Community Chat

[songbird]

Only own one credit card.  I use it everywhere, mostly online.  I always try to pay the full amount before the due date.  So I'm usually ahead by a month.  I do this just in case, but I've never had to wait.  So far it's works pretty good for me.  I always pay my credit card online.  My husband has more bills then me, as he pays the utilities, gas & electric, water bill etc.  My responsibility is the weekly food order. And the cable bill.  So any other bills are for what I buy for myself. My husband and I have always, always have separate checking accounts.  So we are responsible for our own bills. 

[Mom2Dogs]

@skatting44   Years ago when single and on my own,  I had a credit card and purchased a beautiful ruby and diamond ring...on credit.  

Not knowing a lot about credit cards I paid the ring off in installments and at the end of the year I noticed I paid about $60.00 in interest..who knew, ha, ha....this was my first experince with a credit card.  

Well that was enough for me, never again.  To someone not making much money, $60.00 for interest was a big deal to me.  I have always learned my lessons easily.  From that point on I have never paid interest on a credit card.  If I cannot afford it I don't buy it.  

DH and I have an emergency fund for those household issues that crop up.

[happycat]

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@gertrudecloset wrote:

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@happycat wrote:

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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I've been paying off discover monthly, some months didn't charge anything on it, for years. I don't think they cancel a person for paying it off monthly. 

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@happycatThey are private entities that can do what they want.  They can increase your credit limit while you have the card, they can decrease your limit while you have the card, they can re-check credit reports and close your accounts.  They can close your accounts when you are not making $$$ for them as a company.  They can do what they want.  You might have to just go some where and find you a new card, but they can do what they want (as long it's not against the law).

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@gertrudecloset wrote:

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@happycat wrote:

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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I've been paying off discover monthly, some months didn't charge anything on it, for years. I don't think they cancel a person for paying it off monthly. 

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@happycatThey are private entities that can do what they want.  They can increase your credit limit while you have the card, they can decrease your limit while you have the card, they can re-check credit reports and close your accounts.  They can close your accounts when you are not making $$$ for them as a company.  They can do what they want.  You might have to just go some where and find you a new card, but they can do what they want (as long it's not against the law).

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I didn't say they can't do it. I don't think Discover does it, we all have a right to our opinions. And since I have been with Discover and paying mine off monthly for years, I don't think they do it.  

Maybe I'm just special though and that's why I haven't had mine cancelled. That's probably it. High time someone thought I was special. 

[gertrudecloset]

@songbird 

Only own one credit card. I use it everywhere, mostly online. I always try to pay the full amount before the due date. So I'm usually ahead by a month. I do this just in case, but I've never had to wait. So far it's works pretty good for me. I always pay my credit card online. My husband has more bills then me, as he pays the utilities, gas & electric, water bill etc. My responsibility is the weekly food order. And the cable bill. So any other bills are for what I buy for myself. My husband and I have always, always have separate checking accounts. So we are responsible for our own bills.

You are doing what's best for you and your circumstances.  I was kind of glad when the store card chucked me, now that I think about it.  I will never have another store card.  Their interests rates are always, always way more than the interest rates on traditional cards.  I am responsible for my own bills too.  No one's gonna pay them for me!

Unfortunately, today with a lot of uncertainty there are many people using their credit cards to live on.  Spending money before they get it (paycheck to paycheck) because they have loss of income. 

[gertrudecloset]

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@happycat wrote:

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@gertrudecloset wrote:

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@happycat wrote:

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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I've been paying off discover monthly, some months didn't charge anything on it, for years. I don't think they cancel a person for paying it off monthly. 

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@happycatThey are private entities that can do what they want.  They can increase your credit limit while you have the card, they can decrease your limit while you have the card, they can re-check credit reports and close your accounts.  They can close your accounts when you are not making $$$ for them as a company.  They can do what they want.  You might have to just go some where and find you a new card, but they can do what they want (as long it's not against the law).

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@gertrudecloset wrote:

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@happycat wrote:

---

@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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I've been paying off discover monthly, some months didn't charge anything on it, for years. I don't think they cancel a person for paying it off monthly. 

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@happycatThey are private entities that can do what they want.  They can increase your credit limit while you have the card, they can decrease your limit while you have the card, they can re-check credit reports and close your accounts.  They can close your accounts when you are not making $$$ for them as a company.  They can do what they want.  You might have to just go some where and find you a new card, but they can do what they want (as long it's not against the law).

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I didn't say they can't do it. I don't think Discover does it, we all have a right to our opinions. And since I have been with Discover and paying mine off monthly for years, I don't think they do it.  

Maybe I'm just special though and that's why I haven't had mine cancelled. That's probably it. High time someone thought I was special. 

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@happycatI never say never.  Though, you could be right.  However, I'm inclined to believe the vast majority carry a balance, thereby allowing these credit card companies (banks) to make out like bandits with interest rates. 

[SeaMaiden]

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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@gertrudecloset   Not true. The companies make money off every transaction you make.  There are enough fools that will pay interest and carry debt month to moth to make up for the few who pay off the cards in full.  I have never carried debit on a credit card...have several that I have had for 20 plus years...never paid interest.  So you are WRONG.

[gertrudecloset]

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@SeaMaiden wrote:

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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@gertrudecloset   Not true. The companies make money off every transaction you make.  There are enough fools that will pay interest and carry debt month to moth to make up for the few who pay off the cards in full.  I have never carried debit on a credit card...have several that I have had for 20 plus years...never paid interest.  So you are WRONG.

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You should have read the whole thread @SeaMaiden .  You're late.  We all know that they expect you to carry a balance.  Smarter folk won't though.

Annual Fees, exhorbitant interest rates + and these companies do better than the average consumer.  That's what they do "make money."

[SeaMaiden]

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@songbird wrote:

Only own one credit card.  I use it everywhere, mostly online.  I always try to pay the full amount before the due date.  So I'm usually ahead by a month.  I do this just in case, but I've never had to wait.  So far it's works pretty good for me.  I always pay my credit card online.  My husband has more bills then me, as he pays the utilities, gas & electric, water bill etc.  My responsibility is the weekly food order. And the cable bill.  So any other bills are for what I buy for myself. My husband and I have always, always have separate checking accounts.  So we are responsible for our own bills. 

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@songbird  I find that so odd...my DH and I married 41 years. We started out together in out early 20's with nothing... but love!   Money was always our money....joint accounts...we both pay the bills....none of this her money his money business. Never could figure that out how people married have separate money? It is just OUR MONEY. 

[DiAnne]

Companies will cancel cards because you do not use them but never because you paid them in full every month!

Since I am shopping so much online now I use my Costco Visa for almost everything and yes I do pay it in full every month.  The other bills I write a check for.  I also pay cash for my cars.  The only think I have ever paid interest on is my mortgage and that is paid off now.  

[gertrudecloset]

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@DiAnne wrote:

Companies will cancel cards because you do not use them but never because you paid them in full every month!

Since I am shopping so much online now I use my Costco Visa for almost everything and yes I do pay it in full every month.  The other bills I write a check for.  I also pay cash for my cars.  The only think I have ever paid interest on is my mortgage and that is paid off now.  

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@DiAnne Annie Sez cancelled mine years ago because I paid my balance off every month.  This was a very long time ago though.  Credit card companies DEPEND on the majority of people to carry a balance (as it earns interest) which is what they make on the money you've borrowed as your credit limit.

Credit Cards are borrowed money!  They give you a credit limit....you use it.  A relative had a big box home store's closed for lack of use though.  I have had a card closed because I paid for my purchases in full at the end of the month.  I had several store cards, but preferred Annie Sez cause they had good prices on designer clothing.  My favorite place.  Was in there at least once a week.  They did me a favor by closing my card.  I've never had a store card since then.

Credit Card Companies are not all created equal either.