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Eventually, they'll find a way to get you!

I am an advocate for using cash and cutting up credit cards. Hence, when I read this news on USA Today about the Latest Bank Fees for being the good consumer that you are for paying your balance off every month, am I not surprise that I would see this day??? Yes, eventually, they are coming to get you. Yes, even for those who believes there is nothing wrong in using credit cards and paying them off monthly.

Bank of America and Citigroup - two large corporations whose business thrive on credit lending are planning to start trial versions of collecting Annual Fees for their good, always on-time paying customers. Eventually, they'd figured out that they are not making money on the new credit card rulings, hence, they put their brainstorming sessions together to start figuring out where are the additional ways to generate business revenues....

Hmmm... How about charging those good-paying customers? That's an oppotunity to make money.

To read what I read in its entirety, read the article here.

Hopefully there is more reasons to start encouraging you to use your own money, cash or debit card. It's hard to go wrong and it changes you when you see the cash laying on the check out counter. You might really think twice if you really want it.

When you stop using your credit card and instead start using cash, you spend 18-20% less.

Your credit card is not your security, not your emergency catch-all. Your bank account (ie savings) is. Think about it.

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Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Posted by Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 on 10/20/2009 08:25 PM

Comments (14)

Credit Cards in the Mortgage / Finance Channel

credit cards, financial savviness

Originally posted at: faithfully frisco tx homes for sale: Eventually, they'll find a way to get you!

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14 Comments on Eventually, they'll find a way to get you!

OCT

Likewise, when someone has to buy a car with cash instead of financing, they pay significantly less as well. With all the hurt the credit card companies are going through as well, this is no surprise. Everybody wants theirs.

I also read that there is a possibility that they may begin charging a fee with debit cards. Before long there will be fees on everything. I got rid of most of my credit cards several years ago. I got tired of all the notices for new fees and changes to my card. If I can't pay cash for it, I don't by it anymore. I know that isn't great for my credit score, they say you need to use credit to have a good score, but I feel that the hit (if any) to my credit score is better than paying outrageous fees.

You should be in charge of the Federal Reserve or Secretary of the Treasury. But wait, until you can cloak this plainly-stated common sense in mumbo jumbo that is appropriately un-understandable, you probaly don't have a huge chance.

I heard on the radio some of the banks that charge annual fees may charge as much as $99 for annual fees.

Wow Loreena, the banks are finding more and more ways to make money off you and your plastic.

Hi Loreena. I am not surprised that they are trying to make a profit. This time from those who are paying with cash. ~ Lana

Hi Loreena... This is a good example of why I use my AMEX card whenever I can... it has to be paid off every month and I like it that way!

OCT

Loreena

Everything you say is on target. The companies like banks are going to charge us anyway they possibly can for sure!

The banks are turning into the worst kind of loan sharks. They nail people for violating their credit rules, but change those rules in their own favor with fierce abandon. They are simply not to be trusted anymore.

This is really nothing that new. There are many that pay off the balance on their cards and get charged an annual fee. As a consumer you just have to know to call and ask to have it waived.

We are working to totally get rid of credit card debt. It is the fault of these lenders with their terrible rates

Loreena, I read this article, too and I'm wondering how much it would hurt my credit score if I did decide to cancel these cards.

Bill, I've tried to call and get an annual fee waived and was told by the cc company the only way I could do that was to close that account and apply for another card with them. I also recently tried to call another company to try and get them to lower the 32.99% int. rate they were charging me and they refused to budge. I'll have that one paid off in a couple of months and I will cancel that card!

The American credit card companies need to charge high fees so that senior management can make large bonuses.

NOV

Loreena, We did this for years. Pay off our card every month. The problem that we learned once we did a budget is that we spent more money by using the credit card versus paying cash. There is something painless about using the card. When we get the bill, I choked and wonder, how did we rack it up that high. What on earth did we buy? Sadly most of it is miscellaneous Target trips, restaurants and other unnecessaries that just add up and add up fast.

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