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by klh1886

Last Post 147 days, 15 hours Ago


CREDIT CARD WARNING
Nov 30, 2007 | 11:40 AM
Category: News
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Beware of the 0% credit card offers and the one year same as cash. Within the last few years I have found that some credit cards have a new scam. It's called a 20 day billing cycle. Which means you no longer have a once a month payment due on the same date every month. If you so happen to be late with one of these cards you will be slapped with huge interest and late fees and you no longer have 0%. I first noticed this when my husband bought me a ring from a jewely store. 12 months no interest. We figured out how much to send each month that would assure the ring would be paid off in 12 months. Six months into it I noticed the due date had changed without notice. When I called I was informed that my billing had been in error for six months and I should have been getting billed every twenty days! I was outraged! Most stores offering these 12 months do this now. One card is called GE Moneybank. Jewelers, HHGregg and the like use this company. I also checked into some others that I find do the same thing. Main stream cards like Sears Mastercard, and Fifth Third. Beware of this new card policy. If caught off gaurd it can cost you a lot of money!
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Member Comments Total Comments: 18
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rickyw read my blog view my photos
Nov 30, 2007 | 4:33 PM

why dont people buy less and enjoy life more....
its not about things...trust me
girlscout read my blog view my photos
Nov 30, 2007 | 6:48 PM

Wisdom comes with age. The older we get, the more we realize that "things" are just "things", and not important in the scheme of life. (By the way, how old ARE you, rickyw?) Just curious.
Mohammed_is_a_pig
Dec 1, 2007 | 3:12 AM

Wisdom comes with ugliness too. (hint)
WannabQueen read my blog view my photos
Dec 1, 2007 | 5:17 AM

Ahh the the dreaded Sears Card, I caught on to that right away, bye bye Sears Card.

Also if anyone has a Citi Card, Home Depot(same company) GET RID OF IT ASAP. They are one of the worst.
rickyw read my blog view my photos
Dec 1, 2007 | 8:44 AM

what comes with a tube of ky jelly moho....probably a purple teletubby
girlscout read my blog view my photos
Dec 1, 2007 | 8:56 AM

moho - Are you calling me ugly? girlscout
WannabQueen read my blog view my photos
Dec 1, 2007 | 9:04 AM

now children: rickyw and girlscout are you 2 fighting? lol
girlscout read my blog view my photos
Dec 1, 2007 | 9:25 AM

My comment was to Mohammed, not ricky.
WannabQueen read my blog view my photos
Dec 1, 2007 | 12:10 PM

Woops sorry girlscout.
Erock327 read my blog
Dec 1, 2007 | 12:51 PM

We need to stop buying things that we cannot afford to pay for. Credit cards are great to have in case of an unexpected expense, like an auto repair right before the holidays, etc. Too many Americans have been LIVING on credit for years, and it's really catching up to them. The subprime mortgage fallout was merely the tip of the iceberg. Credit card companies are going to suffer when these folks default and declare bankruptcy, but these companies must share some of the blame, offering way too much credit for years to people who didn't deserve it. Their fine print and sometimes shady practices don't help either.
klh1886 read my blog view my photos
Dec 1, 2007 | 5:32 PM

If I'm not mistaken with the new bankruptsy laws you cannot bankrupt credit cards anymore. I also think since then is when these cards have started the 20 day billing cycle. They know they got you. The other thing I've seen is credit cards raising your interest every year. I had a card for over 20 years. I always paid it off every month so never really paid attention. I asked what my interest was and found out I had 21% variable rate!!!!!!!! I was so mad!!!!!!! Is this how they repay a long time excellent customer? I told them to cancel my card. Of course with that they lowered my rate to 1.9%. I have lots of cards but rarely use any. Also be aware that every time you cancel a card it takes points off your credit. Which I think is totally not right.
waterlover926 read my blog
Dec 2, 2007 | 2:23 AM

Thanks for the information. I was aware of the 20 day billing cycle. However I didn't know that when you cancelled cards points were deducted from my credit score. Again thank you.
Zeeball read my blog view my photos
Dec 2, 2007 | 7:32 AM

Lenders have made it to easy for irresponsible people to get their hands on money. Why work hard and save for something I can have today?? Worry about paying for it when the time comes, or just plain don't worry about paying for it at all. And those who don't pay are the reason that the whole system is out of control. Credit card companies collect as much or more in interest and late fees as they do in actual payments.
Here's a good example of credit: A relative of mine bought a house about 18 years ago in Mentor. Got a fantastic deal on a 2000 sq. ft. new home, as at that time Mentor was still cheap. $110,000.00 for the house. $800.00 a month payment, both husband and wife working. Easy to make the payment and still live large, vacations, new cars, best of everything for the kids!! One credit card went to 4, four went to 8. Dad lost his good job and was out of work for a while. About $25,000.00 in card debt. Simple, refinance cause the house is worth more with the new appraisal. I'm skip some here, but they have borrowed on the house 3 times, now owe 3 mortgages and are paying $1800.00 a month for the same house. They actually owe more on the house than it is worth and not one dime of equity after living there for 19 years. Ah yes, CREDIT... My favorite is when people use one card to pay on the other!!
rickyw read my blog view my photos
Dec 2, 2007 | 1:57 PM

its not right to blame credit for human shortcomings...if you dont save during good times, you are going to suffer during bad ones.....thats called justice...if more parents taught that lesson to their children there would be fewer people like your friend
girlscout read my blog view my photos
Dec 2, 2007 | 5:35 PM

Amen!
busboss
Dec 3, 2007 | 4:17 AM

I am a 51 year old divorcee. On August 1st, 2008 my home will be paid for. I have zero balances on my credit cards. It wasn't hard - you just don't go out and buy whatever you "think" you need or want.
rmarkle read my blog view my photos
Dec 4, 2007 | 9:33 AM

klh THANK-YOU SO MUCH! We just bought furniture and got it financed through American General and I never thought that it would be any different from any other card. After reading your blog though I called them and sure enough 20 day billing cycle. We have 0% for 24 months and that interest would have been a nightmare if we missed a payment.

So thanks so much for the information!
CS_RIP read my blog view my photos
Dec 4, 2007 | 9:49 AM

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klh1886

I am married to a wonderful man for 10 years. Between the two of us we have five children. Ages 17 thru 26. I enjoy gardening, yard work and taking care of my grandson. My most favorite activity when I have time is to sit by our little pond with my coffee watching our fish.

Member Since: 10/22/2006


 

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