Credit Card Offers..are they changing?

[runeight]

First, many members here have no CC debt. Now is not the time to have any or very little.

The Country has 900 billion in CC debt. With banks in turmoil they will be raising interest rates and minimum payment amounts for more cash flow.

After all, you and I have to make up for those who default huh?

With Defaults Rising, Is a Credit-Card Crisis Looming? - TIME

CitiCorp just laid off a bunch more.

Citigroup Layoffs Could Reach 24,000 This Year - Financials * US * News * Story - CNBC.com

Have you noticed a decline in CC offers? Decline in low interest rates? Decline in 0% offers?

So, Financial Markets, Credit Cards and Automobile Manufactures in the dump.
Should be interesting huh?

r8

 

[Projekt]

I was just thinking about it this morning. Having zero debt is definitely the right way to live.

 

[runeight]

Although my CC debt is low compared to the average I still move money around. The term is "players".

Transfer balances for a year at 0% is cheap money. I have a very low interest rate from one company and they try constantly to get me off of it. 2.99% for two years is also cheap money. I have the funds to pay it off in the bank but would rather keep it there for emergency situations.

I did pop for a new truck while the prices were right however and debt free I am not but 5.5% interest in this day is a great rate for a vehicle.

r8

 

[twotonevert]

We have a lot of cc debt. We are working on it though.

 

[HillbillyTom]

I have some credit card debt. Not a whole lot, but probably more than I should. Making way over minimum pymnts on both cards so I guess all is well so far. Never did get many really good card offers, most of the low interest offers were bait & switch deals. 1.99% and in the fine print "if you don't qualify for the Gold card we'll send you a Silver card at 17.99%". Uh huh.???

 

[runeight]

I have some credit card debt. Not a whole lot, but probably more than I should. Making way over minimum pymnts on both cards so I guess all is well so far. Never did get many really good card offers, most of the low interest offers were bait & switch deals. 1.99% and in the fine print "if you don't qualify for the Gold card we'll send you a Silver card at 17.99%". Uh huh.???

Yes Sir! Ah..the fine print.

I have a 0% offer sitting on the desk. I have read this thing 20 times while using the bathroom.

One sentence at the very end of the 0% APR for balance transfers it states
"Balance transfer fees are added to the purchase balance and are subject to the APR for purchases."

The APR for purchases is 9.99 to 23.99%. I have a 790 credit score and this is what you offer? Let me see...$15.00 sits behind the transfer amount then tack on the intrest...ah..don't think so.

Can you hear the paper shredder?

r8

 

[runeight]

We have a lot of cc debt. We are working on it though.

r8

 

[SAMBUSA]

None. We use our CC to buy everything. But it gets paid off every month

 

[runeight]

None. We use our CC to buy everything. But it gets paid off every month

r8

 

[SAMBUSA]

r8

Being married to an accountant has its perks

 

[runeight]

Being married to an accountant has its perks

Rephrase this to:

Mother
Accountant
Painter
Plumber
Electrician
Roofer
Carpenter
Fisherman
Farmer
Baker
Gardner
Income earner
Sex queen
Shopper
Banker
Auto mechanic
Small engine repair
Veterinarian
Family doctor
Baby sitter (you)

etc..etc..

You? Bum.

r8

 

[flrider]

Use cc very little and payoff before interest is charged. Use debit card often drawn on checking account. No charges and don't mess with check writing. Works out great. And can't spend more than is available.

 

[SAMBUSA]

Rephrase this to:

Mother
Accountant
Painter
Plumber
Electrician
Roofer
Carpenter
Fisherman
Farmer
Baker
Gardner
Income earner
Sex queen
Shopper
Banker
Auto mechanic
Small engine repair
Veterinarian
Family doctor
Baby sitter (you)

etc..etc..

You? Bum.

r8

Cant deny the above.

 

[GSXcite]

The credit card companies are reeling in for sure. I have one card I have had for over 10 years that had no balance and a $6K credit limit. I just got a notice this week they closed my account. I also have one card that I got a notice the rate was going through the roof. I have never been late with a payment or made a minimum payment on that account. They slip the increase notices by you in small print, and if you don't opt out (that is close your account and continue to pay off the account at your current rate unless you default by paying late or less than the minimum payment) so I opted out of that card. The negative thing about that is it will lower my credit score as it will reduce my line of credit by over 12 thousand dollars between the two cards. Fug the credit card companies. I have not charged anything on a card for over a year. I use my debit card, and if I don't have the money for something, I just don't buy it. My objective is to have any credit card debt paid in full in the next year, then never again. The credit card companies are feeling the heat. If you have credit card debt, be careful to look at your statements good, or you could be in for some big surprises.

 

[runeight]

Very well said.



r8

 

[J.Busa]

Don't even own CC's any more. Use debit card or cash all the time. If I run across a good deal where I need some quick cash and I don't want to use all mine, I go get a bank loan and pay it off early or as quick as I can. I've bought 3 things that way in the past 2 yrs and never missed a payment. They LOVE me at my bank.

 

[WWJD]

never paid card interest or fees. I use CC like cash: buy it online, days later pay the balance off

 

[TruWrecks]

I have some CC debt. I always pay way more than the minimum amount. I'm paying off any debt faster than it's expected. I have one account I'll be closing today.

 

[semperfi]

Can you believe the the CC industry refers to people like me who pay the card off each month as "dead beats" ? I have to use it for business travel and gas, but it does not make sense to run a debt up on a card.

 

[runeight]

Can you believe the the CC industry refers to people like me who pay the card off each month as "dead beats" ? I have to use it for business travel and gas, but it does not make sense to run a debt up on a card.

You see, we pay off our debt therefore they make no money off of us to offset the cost of the dead beats who don't pay.

That sound right?

r8