Credit card fees

  Nibblerman 11:07 11 Jun 2007

i was just on Yahoo's website & thought some of you might find this intresting.

click here

  Kate B 11:35 11 Jun 2007

Credit card companies are businesses: if one source of income is restricted, they will look elsewhere. This doesn't surprise me. It's a bit of a pain but some effort with a comparison site like should help you switch to a better deal. Or you could just not have a credit card ...

  Si_L 12:18 11 Jun 2007

I am old enough to have a credit card, but decided to just stick with a debit and I find this much less hassle, no bills to worry about, I have a free overdraft limit so my card doesn't get charged, and I understand that I shouldn't buy things I can't afford! I see no need for a credit card.

  Kate B 12:23 11 Jun 2007

I don't have a credit card, either ... too likely to cause trouble. But I can see that someone on a tight budget would want one for emergencies and might end up using it for non-emergencies.

  Pine Man 12:41 11 Jun 2007

I have two credit cards. Neither make any charges yet and both give cash back.

Virtually everything over £5 is charged and both cards are paid off fully by direct debit each month.

Doing things this way means that the cash I would have withdrawn from my bank stays there earning about 5% interest. Purchases over £100 are guaranteed and I get a lump some returned to me once a year from each company averaging about £70.

I should add, considering KateB's recent problems, that both cards are covered for theft/cloning.

If charges are introduced I will use the card company with the best 'privileges'.

  Kate B 13:15 11 Jun 2007

Pine Man, that's definitely the optimal way to manage credit cards :)

  Pine Man 13:30 11 Jun 2007

The problem is that the more people that do it my way the less money the card companies make and the more likely that charges will be introduced!

They actually rely on people paying the minimum each month.

  PalaeoBill 16:37 11 Jun 2007

Credit card companies do charge the seller a couple of percent on the sale, so they make money even if you do manage your cards as Pine Man does. They also charge for the on-line authorisation. Charging an annual fee as well is just plain greed. I only use mine now when I specifically want the payment protection.

  Kate B 16:44 11 Jun 2007

It's not greed - I don't understand why everyone has such a problem with financial services companies making a profit. Try doing without retail financial services ... and it's very competitive in this country, as a quick glimpse at any of the comparison websites will show you.

  PalaeoBill 17:02 11 Jun 2007

It absolutely is greed. You only need look at the profits posted by these companies to see that.
I don't have a problem with anyone trying to make a profit. I know its a service and I expect to pay for it. The credit card company gives me credit, I use their card so that I don't have to carry cash and I get payment protection. They levy a charge on the retailers (which gets passed on to me anyway in increased prices).
Now they want to introduce an annual charge because they can no longer extract so much income from penalties. I don't want to have to pay twice and I wont. I will cut up my credit card as I am sure many other customers will.

  rezeeg 17:16 11 Jun 2007

Pine Man I do the same. My biggest problem is trying not to go mad and spend over my monthly income.

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