credit card fee

Discussion in 'The Okie Corral' started by max pain, Feb 16, 2010.

  1. max pain

    max pain

    Messages:
    113
    Likes Received:
    0
    Joined:
    Aug 23, 2002
    Location:
    Vancouver, WA
    Well thanks to the new government changes my credit card company (citibank) will now charge me 60.00 a year in membership fees, but if I make 2400 in purchases a year they will waive it.:steamed: I dont use credit cards anymore (on the Dave Ramsey Plan) but I do have some debt on that one in which Im paying off. It will be nice when its paid off I will let them know where they can put their fees.
     
  2. c4ptn0bv10us

    c4ptn0bv10us

    Messages:
    388
    Likes Received:
    0
    Joined:
    Jul 23, 2009
    They all are starting to charge us to death on EVERYTHING they can think of to make some cash. I refuse to keep a card that has a fee and I closed all of mine out (even ones I owed a balance on at the time to lock in the interest rate) except two that had a reasonable available credit with fixed low rates for an EMERGENCY only situation...

    Honestly the changes made me pissed off enough to pay them all off as quickly as possible and change the way I buy things and it feels great to be free!!
     

  3. HKUSP45Css

    HKUSP45Css

    Messages:
    3,969
    Likes Received:
    8
    Joined:
    Apr 4, 2007
    Location:
    Houston, by God, Texas
    If you stop borrowing their money, you can stop abiding by their rules. The government didn't change Citibank's fee structure, the company did.
     
  4. RenoF250

    RenoF250

    Messages:
    9,268
    Likes Received:
    3,990
    Joined:
    Feb 23, 2008
    There is nothing wrong with credit cards. I put everything I can on Discover. No fee and I get about $200/year back. I also get the added security/convenience of not carrying cash.
     
  5. cgwahl

    cgwahl Sheriffs a near

    Messages:
    6,973
    Likes Received:
    2,354
    Joined:
    Feb 15, 2002
    Location:
    CA
    Yeah Citi did that to me as well. While the terms for the rewards program got a little better and the amount needed to get the fee back was easy, I just don't like paying fees for CC's. And I don't want to have to remember if I got reimbursed at a later date or not.

    So I canceled the card.
     
  6. max pain

    max pain

    Messages:
    113
    Likes Received:
    0
    Joined:
    Aug 23, 2002
    Location:
    Vancouver, WA
    I did stop borrowing their money, and I take full responsabilitly for the debut that I have gotton myself into, but its nice to know that anytime they feel like changin the rules in mid-stream its okey. They will find out that when I'm done paying my balance off that I will make sure they never get another dime.

    and yes the government did help them make this choice, I have a pretty good sense that If the credit card reform bill was not passed this probably would not be happening......Is the credit card industery out of control YES should the government have steped in I dont think so.
     
    Last edited: Feb 16, 2010
  7. itstime

    itstime

    Messages:
    7,176
    Likes Received:
    20
    Joined:
    Apr 9, 2006
    Location:
    USA
    Shoot, Citi closed my acct. I loved that card more than they did. I gained they didn't get much.
     
  8. area727

    area727 G23

    Messages:
    439
    Likes Received:
    0
    Joined:
    Oct 7, 2009
    We got a similar letter today. $60.00 a year fee to use the card. No thanks...when we pay off the $57 dollar balance...account closed.
     
  9. uhlawpup

    uhlawpup Gentle Soul

    Messages:
    5,938
    Likes Received:
    2,601
    Joined:
    Nov 18, 2003
    Location:
    Houston
    Absolutely the only credit card for which I will pay a fee is American Express, and I pay it only because the points rewards I get for using the card for virtually everything are worth about five times what I pay in fees each year. In other words, I use their money and their service and get paid handsomely for it.

    I will not pay a fee for a Visa or Master Card, and have cancelled my Discover account even though I was a charter member because they didn't live up to their rewards commitment.

    One thing to keep in mind is this. If you're going to play the rewards game, it is only worth it if you pay your card in full each month. Let one month slide, and your rewards will not equal your interest costs.
     
  10. CitizenOfDreams

    CitizenOfDreams

    Messages:
    8,111
    Likes Received:
    6
    Joined:
    Feb 23, 2009
    Location:
    Orlando, FL
    There are still credit cards out there with no annual fees. If you have any kind of somewhat good credit history, you should have no problems getting one.
     
  11. den888

    den888

    Messages:
    5,068
    Likes Received:
    0
    Joined:
    Sep 4, 2009
    Location:
    SF Bay Area
    Change banks and find a bank that offers cards with no annual fees. If you don't like the way these sneaky businesses (cable companies, banks, cell phone companies, rental car companies) are participating in the "bait and switch" (not mentioning these sneaky fees, etc), take your business elsewhere. Here in the USA, we vote with our wallet !!!
     
  12. SheepleNoMore

    SheepleNoMore

    Messages:
    2,515
    Likes Received:
    0
    Joined:
    Dec 26, 2007
    Location:
    Mid America
    I opted out, account closed, no new charges allowed.

    I'll just continue to pay off my 5% (until paid in full) consolidation loan balance and be done with them.

    Before anyone asks, I'm paying more than minimum payment and using auto payment.

    It's going to take a little while, but I will be free of CC debt again.
     
  13. C/O-RC

    C/O-RC

    Messages:
    588
    Likes Received:
    1
    Joined:
    Aug 21, 2007
    Location:
    North East
    citi card got us too they bumped the apr on my wife card form 9.99% to 29.99%. I called to ask why and the lady told me that since alot of people were not paying them had raise alot of apr to cover those that were not making monthly payments. week later I got the same notice for my card. I paid off the 355 i had on mine took the next two months to pay off the 4000 on my wifes card. Im done with them, im not paying more because someone else isnt doing the right thing.
     
  14. mitchshrader

    mitchshrader Deceased

    Messages:
    8,672
    Likes Received:
    5
    Joined:
    Jun 14, 2005
    Location:
    Tulsa
    there's no need for most people to use a credit card. for those who actually profit by it, excellent, but you profit because someone else pays too much. If they STOP paying too much, all the rewards and points and frequent flyer miles will cease.

    If you don't make a profit on your credit card rewards, change to a debit card. Period. ASAP.

    Credit card companies, and the government, are your enemy. Don't do deals with the enemy unless YOU PROFIT. Otherwise, skip it.
     
  15. Mr V

    Mr V

    Messages:
    601
    Likes Received:
    0
    Joined:
    Jun 14, 2006
    Location:
    Spokane, Wa
    Have 2 credit cards. VISA and MC.
    VISA is thru the Credit Union and low interest rate, no fees, etc
    MC card is Capital One. They raised interest for 9.9 to 18. MC card is only used for gas (about $175 a month) If I end up cancelling one it will be the MC card for sure. I could always paya cash for the gas.
    Both cards get payed in full every month so I am sure the the card companines don't like me.
     
  16. G30SF/F-250

    G30SF/F-250 Pinky Out Platinum Member

    Messages:
    43,850
    Likes Received:
    69,345
    Joined:
    May 27, 2009
    Location:
    PA to LA to NY to FL to IL to VA to GA to OH to FL
    I canceled my Citi card last night right after I read about the $60.00 fee.:supergrin:
     
  17. kiole

    kiole

    Messages:
    9,910
    Likes Received:
    8,323
    Joined:
    Feb 16, 2008
    Actually...This happened way before the credit card reform bill was passed. Soon as the economy hit the crapper and people stopped paying their credit card bills they passed on their bad debt to those who actually did pay.

    If you want to be pissed at someone it's the credit card companies not the government. Your lucky it took this long for you to feel the effects of the credit card companies. I made sure to pay off all my credit cards because my interest rates nearly doubled.
     
  18. HKUSP45Css

    HKUSP45Css

    Messages:
    3,969
    Likes Received:
    8
    Joined:
    Apr 4, 2007
    Location:
    Houston, by God, Texas
    I hear what you're saying but, in my estimation you're blaming the wrong entities in this situation.

    Citibank has terms and conditions you agreed to when you decided to borrow their money. They have chosen to exercise that power and change their fee structure. Since you are still borrowing their money, you are beholden to their whims.

    The impetus for Citibank's decision to change their fees is not a variable in this discussion. You would still be bound by the agreement if the government hadn't made any changes to the industry and Citibank just decided to charge you extra because they could.

    I think many of us agree that government involvement in private industry is usually a bad thing. That doesn't really change the fact that the government didn't MAKE Citibank charge you extra, they chose to do it because it was more profitable than to do otherwise, in the short term anyway.
     
  19. kiole

    kiole

    Messages:
    9,910
    Likes Received:
    8,323
    Joined:
    Feb 16, 2008
    Just called on my citicard apparently they aren't charging me the fee on my card :dunno:

    My interest rate is ridiculous though. The only time i really use my credit card is when bestbuy has no interest 18months i usually buy a computer or tv and pay it off over the 18 months then buy something else for 18month no interest again. I'm sure chase will drop me for not making them any money one of these days.
     
  20. PuroMexicano

    PuroMexicano VIVA MEXICO !!!

    Messages:
    3,648
    Likes Received:
    38
    Joined:
    Jan 28, 2004
    Location:
    Monterrey, Mexico
    I'm assuming you whiners don't have an AMEX Platinum card with $450 dollars a year fee. :supergrin: j/k


    On a serious note, a $60 dollar fee gives you the benefit of CREDIT for at most 30 days interest free (you know, you can pay it all at the pay date), an increasing credit line that can be VERY helpful in bad times, rewards, etc.

    My credit cards, regardless of fees are very valuable to me, having given me over time, free flights, free dinners, other rewards valued at more than the damn fee, and the few interest I pay when I don't pay the monthly total is just the cost of borrowing money for more time, which I don't bicker about and don't confuse with the cost of freebies.

    You just have to know how to use them wisely to your favor.
     
    Last edited: Feb 17, 2010