Comments on: Follow The Rules, Get Stabbed In The Back http://www.thewisdomjournal.com/Blog/follow-the-rules-get-stabbed-in-the-back/ Wise Choices. Improved Finances. A Better Life. Fri, 19 Mar 2010 17:31:26 -0600 http://wordpress.org/?v=2.9.2 hourly 1 By: Credit Card Chaser http://www.thewisdomjournal.com/Blog/follow-the-rules-get-stabbed-in-the-back/comment-page-1/#comment-12083 Credit Card Chaser Fri, 30 Oct 2009 23:56:00 +0000 http://www.thewisdomjournal.com/Blog/?p=917#comment-12083 The 2 cards you featured in the article are potentially great choices. I personally have the American Express TrueEarnings card and have been really pleased with it. The one downside of the card though for some people is that while there is no annual fee for the card they do require you to have a Costco membership so that is kind of like an annual fee if you had not planned to have a Costco membership AND more importantly the card gives you cash back in the form of money to spend only at Costco so while I love Costco because they have great prices on pretty much everything if someone does not like Costco then its important to know how the card doles out its cash back ahead of time. The 2 cards you featured in the article are potentially great choices. I personally have the American Express TrueEarnings card and have been really pleased with it. The one downside of the card though for some people is that while there is no annual fee for the card they do require you to have a Costco membership so that is kind of like an annual fee if you had not planned to have a Costco membership AND more importantly the card gives you cash back in the form of money to spend only at Costco so while I love Costco because they have great prices on pretty much everything if someone does not like Costco then its important to know how the card doles out its cash back ahead of time.

]]> By: Ron http://www.thewisdomjournal.com/Blog/follow-the-rules-get-stabbed-in-the-back/comment-page-1/#comment-12060 Ron Thu, 29 Oct 2009 18:42:09 +0000 http://www.thewisdomjournal.com/Blog/?p=917#comment-12060 "Have to have" -- no, of course not. But life is a bit easier if you do, at least it is for me. I don't like that hotels, gas stations, car rental agencies, et al place a large hold on the funds in my checking account when I use a debit card at these places. I've had as much as one thousand dollars held at a car rental agency, only later finding out when funds were not available at an ATM. That's why I carry a credit card, the rewards are fluff -- nice fluff, but fluff nonetheless. “Have to have” — no, of course not. But life is a bit easier if you do, at least it is for me. I don’t like that hotels, gas stations, car rental agencies, et al place a large hold on the funds in my checking account when I use a debit card at these places. I’ve had as much as one thousand dollars held at a car rental agency, only later finding out when funds were not available at an ATM. That’s why I carry a credit card, the rewards are fluff — nice fluff, but fluff nonetheless.

]]> By: Meg http://www.thewisdomjournal.com/Blog/follow-the-rules-get-stabbed-in-the-back/comment-page-1/#comment-12059 Meg Thu, 29 Oct 2009 17:53:46 +0000 http://www.thewisdomjournal.com/Blog/?p=917#comment-12059 There is absolutely no reason that a person HAS to have a credit card -- not unless they "have to have" debt, in which case there are more serious problems. You DO NOT need a credit card to rent a car or hotel room -- and why this is repeated so often I do not know except that the credit card companies would love you to think that. Debit/check cards can do that just as well and can also be used online. Most even come with the same consumer protections if you tell the retailer to run it as credit. As for the fees, it was only a matter of time till they realized they could get away with it. And with new credit card legislation coming into effect next year, the pressure on their end is up since they will be no doubt making less (and no matter how much anyone makes, they rarely want to make less). Of course, the credit card companies DO make money even on so-called "deadbeats" because they charge the retailer with every transaction. However, it's not nearly the same amount they make from those who carry balances and incur additional fees. My advice is to try going without a credit card. Studies show that those using credit cards are more likely to spend more money than if they used cash or even debit cards -- so you're not always getting rewards for stuff you'd buy anyhow. Moreover, these companies are snakes and even if you do everything right, you may still get bit. You may win in the end, but will it be worth your time and trouble? There is absolutely no reason that a person HAS to have a credit card — not unless they “have to have” debt, in which case there are more serious problems.

You DO NOT need a credit card to rent a car or hotel room — and why this is repeated so often I do not know except that the credit card companies would love you to think that. Debit/check cards can do that just as well and can also be used online. Most even come with the same consumer protections if you tell the retailer to run it as credit.

As for the fees, it was only a matter of time till they realized they could get away with it. And with new credit card legislation coming into effect next year, the pressure on their end is up since they will be no doubt making less (and no matter how much anyone makes, they rarely want to make less). Of course, the credit card companies DO make money even on so-called “deadbeats” because they charge the retailer with every transaction. However, it’s not nearly the same amount they make from those who carry balances and incur additional fees.

My advice is to try going without a credit card. Studies show that those using credit cards are more likely to spend more money than if they used cash or even debit cards — so you’re not always getting rewards for stuff you’d buy anyhow. Moreover, these companies are snakes and even if you do everything right, you may still get bit. You may win in the end, but will it be worth your time and trouble?

]]> By: Jen @ NextRichGirl http://www.thewisdomjournal.com/Blog/follow-the-rules-get-stabbed-in-the-back/comment-page-1/#comment-12056 Jen @ NextRichGirl Thu, 29 Oct 2009 17:04:04 +0000 http://www.thewisdomjournal.com/Blog/?p=917#comment-12056 This is such frustrating news. The credit card companies certainly get you one way or the other, don't they? I've been credit card free for the past six years because I got myself into trouble with them and had to claw my way back out. It's amazing how tough it is to live without a credit card, but I certainly don't think that it's worth a $99 annual fee for the convenience! This is such frustrating news. The credit card companies certainly get you one way or the other, don’t they? I’ve been credit card free for the past six years because I got myself into trouble with them and had to claw my way back out. It’s amazing how tough it is to live without a credit card, but I certainly don’t think that it’s worth a $99 annual fee for the convenience!

]]> By: Clayton http://www.thewisdomjournal.com/Blog/follow-the-rules-get-stabbed-in-the-back/comment-page-1/#comment-12054 Clayton Thu, 29 Oct 2009 12:37:53 +0000 http://www.thewisdomjournal.com/Blog/?p=917#comment-12054 I agree 100% with you. I have been fortunate enough recently to start getting rid of debt myself, though I am acquiring a house soon, my money drips have deminished (loan companies, yearly fee high interest credit cards, and unneccesary wants). Sure, putting it on a card and paying it out sounds good, but then you have waisted your time shopping because now you are paying 9 to 20% (or more)more than you would have. I'm glad you hate debt. Keep the good stuff coming I agree 100% with you. I have been fortunate enough recently to start getting rid of debt myself, though I am acquiring a house soon, my money drips have deminished (loan companies, yearly fee high interest credit cards, and unneccesary wants). Sure, putting it on a card and paying it out sounds good, but then you have waisted your time shopping because now you are paying 9 to 20% (or more)more than you would have. I’m glad you hate debt. Keep the good stuff coming

]]>