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How do you feel about Your Credit Cards These Days?

Jan 26, 2007

I'd like to know what you think about your credit cards these days?

I personally am of the impression that credit card companies are becoming much rougher with their customers in general and that even the savvy credit card consumers are having a difficult time keeping pace with the innovation in the credit card industry.

I saw a story on CNN tonight about a college student about 22 years old that had bad credit and so she was not able to get a credit card.  But a savvy thief was able to steal one of her credit card offers and get a credit card in her name from Bank of America with an annual APR of 65%! 

That seems to indicate to me that Bank of America is preying upon those people that can not afford credit cards and are likely to be the most financially vulnerable.  (Bank of America lost $2300 to the identity theft thief, but if they have a few other customers paying cards at 65% interest they will rapidly make their money back and a whole lot more).

People need to utilize more and more resources to keep up with the changes in the industry and the opportunities that are there.  Our sponsor provides credit card news helping people stay ahead of the credit card racket.  They also have information that can help people find 0% balance transfers options to run away from credit cards that have interest rates that have gotten out of control, but here is a tip.

If you transfer a balance from a credit card to a new card, do not close the account and do not use the card.  Closing the account harms your credit score.  Using the older card racks up your credit card debt.  Lock that card in a vault or safe somewhere and ignore it but leave the credit line open to help your credit score remain strong so that you can continue to get the best interest deals available!

WooHoo ed by Brett Bumeter at 3:08 AM  

1 Gabbles(comments):

Oh, i feel sad for the girl..:(

But there are lenders now who approve bad credit credit cards.

There also a list of credit card reviews that anyone can carefully study , before deciding on applying for one.

Anonymous said...
3:24 PM  

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