Creative New Fees Escape CARD Act Rules, Surprise Consumers

creative new fees


Sometimes a topic just speaks for itself. I can't add much without reducing to four letter words.
And I need an angrier emoticon.

This starts with hiking on a fee if you DON"T use your credit card.

Yea, that will win people over.

Here are others:

Minimum finance charges can be greater than the amount of interest owed. As a result, if a consumer owes only $0.50 in interest, he may have to pay $2 because that's the minimum interest fee. • Card issuers charge late fees that vary according to the card balance, so those who owe the most pay the highest fees. "But right now almost nine out of 10 people are in the top late fee category," says Frank. Though issuers often tout the lowest late fees, "the average fee that people pay has gotten higher and higher."

And they are taxing your ability to no longer do business with them and charging a fee if you transfer:

Card issuers are also cashing in on cardholders' use of balance transfer offers and cash advances. Not only are the fees for these transactions rising, but many card issuers are implementing minimum charges and removing caps they once had in place to keep the costs from surpassing a certain level. For example, a card issuer may implement a 4 percent transaction fee on cash advances with a $20 minimum. If a cardholder borrows $100, the 4 percent transaction fee would be $4. However, because of the minimum rule, the cardholder would pay an additional $16.

Way to go banks!

As a mid-20s American, articles like this make me glad I've never had a credit card. Although I have shelled out a few hundred bucks in overdraft charges- some of which I fault Visa.

People should start taking loans out against their children- child equity loans- default and then watch their kids get hauled off by Mastercard. Priceless.

Never again will I own a usurious credit card. If I can't pay cash, I don't need it! These banks burn me up with their insidious business practices. Everyone should shun these thieves by cutting up their cards.

Then maybe things will change. I realize cutting up your cards can damage you credit, but that is another issue. Millions of people need to step up and stomp on these greedy manipulative capitalistic pigs.

Whew! I feel better.

Once my family gets rid of these credit cards, never again.

But I am just boggled at the trap that if you use them too much, bad credit. Use them too little, now fined.

Credit card companies are the carnivores of the modern world.

Coming from the UK , all I can say is that I'm not entirely surprised by the banks doing this.
All I can see is people and companies trying their damnedest to get your money anyway they can, by hook or by crook.
My advice is its about time we show the banks and their greedy bosses who actually controls them. Take out all of your spare cash, not the money to pay your usual bills with, but any spare cash, You ain't getting any interest off of it anyway so why let the banks play the markets with it?
If we ALL did that see how much they can play with then, and how loud they cry.
I myself have had a few charges more than my fair share if you ask my and not all of them my fault. I now take out all but the bare minumum and leave it in a jar at home , take it out as I need it, the wife does the same. That way your not tempted to splurge on unessesary items. As long as the bills are paid by direct debit you'll be ok.
If you see something you want , you'll have the cash in your hand and then you can decide what you want the most? That fancy new must have gadget that TV says you really need? or the cash in your hand?
If you have spare cash pay off any loans or credit cards off quicker with it. you'll pay less interest in the long run..

My credit card company kept upping my limit and of course I'd spend it, but I never asked for them to do that but as soon as I paid it off they dropped the limit to less that it was originally when I took it out, citing 'unfavourable credit ratings' as the reason, I bet you that IF I started using it again they'd start upping the limit again.

[edit on 31/12/09 by DataWraith]

Originally posted by brilab45
Never again will I own a usurious credit card. If I can't pay cash, I don't need it! These banks burn me up with their insidious business practices. Everyone should shun these thieves by cutting up their cards.

Yeah, but then try to rent a car or get a hotel room. The key is to pay it off every month...easier said than done.

reply to post by JohnnyCanuck


I am just asking out of curiousity, you can't pay cash for these things?

Or how about your bank card?

Originally posted by nixie_nox
reply to post by JohnnyCanuck

 

I am just asking out of curiousity, you can't pay cash for these things?
Or how about your bank card?

To my experience, you need a credit card for both...just in case you rack up additional fees (so they say). I know a guy...number of years back...couldn't rent a car even though he was willing to put the CASH value of the car down as a deposit!

They're all swine.

reply to post by JohnnyCanuck

I'd hope they'd take a debit card.

I've canceled all of mine and have stopped paying on 2 of them due to the usurous rates that they are charging. My phone rings all day long and I simply inform them that if they are in breach of contract and as a result, I no longer have to honor said contract as their actions have made it void. I then proceed to tell them that I no longer owe a payment - now or ever! And then I wish them luck on collecting and hang up. I love it!

Additionally, I have closed my account with my mega-bank and now use a local credit union. I am also in the process of taking control of my "Corporate" identity created by the federal government in order to discharge these ridiculous debts and establish my sovereignty under Common Law. You will never find me operating under the Uniform Commercial Code ever again! I'm done and I'm out!

This is how the CIA took over latin american nations ... put them in debt and then foreclose, take everything (land/minerals) that they have.

Now the banksters are just doing it to individuals in the exact same way.

Welcome, my friends, to your New World Order.

How's that hope and change working out for ya?

I wouldn't wait to long to come to Jesus. Things are accelerating.

This is exactly why at 31 I dont have a single credit card.. I use cash for everything. I do have a Wal Mart prepaid Visa that I use to pay certain bills but I load it and pay immediately so there is never anything on it. I dont use banks either, they are all crooks. I want to keep my hard earned money to myself! I dont feel bad for anyone who has a credit card people bring it on themselves. I was always taught if I dont have the cash to pay for it then I dont really need it. TOO many people live on plastic and that's why this country is in so much debt! Credit cards are the worse thing to ever happen to this country and world imo.

reply to post by kozmo


Where in the contract does it break the contract with these fees? I figurd they would of covered it in the tiny print 30 page phamplet.

reply to post by nixie_nox


For now you can still pay cash/debit for most things but soon we'll be electronically cashless ... imagine the control.

Don't take the mark of the beast in your forehead or right hand/arm either (rfid chip? tattoo?) ... or you WILL (not "might") burn for eternity (my belief is that this earth will be done--per biblical prophecies--by 2020).

So, what if you can't eat w/o the mark/rfid chip? Is that what I'm saying? YES, that's what I'm saying. If they threaten to chop off your head, am I saying still don't take the mark? YES, that's what I'm saying. But you cannot stand up to this w/o believing on Jesus. You just cannot. But you CAN w/ Jesus, who will smite all of this NWO evil to bring in HIS kingdom.

Strap on your big boy/girl pants and forget that new age crystal/channeling satanic garbage.

Only Jesus saves.

Originally posted by JohnnyCanuck

Originally posted by nixie_nox
reply to post by JohnnyCanuck

 

I am just asking out of curiousity, you can't pay cash for these things?
Or how about your bank card?

To my experience, you need a credit card for both...just in case you rack up additional fees (so they say). I know a guy...number of years back...couldn't rent a car even though he was willing to put the CASH value of the car down as a deposit!

They're all swine.

I've never been turned down a hotel room or rental car with my visa debit bank card. Just an FYI.

Originally posted by nixie_nox
reply to post by JohnnyCanuck

 

I am just asking out of curiousity, you can't pay cash for these things?

Or how about your bank card?

I tried using my bank card to rent a car and was turned away. They want credit card.

Originally posted by brilab45

Originally posted by JohnnyCanuck

Originally posted by nixie_nox
reply to post by JohnnyCanuck

 

I am just asking out of curiousity, you can't pay cash for these things?
Or how about your bank card?

To my experience, you need a credit card for both...just in case you rack up additional fees (so they say). I know a guy...number of years back...couldn't rent a car even though he was willing to put the CASH value of the car down as a deposit!

They're all swine.

I've never been turned down a hotel room or rental car with my visa debit bank card. Just an FYI.

I have.

Enterprise did not want anything other than a credit card, and they were the only car rental place in the area.

I have got hotel rooms with cash though. I just couldn't reserve one without a credit card.

Originally posted by Jessicamsa

Originally posted by nixie_nox
reply to post by JohnnyCanuck

 

I am just asking out of curiousity, you can't pay cash for these things?

Or how about your bank card?

I tried using my bank card to rent a car and was turned away. They want credit card.

Here is a list of many major car rental agencies and their debit card policies. Please click on the link associated with each company to read more about their policy. This information is provided in summary form and you should conduct your own research before using any of the companies listed. Information subject to change.

Hertz: The Hertz FAQs state:

Q: Can I use my Debit Card or Bank Card to reserve a Hertz car?
A: At most Hertz locations, debit cards (sometimes called check cards) issued under a VISA or Mastercard logo which draw funds directly from the cardholder’s account may be used to qualify for rental. However, prepaid or stored value cards which have a VISA or Mastercard logo are not accepted to qualify for rental. Debit cards must have available funds for the estimated amount of the rental charges plus a reasonable amount to cover any incidental charges in order to secure the rental. Both debit cards and prepaid or stored value cards issued under a VISA or Mastercard logo may be used as a form of payment when you return the vehicle. Please contact your local Hertz Reservations Office if you have a question about whether Hertz will accept a certain card.
Enterprise: The Enterprise website states:

Question
Can I use my debit card to rent the car?
Answer
Some of our Enterprise locations will accept a debit card for the rental deposits and payments. Please contact the office you plan to rent from to determine their policies on renting with a debit card.

Question
What forms of payment does Enterprise accept?
Answer
A major credit card in the renter’s name is required for a deposit on all rentals. When the rental is returned, traveler’s checks, debit card, or a major credit card can be accepted to pay for the rental.
Avis: The Avis Website states:

Debit Card Policies

Avis reserves the right, in its sole discretion, to seek a Debit Card authorization hold in excess of the estimated rental charges. When using a debit card at Avis there may be a minimum hold of $500 and a maximum hold of the estimated rental charges will be placed on your account.
Upon returning the vehicle, Avis will process a release of the unused portion of the hold subject to your Bank’s procedures. The hold may take up to 2 weeks to be released by your bank.
Budget: The Budget website states:

If you’re using a debit card at a location that accepts them, we’ll require a hold of total estimated charges plus 25% or $300, whichever is greater. However, for insurance/service replacement rentals and tour rentals, the minimum debit card authorization hold is $100. At select locations in the Northeast and North Central regions, the minimum authorization hold is $500. Renters under 25 years of age may not use a debit card.

At some locations, debit and pre-paid charge cards are not accepted at time of rental but are accepted for payment at time of car return.
National: The National website states:

Debit Cards

When renting in the U.S., debit and check cards may only be used in conjunction with proof of a round trip travel ticket (airline, cruise ship or train) at time of rental.

Source: www.ncnblog.com...