I say we cancel all our credit cards! Maybe then they won't be able to buy

[joeybee12]

all that influence in Washington! I have three cards--two are fee-paying (get mileage from airlines) and they ain't worth it in light of the banking industry's efforts to screw people over. (Also, airline miles will soon be worthless, so no sense in keeping on acquiring them--I'm gonna start using them!)

Keep only what you need--make the banking industry lose money--then they can't purchase their influence with the US Congress.

[fertilizeonarbusto]

1. DO IT DO IT DO IT

Like the "What's Happening" episode where Rerun gets in too deep and ends up getting rid of all his CC acquisitions-except the Cuisinart, which he used to shred the cards at the end.

[htuttle]

3. Whoa, flashback-inducing reference there!

LOL! I think I actually remember that episode!

I have absolutely no credit cards, and don't want them. I have a debit card, and use that any time I'd otherwise have used a credit card.

What do I do when I don't have enough money in my account to buy something? Easy -- I DON'T BUY IT!

:)

[Squatch]

2. I have one credit card and plan on keeping it.

I use it for all of my retail purchases. I enjoy the convenience of the card, the protections afforded by it, and do not plan on changing my purchasing habits any time soon.

[GardeningGal]

4. Even better, use your credit card all you want but pay it off every

month. Then you keep their expenses up and they don't get any interest. If you get one that doesn't charge an annual fee, then you get to use their money for 3 weeks for nothing.

Takes discipline, but worth it!

[Coventina]

7. The CC companies still make a profit

because they don't pay the merchants the full amount of your purchase.

[Zenlitened]

14. Good point. I use one CC to acquire miles...

... and I pay the balance each month -- all as others have described in this thread. But it's just dawning on me that the merchants I purchase from are taking a hit each time.

In the case of the mega-corporations, that doesn't bother me much. But at the locally-owned markets, bookstores, restaurants, etc. I'm going to try to have cash in my pocket whenever possible. :)

(edit spelling)

[iconoclastNYC]

19. Get a credit card from a credit union or Working Assets

And pay off the balance.

When we have a sudden interest rate lurch you'll be happy that you have no balance.

Cards are all prime+n%, so when prime goes up 5% so will your card rate.

[nedlogg]

5. I use my credit card for everything

And I pay the entire balance every month. This way, I pay no finace charges or fees, get air miles, and as a bonus, get to use the bank as my own personal bookkeeping service free of charge. I sure they hate customers like me but too bad.

[Smarmie Doofus]

10. I pay it off every month also, but Bank of America socks me for...

a"periodic finance charge" anyway. Every three to four months. Am I being ripped off?

[joeybee12]

11. Yeah...that sounds like a rip-off....

...dump it and check around for a better one!

[MissB]

22. Yes, you are being ripped off

Neither of my cards has a periodic finance charge. I wouldn't stand for it.

[iconoclastNYC]

20. Plus you get earn interest on the money you

kept in savings while borrowing form MBNA interest free.

[iconoclastNYC]

23. I paid off my DISCOVER card yesterday

I earned some freelance income so i payed off the whole balance i had been carrying for a while.

FREEDOM.

Just one more to go, from my credit union, low APR, this one i'm going to keep for an emergency.

[minerva50]

6. I pay my balances at the end of the month.

So I am what they call a "deadbeat." I take advantage of the conveniences and don't contribute to their profits.

[Coventina]

8. Yes they still profit...see my post above.

I'm not saying you should stop what you're doing, I do it myself.

But you should be aware that they still do profit from your purchases.

[joeybee12]

12. Yes! You probably need one--but only use it for things you have to...

...like buying ariline tix online, etc...cut down on their profits!

[Atman]

9. I started paying off my entire bill...

...and immediately my CC increased my credit limit, without even informing me. Just showed up on my statement. They can't make money off me if I keep paying the bill, so they're trying to get me to over-extend. What a racket!

[SmokingJacket]

13. I just got rid of my MBNA one.

Number one Republican contributor, apparently. UGH! And it was Working Assets! (I got it originally for the free Ben and Jerry's many years ago...)

Kills me that all those damn late fees I paid went to support this crap fest of an administration. Bad enough about my taxes...

[Norquist Nemesis]

15. They still make a percentage off each sale

I have a debit card from the bank that's also a Visa. Last summer, some scum bag managed to swipe the magnetic strip info including the PIN off my card and cleaned us out in about 3 days' time. Since then, whenever possible, I'll use the card as credit vs. debit so I don't have to punch in the PIN.

Still, I know that each time I use the card (debit or credit), the merchant is charged 3% of the purchase. Some cards may be more or less...I don't know. I just know about the VISA.

The business owner either has to eat it as a cost of doing business, or make it up some other way in the products, services offered. So, either way, they're going to get our money.

If you really want to take back the control and hit them from the enormous amount of money made through financing and fees...use cash. :)

[DemoTex]

16. I canceled my Citibank Visa yesterday.

I'll keep a Visa issued by my credit union and a MasterCard affiliated with my labor union.

[blue4barb]

17. joeybee12, what have you heard about airline miles becoming

worthless?

Thanks.

[Trailrider1951]

18. Done! Three years ago

All I have is a debit card. Also, my last car payment is next month. No more car debt after that. My home is nearly paid for. No more mortgage debt after that. Then I will withdraw from this economy, except for bare necessities. And I will buy them from small family run businesses, not the Walmarts of the world.

[Avalux]

21. I don't have any

not really by choice (credit problems several years ago), but now that I CAN get them, don't wanna. I have learned to live with what I have.

If you don't have the money for it, don't buy it. A hard lesson learned, but I'm so much better off now.

[Silverhair]

24. Very difficult to do without one in modern society.

When I buy something off the internet I need a credit card for the transaction.

When I fill up the car, I use the card at the pump. Otherwise I would have to use up time going into the C-store and wait in line.

[Avalux]

25. Use a debit card instead -

I have one with my credit union. If the $$ aren't in your account it doesn't work, but can be used like a credit card for internet purchases, etc.

[aePrime]

26. I use a debit card in "real life"

but on the internet, I use a credit card. I do, however, pay it off every month. I use the credit card because it offers more protection than a debit card if the number is stolen.

I'm also a computer scientist. Guess we're even more paranoid than most people. Once you know how these things tick... :)

[Avalux]

27. Thanks for explaining that -

I make an internet purchase one in a blue moon so I never really thought about it. And no, you're not paranoid, you simply know a lot more than the rest of us.

[Silverhair]

28. I don't like debit cards.

Bookkeeping problems. I have to have my checkbook on me to remember to record the use of the card. The checkbook is much bigger than a card that can be carried in my hip pocket wallet. A debit card use that gets forgotten about can cause an overdraft if a check is then written on that same account, and overdrafts can be real expensive.

My bank gave me a debit card and I put it in the shredder.