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SASSISPRING's Photo SASSISPRING Posts: 11,030
10/25/10 4:43 P

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Not all cards have those charges, so if you wanted to keep a card for emergencies or to use for things like hotel rooms (etc), then I'd suggest looking into closing that card and opening up a no-fee card.

I suggest talking with a financial expert, even at your local bank. I suspect you'll hear different about the need to keep a card open. My friend/coworker has flipped homes without ever owning a credit card. My cousin refuses to get a card and owns a house.

Mind you, they both "borrow" cards when they have to make online purchases or book rooms etc...that's why I say, if you can, keep one card open for those reasons.

That aside, I really don't understand how closing down the cards will harm your credit. So yeah, best to talk with an expert on this and consider transferring to a no-fee card.



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WDBROWN94's Photo WDBROWN94 Posts: 2,920
10/25/10 4:25 P

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I actually read a few articles that said that and a few friends I know have said that also. The $6.00 is what they call a monthly maintenance fee on top of the charge they sock me with each June.

I don't use this card anymore and I am seriously thinking of closing it. I guess I just don't want to hurt my credit since it took me so long to re-establish good credit. It came in handy when I was trying to re-establish credit but I no longer need it.

No one need live a minute longer as he is, because the Creator endowed us with the ability to change ourselves. - J.C. Penney

SASSISPRING's Photo SASSISPRING Posts: 11,030
10/25/10 4:11 P

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WDBROWN94, I'm curious on how you were told that closing down the credit card account would reflect poor on your rating. Was that from the bank or the card company? I've never heard of that and in fact, heard the opposite - that it reflects in a positive manner to pay off and close down accounts, simply keep one card open for emergencies. I'm also curious, what is the $6 fee? That alone adds up at the end of the year eh.



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SASSISPRING's Photo SASSISPRING Posts: 11,030
10/25/10 4:07 P

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I don't believe those cards are up here in Canada. Stating that, the majority of people here have cards that charge over 10%, usually average 15%. It's been in the news quite alot lately on how high the interest rates have climbed.

All the cards I had and the one that I still hold sit at an average of 20% with some as high as 28%.

I was reading comments on the articles and typical "you are the problem, it's your fault" stuff. I love the ones that say you can function in this society without a credit card. If you want to book a hotel room, secure a flight and other such actions you must use a credit card. In fact some places won't let you book a hotel unless you provide a credit card. Or like my brother found out, you have to fork over $350 in damage deposit to stay one night in a hotel room with your family on top of the cost of the room! Sure he would have gotten back the next day but what if you don't have close to $500 cash to pay? The hotel person understood, called down the road and got them into another hotel (different chain) that required only $200.

I've never had to pay because I have a credit card - even if it is maxed out, it doesn't matter. That's what is so weird on this whole thing - as security they only want the number/card but if I did do damage, good luck getting any money from it!

How about breaking down like I did one time in the city. My brakes fell apart - literally. I couldn't go home without brakes. I paid with the card, then on pay day, paid back the credit card.

I believe there is a time and place for cards and at the same time, there is a tendancy to overuse. I feel that companies have really taken the whole loan thing too far into "Hollywood style lending" - as they are literally legal loan sharks. I don't understand why there aren't laws out there to stop the gorging - on both sides of the border.

Thanks for sharing the article. It's good to know and also good to think over the actual use of cards. Because if no one used those cards, they wouldn't be here...so why if they are so bad, are they still being used? Makes one wonder eh.





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WDBROWN94's Photo WDBROWN94 Posts: 2,920
10/23/10 1:40 P

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I actually have one of the cards. I have it all paid off, but was told to close an account would look bad on my credit card so I pay $6 a month just to keep it active.

When I got married last year my husband took all but one of my cards and said for emergencies only.

No one need live a minute longer as he is, because the Creator endowed us with the ability to change ourselves. - J.C. Penney

TINIERTINA's Photo TINIERTINA Posts: 4,990
10/14/10 10:00 A

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Good for you that you were able to do a workout (financially speaking ... lol) with Discover ...


Lesser artists borrow, great artists steal.

- Igor Stravinsky

Find a way.

--Diana Nyad

(Said after swimming from Cuba to Key West without fins or shark cages)

My blog is at tiniertina.wordpress.com/ (topics vary; words are the most important things)

Now 103 pounds less than at age 24w/o surgery!
SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (53,198)
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10/14/10 9:24 A

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The highest card I have is 9%, but the credit I got from the mattress store is about 26%. I have got 0% interest for 12 months on that as long as I pay each month. If I miss a pymt, they they go back to the beginning and charge me all the interest I didn't pay. I am still waiting for my first bill to be paid. I was getting nervous and afraid I missed it, so I called to see if it had been sent. They are sending it out this week and it is due in Nov. My Discover Card was up close to 28-29% at one time. They closed my acct, because I could not afford the full pymt due and we worked out a deal of 0.99% with a pymt set pymt for the next 5 yrs. I think I am about 2 yrs down now. I would love to start dumping more money on it just to get rid of it, but don't have the extra cash to do so.

Edited by: SOPHIEMAE2007 at: 10/14/2010 (09:27)
Kim

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LATVIAN_SANDY's Photo LATVIAN_SANDY SparkPoints: (162,175)
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10/13/10 10:19 P

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Scary, but I do have fairly high interest cards.

Sveiki!
Central time zone
CATIATM's Photo CATIATM Posts: 35,488
10/12/10 3:04 P

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Thank goodness, no.

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"We first make our habits, and then our habits make us."
- John Dryden


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CJANSEN40's Photo CJANSEN40 Posts: 853
10/12/10 1:10 P

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thank goodnes I don't have those.

Though I am part of 2 class action settlements one against a bank and the other against a CC my husband had. we should get alittle money back but not near what they overcharged everyone!

Happy Sparking
Cheryl J

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TINIERTINA's Photo TINIERTINA Posts: 4,990
10/11/10 8:42 P

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There but for the grace of God.

It makes using your bank overdraft account downright cheap in comparison.

And it reminds me of the kind of card I had when I was 24-25 years old and had minimal credit references ... Yes, at that age.

Because when I'd gone to college I'd lived on a cash basis. That's how I mostly have lived, except in the past decade. Two recessions have put me into this kind of crapper.

Tina


Lesser artists borrow, great artists steal.

- Igor Stravinsky

Find a way.

--Diana Nyad

(Said after swimming from Cuba to Key West without fins or shark cages)

My blog is at tiniertina.wordpress.com/ (topics vary; words are the most important things)

Now 103 pounds less than at age 24w/o surgery!
SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (53,198)
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10/11/10 6:36 P

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I hope no one has either of these cards in their hands. Ouch!!!!!

finance.yahoo.com/banking-budgeting/
ar
ticle/110946/worst-credit-card?mod=bR>b-creditcards


Kim

Birdwatchers Team Leader,
www.sparkpeople.com/myspark/groups_i
ndividual.asp?gid=21845


Love All Dogs, but partial to Cocker Spaniels...! Spaniel Lovers Team
Co-Leader,
www.sparkpeople.com/myspark/groups_i
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www.sparkpeople.com/myspark/groups_i
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