# Read the 'Terms and Conditions' of your credit cards



## Deejo (May 20, 2008)

We’re in tough economic times for many folks. I am separated and in the midst of a divorce. Stuff falls through the cracks. During the separation, several outstanding credit accounts went 30 days past due. The result was a rise in the interest rate to 29%. 

I had an additional card with no outstanding balance, and a six thousand dollar line of credit. I also had 0% interest rate courtesy checks for this account. You know, “use these checks to pay off higher interest rate balances …” The checks were set to expire at the end of June.

So … I use the checks. The creditors to whom the checks were made out, deposit them and reduce my balance. The credit card company with which I have a $6000.00 credit line that issued the checks receives them, and holds them for ‘processing’. Prior to processing the checks, the creditor reduces my $6000 line of credit, to $500. Then they process the checks – which of course are now no good. They are also charging me $35 for having written the checks to cover payment in excess of the credit that I didn’t know that I didn’t have. In turn, I will also be charged for the returned check fee from each of the creditors to whom the checks were made out. 

I called and spoke with a rep. The rep confirmed the series of events. I was sick to my stomach. His words: “Per the Terms and Conditions of your agreement, we reserve the right to apply changes to your account at any time without providing you notice. I asked him to transfer me to someone with whom I could at least dispute the $70 bucks worth of fees they were charging me for the privilege of getting screwed.

Again, the reps words: “You can’t dispute it. It’s a legitimate fee. You did not have sufficient credit at the time the checks were processed.”
I claimed that the ability for the company to receive those checks, hold them, and then decide to reduce the available credit, and charge me for it, amounts to fraud.

I don’t want to turn this into a novel. Long story short. There is no recourse. Absolutely any dispute that you have with your credit card company – any credit card company, per the terms and conditions, will be settled in arbitration. Arbitration is handled by a party selected by the creditor, meaning you won’t win. Basically, you can’t challenge the card company in court - ever. When you sign for the card, you are providing the credit card company with ability to nut-punch you at will and get away with it.


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## GAsoccerman (Mar 24, 2008)

yep, the credit cards are killing us, they have raised ours to 27-29% for no reason!!!

I cut them a check to pay them off, they can close them if they want. 

they are going to lose more customers, sad part is those who can't afford to pay it off are screwed, they know they have you and will bleed you dry.


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## Deejo (May 20, 2008)

I hope the tactics they are using come back to bite them in their fat cat a$$es. Screw me now because you can – I won’t forget. 

I’m sure they are counting on our dysfunctional relationship with credit that we weather this storm – and then just go on spending. That may be the case, but certainly not for me.

Got a couple of Dave Ramsey’s books, he makes a pretty good case for _never_ using credit cards.


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## GAsoccerman (Mar 24, 2008)

We are down to Two credit cards now, both with low percentage rates, I keep about a $100 on them, revolving, i'll buy something but keep it at a $100 give or take, this way they have to keep it open, but I don't get killed with interest. 

I mainly use my Debit card for everything and I online bank. I haven't been to a branch of my bank...ever. I do it all electronically and I CLOSELY monitor it. I have alrets set up and everything. I get notified via text if anything over $200 (total) is charged.

If I need cash I get it from "cash back" on food purchases when I grocery shop. it's free!


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