Forum Post: Close Your Card
Posted 13 years ago on Oct. 28, 2011, 9:52 a.m. EST by silencedogood
(2)
This content is user submitted and not an official statement
Folks, we are on your side and we are building Close Your Card (http://closeyourcard.com). This is the online equivalent to Occupy Wall Street, but targets the other side - credit card companies and practices. Soon we'll also have the dedicated social network completed. Please join it and tell others. Please spread the word and join us! Together we can make a big difference
Use credit cards when it benefits you but use cash as much as possible. Some gas stations charge more for using a credit card. I’ve gotten discounts when I mention I can pay in cash.
For the past two weeks I've been using all cash and it feels better to not support Visa or BOA. Plus, when using cash, there is no paper trail on what I buy....
I closed my Chase bank account on Monday. They asked a lot of questions and tried to convince me to keep the account open but I said I was going to support a local credit union. They didn’t like it but there was nothing they could do.
I agree with cheeseus. I earn less than 1% currently on my savings account. (of which I actually have been scrimping for years to fill) What's the incentive for giving my money to a bank to hold when there's no return? You bet your ass that if they lend you money your going to be paying them at least 10% or more.. Seems a little one sided, no? And it's not like I even want 10%.. I would kill (and so would many others) for a 3% interest savings account. I guess I could just go the Glenn Beck route and just buy a crap ton of gold bars and bury them in my backyard. :)
That is absolutely not true. When you close your card, it's you decision and it appears on your credit card statement as such. When the bank closes it, it shows up as "account closed by credit grantor".
When you close your own card, the banks want you back. When they close it, they don't.
A word of caution. Credit has become very important. Did you know you can be charged a higher auto insurance rate if you have no credit? Landlords may charge you more, or think you are a risk and refuse to rent to you. Other businesses may reject you even if you agree to pay cash.
If you always pay cash you will have zero revolving credit. Even if you have never been late on a bill and have a large nest egg, you will be treated as bad as the deadbeat who is in debt for $50k and never pays his bills.
The better option is to use their credit card but always pay it off so they can't extract interest from you...
And isn't this something that should be fixed? It's BS that you can pay your bills on time, have a decent sized nest egg and have to pay more for AUTO insurance because of it.
And while your idea of using the credit card but always pay it off, it a good idea for using the bank for your benefit. It still nets the bank some money in the form of fees paid by the merchant to the bank.
It's not just the fees either. It's the database the institutions build around your life. Every credit card purchase becomes another piece of the profile they have to exploit you to other bidders. It's getting difficult in this digital age. I always pay cash for numerous reasons. Cash should be a discount and allow you to be a passive consumer but it instead makes you a target in this financial warfare....
Sure, not not at 30% interest! Rates are low across the board. But credit card rates have not changed.
Imagine being a saver and not even earning 1% on your money. Then the bank lends that money at 15% to someone wanting a credit card. This scam brought to you by the federal reserve. The same bastards who tell you inflation is almost zero whle costs are soaring.....