Friday, March 4, 2011
Credit cards less of a chump play?
I am out of the credit card game. They won. I lost.
But for some things—especially if you think someone might want to clean you out--a credit card is preferable to a debit card. This includes restaurants, where waiters whisk the card off someplace out of your seeing. Those skimmer machines are cheap and plentiful.
But because of limits on late fees, payment of bogus fees is down now.
Over-the-limit charges have also been cut by many cards. Two-thirds of the companies don’t even charge those anymore. Card issuers also can no longer jack the rate on your whole balance in the first year.
Some have brought in annual fees, though—read carefully.
Those new statements that tell you how long to pay off the balance with just minimum payments—they are working. People say they pay more than the minimum now.
Oh, well—I was paying a ton in minimums and now I am not.