CC Fees on those who PIF each month?

[happygirl]

Yeah, I suppose so, but my concern is that these annual fee rates may sneak up on those of us who have several different cards that we do not normally really use.

I know that technically they are supposed to mail us and inform us of any policy changes, but while recently I've been checking closely any mailings from credit card companies, I'm not sure that I catch everything they are changing in their new "policy statement" -- in other words, they just sort of mix in the new stuff with the old, so I'm never really sure what exactly has changed.

I don't know.... maybe I should just cancel all the CCs we don't use. Or just keep one for MC, one for Visa, and one for Discover?

The only real rewards we use is cashback and Discover is our major usage card, but not everyone accepts Discover.

I guess we all really need to be watching and keeping up with these trends.

I don't mean to sound naive, but why would you have more than just one CC anyway? Maybe 2 if you're married so you can each carry one, but why more?

[disneysteve]

I don't mean to sound naive, but why would you have more than just one CC anyway? Maybe 2 if you're married so you can each carry one, but why more?

Different cards have different benefits. Discover gives cashback and each quarter has different 5% bonus categories which is the only time I use that card. For years and years, I had an AOL Visa card that earned credit toward my AOL bill. I didn't pay a penny for internet access for about 8 years thanks to that card. My Marriott card, of course, earns points toward hotel stays and we've been averaging a free vacation every other year. Last year, we got 10 free nights in New Hampshire thanks to that card.

[snafu]

While credit granters are evaluating the addition of new fees, consumers could be evaluating which financial institutions offer what is needed and used. FICO is just an evaluation company used by credit granters. Those scores are only valuable if you plan a major loan or mortgage or drastic financial change and their data can be challenged!

We use several CC from different institutions if we wish to extend the free credit period by timing a purchase according to cut offs for billing dates. Alternatively, I ask if the seller will discount his asking price for cash since they pay up to 4% per transaction to CC companies.

Frankly, having read about bankers and their shenanigans over the past few years, the less I use their services, the better I feel. I wouldn't use loan sharks either. Upping interest rates on old CC balances is trapping people in a debt quagmire like Payday Loans or movie versions of 'Mafia.'

[wincrasher]

I'll happily cut up any cards that start to charge a fee. They are making plenty off the merchant fees that we all end up paying in our purchases.

You may take a very minor hit by closing a few accounts. The ratio is what you should concern yourself with the most. You can have an 800 FICO with just a single card, or in fact, none.

[Like2Plan]

I don't mean to sound naive, but why would you have more than just one CC anyway? Maybe 2 if you're married so you can each carry one, but why more?

I'm like Disneysteve. I have some reward cards that I feel are worthwhile. We have an airline credit card because it counts towards free airline travel. I also picked up one of those Marriott cards --hearing DS talk about the benefits, I decided to give it a try. Sometimes, we have maximized the benefit of the airline card, so it is good to get free lodging, too.
I have a Disney Visa--it doesn't have a fee. I would most likely drop it if they did start charging a fee. I use the Disney Visa for discounts and Disney promotions that are offered from time to time and for which you qualify by just showing the card.
I have AMEX for Costco, but we rarely use it.

The other reason we carry more than one is we charge everything we can on the card to maximize points. DH and I travel a lot and we have had instances where fraud "protection" has frozen our account, so we carry a backup. One memorable instance was getting out of the parking garage at our home airport late at night--we couldn't get out of the garage using our preferred CC! Finally, we pulled out a different CC and it worked! (We had to call the fraud dept after we returned home to get it unfrozen) Another time we were at a very fancy resort (The Greenbrier) taking a tour. The fraud protection kicked in when we tried to buy a latte for goodness sake! (Maybe the card knew we weren't the sort of persons who could afford to stay there? )

[disneysteve]

Sometimes, we have maximized the benefit of the airline card

Good point. Many rewards programs have maximums on what you can earn. Once you've hit the max for the month or quarter or year, it makes no sense to keep using that card. It is better to switch to another that will keep earning you rewards.

[nmboone]

I would be so mad if my one Chase CC started charging a fee. It's the only one I've ever had so that's my entire credit history besides a couple of other loans. I would have to cancel it though as I don't use it unless an emergency comes up. I hope this does not happen to me!!