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AOPA credit card --- WARNING.



 
 
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  #21  
Old November 25th 04, 11:10 PM
Casey Wilson
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"
Here's another credit card mystery: Why the hell does ANYONE use any card
but Discover? Everyone else charges to use their cards, while Discover
actually PAYS you to use their card -- yet they are a distant third or
fourth in the industry.


Hey Jay, check into Bank One's master card. I switched from Discover to
BO (pun) for two reasons. One, master card is recognized more places, and
two, Bank One pays back more.


  #22  
Old November 25th 04, 11:19 PM
ArtP
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On Thu, 25 Nov 2004 21:52:37 GMT, "Jay Honeck"
wrote:


Here's another credit card mystery: Why the hell does ANYONE use any card
but Discover?


I use MBNA Master card because of the AOPA discount. The rest of the
time I use Bank of America Visa because they will automatically take
the full balance due (not just the minimum payment) from my bank
account.
  #23  
Old November 25th 04, 11:21 PM
RS
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"Jay Honeck" wrote in message
news:3Lspd.391816$wV.73568@attbi_s54...
But tell me, what will you do when home, auto and commercial proprerty
loan companies hike their rates just because they feel like it? Even if
you pay on time, every time. All they need to do is lobby hard enough to
put it into law and you are totally screwed.

What then, Mr Clever Guy?


I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.


What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on
your high moral horses about paying credit cards off every month do not
impress me (unless you have zero credit - no home, auto, commercial loans at
all).


  #24  
Old November 25th 04, 11:25 PM
Matt Whiting
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Chuck wrote:

"Paul Tomblin" wrote in message
...

In a previous article, "RS" said:

If you have an AOPA/MBNA credit card then you should check the APR on


your

last statements. MBNA has been raising the APR on AOPA cardholders, even


if

you pay on time.


Anybody who carries a balance on any credit card is an idiot or a sucker.



snip

Or isn't as wealthy or well off financially as you are...


Just the opposite. Someone who is wealthy could afford to carry a
balance, it is folks who aren't who shouldn't be. I'm with Paul, I've
never paid a cent of interest on a credit card in nearly 20 years now.
People who carry credit card balances, for anything other than a real
emergency, are suckers as he said. And people who are smart, will save
up an emergency fund so that even emergencies don't require carrying a
credit card balance.


Matt

  #25  
Old November 25th 04, 11:30 PM
Matt Whiting
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Jay Honeck wrote:

If you have an MBNA credit card, look at your statements...if you like
being screwed by the credit card company then ignore this thread and do
nothing.



You talk like MBNA owes you something. If you don't want to use their
damned card -- don't.

If MBNA charges you 20% interest -- and you're dumb enough to use their
card -- who cares? It's not like there aren't 100 other credit card
companies begging for your business, so either pay the bill off each month,
or tell 'em to take a hike.

We haven't paid a nickel of credit card interest since 1985 -- and that was
to pay for our wedding. (And I've felt stupid about paying *that* ever
since.) The ONLY valid reason to use a credit card is to consolidate all of
your bills into one easily payable check each month.


Actually, there are lots of other valid reasons. One is that in many
places you can't do things like rent a car without plastic. Many car
rental places won't take cash.


Matt

  #26  
Old November 25th 04, 11:32 PM
Matt Whiting
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Jay Honeck wrote:

Kinda timely since PBS's Frontline had a show on credit cards last
Tuesday.
Very eye opening, it seems that a couple of Supreme Court decisions allow
credit card companies to charge whatever interest rate they want and to
raise the interest rate on money already on the balance.
Most of the credit card holders interviewed had never read or didn't
understand the "fine print" in their card contracts.



One lesser known fact about credit card companies is that they will screw
the VENDOR far more readily than they will their customers.

Over the past couple of years we have had a handful of guests with
guaranteed reservations not show up at the inn, who were charged for one
night's stay. Two of them simply called their credit card companies and
disputed the charge -- at which point the credit card company immediately
credited them and charged us back, no questions asked!

It was then up to US to "prove" to VISA that the guest had stayed with us --
which, of course, they had not. Despite the fact that these guests
insisted on "guaranteed reservations", despite the fact that we had
pre-authorized their stay on their credit card, despite the fact that we had
mailed post cards to their home, reminding them of their reservation -- and
despite the fact that we followed VISA's own procedures for no-shows to the
letter -- we were totally helpless, and had to eat the bill. No amount of
documentation or phone calls mattered to VISA.

THAT is the real credit card scandal that is sweeping America right now --
but no one outside of the industry knows (or, quite frankly) cares about it.
But we ALL pay for scumbags like these in the end.


I assume you keep a list of such "customers." Seems like a business
opportunity here to start a database of folks who do this routinely and
then sell the list to other vendors! :-)


Matt

  #27  
Old November 25th 04, 11:38 PM
Matt Whiting
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Jay Honeck wrote:

One lesser known fact about credit card companies is that they will screw
the VENDOR far more readily than they will their customers.


has American Express or Diners Club done the same to you?
(just curious)



We'll never know -- I threw BOTH of them out right after we opened, after
they tried to charge us 5% for each transaction. (The other cards -- Visa,
Mastercard & Discover -- charge us "only" 4% for the privilege of "working"
with them.)

Here's another credit card mystery: Why the hell does ANYONE use any card
but Discover? Everyone else charges to use their cards, while Discover
actually PAYS you to use their card -- yet they are a distant third or
fourth in the industry.


Funny you should mention this. I just got a Discover card last January
after hearing from my sister how they got money back on theirs. I kept
my Visa however. Turns out that was a good call as I've found a lot of
places that don't accept Discover. Also, the rebat isn't nearly as
large as their marketing leads you to believe. I've spent probably
15,000 on Discover this year and my rebate is still less than $50.
Quite frankly, this isn't worth the pain of dealing with two credit
cards, paying two bills, etc. Also, I've had three erroneous charges on
my Discover in the 10 months I've had it ... more than I've had on Visa
in 20 years! The last two erroneous charges were substantial, totaling
$1500 for shipping on DHL from a location in Washington state, while I
was out of the country no less!

I'm going to get the meager rebate at year end and then cut up the
Discover card. The rebate is mostly fluff in my experience. I just I'm
just not in bad enough financial shape to get excited about a 0.3% rebate...


Matt

  #28  
Old November 25th 04, 11:39 PM
Paul Tomblin
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In a previous article, "RS" said:
"Jay Honeck" wrote in message
What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on


No, credit isn't credit "regardless what it is for". The credit agreement
of a credit card (you know, that fine print that you didn't read) clearly
gives them the right to hike the rates every time it strikes their fancy.
The loan agreement of auto loans and home loans are different, and if you
read the fine print on them you'd find that they can't raise the rates on
a whim.

That's why smart people take out bank loans rather than borrowing against
credit cards if they *must* use credit.

--
Paul Tomblin http://xcski.com/blogs/pt/
And on the seventh day, He exited from append mode.
  #29  
Old November 25th 04, 11:40 PM
Matt Whiting
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Paul Tomblin wrote:

In a previous article, "Jay Honeck" said:

Here's another credit card mystery: Why the hell does ANYONE use any card
but Discover?



Because nobody in Canada takes Discover. As a friend of mine "Discovered"
the hard way.



And not just in Canada. I've found two local restaurants in just the
last month who don't take Discover. I've also found a number of other
smaller establishments that don't take Discover. Most large outfits do,
but not many of the small ones.


Matt

  #30  
Old November 25th 04, 11:42 PM
Matt Whiting
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Jay Honeck wrote:

One lesser known fact about credit card companies is that they will screw
the VENDOR far more readily than they will their customers.


has American Express or Diners Club done the same to you?
(just curious)



We'll never know -- I threw BOTH of them out right after we opened, after
they tried to charge us 5% for each transaction. (The other cards -- Visa,
Mastercard & Discover -- charge us "only" 4% for the privilege of "working"
with them.)


Given this, why don't people like yourself offer discounts for cash any
longer? Seems like less use of credit cards would be to your advantage.
Are there other reasons that make credit cards convenient from the
vendor viewpoint?


Matt

 




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