Credit Card Funnies

[Golddollar]

I had an Amoco credit card long ago. I ended up moving to an area that didn't have very many Amoco stations around so I didn't use it very much. But one day I was on US 15 below Harrisburg and tried to fill up at an Amoco station. I put my credit card in the pump and the pump refused to take it. Here the company had cancelled my credit card and never bothered to tell me.

 

[DEF3]

Yep,small business. Pay off my cards and credit drops for whatever reason. Purchase parts over 30% of card limit credit drops. Pay on time always. Don't get me started.

 

[pharmer]

Paid off my daughter in law's student loan with my card. At first I couldn't pay in full, $5K max. Did that and paid the last of it immediately in a separate transaction. My FICO score dropped 35 points. 'Em, I ain't ever borrowing another dime this lifetime. Joe

 

[LVSteve]

All the credit card companies have been upping their rates. I'm surprised you have not had letters before this week. All of mine went up, not that I care because I pay them off. Barclays just seem to have a particularly poor bedside manner in letting you know.

 

[TX-Dennis]

I, too, pay off all credit cards monthly. Citibank cut my credit limit on theirs from 22K to 15.2K from lack of use. I use it now and then for gas, but I tend to use my amazon card and Cabelas card more often to get the cash back. I mostly keep the Citi card because it's my oldest open account - over 30 years now. That increases the old FICO score.

They constantly send me solicitations for personal loans. You'd think they would figure out that if I'm not in debt on credit cards I don't need or want a personal loan, either.

 

[DWalt]

I notice some gas stations and convenience stores locally are lowering gas prices by 0.10/gallon if you pay cash vs. using a CC. Also by using something called Quickpay. I do not know what Quickpay is. And I doubt I want to find out.

As I do not engage in any form of installment financing for anything, a minor hit to my credit score because of minimal credit use means little to me. I was fortunately raised by a father who always lived by the philosophy that if you have to take out a loan to buy something, you don't need it.

 

[TX-Dennis]

I notice some gas stations and convenience stores locally are lowering gas prices by 0.10/gallon if you pay cash vs. using a CC. Also using something called Quickpay. I do not know what Quickpay is.

I didn't notice that when I was there a couple of weeks ago, but I think I only bought gas in SA twice.

Might have to start carrying cash again.

 

[DWalt]

I didn't notice that when I was there a couple of weeks ago, but I think I only bought gas in SA twice. Might have to start carrying cash again.

You don't see the dime discount everywhere, but quite a few do offer it. I think Quickpay must be something like a debit card.

 

[Krogen]

I get 2% back across the board from Citi, so I think that's how they encourage more use. I doubt that reducing interest rates gets more people to use their cards. I would think Citi is getting plenty from my transactions otherwise they wouldn't offer the kickback. I pay everything I can with the Citi credit card. Overall, it amounts to a decent kickback. I pay it off every month. My credit usage is high and that's part of the FICA score. So, I'm experimenting with making two payments per month; one in time for the monthly billing and another halfway through the month. The idea is to keep my balance low. I've read that can improve FICA. I'd think it was overall usage not the accumulated balance but what do I know. Still, it's an experiment. Not that I need a better FICA score, but maybe I can game their system.

 

[Onomea]

...So, I'm experimenting with making two payments per month; one in time for the monthly billing and another halfway through the month. The idea is to keep my balance low. I've read that can improve FICA. ...

I bet your experiment works. I think your understanding is correct. I read an article about a recent college grad who used that technique to build up her score.

I've thought of it, but then I've thought, "Why bother? Why would I want a higher score if I have no intention of buying anything on credit, or taking out a loan, in the future?" I have the auto pay function set to pay when the monthly payment is due, and my score moves up and down within maybe a ten point range depending on that month's balance due.

I suppose another way to up your score would be to ask for higher credit card limits, but again, why bother if you have no intention of borrowing in the future?

 

[duman444]

Costco card

I get 2% back across the board from Citi, so I think that's how they encourage more use. I doubt that reducing interest rates gets more people to use their cards. I would think Citi is getting plenty from my transactions otherwise they wouldn't offer the kickback. I pay everything I can with the Citi credit card. Overall, it amounts to a decent kickback. I pay it off every month. My credit usage is high and that's part of the FICA score. So, I'm experimenting with making two payments per month; one in time for the monthly billing and another halfway through the month. The idea is to keep my balance low. I've read that can improve FICA. I'd think it was overall usage not the accumulated balance but what do I know. Still, it's an experiment. Not that I need a better FICA score, but maybe I can game their system.

We do the same thing but have the Costco premium membership that gets you their credit card. Pay the balance on date payment is required. Use it for large purchases just to get the points. Last year we got almost $900 back, put it on a Costco gift card in February, only use it for gas purchases and now that I am retired and drive as little as my wife, we still have money left on card. It might get us to next year, but I think it will be a couple of months short.

 

[Bald1]

My wife had a 0% GM auto loan. The loan would be paid off in September 2024. She had money to pay the loan off early but asked why? I suggested that paying off the loan 8 months early was a $320 per month pay raise. Her reply was a loud, "yes". Paid off loan in February, credit score in March dropped 40 points, and yes all our credit cards are paid in full each month.

American Express is currently offering 28% interest on balances up to $10K -- what a bargain. We use it for air miles.

Or it was a 5% income loss?????????

 

[Bald1]

Here. Some of the local stores where we are. Are charging 3% to all purchases with CC's........So......We went back to writing paper checks.......We use CC's very little......When we do. We pay it off at the end of the month.

I see online merchants charging 3% CC fees. I've never seen a local merchant do it. Though I'm sure it's built into cost of goods

 

[DWalt]

I normally pay no attention to my FICO score. It makes little difference to me what it is as my credit use is close to zero except for credit cards. However, the insurance companies use your credit score to set your insurance premiums, and maybe even to deny insuring you. I suppose the insurance company logic is that if you are a high credit risk, you are also a high insurance risk.

One free website service I have used for many years is Credit Karma. You can check your credit report and credit score any time you want as often as you wish. Many banks (I use Wells Fargo) will also provide your credit score free any time you want.

 

[twodog max]

Like others I always pay off my cards each month and have never paid a cent in interest. I am sure they do not like that but I am also sure they do not notice me in the large numbers of people that are maxing out their cards and will be paying extorsion until their heirs settle the estate.

 

[CAJUNLAWYER]

Capital One dropped the rate on my office credit card to 0% beginning September 1st continuing on for 9 months then it jumps back up to the regular rate. I pay it off each month so it was one of those "meh" moments for me.

 

[Jeff423]

I see online merchants charging 3% CC fees. I've never seen a local merchant do it. Though I'm sure it's built into cost of goods

The process equipment company I work for part time gets small ($500 - $5,000) orders all the time for parts. We have just started charging 3% on Master Card and Visa and 5% on Amex.
The biggest payment problem we have is many of our larger customers have gone to 120-180 days for payment.

 

[mrchick]

We do the same thing but have the Costco premium membership that gets you their credit card. Pay the balance on date payment is required. Use it for large purchases just to get the points. Last year we got almost $900 back, put it on a Costco gift card in February, only use it for gas purchases and now that I am retired and drive as little as my wife, we still have money left on card. It might get us to next year, but I think it will be a couple of months short.

You can use the Costco app to transfer that awards balance directly to your checking account instead of buying a gift card. I do that every year.

 

[chief38]

My cards always get paid within minutes of me receiving email notification of statement. I literally just paid my Visa bill 5 minutes ago - received 10 minutes ago (a whopper this month too).

I could not even tell you the interest rate my credit card company charges and I truly don't care as it never applies to me. The interest on CC's is so sky high so that they can cover the cost of deadbeats who screw them, guys like most here that pay their balance off immediately, and fraudulent charges they have to reverse to honest citizens who get scammed. Remember, some have it down to a science! They get 30 days until the bill comes, then they get another 30 days until the bill is due. So they can get up to 60 days of free money with no interest if they schedule everything right. I do not do this, but I'd bet there are plenty that do. So someone has to make up for the 2 months of "free money" those get. Also you need to figure in how much they take off deadbeats balance and lower the amount drastically so they at least get some money out of them instead of going bankrupt or just never paying anything.

AT the end of the day, how much do they actually realize from their 19%, 24%, or 30% interest charges? I do not know but I'd bet only a small fraction of those amounts! I am not feeling sorry for them, however they loose so much for the reasons I listed above, they need to get those amounts of interest to cover everything. The more people screw them, the more they will charge.bCharge cards and banks are a business. A business can not constantly loose money!

 

[SMSgt]

Not only do I not pay the CC companies interest nor an annual fee, but they also pay me cash back or give the wife points so that she can fly to see the grandkids. The APR is meaningless to me.