Comments on: Be Wary of Unscrupulous Credit Card Tricks

By: carditcard

carditcard — Mon, 09 Aug 2010 08:36:41 +0000

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By: Broke-Ass Student » Blog Archive » Credit Card Shopping Made Easy

Broke-Ass Student » Blog Archive » Credit Card Shopping Made Easy — Tue, 27 Jan 2009 21:39:21 +0000

[...] Be Wary of Unscrupulous Credit Card Tricks – Avoid falling victim to these legal credit card ruses and traps [...]

By: Mrs. Micah

Mrs. Micah — Mon, 17 Sep 2007 19:04:54 +0000

I knew most of these, but I hadn’t even thought about the bait-and-switch—applying for one card and actually getting another. Thanks for pointing that out.

DH had one with a ballooning rate. We’re going to pay it off then put it somewhere very far away…or shred it.

By: Valerie

Valerie — Fri, 31 Aug 2007 21:59:35 +0000

Unscrupulous practices of GE Money Bank which offers a credit card through PayPal Buyer Credit is that 1) they don’t post your payment (whether mailed or made electronically) until after the due date–thereby dinging you for the late payment fee; 2) they approve purchases that will take you over the limit by only a few dollars (instead of denying the purchase) so that they can ding you for the over-the-limit charge; 3) they do this when you make a payment larger than your “required payment” for security reasons–their security–not yours!; 4) they “hold” your payments (check or electronic) for up to 25 days “in case they don’t clear or are returned.” I’m paying off my account and closing it. Also writing to the Better Business Bureau, the banking commission and PayPal. So stay away from PayPal Buyer Credit.

By: Carnivals for Tax Week (Ask Mr Credit Card’s Blog)

Carnivals for Tax Week (Ask Mr Credit Card’s Blog) — Sun, 15 Apr 2007 19:54:33 +0000

[...] No Credit Needed Blog did a double duty last week by hosting both the 94th Carnival of Personal Finance and the 82nd Carnival of Debt Reduction. From the carnival of personal finance, I’ll pick one whose theme is about credit cards and that article that caught my attention was from Broke Ass Student who wrote about unscrupulous credit card tricks. [...]

By: Melisa

Melisa — Sat, 07 Apr 2007 19:33:15 +0000

Very informative article. Thanks! I wrote a related post on my (very new) blog. (Not sure how to link you to it – I’m still learning!)

By: No Credit Needed » Blog Archive » Carnival Focus: Credit Posts

No Credit Needed » Blog Archive » Carnival Focus: Credit Posts — Mon, 02 Apr 2007 22:05:50 +0000

[...] B.A. Student writes about credit card companies and their legal “tricks”. Check out this disturbing fact: Credit card companies sometimes enjoy switching around their payment PO Boxes without informing the consumer. A well-intentioned payment can flop around ‘lost’ in the mailing system for weeks if unknowingly sent to the wrong address. This is a blatant attempt to purposely nab you on late payment fees [...]

By: Kevin

Kevin — Mon, 02 Apr 2007 20:13:21 +0000

Some great tips here. Getting a CC requires a full commitment to stay on top of things, read through the agreement, etc.

By: Personal finance at KMull.com

Personal finance at KMull.com — Mon, 02 Apr 2007 17:01:24 +0000

[...] Broke Ass Student writes about credit card tricks. [...]

By: No Credit Needed Blog » Blog Archive » Carnival of Personal Finance #94 Hosted By No Credit Needed

Mon, 02 Apr 2007 11:24:39 +0000

[...] Poorer Than You Endless Giberish We’re In Debt Credit Card Lowdown B.A. Student 1 Mans Money The Time and Money Group My Financial Awareness Ask Mr. Credit [...]

By: Lavin

Lavin — Tue, 27 Mar 2007 16:07:59 +0000

Jennifer, great tips on how to deal with the trickery and predatory practices of the credit card companies. I used to always love how Visa and MasterCard would set up tables on campus giving out free “college” t-shirts to anyone willing to sign up for a card. I can only imagine the rates on those cards.

Anyway, another thing to be aware of is the interchange fee. This is a percentage of each transaction that Visa and MasterCard banks collect from merchants every time a consumer uses a credit or debit card to pay for a purchase. The fee varies with type of card, size of merchant and other factors, but averages close to 2 percent for credit card and signature debit transactions.

Interchange is the largest fee out there, totaling more than $30 billion in 2005, that’s more than late and ATM fees combined. Plus, we all bear the cost even if you pay cash as interchange fees cause the price of all goods to go up.

I have been happy to see that Congress has held a few hearings this year, and plans to hold more, examining the practices of the credit card industry. Hopefully, this will lead to some changes in interchange fees and the deceptive language used in credit card agreements agreements.

If anyone is interested, I’m working with http://www.unfaircreditcardfees.com and you can get plenty of info at our site. Thanks.