Credit Card Balance Payers

[Mjcpr]

How do you feel about this? Some joker is advocating that those of us who pay off their credit card balance in full each month should have to pay an annual fee for, basically, the no-interest loans we receive throughout the year.

I pay mine off whenever I charge something to it and I say to this guy, **** off, dip ****.

Credit Card Article (http://money.cnn.com/2007/01/25/pf/credit_card_senate_hearing/index.htm?cnn=yes)

[BoogercountySooner]

I'm one of those dudes and I agree. **** off Dip ****:mad:

[sooner_born_1960]

How do you feel about this? Some joker is advocating that those of us who pay off their credit card balance in full each month should have to pay an annual fee for, basically, the no-interest loans we receive throughout the year.

I pay mine off whenever I charge something to it and I say to this guy, **** off, dip ****.

Credit Card Article (http://money.cnn.com/2007/01/25/pf/credit_card_senate_hearing/index.htm?cnn=yes)
My thoughts, exactly.

[Boomer.....]

Don't the bastages make enough on all of the people who have debt with them. Bank of America made 5.26 billion dollars this quarter alone.

[jacru]

they make $ every time their card is used anyway.

[Stoop Dawg]

Restoring small annual fees on cards used by "non-revolvers" would bolster revenues for card issuers, who then in turn might not make life so expensive for those with revolving balances.

That's all you really need to read. The guy s living in la-la land.

[soonerboomer93]

i have one i pay mostly off, or off at all times, another one I don't pay off, because well i'm at 0% interest on it for 8 more months

in the end I will keep them paid off or very low since i'm getting hit with a 1-3% international transaction fee everytime i use it

[opksooner]

The term that credit card issuers use to refer to those who pay off their balance every month:

Dead beats.

We don't represent a "profit center" to them.

Tough ****!

[yermom]

yeah, we really need to worry about the bank's bottom line... i'm sure they are hurting really badly for money

why would the Senate be involved with this anyway? it's not like the banks were forced to drop annual fees were they? they started doing it to get more people to get their cards...

[SoonerTerry]

pssssst..... they make money from the retailers too..

[crawfish]

So, the responsible people should pay extra to subsidize the irresponsible?

*sigh*.

Leave it to a SENATOR to get offended at people spending within a budget...

[yermom]

yeah, i like the part about they might pass on the savings to the irresponsible people...

this part was good:


But Dodd did issue a warning to credit card companies during the hearing: "If you currently engage in any business practice that you would be ashamed to discuss before this Committee, I would strongly encourage you to cease and desist that practice. Irrespective of the current legality of such practices, you should take a long, hard look at how you treat your customers."

[Ike]

why would the Senate be involved with this anyway? it's not like the banks were forced to drop annual fees were they? they started doing it to get more people to get their cards...
ummm....because the banks pay for senate campaigns...

[TopDaugIn2000]

I too pay the FULL balance every month, and have since I got my first card at age 17. so **** off Dip **** I'll be RESPONSIBLE with MY money if I want!

[soonerboomer93]

i'm not responsible with my money

but then again, my highest limit is less then 1/2 of my monthly income so it's all good

[batonrougesooner]

It is just a ruse to try to get people who pay off their balances each month to accept an annual fee. It isn't like the CC companies would in return lower fees and interest for those that don't payoff their balances.

The whole credit card industry is a complete consumer rip off. They are due for some serious regulatory overhaul.

[BajaOklahoma]

Isn't that what American Express does? Annual fee.
If it comes about, we'll just go back to checks. Their loss.

[yermom]

or debit cards...

[StoopTroup]

They can stick their cards up their *** if they start charging those fees.

I hope they all have to declare bankruptcy too.

Card Companies are purely robber barons IMO.

[1stTimeCaller]

I have one for the simple reason that I don't like renting a car with a debit card and them charging me $250-$500 and then holding that money for a few days after returning the car. It's just easier to rent cars and hotels with a credit card than it is with a debit card.

[StoopTroup]

I agree 1TC.

[mdklatt]

I have one for the simple reason that I don't like renting a car with a debit card and them charging me $250-$500 and then holding that money for a few days after returning the car. It's just easier to rent cars and hotels with a credit card than it is with a debit card.

Yeah, that's what would suck about only having a debit card. Plus, if your credit card gets stolen your bank account can't be emptied out.

[Jerk]

I think what they should do is tax people who make their payments on time, and then use that money to pay other people's debt who, by unfortunate circumstances, cannot make their payments in a punctual manner.

It's for the children.

[soonerboomer93]

It is just a ruse to try to get people who pay off their balances each month to accept an annual fee. It isn't like the CC companies would in return lower fees and interest for those that don't payoff their balances.

The whole credit card industry is a complete consumer rip off. They are due for some serious regulatory overhaul.

eh, you could always just be a bastard and pay all but 1 cent of your balance :D

[slickdawg]

I make a couple of hundred bucks off of discover each year, paying the bill in its entireity each month, and getting the "cash back".

To this guy, I too say **** off dip ****.

[Frozen Sooner]

The term that credit card issuers use to refer to those who pay off their balance every month:

Dead beats.

We don't represent a "profit center" to them.

Tough ****!

Um, no, a dead beat is something else. In fact, almost exactly the opposite of that.

I don't expect anyone to start charging annual fees to those who pay off their cards in full each month, but I do expect to see the 25 day grace period go away at some point or be reduced to 10 days.

[Penguin]

Banks don't give you a credit card because they are nice or that you "deserve" it. They want to make money off of you.


I think it's something called capitalism.

If your cc company starts charging you an annual fee, cancel it. Find another bank that doesn't. Problem solved.

[jacru]

Is it not worth something to get to put off paying a bill for up to 30 days?

[tbl]

I'm one of those dudes and I agree. **** off Dip ****:mad:
What he said....

[soonerboomer93]

Is it not worth something to get to put off paying a bill for up to 30 days?

for me, no. I have a credit card because my debit has a $1000 daily transaction limit and if I need to do big ticket items the cc is easier. It's also more convenient to put a car rental or hotel on a cc. For me though, at a lot of place i get hit with a 3% transaction fee since I'm not in the US when i use my cc, atm withdrawls are only a 1% transaction fee (but I'm limited to $500 US a day, so sometimes I need the card). The amounts I put on my credit card well, I frankly don't need to put them off I have the money and it's not a big deal, it's just easier for me to access my money with a CC in certain situations.

[soonerboomer93]

Banks don't give you a credit card because they are nice or that you "deserve" it. They want to make money off of you.


I think it's something called capitalism.

If your cc company starts charging you an annual fee, cancel it. Find another bank that doesn't. Problem solved.

I understand this, which is why I carry about $1500 on the interest free card and a couple hundred on my other card. I only have the cards to help with my credit rating, that's all. But I also have cash, which can be a handy equilizer in the credit rating game. I financed my laptop through dell and they gave me a truly horrible interest rate. If I handn't paid if off in like 4 months, and gone with the minimum payment then I would be paying on that for the rest of my life since the monthly interest was actually more then the minimum payment. **** like that ****ed me over with I was in my early 20's and I didn't have credit for a long time because I ****ed up. So now to me they're just a tool at my disposal but I don't need them. Frankly I'm at a point where if they want my money and want to earn money off me, then they need to be taking care of **** on their end. If you're not working for me, then you don't get my money.

[opksooner]

Um, no, a dead beat is something else. In fact, almost exactly the opposite of that.

I don't expect anyone to start charging annual fees to those who pay off their cards in full each month, but I do expect to see the 25 day grace period go away at some point or be reduced to 10 days.
Um, no, in this context, i.e., avoiding paying interest by keeping a zero balance, the CC holder is, to the CC company, a dead beat. Yes, it is contrary to the common definition of the term, but that is the irony of it.

[SCOUT]

Um, no, in this context, i.e., avoiding paying interest by keeping a zero balance, the CC holder is, to the CC company, a dead beat. Yes, it is contrary to the common definition of the term, but that is the irony of it.
But the credit card company earns money through an interchange fee for each purchase. They are avoiding giving the cc company one revenue stream but still providing the other.

[soonerboomer93]

correct

last night I tabbed out, but ended up staying when some friends showed up. They knew I only had a little cash on me, and when I went to pay the rest, they told me just to pay tonight because the transaction fee's they and I get hit with are high, especially since it's an international transaction. My debit is only 1%, my credit transaction at this establishment is 3% (some places it's only 1% but I think it depends on who they have their services through). The monetary diffence to me would have been just $2-3, but for them it could have been several times that.

When I was in the US I was talking to my friends father who runs a sports collectables store and he was telling me they charge somewhere around 5% for each cc transaction he makes.

[opksooner]

But the credit card company earns money through an interchange fee for each purchase. They are avoiding giving the cc company one revenue stream but still providing the other.
True, of course.

My comment was directed to the scenerio in the thread title, i.e. paying off balance.

[Frozen Sooner]

Working in consumer finance for 10 years I've never heard of someone paying off their balance in full every month referred to as a deadbeat. I've heard them referred to as zero-balance people, but even then we didn't care that much about them-we get annoyed at the people who never use the darn things.

[jk the sooner fan]

i dont think the senator was the one who came up with this idea, but rather a consumer advocate appearing before a senate banking committee

[Howzit]

Working in consumer finance for 10 years I've never heard of someone paying off their balance in full every month referred to as a deadbeat. I've heard them referred to as zero-balance people, but even then we didn't care that much about them-we get annoyed at the people who never use the darn things.

I saw a piece on 60 minutes fairly recently on credit card companies, and that is exactly what one of the people that worked there said they call us.

[yermom]

now you are just making stuff up

i saw it too

[85Sooner]

i am starting to use cash alot more.

[SoonerAtKU]

Um, I worked for one of the largest credit card issuers. We LOVED pay in full folks. They handle their business well, which makes it much less expensive for the company to manage the account. This does not even take into account the revenue earned via the transaction itself as a card processor.

In addition, pay in full folks are much less likely to have issues which require calling the 1-800 service numbers, which cost the company millions each year. A $29 late fee quickly becomes cost ineffective if the late fee results in 5 phone calls attempting to have the issue sorted out. Anyhow, just some info from the other side. We loved our pay in full folks, and we reserved the term "deadbeat" for drastically different types of cardholders.