Am I the only one getting screwed by credit cards?

[AlphaRam]

Yes, it is legal.

Here's another way you pay and don't even realize it. Interchange fees. Everytime things are paid for with a credit card, the merchant has to pay a percentage for interchange feesto VISA, MasterCard, AmEx, etc. The higher that gasoline rose, the more the credit card companies were making. At over $3 a gallon, they would get between 9-11 cents per gallon of gas sold while my company would make a profit of 4-6 cents a gallon. That isn't right that they make more money from us selling gasoline than they did.

The interchange fees get rolled into the price of products sold normally as a cost of doing business. With gasoline and the competitive market, that cannot always be done when the price skyrockets.

[general counsel]

If you read the fine print on the back of your credit card statement, you will see that the credit card company has the right to change the rates and the conditions whenever they want, including the right to cancel your card if they choose to do so. Unfortunately, part of the economic meltdown is that people who have otherwise behaved responsibly are being adversely impacted in many ways by those that have not done so (ie many people who have paid their bills on time are seeing their rates raised and limits lowered because of the defaults of others).

No one has a constitutional right to get credit from a third party. Anyone who decides to take a credit card should understand the rules up front and if they think the rules are unfair, they shouldnt take the card. I am not defending the credit card companies, only pointing out that each person has a responsibility to handle their own finances and if you dont like the one sided rules that the credit card companies put on your borrowing their money, you shouldnt sign up for the deal.

ramming speed to all

general counsel

[AlphaRam]

GC,

While you are correct, it still isn't right how the credit card companies conduct business. I saw not long ago where one of the card companies issued a card to a cat. There have been millions of card offers sent to anyone with a pulse (and sometimes without a pulse). Some of the card issuers are part of banks wanting and receiving bailout money. They have conducted business in a reckless manner.

The reason the card companies (aka banks) can get away with this is the financial might they have with members of Congress.

You are correct in that people need to understand the agreement. Most Americans cannot understand the words, let alone the legal concepts, that are written into those agreements.

[A-Web]

Well as for being screwed by credit card companies, I believe it was already said. Just don't use a credit card, and if you do, make sure it's money that is going to be there before the payment is due.

I have what is deemed an "excellent" credit score at this time. I have one credit card, from a reputable credit company. I have had this card since a week after I turned 18, for the general purpose of developing credit. I live in an appartment where I pay bills for electricity, gas, internet, satalite t.v., and a few other random ones like XBL. I pay on time all the time, and I have never paid minimum. Not a single time, unless it was a static bill from a company. I have never to this day went a single month where I have paid interest on my card. I have always had a zero balance when it came to the end of the pay period.

I am saying this because, and I know this doesn't apply to eveyone, I just called to have a limit increase, and was granted. I understand that certain companies are in financial trouble, and seem to be cutting customers and debt wherever they can with increased rates and offering stuff like zero interest if you pay off the loan before X-date. On X-date your account is then deactivated. This is something they are offering to specific people with credit issues, not just every customer they have.

But if you have a credit card, hopefully you thought about whom it was to be with. I do not know whether I can give that information as to whom I use my credit card with, but if I can someone let me know, and I will state it. It is a household name for credit cards, but sometimes people just use whatever came in the mail. If you chose a stable company, and you pay off your total every month, you can still get increases, and still keep low interest rates (which don't matter if you pay it off every time)

Just for the world to know.

[rams#1]

I don't use credit cards for that very purpose. the system is designed to screw us all.