How much do you know about your Credit Card?
By bejeweled08
@bejeweled08 (33)
United States
May 26, 2009 11:43pm CST
I work for a credit card company and sometimes it just infuriates me that some people don't know how to manage their credit card accounts, and just don't understand that a contract is a contract. I understand slip ups, and mistakes happen and sometimes you don't have the money. But to have a 20,000$ credit line and to not know the terms behind the debt is completely, for lack of a better term, insane.
I guess it's just me and what I do, but I really feel that people should look over these sorts of things, and the important stuff isn't in little tiny print. I service over 100 different credit cards with different terms, and none of them have print so small you need a microscope to read. It's bold print on the first page.
Do you feel people should look more closely at these things? and not just credit cards, any contract?
1 person likes this
3 responses
@Raven1 (577)
• Australia
3 Jun 09
Before I went full time in my freelancing business, I worked as an investment banker for a long time. I'm the same as you - it's very frustrating to watch people take on so much debt and never really understand what they're getting into. They don't read the fine print and they have no concept of what they're doing financially.
I think financial education should be taught in schools - but banks would hate that. They rely on people not really knowing what they're doing so they can make more profit!
@freyjamoon (90)
• Australia
27 May 09
i dont understand my credit card at all and it infuriates me cause my limit is 4k au$ i owe 3.6k and i pay $50 every month in fees etc.
the first time i used it was for a tv thats supposed to be int free for 36 months. i paid some off then had to use it a cpl of times for emergencys now the tv has been put on hold and supposedly paying of the other amounts but it doesnt seem to get any where. and the cash advances as they call it dont seem to go down at all i took out a total of 200 aud$ and it hasnt gone down.
@sonusd (1547)
• India
27 May 09
I am a finance employee so i am fully aware about my credit card
i am utilizing it since 1 year and till today i have never paid a signgle rupee intrest because i give back my money to bank before the due date and also i am spending so much money on my credit card so i am getting so many exciting gifts from my bank also so i am taking full benifit of this credit card