Tuesday, June 26, 2007

is your credit card company cheating on you??

Have you wondered why the credit card agents are so anxious to give you those life time free credit cards??
Have you thought how the credit card companies earn profit, while giving you interest free credit for 40 days?
Is your credit card statement perpetually late?? do you have to suffer the late fee because of delay on part of the credit card company?

Link to story

Stop paying late fee, and be cautious while using those cards!!
The credit card companies have earned 6000 crore rs. from customers in terms of various fees. They have been violating norms using unfair practices and making false promises. Its one of their strategy to delay the issue of statement and then levy the high late fee. Another practice they have is selling the credit card in the name of life time free and then levying annual fee one year later!!

*Tip* : If you are victim of your credit card companies bad practices, talk to their customer service and threaten to discontinue the card. Its a tested method and works most of the time.


Amrita said...

Never ever use a credit card unless you can't help it. If you want to use plastic, use debit cards. I learned the hard way about rates and repayments and all the rest of it. ugh.

And btw, you've been tagged!

thoughts of a blank mind said...

yeah true!!!

Anonymous said...

i completely agree with the fact they don't send bills timely so that they can collect late payment charges.. i've had the worst experiences..

Anonymous said...

This July 2009, without warning or question, Chase Bank closed my credit card that was transferred over to them from the failed Washington Mutual Bank. I had never been late in payments and always paid more than the minimum to both Chase and Wamu. Not a big surprise though, considering that Wamu had dropped my credit limit drastically (by 95%, after I paid off the entire balance at once) just before they went under to Chase. So now the f^c&-*v#r is complete with $h!+-@ss Chase closing-out the remaining amount of clear credit that has been paid off with them (and has been paid off for awhile now).

Their (Chase) reason for closing my account? "Your debt-to-credit levels are too high on all your other cards" (Chase). Oh, Really? What a lame excuse. Ok, so even though I have a good credit score near 700, you (Chase) decide to f^c& it over for your own loser-sake by increasing my debt-to-credit ratio by lowering the amount of open available credit that I have by closing out a paid-off card of mine! What a bunch of two-faced losers!

Thank goodness that I no longer have any direct involvement with any deceitful bank. (Direct? What do you mean by that? Well, did or did not your tax dollars bail out a bunch of back-stabbing banks including J.P. Morgan Chase?) How can I know and say this for sure? I am a Credit Union member, and I will never go back to banks. And I will never accept any type of credit card from any type of bank in the future. NEVER. Banks have the credit-house rigged, it is not designed for you or me, and the bank system will have no problem bending the laws, continuing to make their own rules, and raping your entire family of every dime that you have until the dust of you and your families bones has no value left. Many banks are nothing less than rude, cold-hearted, sick-minded, & short-sighted criminals leaving the world with nothing except more garbage, misery, and disease.

And I am not alone in these facts and feelings of injustice:

Check it out: http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html

So what's good?

#1. I owe Chase nothing and therefore should be thrilled that my connection (via Credit Card) is now over with that unscrupulous corporation/bank.

#2. Lesson’s learned: Pay off your debt by the best means available to you (which I am grateful that I am able to do so). Do not live beyond your means (Put the credit cards away, if you don’t need it, don’t buy it, and if you can’t pay for it with cash, then just forget about it).

#3. Credit Unions. Thank goodness for sanity! Yes, Credit Unions still have rules, fees and standards, such as checking out your credit score before letting you in. But they are not out to tear the flesh out of your back at any moment that they get (as many banks do). Their fees are minimal, much more reasonable and pretty much just there to cover the expenses put on them by other companies (such as VISA). If you happen to unfortunately screw up an account of yours that you have with them, it will not cost you an arm nor leg. Credit Unions think long-term, they are built for the people. Unlike many banks that have been run for short-term profits by short-sighted and illogical, self-lying, yacht-club executives.

#4. Credit Unions offer credit cards! Not that this is necessarily a great thing, but at least you have the *option* to get a credit card from an institution that will not immediately engorge itself upon your financial flesh through absurd fees and outrageous interest (all the while regurgitating your blood, sweat, and tears into the pockets of the self-lying yacht-club executives).

#5. Wisdom is knowledge tempered by experience. Don’t forget what you have learned about this world that we live in over the last few years. Give your past plights some meaning by making yourself stronger for the future. And remember to teach your children about it (yes, it’s called parental responsibility), through your living example and words, that is if you decide to have children.