Comments on: Sneaky Credit Card Tactics to Maximize Profits

By: Vik Tantry

Vik Tantry — Wed, 01 Jul 2009 00:53:39 +0000

Hello all,

This is Vik, the guest author of this post – thanks so much for all of your insightful comments. MoneyMonk brings up an excellent suggestion – the Secret History of the Credit Card is a fantastic piece that everyone should watch.

Thanks for reading!

Vik

By: Jerry

Jerry — Fri, 26 Jun 2009 11:13:42 +0000

Credit card companies are sneaky like that, and they will look for loopholes (fine print stuff, too) in order to lead them to increase their profits through underhanded measures. I think that the best insurance for not dealing with these kinds of things is to restrict card purchases to the use of a debit card with bank protection against fraud.
Jerry

By: Moneymonk

Moneymonk — Thu, 25 Jun 2009 16:35:06 +0000

Capital One is one of many companies that use crazy tactics for profit, remember Providian-accepting payments, depositing the check, but not crediting the account, thus making the payment late

I think everyone should watch -Frontline: Secret History of the Credit Card

By: Tazzee

Tazzee — Thu, 25 Jun 2009 16:04:44 +0000

I’m with dogatemyfinances, the only $$ the credit cards make off of me are merchant fees.

It’s interesting that Capitol One started this. After I got over my fear of credit cards that was the first card I got. They kept sending me offers and I realized that I needed to have at least one personal card (I had a corporate one). I think it was because they knew I was in the profitable bunch.

By: Lechelle

Lechelle — Thu, 25 Jun 2009 14:25:49 +0000

Thank you for the posting…Now I just need to get rid of my credit card debt. Your posting reminds me of Dave Ramsey illustration of the credit card company with these hugh builds and us (individual in credit debt) with small homes, because we are given all of our money to them.