posted on Oct, 25 2012 @ 09:41 AM
reply to post by usernameconspiracy
You'd think that but the way the banks setup their repayments, they make it hard to pay on time by doing shady things like not posting your payments
on weekends or holidays. Due date lands on a weekend? You better pay ahead of time. They also close phone payments for the day at 5pm eastern time
(sucks if you live on the west coast), so all phone payments after that post the next business day. Ok, you can say, "Fool me once, yadayada" BUT,
I've seen interest rates raised on people for missing as little as 2 or 3 payments by as few as 1 or 2 days.
Another scam the banks pull is by advertising their repayments by saying that you can pay 1% of the balance each month or some other low percentage
plus interest. Never mind the fact that most of the payment you just paid was interest and if you even use the card a few times you've already
exceeded that 1%.
Oh if you like paying your card off in full, don't be late even ONE day because you will get the full month of interest added to your bill. This
goes back to my first point where they get you on weekends and holidays.
How do they get away with all this? They hide behind their confusing terms and conditions. I can't believe how many people I had to tell as an
excuse for forcing them to now pay 30% on their credit card that all this was in their T&C. I've actually made a point of reading the T&C of many of
the credit card apps I get in the mail (you should too even if you don't want to apply for it). These companies will do things like charge you
multiple fees for OPENING the card which is "conveniently" added to the balance of the card. Oh boy, I just opened a credit card and I already have
a debt, goody...
These companies rely on customers being dumb enough to not read the T&C of their CC's so that they can stick it to as many people as possible. And
even if you are fiscally responsible they may still be able to get you with some loophole like not posting your payment on time.
Even the checking side of things isn't all rosy. Did you know that a bank will process all transactions from highest cost to lowest cost and NOT by
date of transaction? They do this so that if you happen to exceed your checking amount they can bang you with as many $35 overdraft fees as
I only have an ATM card and I really hate using that. Only really use it for online purchases and bill pays. I like using cash for everything else.
People need to stop being suckered into the ease of use of plastic. It's just a control mechanism the banks use to control your money and make big
bucks off of you.