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#91
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"RS" wrote in message news:aGppd.564849$mD.370862@attbi_s02... Do you work for MBNA? You sound like the person I talked to at MBNA customer service....I told him that the fed did not raise interest rates by 3 to 4%, which is what MBNA is doing. If you have an MBNA credit card, look at your statements...if you like being screwed by the credit card company then ignore this thread and do nothing. I have an MBNA credit card and I hardly feel like I'm being screwed. They charge me no annual fee and I never carry a balance so I never pay any interest. I use the card for nearly all of my purchases, since I don't have to pay for them for 30 to 60 days after purchase I get an effective interest-free loan on whatever amount I spend. There's not even any postage cost as I can pay online. The interest rate is irrelevant, any percentage of zero is still zero. |
#92
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"RS" wrote in message news:XVspd.565691$mD.442744@attbi_s02... 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? How could credit card companies hike the APR on my auto or home loan? |
#93
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I have an MBNA credit card and I hardly feel like I'm being screwed.
To feel even less screwed get a rewards card and actually get paid to use it. |
#94
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"Chuck" wrote in message . com...
Ya know... I didn't say that paying the balance off was a bad thing. I guess what kinda ticked me off about your post was you said that people were idiots or suckers for not paying the balance. I merely pointed out that some people can't do that. And those people are suckers. If you borrow money at several times the going interest rate (which is what you'll eventually do if you carry a balance), you're a sucker. The interest rate and fee structures that are currently allowed, were considered loan sharking in the recent past, a practice that was relegated to mostly criminal organizations. I saw a recent interview where a Harvard contract law professor was asked to explain (in layman's terms) an average cardholders agreement. Although the average consumer is supposed to know what is contained in a contract, she said she wasn't sure about all the details herself. On top of that, what she did ascertain is that the average cardholders agreeement gives the card issuer the right to charge whatever rate they want, and to change it with 15 days notice, usually by means of an insert full of small print with your bill. So even if you accept a bank's offer of a card for 1% interest for six months or whatever, there is really not much keeping them from bumping your rate (and making money) any time they want. The agreements are set up to give the issuing bank a ridiculous advantage in every aspect of the transaction. Borrowing money under those terms is truly a sucker bet. I've almost never kept a balance on a credit card. If I can't get a real loan (i.e. bank loan with reasonable terms), then that means I probably can't afford whatever it is I want to buy. John Galban=====N4BQ (PA28-180) |
#95
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"Jay Honeck" wrote in message news:Nlspd.150701$R05.147436@attbi_s53... One lesser known fact about credit card companies is that they will screw the VENDOR far more readily than they will their customers. Over the past couple of years we have had a handful of guests with guaranteed reservations not show up at the inn, who were charged for one night's stay. Two of them simply called their credit card companies and disputed the charge -- at which point the credit card company immediately credited them and charged us back, no questions asked! It was then up to US to "prove" to VISA that the guest had stayed with us -- which, of course, they had not. Despite the fact that these guests insisted on "guaranteed reservations", despite the fact that we had pre-authorized their stay on their credit card, despite the fact that we had mailed post cards to their home, reminding them of their reservation -- and despite the fact that we followed VISA's own procedures for no-shows to the letter -- we were totally helpless, and had to eat the bill. No amount of documentation or phone calls mattered to VISA. THAT is the real credit card scandal that is sweeping America right now -- but no one outside of the industry knows (or, quite frankly) cares about it. But we ALL pay for scumbags like these in the end. I agree that it's entirely proper to charge a no-show for the one night stay, but unless you turned someone else away because of the guaranteed reservation what bill are you eating? |
#96
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"Jay Honeck" wrote in message news:Fuspd.85361$V41.50473@attbi_s52... 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. Marketing is everything to American consumers, I guess... VISA and Mastercard do not charge me for using their cards. |
#97
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"RS" wrote in message news:Bvspd.565639$mD.474111@attbi_s02...
"Jay Honeck" wrote in message news:%9spd.150672$R05.66688@attbi_s53... 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. Ok. So you also support legalized loan sharking. Fine. Jay mentioned that he hasn't payed card interest since 1985. It appears that YOU are the one who supports legalized loan sharking. You support it with cash out your pocket. 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. Not likely (unless you live in Delaware or South Dakota). The legitimate loan business is pretty well regulated by feds and states. Credit cards are the dark side of the loan business. Lenders know that a legitimate, knowledgable borrower would never sign a loan contract that allowed the lender to jack up interest and/or fees at their whim. That is exactly what you do when you borrow money on a card. What then, Mr Clever Guy? Jay hasn't paid the loansharks since 1985. You're complaining that MBNA jacked up your rate (which they have every right to do under your contract). Who's the clever guy? John Galban=====N4BQ (PA28-180) |
#98
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In a previous article, "Steven P. McNicoll" said:
"Paul Tomblin" wrote in message ... I got news for you, buddy. I'm the one arguing that people shouldn't carry credit card balances if they don't want to pay credit card interest rates, and I'm a conservative's worst nightmare - I'm a Trudeau Liberal. Which Trudeau? Pierre. -- Paul Tomblin http://xcski.com/blogs/pt/ "Being lectured on fiscal responsibility by George Bush is like being lectured on law and order by Tony Soprano." - John Kerry |
#99
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Did you see the Frontline segment about this sort of thing the other day?
This is actually normal. The contracts clearly state that they can raise the rates however they want. MBNA is one of the big three that are notorious for it. -c "RS" wrote in message news:m3opd.97109$5K2.54232@attbi_s03... 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. So check your credit card statements and call AOPA credit card services to complain. And also call MBNA to drop the rate back down. |
#100
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"Paul Tomblin" wrote in message ... In a previous article, "Steven P. McNicoll" said: "Paul Tomblin" wrote in message ... I got news for you, buddy. I'm the one arguing that people shouldn't carry credit card balances if they don't want to pay credit card interest rates, and I'm a conservative's worst nightmare - I'm a Trudeau Liberal. Which Trudeau? Pierre. Why would a Trudeau Liberal be a conservative's worst nightmare? |
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