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#172202 - 04/27/09 07:31 PM Re: Life Without Credit Cards [Re: Kris]
LeeG Offline

Registered: 03/24/08
Posts: 100
Loc: Phoenix, AZ
I know Bank of America still has a secured CC program.

The problem with using your debit card as a credit card for travel is the hold put on the credit limit. If your CC has a $5000 limit and the hotel puts a $500 hold on it, then you just have $500 less you can charge. If you use your debit card, then you have $500 less in the bank until that hold clears. Several years ago, I had a $100 check bounce from my checking account that I thought had over 2K available, but there was over 2K worth of holds on my card from car rental companies and hotels, even though I paid cash for the bill (it took about a week to have my funds released).

#172208 - 04/27/09 08:19 PM Re: Life Without Credit Cards [Re: LeeG]
thseng Offline
Old Hand

Registered: 03/24/06
Posts: 900
Loc: NW NJ
When a hotel puts a hold on your credit card, we think it doesn't matter because it's not "our money".

When they put a temorary authorization on your checking account, all of a suddend it's a problem.

Fact is, either way you could end up being liable for the charge, that's why they put it on there.

Try not to trash the room.
- Tom S.

"Never trust and engineer who doesn't carry a pocketknife."

#172215 - 04/27/09 09:44 PM Re: Life Without Credit Cards [Re: Arney]
dougwalkabout Online   content
Crazy Canuck
Carpal Tunnel

Registered: 02/03/07
Posts: 2918
Loc: Alberta, Canada
Originally Posted By: Arney
Originally Posted By: Lono
In response to Arney wondering why a credit card issuer wouldn't want a customer who pays their bill...

I just wanted to clarify--so this is an argument for why banks and CC companies want to drop those who pay every month? It's obvious why the carry-a-balance folks are a gold mine for the banks, but I still haven't heard a good reason to jettison the pay-in-full folks that they already have.

Just a shot in the dark, but I wonder if they've been asked/forced to "reduce their risk exposure."

Who would they drop? Not the folks who are paying 15-20% and have no other choice. They will drop the "non-producing risk" which is no risk at all. So it looks good on the books even though it's B.S.

My $0.02.

#172222 - 04/27/09 10:43 PM Re: Life Without Credit Cards [Re: Lono]
Art_in_FL Offline

Registered: 09/01/07
Posts: 2432
Originally Posted By: Lono
Not all credit card lenders are going to screw you - look into CCs from your credit union or associated with your retirement plan, ex.

+5 to that.

Local owner banks and credit unions are the way to go. they will still issue the card through a credit card company, VISA, etc, but the terms will be through your local financial institution. Generally local banks and credit unions are in much better shape than the big banks simply because they play games placing bets on money they didn't have.

Also, another big bonus in my book, over and above good rates and reasonable terms, is that money deposited in local banks and CUs tends to stay within the local economy.

#172223 - 04/27/09 10:47 PM Re: Life Without Credit Cards [Re: benjammin]
KG2V Offline


Registered: 08/19/03
Posts: 1371
Loc: Queens, New York City
Originally Posted By: benjammin
...snip... unless you can diligently pay the balance owed before the interest is applied, which I don't know anyone that does.

Now you know one - in 25 years, I paid interest 1 month - In fact, I have the card set to auto pay the full amount every month. I treat it like cash
73 de KG2V
You are what you do when it counts - The Masso
Homepage: http://www.thegallos.com
Blog: http://kg2v.blogspot.com

#172225 - 04/27/09 11:11 PM Re: Life Without Credit Cards [Re: MartinFocazio]
Roarmeister Offline
Old Hand

Registered: 09/12/01
Posts: 944
Loc: Saskatchewan, Canada
Originally Posted By: martinfocazio
I think I've posted here that we don't use credit card debt (we use credit cards, but we never carry a balance).

We recently got a letter from one of the three credit card companies we work with and they are changing the terms and conditions of the agreement to such a degree that I closed the account and shredded the card. The terms included things like giving up my right to a jury trial in a dispute and a penalty interest rate for late payment of 39%.

Your case is one of the reasons why CC companies need to be regulated and why a credit card user bill of rights is required. Right now CC companies can arbitrarily change the rules any time they want - on April 1st they did exactly that. My own rate for Mastercard went from 16.99% to 19.99% even though I have never had a late payment! Since I don't carry a balance either, the rate increase is not a big deal for me.

But the problem with closing accounts with CC companies is that it LOWERS your credit rating in most cases. If you can help - don't close those accounts just before going to your bank for a mortgage, line of credit or car loan. The drop in your rating will last for a minimum of 3-6 months.

#172232 - 04/28/09 12:13 AM Re: Life Without Credit Cards [Re: Roarmeister]
sodak Offline

Registered: 03/20/05
Posts: 410
Interesting thread. I've had credit cards since 1984, and NEVER missed paying them off every month. I used to have Discover, but they played too many games. I got a VISA years ago, for the sole purpose of having a card with a small limit for renting cars. I don't travel that much any more, so I'm not worried about it that much.

The one thing that I really like about credit cards is one check to pay at the end of the month rather than several. It really cuts down on postage.

I refuse to pay any bills on line. Not nearly enough safeguards. I once took out a car loan that way, and swore I'd never make that mistake again, and I haven't.

#172235 - 04/28/09 12:26 AM Re: Life Without Credit Cards [Re: sodak]
Eugene Offline
Carpal Tunnel

Registered: 12/26/02
Posts: 2847
Working in retail and banking I've seen how dangerous paying by paper can be, I'll never go back and was an early adopter of online bill pay even paid for it way back when because the online bill pay fee was cheaper than dealing with the lost/delayed checks.

#172236 - 04/28/09 12:30 AM Re: Life Without Credit Cards [Re: sodak]
MartinFocazio Offline


Registered: 01/21/03
Posts: 2155
Loc: Bucks County PA
Originally Posted By: sodak

I refuse to pay any bills on line. Not nearly enough safeguards. I once took out a car loan that way, and swore I'd never make that mistake again, and I haven't.

OK, let me give you some perspective on that point.
First of all, you're at more risk with paper-based ID theft than with "cyber theft". MUCH more. Again, the losers in the fraud game are more the merchants and less the consumers, so there's been a LOT of security stuff implemented that I can't go into but it's good. The nice thing is that there's this tireless and constant monitor of your accounts when you do stuff online, you just can't watch as closely with paper.

Secondly, in the last 3 years, the progress in online bill payment has been extensive. It's easier, faster and free.

Finally, A car loan is NOT online bill payment, that's a loan application, a totally different beast.

#172240 - 04/28/09 12:44 AM Re: Life Without Credit Cards [Re: MartinFocazio]
scafool Offline

Registered: 12/18/08
Posts: 1534
Loc: Muskoka
I just won another free lottery that I never entered.
I never knew winning lotteries was so easy!
Too bad they keep asking for personal information which I refuse to give.
I figure if they are smart enough to know my email address they are smart enough to know the rest of my info and just send me my millions, especially if they are from the FBI like the last few have claimed to be.

There is still plenty of online fraud.
May set off to explore without any sense of direction or how to return.

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