Read in the USA Today some credit card companies are going to "experiment" with fees for certain cardholders. They are going to start charging an annual fee targeting the people that carry no balance or pay off the card every month. They can't get any interest, so they are raping the people who don't abuse their card. When will it end? These stupid banks are just screaming for people to tell them to go pound salt! I am so glad I am not a slave to the plastic anymore!
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Filed July 2009. Discharged 08/08/2014. Awaiting closing. We made it !!!!
Woo-hoo! -
that sucks! Did they mention which credit card companies are thinking about doing this?May 2008 Hired 1st Attorney/Stopped paying CCs
May 21, 2009 Retained 2nd Attorney
May 28th - Filed for Ch 7 (FINALLY!)
9/11/09 - DISCHARGED!!!!
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GE bank I think. I know it was a major cc company.Filed July 2009. Discharged 08/08/2014. Awaiting closing. We made it !!!! Woo-hoo!Comment
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They do make money from people who pay their balance in full every month. Every time a card is used, the bank earns a 2-4% transaction fee from the merchant. Even though they don't make money on interest, they are earning a lot in transaction fees and with very little risk. They don't make anything on people who don't use the card, but if that's the case I'm sure those people won't mind closing the accounts.Comment
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I would like to see the 'new' card agrrements. Probably something like this:
"If payment is due on a Friday, but is not received by the previous Tuesday, there will be an imposed charge of $45.00 which can be reduced by $5.00 if received before the previous Saturday. If payment is paid from a checking account, a $9.95 charge will be imposed. If the amount paid is over $25.00 an extra charge will be added of $32.00. If the balance is less then $25.00, then an imposed charge will be levied of $16.95. If insurance is not paid on the account as a seperate billing then a $14.95 charge will be added with a $5.00 surcharged added if funds are coming from a banking account. If it is your birthday, we will send you a $50.00 gift card and the processing cost for this will be $11.95 plus the value of the gift card."Golden Jubilee was a year-long celebration held every 50 years in which all bondmen were freed, mortgaged lands were restored to the original owners, and land was left fallow: Lev. 25:8-17Comment
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Since they cut the fees on overdrafts in many banks, look for their cards to be "creative" too.Comment
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It's not going to end. I saw a report somewhere about the profits that the banks were making on fees and it was amazing.
I know that all of our local banks are offering automatic overdraft protection. Not something that you have to opt-in to, but have to opt out of. They are counting on people going into negative balance and then sucking the life blood out of them in fees.
And...... it's working.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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