Thursday, January 28, 2010

Credit Cards are the DEVIL!!

Its been almost a year since I stopped using them and THANK GOD there's the Credit Card Bill of Rights going into place on February 22nd issuing some hard regulations on em.

Now what puzzled me for the last week was I kept missing calls from Capital One (yeah, I'm in blast mode). This was odd bc I'm current with that account, so why are they calling me 3 times a day. Curious enough, I picked up today. They wanted to inform me of a "little known" clause in the regulation act of 2/22 that credit cards would no longer be allowed to authorize payments over the limit. So out of the kindness of their hearts, they were going to allow me to WAVE that policy, for my best interest of course, and as a reward for my fiscal responsibility, they will offer me a discounted over the limit PENALTY of $29 instead of the current $39. Hah- Leh- Loo - Jaa!
Sidenote: I had to exercise olympic goal medal restraint on the phone. What she didn't know is that I've been praying for and following this act fanatically, so there is very little about the provisions that I'd consider "little known."
Background: I've had a capital one card for damn-nearly 5 yrs now with an introductory limit of $600. The limit on the card to date is currently $600. I've had 3 other cards with way higher limits than that, so needless to say I hardly use the card anymore. Matter of fact, the only times I used it last year was to transfer balances bc it has a lower apr than another card and these tieves swindled me and up'd the apr without notice on me. The only times I went over the limit was when I got hit with finance charges and penalties and whatever fees that pushed me over the limit (sometimes you just forget the deadlines damnit)....hmmmm.

So why are they calling me madly over some policy change? Easy, they want to keep the over the limit option so they can keep charging me over the limit and throwing charges on top of charges that I wouldn't be charged if they didn't charge me. If I don't make purchases over the limit and the only time I go over the limit is bc of their charges, what logical person would keep the over-the-limit policy?

No over-the-limit = no over-limit fees. 2+2 still ='s 4 in this universe homie!!

To humor myself I asked her to tell me how many purchases I actually made in the last took too long so I eventually told her none, and politely let her know how futile and obviously underhanded her attempts were.

NO THANKS!! I think this policy should have come years ago. Its criminal how much little loopholes credit cards have to hang you with. So if you guys get called on this seemingly good deal, Nancy Reagan them and just say no!


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