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Is it just me being paranoid? In order to avoid service charges on my
credit card, it has been my practice to maintain a constant positive
balance on the card. Enough that I wouldn't, though my own
forgetfulness, incur a service charge because some amount I charged hit
just at the due date and I forget to put money in. So now I see a debit
on my account marked REFUND AS R.
I phone the bank. I'm informed that it means REFUND AS REQUESTED. Who
requested? Not me for sure. The bank's system requested it, and, I am
told, sent me the check. And now I owe $9.50 on the account. I am told
that the back is required to refund a long-standing credit on the account.
'You mean I can't keep a positive balance on my credit card so as to
avoid a service charge?'
'Let me ask my supervisor'
:elevator music:
'Mr Charter my supervisor says the system is set up to refund any long
standing credit. She advises that if you want to keep a credit on the
account that it be no more than about $50.'
Unbelievable. So I am forced so play a sort of Russian roulette trying
to keep the balance equal to my charges and I am allowed a $50 buffer to
work with. I dunno. I feel conspired against.
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Jim Charter wrote:
> Is it just me being paranoid?
No. In lots of countries, the finance systems of this type are set up to
require a refund of over-paid bills.
I suggest that instead of this, you call the bank and say "I'd like you
to waive my annual fee indefinitely." They'll waive it for one year
(assuming you've been a good boy) and put it on the next year. Call them
up next year, tell them to waive it indefinitely again and you mean it
this time, and they'll see it was waived before and waive it indefinitely.
Then, pay your bills on time.
> And now I owe $9.50 on the account.
Uh, so pay it. A credit card is for credit, not a bank account. :-)
> 'You mean I can't keep a positive balance on my credit card so as to
> avoid a service charge?'
No. It's a credit card. (At least in the USA. IANAL.)
> Unbelievable. So I am forced so play a sort of Russian roulette trying
> to keep the balance equal to my charges and I am allowed a $50 buffer to
> work with. I dunno. I feel conspired against.
Don't you have a grace period in which to pay charges to the card? I
never had this problem.
--
Darren New / San Diego, CA, USA (PST)
Ever notice how people in a zombie movie never already know how to
kill zombies? Ask 100 random people in America how to kill someone
who has reanimated from the dead in a secret viral weapons lab,
and how many do you think already know you need a head-shot?
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"Jim Charter" <jrc### [at] msn com> wrote in message
news:4898ea29$1@news.povray.org...
> Is it just me being paranoid? In order to avoid service charges on my
> credit card, it has been my practice to maintain a constant positive
> balance on the card.
Why is it so difficult to pay off your balance each month, especially in
this day and age of electronic banking? It takes less effort than trying to
maintain a positive balance.
> Enough that I wouldn't, though my own forgetfulness, incur a service
> charge because some amount I charged hit just at the due date and
> I forget to put money in.
That's why there's a delay and a grace period. Even if you forget a payment,
calling within a reasonable time and saying you got the bill late in mail or
some other lame excuse, they will rollback the charge - remember, they want
your business.
> Unbelievable. So I am forced so play a sort of Russian roulette trying to
> keep the balance equal to my charges and I am allowed a $50 buffer to
> work with. I dunno. I feel conspired against.
I am not sure you have a grasp of how credit cards work. There's no russian
roulette, you get a bill, you pay it. It's no different than phone, gas,
electricity, water, taxes, insurance... etc. Do you also maintain a positive
balance on all of those?
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Jim Charter wrote:
> Unbelievable. So I am forced so play a sort of Russian roulette trying
> to keep the balance equal to my charges and I am allowed a $50 buffer to
> work with. I dunno. I feel conspired against.
Um... Isn't it the credit card company's *job* to scam you out of your
money? I mean, isn't that where 100% of their profits come from?
--
http://blog.orphi.me.uk/
http://www.zazzle.com/MathematicalOrchid*
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Invisible wrote:
> Jim Charter wrote:
>
>> Unbelievable. So I am forced so play a sort of Russian roulette
>> trying to keep the balance equal to my charges and I am allowed a $50
>> buffer to work with. I dunno. I feel conspired against.
>
> Um... Isn't it the credit card company's *job* to scam you out of your
> money? I mean, isn't that where 100% of their profits come from?
>
No, part of it comes from the fee they charge all merchants for the
'privilege' of supporting their cards.
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Jim Charter wrote:
> Is it just me being paranoid?
I've never let a credit card charge me a 'service fee'. The trick, so
far, has been to read all the paperwork with someone else and to avoid
any thing they offer over the phone. Sure, some cards do have a monthly
or yearly fee, but I never got one of those.
I would say paying it on time is key, but with the companies cutting
grace periods down to 20 days, and then waiting till 3 days after the
closing date to actually mail a statement, it can get tough. I've
switched to paying online. When I pay the one bill, make a note of the
next closing on the calendar and be ready for it next month.
So, no, not paranoid. Paranoid would be using cash for everything to
stay untraceable. Or refusing to use cash because the serial numbers
could be traced back to you. Or worse.
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>> Um... Isn't it the credit card company's *job* to scam you out of your
>> money? I mean, isn't that where 100% of their profits come from?
>>
>
> No, part of it comes from the fee they charge all merchants for the
> 'privilege' of supporting their cards.
Ah, good point...
--
http://blog.orphi.me.uk/
http://www.zazzle.com/MathematicalOrchid*
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"Sabrina Kilian" <"ykgp at vtSPAM.edu"> wrote in message
news:48996c81$1@news.povray.org...
> No, part of it comes from the fee they charge all merchants for the
> 'privilege' of supporting their cards.
that's why i don't accept credit cards in my shop .... they want an
additional 3%. we do however accept debit cards. we get charged 15 cents per
transaction. every time i do a batch deposit it costs me 75 cents, then
theres the monthly account fee $10.75 .... even a $1.00 statement
preparation fee. i'm completly self help until the end of the season when i
empty the account. banks are a giant rip off. unfortunately keeping my money
stuffed in a mattress isn't an option.
Jim
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Sabrina Kilian wrote:
> Jim Charter wrote:
>> Is it just me being paranoid?
>
> I've never let a credit card charge me a 'service fee'. The trick, so
> far, has been to read all the paperwork with someone else and to avoid
> any thing they offer over the phone. Sure, some cards do have a monthly
> or yearly fee, but I never got one of those.
>
> I would say paying it on time is key, but with the companies cutting
> grace periods down to 20 days, and then waiting till 3 days after the
> closing date to actually mail a statement, it can get tough. I've
> switched to paying online. When I pay the one bill, make a note of the
> next closing on the calendar and be ready for it next month.
>
>
One better - some cards allow automatic payment of the balance - tied to
a bank account of course.
So now vacation and emergencies don't catch you off guard.
Tom
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Sabrina Kilian wrote:
> No, part of it comes from the fee they charge all merchants for the
> 'privilege' of supporting their cards.
And part comes from the interest they charge you for not paying off the
card before the end of the grace period. Personally, I've never had a
problem with "scams" because I follow the contract and pay things off.
Most of the complaints you read are along the lines of "I borrowed money
and didn't pay back the minimum, so they increased my rates, whaaa whaaa!"
--
Darren New / San Diego, CA, USA (PST)
Ever notice how people in a zombie movie never already know how to
kill zombies? Ask 100 random people in America how to kill someone
who has reanimated from the dead in a secret viral weapons lab,
and how many do you think already know you need a head-shot?
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