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New/Old scam by the CC companies

ddrane2115

ddrane2115

Charter Member
wont name the one, but lets just say they know how to find suckers.

OK, the deal, 0% for life on balance transfers............so far so good, it dont get anything but worse.

now the kicker, you have to buy 2 times per month to keep the 0%. OK, big deal, buy gas right? we do that anyway.

now the scam, remember that 0% balance, all that money you pay on the card goes on that, NOTHING, NOTHING goes on the 100.00 a month you buy in gas, and it earns interest at the adjustable prevailing gibberish rate they want.................so

you take 3 years to pay off the 0%, and all along they have been putting 100.00 a month on the card, plus interest, you still owe 3600.00 plus interest after paying off the other..............

anyone feel screwed again by some shady advertising
 
I get things like that all the time.
I use them for kindling on the smoker - or shred them for the sis-in-law to use as ferret litter.
the other nice thing about those offers is the fake credit card they include which makes a great glue spreader or disposable light duty scraper.

on the other hand, it you find them REALLY annoying, there's an "opt out" number in the fine print that will make all the credit companies stop sending you unsolicited offers -- until the next time you do something that requires a credit check, that is...
 
I let them spend their money. glue spreader, never thought of that one.....maybe spread something else and send it back to them.........
 
There are some out there that have the legitimate 0% but most people end up buying something with it or miss paying their bill. My wife got one the other day and called about it and they gave it to her in her name and she doesn't even have a paying job. Anyways we figured we would use it only for the balance transfer (no fee to transfer and 0% int. until 9/09). I think the kicker on this one is the higher monthly payments, they expect most people not to make them and then the high rate kicks in. My wife said we would try it and if they try something stupid we'll just move it to our home equity. So far so good. Nothing like building a garage with interest free money.
Most are rip offs, you just have to read all the fine print stuff.
 
A lot of the time I'll use their postage paid return envelope, mark out personal info, add all the sale papers I can pack in, & send it back to 'em. They have to pay a lot more postage than the regular app!!
 
urednecku said:
A lot of the time I'll use their postage paid return envelope, mark out personal info, add all the sale papers I can pack in, & send it back to 'em. They have to pay a lot more postage than the regular app!!
Click to expand...

I have done that for years. I wonder if it might be more effective to write "VOID" across the application form and leave the rest intact, with the thought that they might eventually get the hint and remove that name from their sucker list.
 
The only thing I use the credit card company for is Air line miles . Most rental car agencies want a rental card to record when renting at the airport .

$1 equals 1 mile . We put everything on the credit card and when the bill comes in at the end of the month , I pay it off .

I racked up 100,000's of thousands of air miles over the 10 - 15 years we have been doing this . Since we fly alot , its a nice way to upgrade to 1st class or fly for free on the CC company . I do not pay a yearly fee to have this card .

My yearly CC Statement Summary also breaksdown where we spent our dollars so I can see very quickly if are food cost or gas has gone way up in use over the previous year . :smile:
 
If you read the fine print there are good deals to be had with CCs if you read the fine print and don't touch the card after the initial transaction. Four years ago I received a Cap One 2.99% for the life of the loan. I took all my debtload at the time and dumped it on the card, about $18,000.00, as of last month I'm down to $745.00 and it's done at 2.9% that's better than any bank would give me . Three years ago I bought a travel trailer I was offered a great deal at 10k. rather than use savings I called three ccs and one offered me the 10k at 0% for one year with a $75 transfer fee. I took it and am now on my third 0% offer, the last two with no fees, that ends in Oct and I'm $461.00 from payoff. But you have to play by their rules and it's also nice to have the dough to payoff in case you missed something in the contract. so all in all this fall I'll be totally debt free for the first time in years and it's partially due to credit card deals.

The part that sucks is that they probably don't even want me as a customer, they want the poor guy who takes on one of these offers and falls behind and the interest jumps to 25% and cant get out from under. The default rate on the card I have my trailer on is 32.9%. I've found the best deals are on the cards with the worst interest.

Big Al, I just dropped a skymiles card with 130,000 miles on it, In my case, there is no place I want to go that I can't drive to.
 
RoadKing said:
If you read the fine print there are good deals to be had with CCs if you read the fine print and don't touch the card after the initial transaction. Four years ago I received a Cap One 2.99% for the life of the loan. I took all my debtload at the time and dumped it on the card, about $18,000.00, as of last month I'm down to $745.00 and it's done at 2.9% that's better than any bank would give me . Three years ago I bought a travel trailer I was offered a great deal at 10k. rather than use savings I called three ccs and one offered me the 10k at 0% for one year with a $75 transfer fee. I took it and am now on my third 0% offer, the last two with no fees, that ends in Oct and I'm $461.00 from payoff. But you have to play by their rules and it's also nice to have the dough to payoff in case you missed something in the contract. so all in all this fall I'll be totally debt free for the first time in years and it's partially due to credit card deals.

The part that sucks is that they probably don't even want me as a customer, they want the poor guy who takes on one of these offers and falls behind and the interest jumps to 25% and cant get out from under. The default rate on the card I have my trailer on is 32.9%. I've found the best deals are on the cards with the worst interest.

Big Al, I just dropped a skymiles card with 130,000 miles on it, In my case, there is no place I want to go that I can't drive to.
Click to expand...


I have a cap one at 4.9, same deal, life of the loan, etc. The jist of the thread is not the ones like this though. the bad on the one mentioned is NONE of your required purchases get anything, not one penny paid on them while you have the 0%, so you are getting 0 and getting charged prevailing rate, on money YOU CAN NOT PAY ON...............
 
OK...being the consummate smart-ass that I am wont to be, one can only be scammed by a credit card company if one fails to read the mice type in the credit cards disclosure. My advice to all credit card consumers is :

"Don't be a dumbass! Read the frigging full disclosure!!!"

If you will read the disclosure, you will be aware of all the silly terms. If you fail to read the disclosure, then, well, you are a dumbass. STFU and pay the fees you agreed to pay by accepting the card.

If you carry a balance on a credit card, you may have a financial problem that you need to get under control ASAP. No matter how attractive the interest rate teaser offer may be, if you are considering it because you carry balances on your other consumer credit cards....my friend, you have a big problem because you are living above your means. Find a way to pay off the balance and cut up your credit cards.

By my way of thinking, credit cards are a tool to help you track expenses. They should be paid in full each month. If you carry a balance month after month, after month....you have a problem. The best credit cards to have are the ones who pay you money to use them, like the Chase Freedom Card, which pays you from 1% to 3% cash back for everything you buy, like gasoline & groceries.

Folks, there are two sides to the "interest" game -The paying side...and the earning side. Strive to stay on the earnig side, because even if the banks are only paying you 2% on your savings, it's a helluva lot better than paying the bank 20% on your credit cards!
 
RoadKing said:
If you read the fine print there are good deals to be had with CCs if you read the fine print and don't touch the card after the initial transaction. Four years ago I received a Cap One 2.99% for the life of the loan. I took all my debtload at the time and dumped it on the card, about $18,000.00, as of last month I'm down to $745.00 and it's done at 2.9% that's better than any bank would give me . Three years ago I bought a travel trailer I was offered a great deal at 10k. rather than use savings I called three ccs and one offered me the 10k at 0% for one year with a $75 transfer fee. I took it and am now on my third 0% offer, the last two with no fees, that ends in Oct and I'm $461.00 from payoff. But you have to play by their rules and it's also nice to have the dough to payoff in case you missed something in the contract. so all in all this fall I'll be totally debt free for the first time in years and it's partially due to credit card deals.


The part that sucks is that they probably don't even want me as a customer, they want the poor guy who takes on one of these offers and falls behind and the interest jumps to 25% and cant get out from under. The default rate on the card I have my trailer on is 32.9%. I've found the best deals are on the cards with the worst interest.

Big Al, I just dropped a skymiles card with 130,000 miles on it, In my case, there is no place I want to go that I can't drive to.
Click to expand...

Good for you Road Hog !!!:thumb: It feels so good to be debt free . You are one of the smart ones !!!!

I look around and sometimes wonder , "How do these young folks do it with all these fancy toys and new cars , home , etc ". Then I realize that they are up to their neck in debt .

A while back I had a company that works for me do a Credit Check on me and the owner told me it came back with a one line sentance on it . 27 years in the credit reporting business and he said he had never seen anything so vague as my credit report . He asked me if I have ever owned anything ???
According to him , he told me ,That based on the information he had ,it would damn near impossible for me to even get a loan at a good rate . I just smiled and told him that was fine with me .
 
Cityboy said:
OK...being the consummate smart-ass that I am wont to be, one can only be scammed by a credit card company if one fails to read the mice type in the credit cards disclosure. My advice to all credit card consumers is :

"Don't be a dumbass! Read the frigging full disclosure!!!"

If you will read the disclosure, you will be aware of all the silly terms. If you fail to read the disclosure, then, well, you are a dumbass. STFU and pay the fees you agreed to pay by accepting the card.

If you carry a balance on a credit card, you may have a financial problem that you need to get under control ASAP. No matter how attractive the interest rate teaser offer may be, if you are considering it because you carry balances on your other consumer credit cards....my friend, you have a big problem because you are living above your means. Find a way to pay off the balance and cut up your credit cards.

By my way of thinking, credit cards are a tool to help you track expenses. They should be paid in full each month. If you carry a balance month after month, after month....you have a problem. The best credit cards to have are the ones who pay you money to use them, like the Chase Freedom Card, which pays you from 1% to 3% cash back for everything you buy, like gasoline & groceries.

Folks, there are two sides to the "interest" game -The paying side...and the earning side. Strive to stay on the earnig side, because even if the banks are only paying you 2% on your savings, it's a helluva lot better than paying the bank 20% on your credit cards!
Click to expand...

great advice, listen to this one! I learned the hard way, and by the end of the year will be CC debt free, been working on it for over 6 years. Now we earn nearly 3 times what we did back then, but we dont have to spend it all either.
 
BigAl said:
Good for you Road Hog !!!:thumb: It feels so good to be debt free . You are one of the smart ones !!!!

I look around and sometimes wonder , "How do these young folks do it with all these fancy toys and new cars , home , etc ". Then I realize that they are up to their neck in debt .

A while back I had a company that works for me do a Credit Check on me and the owner told me it came back with a one line sentance on it . 27 years in the credit reporting business and he said he had never seen anything so vague as my credit report . He asked me if I have ever owned anything ???
According to him , he told me ,That based on the information he had ,it would damn near impossible for me to even get a loan at a good rate . I just smiled and told him that was fine with me .
Click to expand...


you are dead on. I see this all the time, keeping up with the jones and you are just as dead broke as they are, but you dont look it. We still live in the house we bought when we got married, and will till it is paid for, then we are buying (cash) a new place. We kept this one up, did some upgrades etc, what was 44K then is now closer to 130K in a good market.

One line credit report, how sweet! If you dont have credit, you probably dont need it, you pay cash. One way to gain some credit though is to use debit cards as credit, they still come out of the checking, still no debt, but they are reported as credit paid.
 
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