Comments on: The 5 Worst Credit Card Practices

By: Chris @ MLM Spot

Chris @ MLM Spot — Sun, 18 May 2008 17:36:17 +0000

In a world full of financial tools no school is giving any financial education. Most individuals when living high-school they fall into the debt trap. Credit makes sense for businesses but for consumers in most cases is against their financial interest to resort to it.

By: Colin

Colin — Fri, 02 Nov 2007 15:35:38 +0000

Don’t forget credit card issuers offering you high interest balance transfers after you call in to report fraud or make a general account query.

It’s amazing that you’ll ask about your account details, and then seconds later they’ll ask if you need to transfer anything to a “low rate” 5.99% APR credit card, regardless of what you’re calling about.

By: Josh

Josh — Thu, 01 Nov 2007 22:31:20 +0000

I worked for a credit card company (not mentioning for privacy reasons) and I beleive they were evil. Unfortunately being a Call Center rep, we had to take all the abuse, frustration, and escalation from customers who had his/her APR increased becuase of a Change in Terms. An example of this was I saw an account that had a $30,000 line of credit. This customer had a good APR of 3.99F. His payment was processed late, he got a late fee, and a month or two later they jacked his APR right up to 31%. Upon working in this job, when there were APR/Retention offers available for customers who were sitting at 31%, we were not allowed to offer the lowest. I feel a lot more publicity needs to be put on the internet, and exposed for how truly wrong this is. I blame the credit card companies for the ongoing issue with debt.

By: ANON OMUS

ANON OMUS — Fri, 10 Aug 2007 21:50:22 +0000

CAN ANYONE TELL ME ABOUT B OF A CREDIT CARD PRACTISES REGARDING ILLEGAL ALIENS..GIVING CREDIT CARDS W/O A SS# ..FOR JUST A FEE OF 99.00?…THANK YOU

By: Jimbo the Great

Jimbo the Great — Thu, 12 Jul 2007 09:45:49 +0000

My personal favorite is the “convenience” fee that they add when paying your bill, without talking to a real person, over the phone. I don’t find that $29 dollars spent convenient in the least.

Jimbo the Great

By: Scott Ames

Scott Ames — Wed, 27 Jun 2007 06:05:52 +0000

More proof that credit cards are evil. More people need to know about this.

By: kitty

kitty — Tue, 26 Jun 2007 17:09:03 +0000

Interesting. One thing I wonder about is if we ourselves were in money-lending business which conditions we’d set.

I’d imagine high interest and universal default would be among our conditions: 1) if you are lending to the individuals you don’t know and who are obviously not very good at money management (because they carry the balance in the first place) you want the profit be high enough to justify the risk of not getting your money back. 2) you’d like to know about the practices of people you are lending money to and you would want to adjust your interest accordingly – again to make sure your profits worth the risks.

So I kind of understand these two conditions. It is easy to criticize, and yes, some of the practices are indeed bad and deceptive, but think what you’d do if your own money were on the line.

By: Patrick

Patrick — Tue, 26 Jun 2007 16:21:12 +0000

Hi Nickel, Thanks for sharing my post.