in case you needed another reason to stop using your credit card,
latest bank fee is for paying off credit card on time every month
new credit card fees mentioned in the article:
- annual fees for customers who have never carried a balance or paid a late fee (bank of america)
- annual fees to cardholders who don’t put a minimum amount of their card each year (citigroup)
- inactivity fees for not using your credit card during a specific period of time
That is what happened to me and bang – no more credit card – thank you citibank for making my decision EASY!
Yeah!
If that isn’t the dumbest thing I have ever heard:
annual fees for customers who have never carried a balance or paid a late fee (bank of america)
when i paid off all my debt a while ago, after paying off each card ( i had three that i had to pay off and 4 total) i closed each account. most of them were easy to close, i had to argue a bit with the people from WaMu but i got it closed and i’ve never been happier. i keep on card, a Kohl’s card that i use on occasion when they are having sales and i need new shoes or something. i rarely use it, and i always pay it off right away. i have considered getting rid of it, but i haven’t head a reason yet. so far its the only card I’ve found that was worth keeping.
You need to let your cards expire. If you close an account, it decreases your credit rating.
Just this morning I received a letter from Citibank. “We are making changes to your account terms.”
What are their “changes”? 29.99% interest. From 9.99% to 29.99%, effective next month.
I am opting out – their term for closing my account. I won’t just be opting out of this card. I am opting out of this system. No more cards of any kind for me.
I just can’t see myself participating in this game anymore.
Good point. I hadn’t thought about it quite that way. :)
Gee willikers, that’s such a great post!
Another title for this should be “Why Responsible Citizens are Going to Get Screwed Again”. How can I teach my daughter to act responsibly if all she sees are unethical and irresponsible behaviors being excused and responsible and ethical behaviors being fined or taxed? Arrgh! frustrating!
I have never had a balance of more than 0, never been late, and use my card only for emergencies or vacations. I keep one card, however that may be changing soon to 0.
I’ve never had a credit card. If I didn’t have the money, I didn’t buy it.
And I’ve never in debt.
Completely agree di! I’ve not owned a CC & never plan to!