I recently received an email from GlobalBankingMegaCorp congratulating me on my “new” credit limit increase — said increase no doubt being fueled by the fact that I haven’t charged anything on their poxy card for over six months and have instead been paying down the balance.
Then, lower down, there was this lovely little incentive to spend more with them (note the sting in the tail):
LOL they must think I was born yesterday.
I have an iron rule with my credit card: I pay it all off every month. I do not accrue interest.
Over Here, they would have taken it away from you already. They HATE your kind.
Nah, they appear to be satisfied with the pound of flesh they extort from the merchants. I’ve been able (knock on wood) to pay off monthly balances each month for years and haven’t gotten any nastygrams from the credit card goblins yet.
Perhaps it’s time to find a bank HQ’d in a state with stronger usury laws / limits.
Either that or follow Quentin’s advice if at all possible.
AFAIK, current banking regulations forbid discriminating against the credit card holder who pays by teh due date. Not that they wouldn’t like to cancel the credit cards for old-fashioned, surly, pay-as-you-go curmudgeons like me but they cannot legally. Not yet, anyway.
That said, all credit cards are a sucker’s game. However, carefully managed, they can be useful and I will not insult your intelligence by assuming you don’t knows how to do this. I am guessing you just had some unexpected expenses and, like the rest of us, are being squeezed by the bidenreich.
Yep. Got money in savings and I get .0001 percent interested compounded daily. But if I use there “Cash” card I get 2% back on purchases. I make more money interest on money I spend that money I keep. Got to leave one wondering.
Kim, they don’t think you were born yesterday ! Instead, they KNOW that
many ( most ? ) people have no idea what those numbers mean or the effect
on balances etc. and the scary part is that most of THOSE people couldn’t
care less about those effects !!
The interest numbers they are using would make a bookie’s mouth water !!