What some will do for a credit card

[PhotoGuy]

I find it absloutely amazing how some credit card companies are trying to get people to sign on and lose all their money in the process.

Here's an application I received yesterday for the First Premier Bank Gold Mastercard.

[Puttingood]

some people have to deal with them.

[PhotoGuy]

Account set-up fee: $29.00
Program fee: $95.00
Annual fee: $48.00
Annual participation fee: $72.00 (billed at $6/month)
Additional annual card fee: $20.00
Minimum finance charge: $0.50
Credit limit increase fee: $25.00
Autodraft fee: $11.00 per payment
Online account access: $3.95/month

--------------------------------------------

That brings your account balance to 278.95 (without the credit increase fee) on a card with a limit of $300.00.

If you miss the first month's payment, an additional fee of $25 (each time payment is late) is applied.... putting the balance over the limit. The fee for going over the limit is an additional $25 fee every month.

Now... who in the hell would want to sign up for a credit card like this?:confused:

[VA49er]

Putts right. Some have no choice but to go with high rate/high fee credit cards. The card companies know this and can get away with crazy ass fees, etc.

Car dealers do the same thing with "bankruptcy discharge" advertising. Sure, you can get the car, but you'll pay 10-24% interest where someone with good credit will pay 0-5%.

[Puttingood]

I got way too many credit cards and probably should read the fine print on some of them but I stay so busy all the time I don't have a chance.

[Franchise]

i just had to pay 200 in fees to get a credit card, when your young, and dont have any credit established, you do what you have to do.

[Puttingood]

just had to pay 200 in fees to get a credit card, when your young, and dont have any credit established, you do what you have to do.

Thats right--pay it on time and be patient. ;)

[kakia]

Originally posted by Franchise
i just had to pay 200 in fees to get a credit card, when your young, and dont have any credit established, you do what you have to do.

why would you do that? that's just a waste of your money. there are plenty of reputable companies that offer a secured credit card with no fees.

are you in college?

[Franchise]

i tried, i just work, i couldn't even get a gas card.....i got denied prolly 30 times.

[meatpile]

Bullshit they have no choice - they can stop spending money they don;t fucking have.

[Franchise]

i have the money, but see, in order to get a house, and car, you need to have some type of credit established.

[VOR]

Originally posted by meatpile
Bullshit they have no choice - they can stop spending money they don;t fucking have.

That is true there, is a lot to be said for not spending more than you have in your back pocket. Especially if on cannot grasp the concept that if you spend next months money this month what do you eat on next month. Life is full of surprises.

[Ssstern]

Can you say no debt babby.

[PhotoGuy]

Originally posted by Franchise
i just had to pay 200 in fees to get a credit card, when your young, and dont have any credit established, you do what you have to do.
You do have a point. You have to establish credit somehow. It is important to pay ontime every time. I was careless in college and I got every credit card that was offered, starting with store cards with 26% interest. I maxed every one of them, and then got a discover card to pay for the things I couldn't afford, like food, gas and even rent. I was working just to pay off my cards.

I eventually fell extremely behind in my payments because I wasn't working enough while I was in school, so I got a visa card to help pay my bills. I took out a huge cash advance, which had a higher interest rate. I found myself with a debt of over $15,000 in addition to having a new 95 Dodge Neon to pay for, as well as 3 student loans totalling over $8000. I went through credit counseling for a year and got nowhere with that. I finally consolidated all of my cards with one big loan with low interest.

Once I got out of school, I worked my ass off with three jobs - washing dishes at Denny's from 5 to 8am, moto-photo from 9 to 5, and then a supermarket from 6 to midnight, often working all three in the same day. Sometimes I would have an evening off during the week, but I had to work a shift on the weekend. Living at home with my parents really helped out because I didn't have to pay for rent or food.

Now, I only have a Capitol One card with $700 balance and I consolidated my 3 student loans into one with a lower payment.

I still have the worst credit and I can't qualify for a car or house loan at this point. I make sure to pay on time on my card I have and I can't miss a student loan payment since that is a government loan, and there are more serious consequences than just a late fee.

In retrospect, I wish I had never had all those credit cards and I should have just lived within my means buying only things I could afford with cash. In a way, I think credit card companies are evil and they are all out to get all your money by giving you a little of theirs. But using credit cards responsibly is esential in building your credit for the future.

[VOR]

Originally posted by Franchise
i have the money, but see, in order to get a house, and car, you need to have some type of credit established.

no man you got 20% down you got a house.

[kshead]

Originally posted by VA49er
Car dealers do the same thing with "bankruptcy discharge" advertising. Sure, you can get the car, but you'll pay 10-24% interest where someone with good credit will pay 0-5%.

Whenever this is brought up, I just have to point out that business is booming where the SO works. Can't give out those 10-24 deals fast enough. Amazing. I cannot believe it.

[meatpile]

Originally posted by kshead


Whenever this is brought up, I just have to point out that business is booming where the SO works. Can't give out those 10-24 deals fast enough. Amazing. I cannot believe it.

That's why they're bankrupt.

[Franchise]

Originally posted by VOR


no man you got 20% down you got a house.

I want a 200,000 house, thats 40k, aint feelin dishin that much out big city :)

[kshead]

Originally posted by meatpile


That's why they're bankrupt.

It just blows me away though. The SO is gainfully employed and has a bright future managing a place that continually depends upon stupid people who will incur a pile of debt at ridiculous cost just to drive a new or slightly used automobile.

I love America. :mushy:

[PhotoGuy]

One thing I have neve understood is why a credit rating is negatively affected by being continuously checked when shopping for a car. What does it matter that someone is checking your credit rating? :confused:

[PhotoGuy]

When I win the Powerball lotto, I am going to start my own credit card company and take everyone else's money. :p

[VOR]

Originally posted by Franchise


I want a 200,000 house, thats 40k, aint feelin dishin that much out big city :)

you pay it one way or the other.

[PhotoGuy]

I want a $100,000 house. Where am I going to come up with $20,000?

[meatpile]

Originally posted by kshead


It just blows me away though. The SO is gainfully employed and has a bright future managing a place that continually depends upon stupid people who will incur a pile of debt at ridiculous cost just to drive a new or slightly used automobile.

I love America. :mushy:

It's a huge business. I sold cars for six months at a loser dealership as a kind of hobby like 10 years ago.

Anyway - LOTS of guys paying the 20% interest on 120% of vehicle value (b/c the trade-in had negative equity).

Nothing like a 72 month loan at 20% on a trashed out sports car with 95k miles on it to ruin yourself financially. Consumerism is outta hand.

I've been having alot of strange feelings about house debt. I hate my mortgage more than anything else right now. I have half a mind to sell this joint, take the equity and pay cash for a much lower lifestyle. But is it lower? I'd have no mortgage. That's livin' large, if you ask me.

[PhotoGuy]

We are moving in with Mrs Photo's parents at the beach and I am going to get me a good car with the money we will be saving by not paying rent.

[kshead]

Originally posted by meatpile

I've been having alot of strange feelings about house debt. I hate my mortgage more than anything else right now. I have half a mind to sell this joint, take the equity and pay cash for a much lower lifestyle. But is it lower? I'd have no mortgage. That's livin' large, if you ask me.

We are getting ready to buy new. In an inflated market. I'll be on the government treadmill forever. :(

I had forgotten you sold cars. The SO said there place would make that deal if the sports car had 80K or less.

[chipshot]

Originally posted by Franchise
i just had to pay 200 in fees to get a credit card, when your young, and dont have any credit established, you do what you have to do.

my first credit card was 100% free, it only had a 200 dollar limit but it worked in building me a credit history

[VOR]

Originally posted by kshead


We are getting ready to buy new. In an inflated market. I'll be on the government treadmill forever. :(

I had forgotten you sold cars. The SO said there place would make that deal if the sports car had 80K or less.

80k still sucks 30k a year that car'll be used up in 3 years probably sooner because such a fool can't afford maintenance or good gas.

[meatpile]

Originally posted by kshead


We are getting ready to buy new. In an inflated market. I'll be on the government treadmill forever. :(

I had forgotten you sold cars. The SO said there place would make that deal if the sports car had 80K or less.

I bought high, but it hasn't 'recessed'. Hasn;t gone up much, though.

Fuck debt. Fuck debt. Fuck debt.

My uncle is a real interesting old dude. Never borrows money. Paid under $40k for a little fixer upper in Sedgefield about 10 years ago. Works odd jobs for money. PLays golf in the mornings - and noted the traffic situation 'is completely the result of debt'. It's true. Work all day, pay taxes, pay the bank. Work all day, pay taces, pay the bank.

[Bunky]

in all, i got about 250k in debt right now. but it's all good.

[QueenCityHillbilly]

Meat, your uncle kicks some serious ass.

I haven't had a credit card since '98. Life works pretty well without them.

[Captain Morgan]

Originally posted by Bunky
in all, i got about 250k in debt right now. but it's all good.

You don't need to take it out on umpires.

[builder]

I haven't used a credit card in over 2 years now. And the ones I have still carry a balance. I made some bad decisions in college and am still paying for them. But, my credit must have been decent because I was able to buy a home of my own without paying through the nose.

[wossa]

pop up

lenderscompete.com

LArry for what its worth - this is the only site I visit that I get these popups on

[magnus]

I never had to pay a cent to get a credit card. I had one that tried to tack on some dumb shit "program" that cost $100 but I yelled at them until they erased it and then I canceled the card.

Granted, my first two credit cards were both over 20%.

[Yuck]

Originally posted by wossa
pop up

lenderscompete.com

LArry for what its worth - this is the only site I visit that I get these popups on

and ad-aware didn't clear it? interesting.

[LarryD]

Originally posted by wossa
pop up

lenderscompete.com

LArry for what its worth - this is the only site I visit that I get these popups on

there's nothing loaded here.

there's something in your computer.

you may want to wipe it clean and start over.

[LarryD]

by the way, we've never had any credit card debt since we've been together. we don't ever charge more than we can pay for. gina paid off her credit card (a few thousand) back when we first started dating 11 years ago.

she's a finacial budget wiz.

[negoshe8er]

Credit cards are a necessary evil, credit card companies are just evil.

[vpkozel]

Originally posted by meatpile


I bought high, but it hasn't 'recessed'. Hasn;t gone up much, though.

Be patient - it will. Ours has gone from 195 to 320 (appraised) in 5 years.

[kshead]

Originally posted by vpkozel


Be patient - it will. Ours has gone from 195 to 320 (appraised) in 5 years.

Sounds like some neighborhoods here. Blew a chance a few years back to buy nice townhouse 'cause I couldn't come up with the $$$ at the time. We checked out one that was owned by a coworker of the SO. Damn thing went from 245 to 355 in 18 months. That's just crazy. And I'm bitter. :mad: But if I was sure that type of rise would occur in the ones we are interested in now? I'd go ahead and get up on that treadmill I was talking about. What the hell.

Y'all debt haters would love Dad. Same house for 45+ years. A room added here and there, but the man owes nothing to no one. Likes to fuck with car dealers by going into places dressed like shit and offering cash.

[vpkozel]

Originally posted by kshead


Sounds like some neighborhoods here. Blew a chance a few years back to buy nice townhouse 'cause I couldn't come up with the $$$ at the time. We checked out one that was owned by a coworker of the SO. Damn thing went from 245 to 355 in 18 months. That's just crazy.

Yeah - some friends of ours bought a place near the Capitol when it was still pretty dodgy - then it turned into the place to be. When they wanted to moved back to NC after about 4-5 years they sold the place in DC and paid cash for a 5000 sq ft house on a golf course in Chapel Hill and still had some $$$ left over.

[Boo]

the only credit card we keep is a US Airways Dividend Mile card...it has a 50/year fee but you make that up and some with airline miles. We auto pay our mortgage on it which gets you miles real fast then just send the mortgage payment to the credit card company. Got enough to go to Australia now....we're using some next month to go to either the Bahamas or Las Vegas. I use it to buy gas at the pump too.

[vpkozel]

Originally posted by Boo
We auto pay our mortgage on it which gets you miles real fast

How did you do that? Got the same card - and am always looking for more miles.

[Boo]

whoever your lender is can set it up. they usually draw on your checking account but you can set it up to pay on the credit card. they don't care, as long as they get their money. I know people who do the same thing with groceries too. As long as you pay the balance in full every month, there is no interest charge.

[chipshot]

Originally posted by Boo
the only credit card we keep is a US Airways Dividend Mile card...it has a 50/year fee but you make that up and some with airline miles. We auto pay our mortgage on it which gets you miles real fast then just send the mortgage payment to the credit card company. Got enough to go to Australia now....we're using some next month to go to either the Bahamas or Las Vegas. I use it to buy gas at the pump too.

My father gave me that lecture on Sunday. Gas & Groceries on the US Airways card. Hadn't thought about mortgage.

[vpkozel]

Originally posted by chipshot


My father gave me that lecture on Sunday. Gas & Groceries on the US Airways card. Hadn't thought about mortgage.

We buy just about everything with that card - but pay it off every month. I almost never have cash on me because of that card.

[Boo]

speaking of US Aiways...there is a paragraph in their e-saver e-mail this morning which explains that you now have to buy your meals in coach for trips over 700 miles. $7 dollars for breakfast and $10 for lunch and dinner.

[vpkozel]

Originally posted by Boo
speaking of US Aiways...there is a paragraph in their e-saver e-mail this morning which explains that you now have to buy your meals in coach for trips over 700 miles. $7 dollars for breakfast and $10 for lunch and dinner.

Good thing I always upgrade to First Class

[sadic1]

Originally posted by meatpile
I've been having alot of strange feelings about house debt. I hate my mortgage more than anything else right now. I have half a mind to sell this joint, take the equity and pay cash for a much lower lifestyle. But is it lower? I'd have no mortgage. That's livin' large, if you ask me.

I have the exact same thoughts. I hate debt, and I wouldn't mind a $100k farm in some scrubby ass place in SC. That with no mortgage and space to play with motorized toys and have a nice vegetable garden seems like a step up from a $200k development house with a mortgage and a homeowners' association. My wife likes being close to the shopping, though. I keep telling her that she homeschools, so she's supposed to be all Little House on the Prairie and stuff and want to be on a farm. So now I'm thinking, maybe get a farm and rent it out, then when the bottom drops out of my career, we'll have no choice but to move there and dump the development house...

[LarryD]

how do you get a usairways card?

[LarryD]

Originally posted by meatpile
I've been having alot of strange feelings about house debt. I hate my mortgage more than anything else right now. I have half a mind to sell this joint, take the equity and pay cash for a much lower lifestyle. But is it lower? I'd have no mortgage. That's livin' large, if you ask me.

you talking about paying outright for a house?

how would your lifestyle be lower?

[meatpile]

Originally posted by LarryD


you talking about paying outright for a house?

how would your lifestyle be lower?

It would be a cheaper house.

[Boo]

Originally posted by LarryD
how do you get a usairways card?

http://www.bankofamerica.com/creditcards/cfindex.cfm?template=cc_usair.cfm&orig=&headerType=usair&product=&cardtype=&association=&price=&csp=&lang=&image=&page=&prod_select=&cashtrk=&verify=&adlink=00420200514928210741

if that link doesn't work...you get it off of usairways.com

[LarryD]

Originally posted by meatpile


It would be a cheaper house.

you talking smaller, or just farther out from the city?