11 tactics to be aware of for your credit cards

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Replied by Meya on topic Re: 11 tactics to be aware of for your credit cards

And lower your initial cl:upset:
10 years 8 months ago #1

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Replied by wmarat on topic Re: 11 tactics to be aware of for your credit cards

11 tactics to be aware of

  1. Increasing purchase interest rates Always PIF.
  2. Increasing cash withdrawal interest rates Do not do that, might be reason for AA like CLD
  3. Raising balance transfer fees So far, I managed to negotiate to cap BT fees.
  4. Raising cash withdrawal fees Do not do that
  5. Raising foreign usage fees When I am abroad, I use cash, so it is irrelevant
  6. Introducing duplicate statement fees What is that?
  7. Introducing low usage charges If I were hit by such charge, I would take my business elsewhere. So far so good.
  8. Introducing monthly fees I am allergic to AF.
  9. Introducing address tracking charges What is that?
  10. Decreasing the number of interest free days I usally pay before statement is cut. If I want a balance to be reported I pay 1 day after a statement is cut, so it is irrelevant.
  11. Amending the order of repayments What is that?
American Express is one of the worst offenders;
  • Credit card purchase interest rates up 3% to 15.9%
  • Credit card cash rates up 5.345% to 25.9%
  • Credit card cash withdrawal fees up 0.5% to 3.0% (min charge 3)
MBNA and Morgan Stanley are also fairly close behind
  • MBNA's credit card balance transfer fee is up by 0.5% to 3.0%
  • MBNA's credit card cash rates are up 3% to 27.9%
  • Morgan Stanley's credit card cash withdrawal fees are up 1% to 3%
  • Morgan Stanely's duplicate statement charge is now $5
With credit card companies increasing rates and fees faster than you can shake a stick at, it even more important that you review your credit card regularly to make sure you're getting the best deal. When your provider sends through revised terms and conditions, however tiresome it may be, take the time to read the changes being made, as there is a good chance that it could result in your credit card costing you more!


Amex has no choice, but raise APR's.
10 years 8 months ago #2

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Replied by Meya on topic Re: 11 tactics to be aware of for your credit cards

That's true rwmtd, their cap 1 cards does not function like ours. Also I remember when I was first looking for rebuild cards, they would not let me apply for one because I did not have a UK address. :worried:
10 years 8 months ago #3

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Replied by rwmtd on topic Re: 11 tactics to be aware of for your credit cards

http://moneyfacts.co.uk/Cards/guides/How-to-save-money-on-your-credit-cards.aspx


KIEJON9, thanks for the link, but I did notice that it is a UK site and their banking systems are somewhat different than the US (I know this from experience you might say:innocent:). Although they do offer some very good common sense info.
10 years 8 months ago #4

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Replied by KIEJON9 on topic Re: 11 tactics to be aware of for your credit cards

Plagiarism is the use or close imitation of the language and thoughts of another author and the representation of them as one's own original work.

http://moneyfacts.co.uk/Cards/guides/How-to-save-money-on-your-credit-cards.aspx
10 years 8 months ago #5

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Replied by KIEJON9 on topic Re: 11 tactics to be aware of for your credit cards

10 years 8 months ago #6

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Replied by hjm331 on topic Re: 11 tactics to be aware of for your credit cards

:shocked:
10 years 8 months ago #7

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Replied by mousepad on topic Re: 11 tactics to be aware of for your credit cards

Plagiarism is the use or close imitation of the language and thoughts of another author and the representation of them as one's own original work.
10 years 8 months ago #8

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Replied by mousepad on topic Re: 11 tactics to be aware of for your credit cards

Morgan Stanley doesn't issue cards here anymore since they spun off Discover.

But good article nonetheless, it does raise some of the same cautions that exist in this climate.


lol right right
10 years 8 months ago #9

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Replied by ColoNative on topic Re: 11 tactics to be aware of for your credit cards

I KNOW THAT BUT I WANT THE NETWORK TO KNOW ABOUT THE AMEX PART AND Morgan Stanley


American Express is one of the worst offenders;

  • Credit card purchase interest rates up 3% to 15.9%
  • Credit card cash rates up 5.345% to 25.9%
  • Credit card cash withdrawal fees up 0.5% to 3.0% (min charge 3)


Morgan Stanley doesn't issue cards here anymore since they spun off Discover.

But good article nonetheless, it does raise some of the same cautions that exist in this climate.
10 years 8 months ago #10

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Replied by hjm331 on topic Re: 11 tactics to be aware of for your credit cards

It's a sign of the times.
10 years 8 months ago #11

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Replied by rsty99 on topic Re: 11 tactics to be aware of for your credit cards

I have been getting new credit card agreements like Pennys has gone from 19% to 25%, while I dont carry balance some might.
10 years 8 months ago #12

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Replied by KIEJON9 on topic Re: 11 tactics to be aware of for your credit cards

I KNOW THAT BUT I WANT THE NETWORK TO KNOW ABOUT THE AMEX PART AND Morgan Stanley

American Express is one of the worst offenders;
  • Credit card purchase interest rates up 3% to 15.9%
  • Credit card cash rates up 5.345% to 25.9%
  • Credit card cash withdrawal fees up 0.5% to 3.0% (min charge 3)
10 years 8 months ago #13

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Replied by mousepad on topic Re: 11 tactics to be aware of for your credit cards

MBNA has been gone for a wile now
10 years 8 months ago #14

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Replied by KIEJON9 on topic Re: 11 tactics to be aware of for your credit cards

KIEJON9, I am curious where did you find your source for this info. can you provide us with a link?

TIA,

rwmtd


Hi I got it from a friend that work at a bank I will send them a email asking for the link thank you
10 years 8 months ago #15

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