I am signing. I will spend whatever time is necessary reading the documents. If you do not provide me advance copies we will sit there for whatever time I need to review them while I am in your office." She was very unhappy. Most people naively just sign without reviewing the fine print. Good for you that you do otherwise. Link to comment Share on other sites More sharing options...
Tcali Posted January 31, 2009 Share Posted January 31, 2009 I love the fact Chase hates me. The most important thing with those low interest rate transfers is do not have a prior balance,and do not use the card till the low interest rate portion is paid. The fine print says "all payments MAY be be applied to the lower APR" In other words, if you have $2000 at 15%, and $4000 at 3.00% every dime you pay in will go to the 3.00% balance and the 15% will grow like a weed. except that practice is being outlawed-i will check on the progress of that legislation,,,,, PS-I started a million dollar a year business on credit cards...and use the lines extensively. i know ALL of their tricks. ALL. Link to comment Share on other sites More sharing options...
Tcali Posted January 31, 2009 Share Posted January 31, 2009 Glad to know you read the fine print. I drive my wife crazy with this. I refuse to sign anything unless I have read it. I made a title compnay person furious once by asking for advanced copies of everything I would be asked to sign before I bought a house. She said "why don't you you have a lawyer review it?" My response was simply that "at the end of the day I am the one responsible and I am going to know damn well what I am signing. I will spend whatever time is necessary reading the documents. If you do not provide me advance copies we will sit there for whatever time I need to review them while I am in your office." She was very unhappy. Most people naively just sign without reviewing the fine print. Good for you that you do otherwise. smart man Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 31, 2009 Share Posted January 31, 2009 Glad to know you read the fine print. I drive my wife crazy with this. I refuse to sign anything unless I have read it. I made a title compnay person furious once by asking for advanced copies of everything I would be asked to sign before I bought a house. She said "why don't you you have a lawyer review it?" My response was simply that "at the end of the day I am the one responsible and I am going to know damn well what I am signing. I will spend whatever time is necessary reading the documents. If you do not provide me advance copies we will sit there for whatever time I need to review them while I am in your office." She was very unhappy. Most people naively just sign without reviewing the fine print. Good for you that you do otherwise. Excellent. I caught a $150 notary public fee at closing once, and it turned out the notary did double duty as the receptionist at the mortgage brokers building I signed at,probably at $10 a hour. They will nail ya if they can. Link to comment Share on other sites More sharing options...
BuffaloBill Posted January 31, 2009 Share Posted January 31, 2009 Excellent. I caught a $150 notary public fee at closing once, and it turned out the notary did double duty as the receptionist at the mortgage brokers building I signed at,probably at $10 a hour. They will nail ya if they can. True ask about every charge. My wife once worked for a title company about 50% of their charges are BS. Link to comment Share on other sites More sharing options...
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