Fucking credit card companies

I'm testing that theory. I know all about the amount of credit vs outstanding credit stuff but I recently had half of one line cut and canceled another CC with a $20,000 limit. I want to see how much both affect my credit score. Although I couldn't do much about what BofA did I weighed a little ding on my score versus having $20 grand sitting out there in available credit on a credit card I haven't used in over two years. That just seems like ripe pickings for some card scammer to wreck my credit. We are closing on our refinance tomorrow so I just saw my credit score and it was around 790. These last couple of cc events won't hit for probably another month or two. I'll check back and see what happened to me score.

 

We've traveled to Charleston a couple of times, Florida a couple of times, Grove Park Inn in Asheville and haven't had a problem at any of those places. Just ask their policy and stay at a reputable place.

I worry vastly more about using my debit card in restaurants than I do a hotel. You are giving your card to some punk 18 year old whose IQ is less than the number of piercings they have and they completely walk away from your table with your credit/debit card. That is the only place I have ever had my card number stolen (from a restaurant in Charleston). You will get your money back but it may take some time (took me 2 business days to get it back).

Agree on not linking savings as overdraft protection. I don't do that myself for the same reason and I always have more in savings than my checking so I'm never out of money if something did happen.

 

Agree on the restaurant thing which is why I always try to use credit. I like how with AMEX you can dispute a charge online. With other companies you have to call the merchant, then call the cc company, etc. I had a restaurant dude in Maryland try to give himself an extra $10 tip on my meal. I saw it and charged it back immediately.

 

I was talking about this in another thread. I don't think the CC companies allow merchants to do this. I believe it was supposed to be in the new CC legislation but was taken out of the final bill. Not sure how gas stations get away with it though.

 

I get your point but carrying cash is dangerous also. Not sure what we are to do. As far as annual fees, I'll cancel my card as soon as that occurs. There will be a card somewhere that will not charge an annual fee and not only will I go with that company I'll look to buy stock in that company.

 

We now have the dining envelope and have never had someone try to get extra tip. Honestly, I pretty much only use my debit card for gas at Costco and any extra trips we have to make to Lowe's/Target, etc. that we just didn't expect. Cash for most everything else. As far as the danger in carrying cash, we've never had an issue. We will typically just leave the house with what we need so we aren't carrying too much. Course, I'm about 6'3, 215 that shaves my head so maybe I just look scary enough (though I really am not). Dadgum Amway people tend to think I'm a great prospect though.

 

I believe that is true but I think the way around it is to offer a 'cash discount' instead of a cheaper price which is what the gas stations are offering. Sounds like a stupid, minor difference (and it is) but apparently, it's enough to get around their merchant agreements with VISA/Mastercard. Frankly, that is one piece that should have stayed in the legislation (though again, I honestly think the entire legislation was stupid and useless).

These CC companies have been misbehaving for decades. The way to stop them is to not give them any money (including the transaction fees they get for each purchase even if you pay off the balance). If we really dislike the misbehavior (like threatening to send elderly to jail if they don't pay a bill - and oh yeah, many times it isn't even their bill), then stop fueling them. We don't need Washington to do that. Watch the movie Maxed Out too. Good documentary into some of their practices.

 

That's because all those people are idiots.

I'm profiting off of their idiocy, along with the banks.

You negotiate movie tickets, meals out, and gasoline? Cash discounts for that stuff?

 

Nope but I don't think $350 is going to be a financial breakthrough for me either especially when I add in the risk that I am messing with a bunch of financial snakes all for $350 a year (cost of 2-3 movie tickets a month - I mean really). But I recently helped LCLefty save about $800 (1850 down to 1050) on some furniture by getting him to negotiate with cash. And I didn't have him mess with snakes to do it (though actually furniture salesmen could be defined as snakes at times - LOL). Seriously, I've never heard a single millionaire say it was their reward points that got them over the hump. I like things simple and messing with Credit Cards and their customer experiences isn't simple to me. Why risk having to deal with the aggravation when they decide (and they can decide without having to prove anything) to post a payment late? Or if they lower a limit on a card and you don't get the notice until two weeks later. Or if they move your payment date without notifying you? Or if they decide they will charge you an annual fee or hurt your credit score if you close the card after they decide to charge you an annual fee? I don't have to deal with any of that crap plus I don't have the overspending that even an above-average consumer is doing which on average is costing even the above-average consumer more than $350 a year so at best it's a break even before the risk. Again, that is what studies have found and merchants have found when they look at consumer behavior across the board.

Furthermore, I'd rather not fuel the practices of these guys by giving them revenue. Just watch Maxed Out (I believe it is made by the same guy that did Supersize Me).

 

Quite a few stations are now offering a lower price for cash on gasoline BTW. As others learn how to get around their merchant agreements, they will too.