Comments on: I Hate the Way Credit Card Companies Charge Interest http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: ASAP Credit Card http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-210832 ASAP Credit Card Mon, 14 Jan 2008 21:43:33 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-210832 We'd love to get your feed back. We recently started a poll on the <a href="http://www.asapcreditcard.com/blog/site-news/worst-best-credit-card-issuers-poll" rel="nofollow">Worst / Best Credit Card Issuers</a>. Feel free to stop by and give us your opinions. We’d love to get your feed back. We recently started a poll on the Worst / Best Credit Card Issuers. Feel free to stop by and give us your opinions.

]]> By: ASAP Credit Card http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-52020 ASAP Credit Card Thu, 07 Dec 2006 04:55:21 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-52020 The credit card companies will eventually get you somehow! I've had this happen to me as well. I thought I had everything paid off-- only to find out the interest charges weren't added in yet. Luckily it was only a small amount, but I'm sure it could catch someone off-guard if they weren't prepared for it. The credit card companies will eventually get you somehow! I’ve had this happen to me as well. I thought I had everything paid off– only to find out the interest charges weren’t added in yet. Luckily it was only a small amount, but I’m sure it could catch someone off-guard if they weren’t prepared for it.

]]> By: Michelle-Consumers Union http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-47511 Michelle-Consumers Union Mon, 20 Nov 2006 22:55:25 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-47511 It sounds like you got caught in the "teaser rate" trap where the credit card company gets you with an incredibly low interest rate that expires automatically, or skyrockets to 27% because of a late payment, bounced check or some other reason. That’s just one of the credit card traps that can trip up consumers and lead to spiraling debt. Consumers Union, the nonprofit publisher of Consumer Reports, has put together a lighthearted animated holiday-themed satire about abusive credit card fees and practices. Check out “It’s Always Christmas Time (for VISA)” at www.creditcardreform.org. Be sure to take action after viewing the animation! It sounds like you got caught in the “teaser rate” trap where the credit card company gets you with an incredibly low interest rate that expires automatically, or skyrockets to 27% because of a late payment, bounced check or some other reason. That’s just one of the credit card traps that can trip up consumers and lead to spiraling debt. Consumers Union, the nonprofit publisher of Consumer Reports, has put together a lighthearted animated holiday-themed satire about abusive credit card fees and practices. Check out “It’s Always Christmas Time (for VISA)” at http://www.creditcardreform.org. Be sure to take action after viewing the animation!

]]> By: 401k rollover http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-31676 401k rollover Tue, 10 Oct 2006 19:08:49 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-31676 Interesting... you must be careful if you have a credit card which calculates your interest using the average daily balance method. I prefer the adjusted balance method because it simply adds up your purchases and other expenses and subtracts out your payments and other credits. Average daily balance in sneaky because making a large purchase on the first day of your billing cycle can cost you a bundle if you don't pay it off within a few days. Congrats on being debt free! Interesting… you must be careful if you have a credit card which calculates your interest using the average daily balance method. I prefer the adjusted balance method because it simply adds up your purchases and other expenses and subtracts out your payments and other credits. Average daily balance in sneaky because making a large purchase on the first day of your billing cycle can cost you a bundle if you don’t pay it off within a few days. Congrats on being debt free!

]]> By: Mike in Atlanta http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-29182 Mike in Atlanta Tue, 03 Oct 2006 00:00:32 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-29182 I think we are all used to the scams these companies can play on you if they choose to. BUT I hate it when they outright LIE!!!! Discover repeatedly lied and lied and lied, saying oh we will take off that fee, oh we will reinstate this or that...it was a lie FOUR TIMES IN A ROW...how stupid do you think I can be....both my Discover accts are now closed and they still billed me for every little thing they could get. Warning! Ive had dozens of cards over 30 plus years and never ever one nearly this bad...good ridance to a dying card! I think we are all used to the scams these companies can play on you if they choose to. BUT I hate it when they outright LIE!!!! Discover repeatedly lied and lied and lied, saying oh we will take off that fee, oh we will reinstate this or that…it was a lie FOUR TIMES IN A ROW…how stupid do you think I can be….both my Discover accts are now closed and they still billed me for every little thing they could get. Warning! Ive had dozens of cards over 30 plus years and never ever one nearly this bad…good ridance to a dying card!

]]> By: shri_2006 http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-3777 shri_2006 Tue, 09 May 2006 11:03:21 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-3777 I fully agree with JLP. Credit card products have ruined lives of many gullible and innocent people. The way they charge revolving credits, the way customers fall prey to innumerable free-type offers, ultimately ends up in tragic scenes. I am sure Credit card need not be bad, but way banks have misutilised the whole process to garner amazing benefits is disheartening. A time has arrived for banks to create new products using the cheaper modes of on-line credits using reletively very inexpensive mechanism of Online Banking. I have tried to create some awareness at my blog http://futureofinternetbanking.blogspot.com/, and I am sure that this will take us long way in facilitating the cheaper mode of credits to the convinience of customer Security is one great issue which banks are trying hard to contain. Shri I fully agree with JLP. Credit card products have ruined lives of many gullible and innocent people. The way they charge revolving credits, the way customers fall prey to innumerable free-type offers, ultimately ends up in tragic scenes. I am sure Credit card need not be bad, but way banks have misutilised the whole process to garner amazing benefits is disheartening.

A time has arrived for banks to create new products using the cheaper modes of on-line credits using reletively very inexpensive mechanism of Online Banking.

I have tried to create some awareness at my blog
http://futureofinternetbanking.blogspot.com/,
and I am sure that this will take us long way in facilitating the cheaper mode of credits to the convinience of customer

Security is one great issue which banks are trying hard to contain.

Shri

]]> By: Jerry Kindall http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-3174 Jerry Kindall Fri, 21 Apr 2006 19:08:26 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-3174 Not to pick on Paula, but Discover in particular is bad for this because they use two-cycle average daily balance. That means you'll have that residual finance charge for TWO months after you pay it off. I will agree that you'll love how banks charge interest now that they're paid off. Buy some stock in a big credit-card issuer. ;) Not to pick on Paula, but Discover in particular is bad for this because they use two-cycle average daily balance. That means you’ll have that residual finance charge for TWO months after you pay it off.

I will agree that you’ll love how banks charge interest now that they’re paid off. Buy some stock in a big credit-card issuer. ;)

]]> By: » Around The Blogosphere » Consumerism Commentary: A Blog About Personal Finance http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-3170 » Around The Blogosphere » Consumerism Commentary: A Blog About Personal Finance Fri, 21 Apr 2006 17:29:44 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-3170 [...] JLP from AllThingsFinancial paid interest on his credit card balance this month. He’s not happy about it. [...] [...] JLP from AllThingsFinancial paid interest on his credit card balance this month. He’s not happy about it. [...]

]]> By: fivecentnickel.com http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-3158 fivecentnickel.com Fri, 21 Apr 2006 04:29:29 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-3158 <strong>Weekly Roundup - 04/17/06</strong> Here are this week’s highlights from the MoneyBlogNetwork and beyond… JLP of AllFinancialMatters hates the way that credit card companies charge interest. It seems that one last interest charge posted to his account, delaying (ever so sli... Weekly Roundup – 04/17/06

Here are this week’s highlights from the MoneyBlogNetwork and beyond…

JLP of AllFinancialMatters hates the way that credit card companies charge interest. It seems that one last interest charge posted to his account, delaying (ever so sli…

]]> By: Paula http://allfinancialmatters.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/comment-page-1/#comment-3074 Paula Wed, 19 Apr 2006 22:25:00 +0000 http://allthingsfinancialblog.com/2006/04/19/i-hate-the-way-credit-card-companies-charge-interest/#comment-3074 I am a graduate student that also works at a credit card company. I am a customer service rep at Discover card. I understand what you are talking about when it comes to payoff. Interest accrues daily when you don't pay in full every month. So by mailing in the balance statement you will stop any new finance charges but you will have a small balance of the interest from the time that the statement was mailed out until the balance payment is sent in. It is called residual finance charges. I am a graduate student that also works at a credit card company. I am a customer service rep at Discover card. I understand what you are talking about when it comes to payoff. Interest accrues daily when you don’t pay in full every month. So by mailing in the balance statement you will stop any new finance charges but you will have a small balance of the interest from the time that the statement was mailed out until the balance payment is sent in. It is called residual finance charges.

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