Comments on: Is the Era of Democratic Credit Really Over Now?

By: Funny about Money

Funny about Money — Mon, 02 Nov 2009 02:09:43 +0000

Depends on the card. I need to have an AMEX card to buy gas at Costco (cheapest vendor in town). Because it gives me a nice annual kickback, I charge lots more than $2,400 on it. So no such fee would apply.

But because not every vendor accepts American Express, I also have a Visa card. I hate getting any more bills than absolutely necessary, so I rarely charge on the Visa card. If they started gouging me for not spending myself stupid on their card, the card would go.

What I would NOT do, however, is keep either card if they started charging me an annual fee for the privilege of lugging their piece of plastic around in my purse.
Funny about Money´s last blog ..The highest and best use of a swimming pool

By: Mr. Not the Jet Set

Mr. Not the Jet Set — Thu, 29 Oct 2009 16:52:22 +0000

Credit cards have never been democratic. It is a dictatorship that you can choose not to participate in – despite rumors that it is the only way.

And no, credit cards are not for emergencies or regular sending. They are a method for banks to make money off of your transactions.
Mr. Not the Jet Set´s last blog ..Just a Reminder….

By: Credit Card Chaser

Credit Card Chaser — Wed, 28 Oct 2009 03:21:35 +0000

Personally I try to make as many purchases with my 2 cash back credit cards as possible so that I can get the 1% to 3% cash back so I don’t think I would ever get hit with an inactivity fee.
Credit Card Chaser´s last blog ..House Votes to Move CARD Regulation Start Date up to Dec 1st

By: marci @ onlinecolleges

marci @ onlinecolleges — Tue, 27 Oct 2009 17:54:44 +0000

I would totally close my credit cards once there’s an inactivity fee. I think that is BS! Aren’t credit cards for emergencies? Not regular spending? That’s what I’ve always thought of them as (use sparingly).

By: Cassie

Cassie — Tue, 27 Oct 2009 12:59:09 +0000

If there was a minimum I had to spend, I would be okay with that. My card is a rewards card so I use it for everything to get the rewards, and then pay off the full balance every month. However, if they started charging a yearly fee, I would have to consider switching cards.
Cassie´s last blog ..Can I borrow your costume?

By: Mackenzie

Mackenzie — Tue, 27 Oct 2009 11:10:37 +0000

I would close the credit card. I have enough school loans that I feel like I’m building a credit history in any case. Part of that also stems from the ambition that a mortgage is the only other loan I ever want to pay for.
Mackenzie´s last blog ..Cooking Soup in a Pumpkin

By: jesse

jesse — Tue, 27 Oct 2009 04:33:14 +0000

Considering all my credit cards are of the same age now because my oldest card was closed due to inactivity, I would just close the card. I only have my cards for credit history and I now have school loans that are the same age as my credit cards so there is no incentive to keep the cards. I use a charge card for all my purchases because of rewards and it already has a yearly fee but the rewards in this case outweigh the charge, but if all my cards took this route there would be massive closures from my end.
jesse´s last blog ..Linkworthy: Placebo, Placenta and Sleep Patterns

By: Broke M.B.A.

Broke M.B.A. — Tue, 27 Oct 2009 02:12:21 +0000

I’d close my one credit card account. I rarely use it and only for convenience. I do wonder how much it would affect my credit rating. I’ll still have a mortgage, but other than that, I probably wouldn’t borrow money for any other reason.

By: Amy

Amy — Mon, 26 Oct 2009 21:27:41 +0000

That depends. I guess for cards that I use little or not at all, I would probably close them. For cards that I do use, maybe spending a bit more would be worth keeping them open. I mean, I use my debit card for certain things, but I could use a credit card instead, seeing as how I already have the money anyway. (I do trust myself to get the balances paid in full each month–I have been debt free for over a year.)

By: Zella

Zella — Mon, 26 Oct 2009 18:28:59 +0000

I already use my primary credit card plenty… it’s a rewards card, and I use it for a combo of business (that gets reimbursed) and personal, and then paid off each cycle. So what I’m saying is that I probably wouldn’t be affected. Maybe on one of my other cards, but worst case, I could always split charges. Two more mouse clicks to pay, but that’s pretty neutral for me.
Zella´s last blog ..Thank you, A.