Not a CC, but one of these revolving credits with insanely high interest rates (not sure if they are common in the US, since apparently people massively use CC, so perhaps there’s no need for them). They unexpectedly upped the limit twice. I don’t even know if it’s legal (after all, I signed a contract where the upper limit is mentionned, so can they change it without my agreement? Not a real question, since I doubt someone will be savy enough about french law to answer. But it seems weird to me).
I’m not going to complain because when it happened I was in dire need of money (that’s why I had taken this credit at the first place) . I’m wondering when they would have stopped doing this if I had went on spending everything. Until I stopped making payments in due time?
My fault - didn’t follow the links.
Yessiree, which is why I have made it my personal mission to screw the credit card companies back. I pay every bill I receive on time and in full. They haven’t earned one dime from me in interest charges or late fees. I currently carry three cards which have very generous rewards programs. And let me tell you, I take advantage of their programs.
So far, we’ve earned free flights (two roundtrip tix to Hawaii for starters), free hotel rooms (3 nights so far), free upgrades (ocean view vs. terrace view) and free meals at restaurants. Yes, Delta SkyMiles AMEX does charge an annual fee after the first year, but I get way more back in rewards than what they charge.
Since discovering the beauty of these cards, I charge everything I possibly can – from stamps (double miles) to downpayments on cars. Yes, I’m the chick in front of you at the grocery store who charges a $3 bag of ice. The key is to stay within your budget and pay everything off on time. If you can be disciplined with your spending, you can screw the credit cards companies instead of letting them screw you.
The last time I checked, with rare exceptions, college students were at least 18 and thus considered adults and responsible for their own actions. Claiming that CC companies “baited” them or that they are “vultures” , “preying” on students is unmitigated bullshit. This is the same “WAH! Protect me from myself” crap that creates the nanny government that we are saddled with today. What’s next? Claims that Phillip Morris forces you to smoke or that Anheuser Busch compels you to drink, because you can’t resist their ads that hypnotize you and force you to do bad things? Poppycock! Grow up and start taking responsibility for yourself, stop wanting other people to do it for you.
How does somebody get a credit limit of $1000000 on a credit card? Mot people only qualify for $8K-%10K-very rarely do you see approvals for $100K.
I’d say some poor idiot that approved this is in more trouble than her!
Well, she could apparently afford $100,000 bail so she’s obviously got some assets.
They’re still making a percentage off every dime you spend. You ain’t screwing them.
You mean like the Bacardi Girls who were here on Halloween? I’ve still got my light-up bat pendant, boxers, ski hat, and many, many bandanas from that one. Or the Molson team last semester? Keychain flashlight. Or Goldschlager Girls? No gear from them, just free shots.
Not to mention the chugging contest co-sponsored by a radio station and one of the local beer distributors right out on the main drag. I didn’t hear much outrage…except from those that missed the event.
A-fucking-men. Fiscal responsibility begins at home. What credit card companies do with college kids isn’t new. Parents should teach their children about credit and how and when to use it.
IIRC, Amex cards are not “Credit Cards” but are “Charge cards”. You are expected to pay off the balance every month or face large fines (much more than credit card interst rates) . The trade off is that there is no upper limit. Surely you’ve seen their commercials: “I took my boss to dinner, turned out I was over my limit, I was so embarassed…(blahblahblah).”?
I’m sure that Amex has a credit card line too.
Oh, I see … so at 18, somebody flips a switch and suddenly you’re able to make savvy, informed decisions about the world at large? Come on.
Fiscal responsibility is something that all should strive for. Including corporations. Especially corporations whose business is lending people money. IMO, both parties to this lawsuit are douches.
AmEx has their new “blue” line which is set up like a Visa or MC credit card, with interest rates and credit line limits and whatnot. The traditional AmEx card is to be paid in full each month, although if you’re an established customer they will ocasionally let you pay charges over time, with interest of course. I’ve never tried that particular feature, though.
I’m a big fan of AmEx. Through judicious use of my charge account I’ve built up excellent credit and gotten all kinds of cool free stuff.
Furthermore, an 18-year old is plenty old enough to know how credit cards work. No college-age student with a mental capacity greater than that of a door knob could possibly think that a credit card is “free money” or anything that even resembles “free money.” If they spend more than they can afford then it’s their own fault for being irresponsible little shitheads, not the evil, malicious banks “preying” on college campuses. Nobody ever made you sign a credit card contract.
I started using credit responsibly when I was 18 when I got a very low-limit card for college. I’ve worked hard to maintain my credit record and I’m only beginning to reap the rewards now. But then, I had parents and teachers who taught me about money, not to mention simple common sense.
It’s the principle on which a large number of democratic countries work.
Damn straight! So tell me again, why is heroin illegal?
You realize that by endorsing a hands-off policy towards credit companies, you are raising the price of credit for everyone else who must shoulder the debts of the ones who cannot control themselves? I would prefer more regulations and a lower interest rate, please.
The principle, actually, is that you’re on the hook for your decisions when you’re 18. Doesn’t say anything about the capacity to make intelligent decisions.
Because it is up to you to limit your spending, not your credit card company.
“How can I be overdrawn? I still have checks left!”
No sympathy from this corner.
American Express has charge cards and credit cards. The traditional card (the green one with the old “Don’t leave home without it!” commercials) is the charge card. It doesn’t have an officcial credit limit, but don’t let that fool you. Amex does monitor and regulate the amount a person spends each month. For example, the cardmember usually spends $900 each month. That becomes part of the recorded history and if they notice that one month it jumps to $5000, they’ll stop charges on the account until they verify that the card wasn’t lost or stolen. Once you verify that you’re the one using the card (in my case it was letting them know I was on my honeymoon in Cancun), they release the hold and you’re off and running again.
As far as payments on the card, you have to pay off the card each month. The only exception to that would be charges that would be considered travel related such as hotels, rental cars, and airfare. Even if you use your charge card, they will allow you to pay those off in payments.
The woman was a scam artist. Part of the scam was convincing Amex that she was able to pay it off. If you had read the article, you would have seen that Amex has gotten the court to freeze $950k of her assets to pay off the debt. If she has that much in assets, she could actually afford the limit granted to her. She’s just trying to keep some free stuff.
Credit card companies are evil? There aren’t enough :rolleyes: for that one. If you’re too fucking stupid at 18 to get how those things work, it’s a wonder you can manage to function as an adult at all. Too undisciplined I can kind of understand but that’s not Visa’s fault.
Haj
Yeah, I fell “prey” to all those evil credit card companies wallpapering my college campus when I was 18. And you know what? At 26, I’ve got really, really shitty credit.
Who’s fault is that? MINE. I’ve made a hell of a lot of stupid decisions in my life and I take full responsibility for each and every one of them. How the hell else are people supposed to learn other than by making stupid mistakes?
This whole “save the poor widdle college students from themselves!” mentality just pisses me right the hell off. You wanna be an adult? You can start by taking responsibility for your own damn actions.