Accidentally get double-charged while using your card? Better hope you're not traveling when it happens.
My job sent me on a month-long business trip this week at the last minute, so in preparation for my new temporary position, I headed out and bought some new clothes the day before I left. When being rung up, the first register had problems with the credit card machine, so they switched me to a second counter and I was on my way.
However, after arriving at my new job, I noticed that both transactions had posted to my account. I emailed customer support, and got a form letter back instructing me to call the customer support line instead.
Filled with dread, I took out 45 minutes of my work day to wait on hold. Finally, I was patched through to a sales associated. Unfortunately, in order to dispute a transaction, they have to send paper documents to my house - and apparently can't send them to a temporary address. So, all in all, I'm stuck with a rather large double bill for the next freakin' month until I get home.
At least I have enough money to carry it for now - good thing it wasn't my plane ticket or car rental - then I'd be in real trouble.
Showing posts with label credit card. Show all posts
Showing posts with label credit card. Show all posts
Saturday, March 13, 2010
Saturday, January 2, 2010
A new APR of YourArmAndYourLeg%
Welcome back from the break in December! With the holidays and the 'real life job', I took a month hiatus, but I imagine I'll have plenty to gripe about 2010. With that said, let's welcome in the new year with a rant that is affecting many more than me, I'm sure.
I got two lovely letters in the mail a few days ago from my bank. One was informing me of new legislation that had passed that imposed limits on banks from arbitrarily raising APR's or minimum payments, which goes into effect in June 2010.
The other letter was informing me that my APR was being raised by over 300% in February 2010, unless I chose to protest the raise and close my account.
I hopped online and did a bit of research, and found I'm not alone. Many banks pulled this in the second quarter of 2009, and a second wave hit at the end of the year. I'll refrain from ranting on the idiocy of passing a law that essentially forced the banks' hands instead of restraining them completely (I do try not to get too politically involved here, for now), but I will pass along the tips I learned in my research:
Don't completely close your account. Go ahead and pay down or transfer your balance if you can, and for heaven's sake DON'T charge anything new to your card. Once you protest the APR hike, you can continue to pay down your balance at your OLD rate, so long as you don't purchase anything new. Once your card is paid off, leave the account open but unused. Every six months, make a small purchase and pay it off completely that month. This way, your credit rating is saved by still having the 'active' account, but the greedy bank gets nothin' from you.
In the meantime, I'm looking for a credit union.
I got two lovely letters in the mail a few days ago from my bank. One was informing me of new legislation that had passed that imposed limits on banks from arbitrarily raising APR's or minimum payments, which goes into effect in June 2010.
The other letter was informing me that my APR was being raised by over 300% in February 2010, unless I chose to protest the raise and close my account.
I hopped online and did a bit of research, and found I'm not alone. Many banks pulled this in the second quarter of 2009, and a second wave hit at the end of the year. I'll refrain from ranting on the idiocy of passing a law that essentially forced the banks' hands instead of restraining them completely (I do try not to get too politically involved here, for now), but I will pass along the tips I learned in my research:
Don't completely close your account. Go ahead and pay down or transfer your balance if you can, and for heaven's sake DON'T charge anything new to your card. Once you protest the APR hike, you can continue to pay down your balance at your OLD rate, so long as you don't purchase anything new. Once your card is paid off, leave the account open but unused. Every six months, make a small purchase and pay it off completely that month. This way, your credit rating is saved by still having the 'active' account, but the greedy bank gets nothin' from you.
In the meantime, I'm looking for a credit union.
Monday, November 2, 2009
Credit - A Way to Discourage Those Who Handled Their Money Well
One of my close friends was recently denied a credit card from his own bank. This friend is 26, finishing up his phD in electrical engineering, has a job with a space research institution, and has been living on his own for the last several years. This friend has been able, thus far in life, to pay all his bills (schooling, car, rent, etc.) through a combination of money management, scholarships, and a little help from the Bank of Mom & Dad. So, until now, he's never needed to take out a loan or put purchases on a card, because he's been able to manage his own finances so well as an adult.
His bank denied his credit card application on the basis that he has no credit history. So let's talk a little more about that.
Theoretically, if you pay rent, write checks, and hold down a job, you potentially have a credit history. Rental companies are allowed to put in information about your payment history into your report, as are banks who issue you checks or check cards. Even your employers can list that they have had you on their payroll for such-and-such amount of time. But none of these companies are required to do so. So even if you've always paid rent on time, paid your bills to various utility companies, and have had a steady line of employment, you may not have a lick of information in your credit report. To make things worse, get this: if you get a 'lesser' card - for instance, a gas card or a credit card from someone other than MasterCard or Visa - you still may not have anything in your credit report!
So...to sum up...you can't get a credit card because you have no credit. You have no credit, because you can't get a credit card.
My friend is attempting to get a card for the simple reason that he needs to put some of his work-related travel expenses on a card so that he can go to his meetings, and still be able to pay his bills while he waits for the school to reimburse him. It's funny how the credit system is essentially punishing him for being smart with his money.
So now what? Well, unsurprisingly, I had the exact same problem a few years ago, when I moved out after finishing college and was renting a condo with a good friend. I was in a similar situation as my friend above; due to my own situation, I was able to pay for schooling and my car without having to take out a loan. So now, while I was attempting to set up our utilities for our new apartment, I found I was unable to get our internet account completed because they only accepted credit card payments (no check or debit cards were accepted). So I cheerfully made my way to my bank (with whom I had, in my opinion, a very sizable account balance) and applied for a basic, low maximum card.
I was, of course, denied a card for the lack of a credit history.
About that time, I was receiving other pre-approved offers in the mail, like most people. I went ahead an accepted one that was sent by one of my honor societies from college - the interest rate wasn't great, but as I was only using the card for a $30 payment each month, that wasn't a problem. Eventually, after developing a good payment history from that card, it isn't a problem to transfer your balance to a newer, better card.
In any case - what a hassle for those of us who managed our money properly in the first place.
His bank denied his credit card application on the basis that he has no credit history. So let's talk a little more about that.
Theoretically, if you pay rent, write checks, and hold down a job, you potentially have a credit history. Rental companies are allowed to put in information about your payment history into your report, as are banks who issue you checks or check cards. Even your employers can list that they have had you on their payroll for such-and-such amount of time. But none of these companies are required to do so. So even if you've always paid rent on time, paid your bills to various utility companies, and have had a steady line of employment, you may not have a lick of information in your credit report. To make things worse, get this: if you get a 'lesser' card - for instance, a gas card or a credit card from someone other than MasterCard or Visa - you still may not have anything in your credit report!
So...to sum up...you can't get a credit card because you have no credit. You have no credit, because you can't get a credit card.
My friend is attempting to get a card for the simple reason that he needs to put some of his work-related travel expenses on a card so that he can go to his meetings, and still be able to pay his bills while he waits for the school to reimburse him. It's funny how the credit system is essentially punishing him for being smart with his money.
So now what? Well, unsurprisingly, I had the exact same problem a few years ago, when I moved out after finishing college and was renting a condo with a good friend. I was in a similar situation as my friend above; due to my own situation, I was able to pay for schooling and my car without having to take out a loan. So now, while I was attempting to set up our utilities for our new apartment, I found I was unable to get our internet account completed because they only accepted credit card payments (no check or debit cards were accepted). So I cheerfully made my way to my bank (with whom I had, in my opinion, a very sizable account balance) and applied for a basic, low maximum card.
I was, of course, denied a card for the lack of a credit history.
About that time, I was receiving other pre-approved offers in the mail, like most people. I went ahead an accepted one that was sent by one of my honor societies from college - the interest rate wasn't great, but as I was only using the card for a $30 payment each month, that wasn't a problem. Eventually, after developing a good payment history from that card, it isn't a problem to transfer your balance to a newer, better card.
In any case - what a hassle for those of us who managed our money properly in the first place.
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