Comments on: Seven Nifty Tactics Credit Card Companies Use To Get Into Your Pocket – And How To See Right Through Them http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 22:03:21 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: john deflumeri jr http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-766339 john deflumeri jr Sun, 30 Aug 2009 12:43:13 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-766339 If we just had cash, and we just could control our impulse buying, and we just had a bigger paycheck, on a paycheck at all, then we wouldn't be slaves to the credit card companies! John DeFlumeri Jr Clearwater, Fla If we just had cash, and we just could control our impulse buying, and we just had a bigger paycheck, on a paycheck at all, then we wouldn’t be slaves to the credit card companies!

John DeFlumeri Jr Clearwater, Fla

]]> By: Rajeev Kumar Singh http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-557849 Rajeev Kumar Singh Sun, 08 Mar 2009 07:54:49 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-557849 Great site listing the dos and donts for credit card... guess a must read for all credit card users.. Great site listing the dos and donts for credit card… guess a must read for all credit card users..

]]> By: paul http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-69295 paul Mon, 10 Sep 2007 22:27:23 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-69295 Buddhists don't have to be ascetics. Nobody says you gotta buy lotsa STUFF with the card. Also, its more about losing the *attachment* to stuff IMHO Buddhists don’t have to be ascetics.
Nobody says you gotta buy lotsa STUFF with the card.

Also, its more about losing the *attachment* to stuff IMHO

]]> By: Tom http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63941 Tom Thu, 30 Aug 2007 01:47:19 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63941 Very good list. I think there are still some pretty decent reward credit cards out there but a lot of them you have to spend so much to get that small gift card or prize. Very good list. I think there are still some pretty decent reward credit cards out there but a lot of them you have to spend so much to get that small gift card or prize.

]]> By: Jeni http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63925 Jeni Thu, 30 Aug 2007 00:50:56 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63925 Haha, I have a Kiss credit card! I got it probably 10 years ago when I had no understanding of credit cards, and I thought it was the coolest thing ever. I never use it now, and luckily I've never been late on it, because I had no idea about the 32.99% interest. Sheesh! I also made the mistake of getting a Starbucks credit card last year because you get free Starbucks $. I guess it was bad luck, but I had the card number stolen 2 separate times in 6 months, and I was always hit with late charges, even though I paid with plenty of time to spare. Now I just stick with my no-frills credit card which has no "rewards" and it doesn't have Hello Kitty or Kiss on it, but also has low-interest and no late fees. Haha, I have a Kiss credit card! I got it probably 10 years ago when I had no understanding of credit cards, and I thought it was the coolest thing ever. I never use it now, and luckily I’ve never been late on it, because I had no idea about the 32.99% interest. Sheesh!

I also made the mistake of getting a Starbucks credit card last year because you get free Starbucks $. I guess it was bad luck, but I had the card number stolen 2 separate times in 6 months, and I was always hit with late charges, even though I paid with plenty of time to spare.

Now I just stick with my no-frills credit card which has no “rewards” and it doesn’t have Hello Kitty or Kiss on it, but also has low-interest and no late fees.

]]> By: SwingCheese http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63876 SwingCheese Wed, 29 Aug 2007 22:10:10 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63876 "...honest Buddhists taking..." and off should be of. My proofing skills are shameless, too :) “…honest Buddhists taking…”

and off should be of.

My proofing skills are shameless, too :)

]]> By: SwingCheese http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63874 SwingCheese Wed, 29 Aug 2007 22:07:50 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63874 Did I miss the memo about honest Buddhist took up rampant consumerism? Off all the cards described, that seems the oddest... Advertising these days is shameless... Did I miss the memo about honest Buddhist took up rampant consumerism? Off all the cards described, that seems the oddest…

Advertising these days is shameless…

]]> By: Alotta Errata http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63845 Alotta Errata Wed, 29 Aug 2007 20:50:32 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63845 I disagree with not letting kids have a credit card when they are young. I got my first credit card at 16. My parents wanted me to be able to call a tow truck should my very-used car ever break down. The card had a low limit and I paid it in full, every month, with my own money. By the time I reached college I understood how credit worked. I was comfortable using the credit card and wasn't tempted by all the offers they throw at college kids to get them to sign up for new accounts. My roommate on the other hand managed to get herself thousands of dollars into debt within just a few short months. When it came time to apply for an apartment, and eventually a mortgage, I had spectacular credit for my age and a knowledge of interest rates, fine print, and all those other things that come along with financial commitments like loans and credit cards. I disagree with not letting kids have a credit card when they are young. I got my first credit card at 16. My parents wanted me to be able to call a tow truck should my very-used car ever break down. The card had a low limit and I paid it in full, every month, with my own money.

By the time I reached college I understood how credit worked. I was comfortable using the credit card and wasn’t tempted by all the offers they throw at college kids to get them to sign up for new accounts. My roommate on the other hand managed to get herself thousands of dollars into debt within just a few short months.

When it came time to apply for an apartment, and eventually a mortgage, I had spectacular credit for my age and a knowledge of interest rates, fine print, and all those other things that come along with financial commitments like loans and credit cards.

]]> By: Lauren http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63820 Lauren Wed, 29 Aug 2007 19:29:16 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63820 I almost have the opposite problem. I recently got an MTVu card as a complement to my Chase Cash Rewards card, so I'm getting 5% back on most everything I buy. It's a great card, but I cringe every time I use it as I definitely do not identify with the MTV generation. I almost have the opposite problem. I recently got an MTVu card as a complement to my Chase Cash Rewards card, so I’m getting 5% back on most everything I buy. It’s a great card, but I cringe every time I use it as I definitely do not identify with the MTV generation.

]]> By: Paul http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63807 Paul Wed, 29 Aug 2007 19:04:16 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63807 Regarding the credit card companies trying to get us to use a credit card more often; what about the television commercials that Visa is currently running where it shows everything at the food court moving along nice & smoothly as long as everyone uses their Visa card. But, as soon as some poor cretin has the audacity to pay with (Gasp!) CASH! the whole system grinds to a halt while all the knowledgeable credit card users are forced to wait for the Luddite to get his change before slinking away in embarrassment. I can't watch that commercial without getting upset at how they are trying to brainwash us into thinking that paying cash is somehow inefficient and undesirable. I'm sure the credit card companies would be thrilled if we went to a true cashless society. Regarding the credit card companies trying to get us to use a credit card more often; what about the television commercials that Visa is currently running where it shows everything at the food court moving along nice & smoothly as long as everyone uses their Visa card. But, as soon as some poor cretin has the audacity to pay with (Gasp!) CASH! the whole system grinds to a halt while all the knowledgeable credit card users are forced to wait for the Luddite to get his change before slinking away in embarrassment.

I can’t watch that commercial without getting upset at how they are trying to brainwash us into thinking that paying cash is somehow inefficient and undesirable. I’m sure the credit card companies would be thrilled if we went to a true cashless society.

]]> By: Chris http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63799 Chris Wed, 29 Aug 2007 18:38:46 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63799 just for fairness i'd like to point out that the version of the hello kitty card being marketed to kids is a visa buxx card, apparently a debit card in which parents can give children discretionary cash to spend, yes you could give kids the real credit card version, but they're not directly marketing that version to kids. just for fairness i’d like to point out that the version of the hello kitty card being marketed to kids is a visa buxx card, apparently a debit card in which parents can give children discretionary cash to spend, yes you could give kids the real credit card version, but they’re not directly marketing that version to kids.

]]> By: Bill C http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63796 Bill C Wed, 29 Aug 2007 18:26:03 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63796 I get points for all types of fine gifts from my Wachovia Visa DEBIT CARD. And yes, pay no INTEREST!!! I get points for all types of fine gifts from my Wachovia Visa DEBIT CARD. And yes, pay no INTEREST!!!

]]> By: Justin http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63774 Justin Wed, 29 Aug 2007 17:13:36 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63774 One caveat to "0% balance transfers" that is rarely mentioned is the "transaction fee" that is often charged, usually 3% or so. Ergo, don't do it unless the interest rate you're moving FROM is higher than the transaction fee, and you plan on taking more than a year to pay it off. One caveat to “0% balance transfers” that is rarely mentioned is the “transaction fee” that is often charged, usually 3% or so. Ergo, don’t do it unless the interest rate you’re moving FROM is higher than the transaction fee, and you plan on taking more than a year to pay it off.

]]> By: Jeff http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63770 Jeff Wed, 29 Aug 2007 16:58:50 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63770 On the issue of points - I recently did pretty well with my 'RBC Rewards' from a Royal Bank VISA. Items like iPods & other electronics seemed to be valued at about 285 points to a dollar, whereas they offered RRSP Contribution Certificates at about 150 points to a dollar (RRSP is a tax-deductable, registered retirement savings plan in Canada). Of course it meant that I had to give the money right back to them in the form of a deposit into my RBC RRSP account, but that is what I would have done with any extra cash at the end of the year anyway. On the issue of points – I recently did pretty well with my ‘RBC Rewards’ from a Royal Bank VISA. Items like iPods & other electronics seemed to be valued at about 285 points to a dollar, whereas they offered RRSP Contribution Certificates at about 150 points to a dollar (RRSP is a tax-deductable, registered retirement savings plan in Canada). Of course it meant that I had to give the money right back to them in the form of a deposit into my RBC RRSP account, but that is what I would have done with any extra cash at the end of the year anyway.

]]> By: John http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63769 John Wed, 29 Aug 2007 16:53:53 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63769 Nice summary of current marketing techniques. I have to disagree about the Chase Freedom card, though. It's actually one of the better rewards cards that is currently being offered. You don't have to take the rewards in "points"; you can get it in cashback as well. And if you wait until you accumulate $200 to redeem it, you will get 1.25% on everything (3.75% on some stuff). Most of the other current rewards cards have more catches to earn the higher cash back and are more "special purpose". I still use my old Chase 5% cashback card for groceries/gas/drugstore purchases, but they don't offer that one anymore. Plus, I can use the Freedom card for stuff that I don't get 5% on. The best strategy to maximize your rewards is to use different rewards cards for different places to do better than 1%. I agree the ads are annoying, though. Nice summary of current marketing techniques. I have to disagree about the Chase Freedom card, though. It’s actually one of the better rewards cards that is currently being offered. You don’t have to take the rewards in “points”; you can get it in cashback as well. And if you wait until you accumulate $200 to redeem it, you will get 1.25% on everything (3.75% on some stuff). Most of the other current rewards cards have more catches to earn the higher cash back and are more “special purpose”. I still use my old Chase 5% cashback card for groceries/gas/drugstore purchases, but they don’t offer that one anymore. Plus, I can use the Freedom card for stuff that I don’t get 5% on. The best strategy to maximize your rewards is to use different rewards cards for different places to do better than 1%.

I agree the ads are annoying, though.

]]> By: Mike http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63767 Mike Wed, 29 Aug 2007 16:50:02 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63767 I've always wondered if companies get a tax write-off for the money they donate to charities via programs such as the first one. If so, that makes it a sneaky way for them to actually be a bit more profitable, no? Obviously the profit is at no cost to the consumer and at benefit to the recipients of the gift... but still an interesting thought I’ve always wondered if companies get a tax write-off for the money they donate to charities via programs such as the first one. If so, that makes it a sneaky way for them to actually be a bit more profitable, no?

Obviously the profit is at no cost to the consumer and at benefit to the recipients of the gift… but still an interesting thought

]]> By: Brad http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/comment-page-1/#comment-63765 Brad Wed, 29 Aug 2007 16:33:50 +0000 http://www.thesimpledollar.com/2007/08/29/seven-nifty-tactics-credit-card-companies-use-to-get-into-your-pocket-and-how-to-see-right-through-them/#comment-63765 Nice article. It seems that the bigger card issuers are taking up the tactics previously used by bad-credit cards, or is that just my impression? Nice article.
It seems that the bigger card issuers are taking up the tactics previously used by bad-credit cards, or is that just my impression?

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