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Topic Title: Credit Card Companies Find New Ways To Rip You Off Topic Summary: Created On: Nov-02-2009 12:44 PM Status: Post and Reply |
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#1640710
Nov-04-2009 08:23 PM
I can't speak for Blade2k5, but I prefer to keep most of my money in my own possession (i.e. a safe), and not trust a bank with it. But a bank is safe because if they take your money they are still Required to give it back when you withdraw it, also you earn interest instead of paying a fee. |
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#1640723
Nov-04-2009 08:45 PM
Maybe where you live it's risky, but not here and not if you don't open your big mouth and brag about how much you're going to spend. And I don't carry that kind of cash in my wallet, I have another hiding place for it.[...] A bank? I can't speak for Blade2k5, but I prefer to keep most of my money in my own possession (i.e. a safe), and not trust a bank with it. The wallet I carry has nothing in it but a note that says "You've been had" Then how do you conduct transactions? Probably like me, cash in pockets only enough for daily or weekly use. I only use my card for gas, which i get reimbursed for and its a pain to keep enough cash in hand for 2-3 tanks a week, not to mention haveing to go inside to pay it. plus for ememergency purchases like unexpected car repaires if its over 100 bucks or so. I use checks were they will take them, moslty for grocieries and stuff like laundry soap, shampoo and sumsuch. My wallet only has reciepts, my one credit card , ID and Insurance cards, all replacable or cancelable if stolen or lost with a phone call. |
| Stupidity Should Always be Painfull The only thing that helps me maintain my slendergrip on reality is the friendship I share with my collection of singing potatoes. Misses Sporeum.com  |
#1640800
Nov-04-2009 10:55 PM
I can't speak for Blade2k5, but I prefer to keep most of my money in my own possession (i.e. a safe), and not trust a bank with it. But a bank is safe because if they take your money they are still Required to give it back when you withdraw it, also you earn interest instead of paying a fee. Banks are not as safe as you think. Like Patricius, I don't keep my cash in banks, it's not worth-while to do so...they make a killing on investing your money and give next to nothing back in interest. So let them get fat on someone elses money. Back in the 70's you'd get 5.25% interest on your savings account, today, you're lucky if you get a .5%. Not worth it. |
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#1640814
Nov-04-2009 11:24 PM
| You need to find a bank that will offer you a high interest savings account, blade. I've got one that has a 2.75% APY on it at present, and back before the recession started it went as high as 5.75%. As long as it's FDIC insured (or the equivalent elsewhere) a high interest savings account is a much better place for money than a safe. |
#1640827
Nov-04-2009 11:46 PM
You need to find a bank that will offer you a high interest savings account, blade. I've got one that has a 2.75% APY on it at present, and back before the recession started it went as high as 5.75%. As long as it's FDIC insured (or the equivalent elsewhere) a high interest savings account is a much better place for money than a safe. Maybe where you live, but not around here. And please, don't assume I haven't.  |
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#1640920
Nov-05-2009 01:43 AM
| oh credit cards, OH credit cards...... Me? Dont have one, never going to get one. I still think its funny when i get credit card offers, because they've been sending them to me since i was 16. ok...HOLD ON! a 16 year old isnt old enough to do really anything with large sums of money, let alone having a credit card! I knew this one girl that i graduated with who had gotten a credit card about a month after she graduated. about 4 months later, she was filing bankrupcy because she was $10,000 in debt! HOW IN THE WORLD DO YOU DO THAT IN 4 MONTHS!!! Because the credit card companies want to steal your money. Plain and simple. I use cash only, except for large purchases, and then i go and put ONLY the money i need for that product-thingy into my checking account from my savings. Im also lucky enough that i have a caring enough bank that they dont charge you for anything (except overdrawn account fees)(and the normal fees like money orders, ect.). But no charges for in activity or for not having enough money in your account (i think i have 8 dollars in my checking account...has been that way for over a month and a half now.) I dunno. Credit card companies irk me... PS- That girl came from a well known upper middle class family. I saw her last week coming home from my girlfreinds house sleeping in a local walmart parking lot in her car.... |
#1640925
Nov-05-2009 01:59 AM
[they've been sending them to me since i was 16. ok...HOLD ON! a 16 year old isnt old enough to do really anything with large sums of money, let alone having a credit card! PS- That girl came from a well known upper middle class family. I saw her last week coming home from my girlfreinds house sleeping in a local walmart parking lot in her car.... Sense when can a 16 year old get a credit card i tried but i was rejected because i'm not 18. Wow that's ruff, too many people believe credit cards are "free money" and start spending like crazy not realizing they have passed the limit and charged too much. |
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Edited: 11/05/2009 at 02:12 AM by Larks2242
#1641030
Nov-05-2009 06:42 AM
| Holy heck, I must say that the Australian banks are rather different to your american ones. For example, right now i've got some money sitting in a 6 month term deposit at 4.5% that i put in only a month ago. Before the whole downturn (right before actually, got in at a good time), i had it in at 8.8% PA.
Banks here still do charge a lot in fees, (don't try and use an atm that doesn't belong to your bank, could cost you up to $4 IIRC), however they're starting to drop some fees, one of my banks finally dropped its overdraw fee for sums of less than $50 |
#1641068
Nov-05-2009 09:19 AM
| The ones that do have that sort of interest rate require you to have a lot in or they charge you a fee every month that costs more than the interest you make anyway. |
#1641222
Nov-05-2009 03:44 PM
The ones that do have that sort of interest rate require you to have a lot in or they charge you a fee every month that costs more than the interest you make anyway. I'm sure it depends on the bank. |
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#1641268
Nov-05-2009 05:09 PM
Maybe where you live, but not around here. And please, don't assume I haven't. I don't know where "around here" is, but there are some good ones online. ING Direct has high yield savings accounts, and while right now they're only at 1.3%, it's a variable rate that climbs when the economy is better. I've seen them over 3% in the past. Another one, called Ally Bank, has a 1.55% APY right now, and they also have CDs at 1.95%. Their CDs have no minimum deposit, and they even lack a penalty for early withdrawal. Another called Everbank has a 2.15% APY for their savings, with a bonus rate of 3.01% for the first three months. None of these rates are as high as you can find under a better economy, but they're still far and away better than what a typical local bank offers, and it's certainly better than what you get if it's sitting in a safe in your house!  And if you're looking for a savings account in order to actually SAVE money, it shouldn't matter that the primary access for these is all online; if you're saving, you don't need to access this money at the ATM every day. They're all FDIC Insured, as well.The ones that do have that sort of interest rate require you to have a lot in or they charge you a fee every month that costs more than the interest you make anyway. None of the ones I've named do that, nor does the one I have. No minimum amount, no fees, etc. The only limitation on mine is that I can't make more than 6 withdrawals per month. That's never been a problem. It's a SAVINGS account after all, and if I need to pull money out of it, I make sure to pull ENOUGH out. I can always put it back in if I take too much. All it takes is a little research, and not even a LOT of that. |
#1641286
Nov-05-2009 05:28 PM
| But still, those a re pitifull return rates compared what they were in the 80s
Saving accounts were never less then 5% and CD's were around 12%. to bad i was broke in the 80s. |
| Stupidity Should Always be Painfull The only thing that helps me maintain my slendergrip on reality is the friendship I share with my collection of singing potatoes. Misses Sporeum.com |
#1641334
Nov-05-2009 07:01 PM
| I don't know why are you so paranoid about having your money in banks and having a debit card.
Then again, in a country were the risk of being robbed even inside your own home is very darn real, I'd rather keep my cash in the bank and freely available through my debit card than risk having all my money stolen by some idiot who doesn't want to get a real job. |
#1641385
Nov-05-2009 08:33 PM
| Because of the FDIC, you don't need to worry about the bank losing your money - it's guaranteed. The same cannot be said of storing cash in your home, even in a safe. Locks can be picked, safes can be broken, buildings can burn down or get inundated by floods... there are very plausible means by which you could lose your entire life's savings if you're keeping it in a safe. A bank account, on the other hand, is infallible so long as you don't store more than $100k in it. Besides, cash in a safe doesn't earn interest and loses value over time due to inflation. Precious metals and jewels are just commodity investments and can also potentially lose value over time. You also can't write checks based on them. Now, I don't particularly care if bankers are padding their own pockets by investing with my money - that's how investing works, and it's not like it's in any way at my expense. Indeed, I get a cut of it (the interest). I think I'll keep my money in the bank, thanks. |
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#1641396
Nov-05-2009 08:43 PM
| I think they raised the ammount insured to more than $100,000 recently. |
#1641446
Nov-05-2009 09:51 PM
I think they raised the ammount insured to more than $100,000 recently. That was temporary, in light of the financial collapses last fall. |
Rank: super fighting robot. Mission: fiiiighting to saaave.... the world! Who wants a cookie? Take one! Cookie Cookie Cookie Cookie Cookie Cookie Only the special awesome people can read this. |
#1641468
Nov-05-2009 10:20 PM
| The capitalist in me says, it's capitalism and that's the way it's done. However, the banks have used credit cards to rape the populace so often, and to such a degree, that they have to be clipped. In the absence of commonsense limitations (which Wall St is ever opposed to) then someone else has to step in. Thomas Jefferson's warnings about credit abuse are ignored more than speed limits on the Interstate. And the American people allow this to be done to them without a peep, they hate the fees and interest but still do the dumbest things, like charging groceries that will be consumed before the bill ever comes out. The people don't have the will or self-control necessary to stop the madness, so they look to a nanny-state to protect themselves from themselves. The gov't is the worst possible stand-in for a people who are weak-willed and profligate with money that isn't theirs... just like their gov't. |
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#1641942
Nov-06-2009 11:36 AM
| Credit cards... there is so much to say. The simplest: I sit on the fence of Apathy. I guess it is a big deal for a lot of people, but the pain suffered is often of their own making.
Let's put it this way... I have several credit cards, essentially one for each common underwriter (Visa, MC, Discover, AMEX). I use my cards all the time, but I have no debt. I agree that credit card vendors are viciously greedy and need to be controlled, but I also think that people dig their own graves by over-extending themselves. There is no one to blame for that aspect but the spender. Too many people insist on driving a nice car or having the latest cellphone, or having that 52" plasma TV and the latest fashions. Well, they get what they deserve... debt. But, again, that doesn't mean the credit card companies should be able to milk everyone with outrageous rates. Barbarossa |
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#1641961
Nov-06-2009 12:29 PM
| Another reason why I don't want a credit card. I'll stick with debit and cash thank you very much (not to mention the debt I'd get myself in if I did have a credit card!) |
#1641964
Nov-06-2009 12:36 PM
| Yea, credit card companies are essentially the spawn of the Devil... in their own way. I learned that from my parent's mistakes - my mom was very naive about credit card companies and only a couple of years ago they came back to bite her very hard. I don't think I'll ever get a credit card in my entire life. |
#1641972
Nov-06-2009 01:03 PM
| well, one of the first questions of having a bank account in the first place was "is my money safe?" and in the UK (as far as i know) that is not guarenteed. banking is a risk. but the law requires that you involve some form of financial institution every time you receive a paycheque (no longer the paypacket) as a result (i bank with RBS the least stable bank) i have no more than £10 in my account so as to keep it open and i withdraw the rest. all of the cash is "under the matress" and i have about £4 in my pockets at any given time BTW don't actually look under my matress, there are nothing but bedsprings there  |
| progess can only exist if there is an ideology to work towards, not having an ideology is like trying to win a race against your brother by running in a little circle. - Gilbert Keith Chesterton "When common sense ceases to be common, a society is in terminal decay" - same as above Thieves respect property. They merely wish the property to become their property that they may more perfectly respect it Gilbert Keith Chesterton My distaste for Social Liberals knows no bounds, any wrongdoing often brings guilt or shame when caught, but it can only work if people are free to shame said wrong behaviour and if shaming is banned then nothing can ever be wrong unless it falls under the law everybody's business is everybody else's business |
#1642220
Nov-06-2009 09:11 PM
well, one of the first questions of having a bank account in the first place was "is my money safe?" and in the UK (as far as i know) that is not guarenteed. banking is a risk. but the law requires that you involve some form of financial institution every time you receive a paycheque (no longer the paypacket) As of October 2008, the UK bank guarantee was £50,000. One of the keys to building wealth is to realize that your money has inherent earnings potential, and this potential can be put to work for you. Obviously money is required to live and it is foolish to fault someone for spending the money necessary to maintain a basic standard of living, but when it concerns surplus money, if a person is not maximizing his money's earnings potential, he is wasting his money, even if he isn't actually spending that money. Not putting your money in an insured bank is an example of wasting your money's earning potential. Since RBS provides online information about its various accounts, I've worked out the numbers to provide a real world example. For the purposes of this example, it is assumed that the individual will retire at 65, makes uniform annuity payments that coincide with compounding periods, and that the nominal interest rate remains uniform. These calculations are based on what RBS calls a "standard interest paying account." Finally, RBS provides the annual interest rate, but compounds the interest monthly, so an effective monthly interest rate was calculated for this example.  As can be seen from the above examples, "keeping your money under a mattress" is a waste of your money's earnings potential and is thus a waste of your money. If you were to deposit £100 every month for 45 years, you would have accumulated £54,000, which, if you wanted to live till you were 85, could provide you a yearly pension of £2,700. If you were to deposit that £100 into a bank, the resulting balance could provide you an annual pension of £122,398.32 till you reached 85. The difference between the two approaches becomes even more stark when you consider the £250 annuity. Using the mattress method, the final balance could provide you with an annual pension of £6,750, whereas depositing that same annuity in the bank could provide you an annual pension of £305,995.80. Moral of the story: Put the money in the bank. |
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Edited: 11/06/2009 at 09:38 PM by hym
#1642222
Nov-06-2009 09:20 PM
| Whats the intrest rate on that?
|
| Stupidity Should Always be Painfull The only thing that helps me maintain my slendergrip on reality is the friendship I share with my collection of singing potatoes. Misses Sporeum.com |
#1642225
Nov-06-2009 09:24 PM
| Great reserch hym, that is a nice table! |
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#1642231
Nov-06-2009 09:41 PM
Whats the intrest rate on that? Annual interest rate is approximately 10%. |
| Site Rules|Chat Rules|STEX Rules Omnibus Article Spotlight: How to Switch from Right to Left Hand Drive Questions? Comments? Concerns? Send me a Private Message. Random Ramblings of Hym's Mind: Say what you will about the importance of big dreams, but they are useless if no one will follow through with them. |
#1642251
Nov-06-2009 10:22 PM
| As to the OP - Discover Card calls me about 6 times a day. Per my lawyers advice I offered them $2000 of the $12000 (now more than 13000 due to more interest) to settle it but they refused. Funny thing is it will cost me less than that for bankruptcy and they won't get a penny. Due to multiple physical and psychological disabilities I can't drive and would never be able to live by myself so credit rating doesn't mean much for me. |
#1642364
Nov-07-2009 03:16 AM
Whats the intrest rate on that? Annual interest rate is approximately 10%. they pay 10% straight intrest? or is it based on stocks they invest in for you? |
| Stupidity Should Always be Painfull The only thing that helps me maintain my slendergrip on reality is the friendship I share with my collection of singing potatoes. Misses Sporeum.com |
#1643365
Nov-08-2009 08:24 PM
But still, those a re pitifull return rates compared what they were in the 80s Saving accounts were never less then 5% and CD's were around 12%. to bad i was broke in the 80s. Yes, and it wouldn't surprise me if those rates in the 80s contributed to the savings and loan crisis that in terms of bank failures was worse than what we've seen so far during this "Great Recession." I think they raised the ammount insured to more than $100,000 recently. That was temporary, in light of the financial collapses last fall. While technically you're right, I would be quite surprised if it wasn't made permanent. It was origianlly supposed to expire at the end of this year, and it's been extended through 2013 now. And even if it does expire and drops back to $100,000, that's still more of a guarantee than people who use the mattress method. It's not difficult to spread your money around in different types of accounts at different banks to make sure it's all insured; as far as I'm concerned, if people HAVE enough money to exceed the insurance limits, then they have enough money to pay someone to make sure it's all insured if they're not smart enough to do it themselves. |
#1643577
Nov-09-2009 10:48 AM
I can't speak for Blade2k5, but I prefer to keep most of my money in my own possession (i.e. a safe), and not trust a bank with it. But a bank is safe because if they take your money they are still Required to give it back when you withdraw it, also you earn interest instead of paying a fee. Banks are not as safe as you think. Like Patricius, I don't keep my cash in banks, it's not worth-while to do so...they make a killing on investing your money and give next to nothing back in interest. So let them get fat on someone elses money. Back in the 70's you'd get 5.25% interest on your savings account, today, you're lucky if you get a .5%. Not worth it. Exactly. Why should I give a bank my money so they can lend it out to someone else and make big profits off of it, when I can keep my own money in my own possession. It makes sense to my way of thinking for me to own the money I own. Even if banks are legally required to give it back, it doesn't change anything. Their coffers only contain a fraction of total deposits. The rest is all out tied up in risky debt. What if a bank goes bankrupt, and there is nothing in the vault to pay out? What if the state deposit insurance fund was empty? Like it or not, banks are not safe. They are only as safe as that which backs them up, which is a fraction of total deposits in the bank's coffers, and even less than the total in the government insurance fund. Putting money in the hands of anyone other than yourself is inherently risky to some degree. If I wanted to take a risk, I would put my money in something more lucrative than a bank, like say the stock market or gold. You need to find a bank that will offer you a high interest savings account, blade. I've got one that has a 2.75% APY on it at present, and back before the recession started it went as high as 5.75%. As long as it's FDIC insured (or the equivalent elsewhere) a high interest savings account is a much better place for money than a safe. FDIC insurance is only as good as the amount of money that backs it up, which is close to nothing compared to all the banks which may fail at any time. I still think its funny when i get credit card offers, because they've been sending them to me since i was 16. ok...HOLD ON! a 16 year old isnt old enough to do really anything with large sums of money, let alone having a credit card! Insolvency knows no age limits. Also consider the fact that a 16-year-old that had a secure, sizable income with a good job would be perfectly fine with debt. But the vast majority do not have a secure sizable income, thus making them unsuitable for taking on large debt (along with a lot of people >16, by the way). Well, I guess this proves that that person is not a good manager of debt. $10 000 is a large amount to run up, though. Assuming the average month is 30.5 days, she would have to spend about $82 per day on average. A high amount, though not inconcievable. A concise and correct, though perhaps oversimplified assessment. I have the same sort of attitude. That's a good bank you have. Sense when can a 16 year old get a credit card i tried but i was rejected because i'm not 18. Obviously that company had a different policy. The capitalist in me says, it's capitalism and that's the way it's done.[...] The capitalist in me says to let them do what they will, but I won't participate in it. well, one of the first questions of having a bank account in the first place was "is my money safe?" and in the UK (as far as i know) that is not guarenteed. banking is a risk. but the law requires that you involve some form of financial institution every time you receive a paycheque (no longer the paypacket) as a result (i bank with RBS the least stable bank) i have no more than £10 in my account so as to keep it open and i withdraw the rest. all of the cash is "under the matress" and i have about £4 in my pockets at any given time I am the same way, only I'm not in the UK. Most paychecks have to be deposited in a bank account, but as soon as it's in there, I milk the account dry, and take it for myself  .As can be seen from the above examples, "keeping your money under a mattress" is a waste of your money's earnings potential and is thus a waste of your money. If you were to deposit £100 every month for 45 years, you would have accumulated £54,000, which, if you wanted to live till you were 85, could provide you a yearly pension of £2,700. If you were to deposit that £100 into a bank, the resulting balance could provide you an annual pension of £122,398.32 till you reached 85. The difference between the two approaches becomes even more stark when you consider the £250 annuity. Using the mattress method, the final balance could provide you with an annual pension of £6,750, whereas depositing that same annuity in the bank could provide you an annual pension of £305,995.80. Moral of the story: Put the money in the bank. Putting money away is certainly not the best way to save for retirement. I believe we could all agree on that. Besides, inflation will eat away at that amount over decades. I'd invest for retirement as well, but keeping money in a safe is fine for savings which for are for shorter timespans. Yes, and it wouldn't surprise me if those rates in the 80s contributed to the savings and loan crisis that in terms of bank failures was worse than what we've seen so far during this "Great Recession." The Great Recession? I don't like how that term is being used these days. It's like a flashback to the 1930's, when economic downturns were called depressions, and the 1930 one was the great depression. When the next one came about, they had to invent a new word to avoid scaring people. Why should we invent new words to describe downturns every time there's a depression? What will we call the next recession if people are scared of that word? Calling downturns depressions (a la 19th century), in my opinion, made more sense, and we should not tarnish the term of recession, which makes less sense but is acceptable. This downturn, if you adjust for underestimations of inflation for real GDP, is a depression in the US, since the GDP has declined by 12 percent from the peak to the low of 2009 Q2, and a common definition of depression is a decline of 10 percent or more. Also, unemployment in America is the highest since the 1930's, with a rate of 17 to 21 percent (in order to compare it apples to apples to the 1949-1994 measurements). Just my opinion on what to name this depression. |
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Edited: 11/09/2009 at 11:17 AM by Patricius Maximus
#1643591
Nov-09-2009 11:54 AM
Whats the intrest rate on that? Annual interest rate is approximately 10%. they pay 10% straight intrest? or is it based on stocks they invest in for you? The site didn't specify. It said that the interest rate was 10% compounded monthly, and the after tax equivalent rate was 8%. (I probably should have used the after tax interest rate in my calculations, but I used the 10% instead.) |
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