January 23, 2007
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Credit Card and Debit Card
Bank of America reported that their fourth-quarter profit rose by 47 percent largely because of high credit card rates and debit card fees. Here is the link: Link
In Europe, people have begun to sue banks because of high interest rates, high debit fees and high check bouncing fees.
Are debit card and credit card fees out of control?
Comments (110)
YES
#1
I’ll tell you once I get one.
Uh yeah, one of mine hit 30% and they REFUSED to lower it. Tell me how that’s not out of control.
Maybe, but then again, isn’t consumer idiocy out of control?
Yeah.
Yes, but it’s still the consumer’s responsibility to read the fine print.
yep
yep…..they really are
Absolutely . . .David Ramsey’s book “A Total Money Makeover” . . is our new life resolution, check it out!
yep……….
i’m lucky enough that my bank does free debit.
but honestly, what’s the point of putting your money in the bank if they charge you every time you touch it? BOA is a terrible bank, and i’ll never go there. i think i’d have more money to my name if i had a shoebox.
omg yes!!!! I get charged to use my debit card then if I have an overdraft they bill me $35 for the overdraft plus $35 for the $1 fee!!! Not that I do it all the time lol
yes, but then again i think credit caard use is out of control
ofcourse they are.
have you tried cancelling a credit card lately? they give you the toughest time! i got into a verbal argument with some loser credit card customer service person because he refused to close my card out! what a joke.
yup.
buy stocks in banking i guess
and oil companies while your at it
Yeah
Considering as thus far I’ve been smart enough not to charge things I can’t pay for and haven’t forgotten any of my bills, I wouldn’t know.
no
No we are out of self control
I think credit card USE is out of control….
I LOATHE B.O.A.. I just ended a year long fight with them over fees. Even though it was in dispute..they continued to bombard me with more fees. It got way out of control and everytime I called their customer service I would get someone new (which I don’t mind.. I DO mind that the idiots I spoke to before them hadn’t put ANY notes on my account about the previous calls or things discussed.) They have no customer service!!
Yes, but shouldn’t people not have to deal with that too much if they manage their cards responsably?
yes, and so are the interest rates for college loans!!! 9% for me :’(
Yeah, but they are a business just like everyone else. They need to make a profit. Ergo, it is completely acceptable concerning what they are doing.
yes
I was listening to my AM station this morning, while on the road. They were talking about these and other financial things.
They advised to never use debit, which i don’t.
let me answer you question with another question. are the rabid squirrels terrorizing small farming communities out of control, or is there still something we can do aboot it?
Everyone so far is ASSUMING that when Dan said high interest rates he meant ridiclious rates like 30%. I personally feel that anything over 10% is entirely too much for any credit card company to charge. I feel like loans should be 5% and under when it is for houses and cars etc. Yes, they are absurd. Yes, it crazy and yes it’s out of control. You can’t do anything about it either unless you have a crap ton of money in the bank.
They are but people are willing to pay them. With credit cards if you pay off the entire balance at the end of the month then there are no extra charges to pay. I have had my credit card for four years and have yet to be charged a penny of interest. All I pay is the amounts that I have charged on it. It takes control and thought is all.
yes. it’s insane.
I dunno. I don’t have one.
Technicolor.
yeah, it’s out of control. Let’s be freaking socialists!!! ! whoo hoo!!!!
it’s crazy. but people need to be smarter about how they spend their money and how to not spend money they don’t have.
Hell Yes!! That’s why I don’t use them.
Candy
You don’t need to sign on the dotted line, so let the bastards charge whatever they can get.
Sure.
Never had a credit card because, you know, interest. . .
I do have a debit card.
Only used it once. . .
Oh God yes. If you have 14% at least while in College for a select few, it becomes VERY ugly with all due respect; I can only imagine what it’s like in Europe.
Yes – most everything is financially out of control.
no. the people need to demand what they want. we seem to get great rates all the time why cant others? it all comes down to money in your pocket or theirs, the consumer needs to decide.
abosolutely, but not as out of control as the consumers. if we would just think before we “swipe out” credit cards would have no place in our world.
Yes! With my debit card everytime I use my pin number with a purchase I’m charged 25 cents. How ridiculous is that?!?
no. People are just stupid in how they use credit and debit cards. An educated consumer can make out quite well. I got $100 gift card and $300 in cash from Chase last year with no fees other than my time to fill out the application.
I’ve got a BOA debit card that I use all the time and I’ve never had any fees on anything. But then, I’ve never bounced a check either.
I’ve never had a problem with charges for my debit card. The problem is this: people are abusing their cards to the max. To make up for this, the banks have to raise their fees in a small hope that then people will stop abusing their cards. Unfortunatly, people don’t seem to understand this.
very much so
Yes to the hells!
yes, but it isnt a reason to sue.
ABSOLUTELY! LET’S SUE THEIR LOAN SHARKING ASSES JUST LIKE THE EUROPEANS! BANKS SUCK.
yes and everyone knows they are but we still sign up for credit cards anyway. they are there to take our money and we allow them to.
I have no clue, I dont get charged for any of that.
its not out of control as long as people place themselves in situations where they essentially say they’re willing to pay it. if people wouldn’t allow themselves to depend on credit cards, then the credit card companies would be forced to lower rates in order to compete. supply and demand people!
totally
Yes, but humans as a race need to exhibit a little self-control before anything good happens.
meh
just follow the rules
then you dont have to worry about fees
besides, you DO sign an agreement to pay their fees and charges when you get the card, do you not?
yes, just don’t use them. It you can’t afford it, don’t pretend like you can and dig your own grave.
NO
Over-spending, late payments and non-paying debtors are out of control. Do you really think it costs the bank $35 when you overdraw on your checking account? Of course not! The fee is ridiculously high so you WON’T do it! It’s like getting a speeding ticket and complaining that it’s $200 even though you know it won’t cost the system that much to process it. It’s high for a reason; so you will STOP doing it!
i actually had a bank of america card and yes they were charging me over 30% interest…because they deemed my over the limit was necessary to charge a higher interest (which may i say they approved and now i know why) and also if you do not make the minimum payment…even when making payment arrangements they deemed it necessary to increase the interest again…needless to say bank of america and other credit/debit card interest rates are out of control…and they wonder why a good portion of americans are in debt…insane.
do not do business with bank of america…they will not work with you…ever!!!!!
oh and btw…this wasn’t because i didn’t manage my debt or credit card charges…emergencies do exists
Yes, but that is only because so many people abuse them.
We opened our bank account in Geneva last week, and they offered to get us credit cards, but the fees were enormous! I’m used to not having to pay any sort of annual fee on my cards. So we’ll continue using our american cards instead.
Honestly? The interest rate and bounced check fees are easy enough to avoid, as long as you pay your balance when you need to. However they often seem ridiculous.
BTW credit card companies have a policy where they’ll waive a late=payment fee for each customer once a year. You just have to call and ask for it (we had to do it once, it was super easy they didn’t even ask questions). Most people don’t know about it, so they just pay.
Most people who sign up for these cards are unaware how horrible their credit can become after using them, and not being able to pay the loaned money back.
I’m thinking of getting an associates degree first, anywho. Then, maybe work, and finally go off to college.
I pay mine off or have 0% interest. Fortunately I haven’t had an emergency that’s ended in great credit card debt. Thank you Lord.
no idea…..
Capitalism is out of control. Credit cards, debit cards, loans and layaways all so that we can buy a bunch of crap that we don’t even need. Then we go into debt and the phone calls start.
yes, but how else would they make money?
No, people know that there are fees and high interests rates when they sign up for them. If they can’t pay for it then they shouldn’t use it.
I bank with Bank of America, and YES, it’s ridiculous! They attract you with the “zero percent blah blah” and “Free such & such with your student checking account!” but you find out the rates are ridiculous once you get in there. I will say though, that even though the interest rate on my student credit card is high, when I turned 18 and had no credit, it was the only one I could get.
a big fat and huge YES
it’s outright robbery
It is absolutely absurb that one has to pay a fee to get money out of your own account. I can understand a bounced check fee to make you learn a lesson…but with the company you owe money to also charging you for now an overlimit fee (because of the late fee being added on)….how is anyone going to get ahead?
YES!!! it used to be illegal to charge interest rates in excess of 20%, now interest rates of 25% are common. some banks not only charge a fee for non-customer ATM usage, but now they are also charging fees if you are a customer and use a teller instead of the machine.
we used to receive interest of 6% on our savings accounts, and now we are lucky to receive 2-1/2% (when the rate of inflation is 3%) it is no wonder that americans don’t save > you lose money when you put it in the bank
oh, and you have to have a credit card to rent a car, buy a plane ticket, or rent a hotel room. just try and do any of those things with just cash… you can PAY the final bill with cash, but you MUST provide a credit card when you rent the car or the hotel room so that if you skip out or wreck the room they can charge you.
you have to have that little card.
and my husband’s interest rates were raised even though he pays more than the minimum and is NEVER late (he pays everything 2 weeks early > i know, it’s disgusting)
people should just realize how money hungry the companies are!
i think college loan rates should be lower
people should definitely you know…like be more careful about how much they spend.
yes they are, and they’re darn sneaky about it too. When I opened my account, I went up to the bank in person and got the rep to set everything up and waives fees up front my accounts. They can do that, but you need to ask them before you open the account.
yes and so are people who use them
oh yes!
Hell yes they are. http://www.daveramsey.com
Anyone can use a debit card.
Even crazy monkies from the future.
No rules or laws.
A 8 year old kid can use it as long as it has the money in it or in the account it is used for.
Kids use these to pay their trac-phones now-a-days.
credit cards yes are crazy……….
fuck credit cards
Credit cards are not for emergencies…thats what SAVINGS IS FOR.
oh well. I’m glad there are a bunch of people out there that will disagree with me. You’ll make my stock go way up…and make ME rich while you look at bankruptcy over the ‘freedom’ that credit cards give you.
hope you like the stuff you buy with it.
Evowookiee Credit cards are not for emergencies…thats what SAVINGS IS FOR.
well it’s nice you are able to save and have enough to cover emergency expenses even when savings were available……unfortunately i did not have such privledge and needed to use a credit card to pay for an emergency…hopefully you will not have to encounter such a scenerio
YES!!
yes it is criminal
they give credit to KIDS !
Yeah
People pay fees for their debit cards!!??? I don’t.
It is a little ridiculous, but I guess it teaches responsibility.
People have mentioned hating Bank of America, but its overdraft fees are actually much lower than another bank I used for a while. MUCH MUCH lower.
Oh yes. And college loans.
Yes , but we all need to accept responsibility with in regards to our spending habits.
Uhm Yes!!! Helloo!!
no, the people who use them are!!!
Yes they are too high…that’s why I use cash.
Yes!
I detest BOA!!! Most of thier customer service reps are incompetent. Their solution to anything that they are unsure about is to tell you that you have to come into a bank for service. I would have to call back about five times before finally speaking with someone who could help me. It was suposed to be a good idea to bank with them while I was in the military, but they just did not understand that I couldn’t come into the bank while I was deployed!
Oh and the fees are annoying too.
My cat has a credit card. Really.
I wouldn’t know, I don’t deal with them.
The fees aren’t that high if you use your card(s) sensibly. I pay mine off in total every month. If I didn’t have the money to spend, I wouldn’t spend it (except for emergencies). Otherwise, I’m just buying debt.
Yes, greedy bastards.
Credit Card fees are out of control… but they’re making money off of others’ lack of self-control, can we really condemn that?
After all, there’s an awful lot of ways to make money fast and easy, I see no reason any of us should ever have to be in debt or remain in debt…
debit card….fees? Mine’s fee-free.
Loans are pretty harsh tho.
Absolutely. All they are now are legal loan sharks.
No, if we buy stuff we can’t afford we deserve to pay a lot of extra money. That’s why you can get any interest at all on money you put in a savings account.
No more so than the people using them
Fine print should be illegal.
If I need a microscope to see that everything just explained isn’t going to be true in 6 months, etc. Oh, and my bank just recently changed overdraft fees to $33. Dude. I overdrafted cos I don’t have money. So why would you raise a fee like that.
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I think so but I also think we will continue to tolerate it.
L,r
yes its out of control and should be regulated. The government complains about people being in debt and what not, but they put people there with their ridiculous charges.
I saw some where on here someone had said “why do banks charge an overdraft fee when they know you have no money?”
Thats just contributing to the problem
Im not saying there are not people who are idiots and just charge everything, but I feel something has to be done to help people be able to pay off debts without paying ridiculous interest rates.
hmm… idk, i will let you know if i get1
i have an idea: only spend money that you have. obviously loans don’t count.
No, people spending money they don’t have is.