Flynrider
Phoeix,#2Consumer Comment
Thu, April 16, 2009
"Fed up with BS", then maybe you shouldn't actually read the credit card agreement. There is enough BS in there to keep you occupied for hours. What you'll find is that the bank has control over the terms of the account and can change them when they like. You, on the other hand, have absolutely no leverage in this relationship. How's that for BS. I think if most people would take the time to read their card agreement (before borrowing money on it), they'd think twice about carrying a balance on any credit card. With a normal fixed rate consumer loan, you know exactly how much you will pay monthly and in interest over the life of a loan. With the absurd terms of revolving credit agreements, you have absolutely no guarantee what that hamburger you charged yesterday will ultimately cost you. Does that sound like a wise financial move?
Flynrider
Phoeix,#3Consumer Comment
Thu, April 16, 2009
"Fed up with BS", then maybe you shouldn't actually read the credit card agreement. There is enough BS in there to keep you occupied for hours. What you'll find is that the bank has control over the terms of the account and can change them when they like. You, on the other hand, have absolutely no leverage in this relationship. How's that for BS. I think if most people would take the time to read their card agreement (before borrowing money on it), they'd think twice about carrying a balance on any credit card. With a normal fixed rate consumer loan, you know exactly how much you will pay monthly and in interest over the life of a loan. With the absurd terms of revolving credit agreements, you have absolutely no guarantee what that hamburger you charged yesterday will ultimately cost you. Does that sound like a wise financial move?
Robert
Irvine,#4Consumer Comment
Mon, April 13, 2009
"How can a bank not be held to terms they had agreed to?" - Because by using the card you agreed to abide by the terms. One of those terms is that they can change them at any time. Where was your report on how unfair it is when your limit was increased "automatically by Chase"? After all if you don't think they should be allowed to change the terms. Why should they be allowed to increase your Credit Limit above what you agreed to when you got the card? Don't get me wrong, I am not defending them. Just that if you read any CC agrement you will find that every other bank works the same way. Credit Card companies are not your friend they are in the business of lending money. But at the same time they don't force you to use the card. They also don't force you to keep a balance and pay any interest. Doing that is YOUR choice. So in the long run you will actually be better off by paying off your balance and stop using the card.