VO-BB - 20 YEARS OLD!

Mandy Nelson · Posted: Thu Dec 10, 2009 5:05 pm Post subject: OT: Ain't that sumthin'

I thought I'd share a little tidbit hubby and I learned today when dealing with a credit card.

He called in about something and the woman said they were offering an 8.9% introductory offer on all transferred balances. He jokingly asked if we could transfer the current balance to the same card for that rate and she said no but then gave him this tip:

Take the checks that come with the card and write out one to yourself for the balance. Then deposit it. When it clears, use that money to pay off the balance and you'll be paying the same balance but at the new 8.9% rate. INSANE! Who knew?

Also, we started going paperless on another card and it was declined a couple of times today so I just called to check on that. Turns out we've been paying regularly except for this month...the online statement doesn't read true until you dig deeper. Somehow we missed a measly $35 payment because they only show the overdue amount a couple of pages in. The woman I talked to said it herself, "It's very deceptive." I hope she doesn't get fired for that but I'll surely be writing a letter saying that I think they should change the layout! Plus I'll be much more vigilant.

Ahh, credit cards. Love 'em and hate 'em.
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glittlefield · Posted: Thu Dec 10, 2009 7:09 pm Post subject:

OK, So say I have $2,000 on the card. I write myself a check for $2K (new balance = $4,000), deposit it and then send the $2K in the evil bank (balance = $2,000). They lower the interest rate for the old balance as well? It doesn't seem to me that anything was really transferred, just more debt added and taken away.

Gah.

Banks make my head a'splode. I'm done paying for their kids' college instead of my own.
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Deirdre · Posted: Thu Dec 10, 2009 8:02 pm Post subject:

I know that going paperless is a good idea, but I'll always get a printed credit card bill. Sometimes there's mega screwy stuff on it.
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Lee Gordon · Posted: Fri Dec 11, 2009 1:12 am Post subject:

When I get those checks with my credit card bills, they go directly from the envelope to the shredder.
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bobsouer · Posted: Fri Dec 11, 2009 5:48 am Post subject:

Lee,

At my house too.
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Mandy Nelson · Posted: Fri Dec 11, 2009 6:47 am Post subject:

Yes, we shred them also. Those checks scare me!!
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Manfillappsoc: The Mandy and Philip mutual appreciation Society. Who's in your network?

Have you seen my mic closet? ~ me to my future husband

JBarrett · Posted: Fri Dec 11, 2009 7:31 am Post subject:

Greg,

I think that Mandy's explanation might be easier to understand this way:

"Take the checks that come with the new card and write out one to yourself for the balance of the old card. Then deposit it. When it clears, use that money to pay off the balance of the old card and you'll be paying the same balance but at the new 8.9% rate."

My apologies for the edit, Mandy, but I was confused myself until I figured out which cards were being referred to at different points.
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Bruce · Posted: Fri Dec 11, 2009 7:32 am Post subject:

Those checks and cash advances often have worse terms than a standard charge too. Fine print: enemy to those who don't read it, and not much of a friend to those who do.

B
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Diane Havens · Posted: Fri Dec 11, 2009 7:41 am Post subject:

To paraphrase an oft quoted phrase... "I'm from the credit card company/bank and I'm here to help you!"
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glittlefield · Posted: Fri Dec 11, 2009 7:52 am Post subject:

Justin, thanks for setting that straight for me. Brain's a bit frozed these days. Wink

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Mandy Nelson · Posted: Fri Dec 11, 2009 9:55 am Post subject:

Justin, thank you!
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Manfillappsoc: The Mandy and Philip mutual appreciation Society. Who's in your network?

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CarynClark · Posted: Fri Dec 11, 2009 1:22 pm Post subject:

Mandy, often those balance transfers are offered at 0%.... errrr, uh... ZERO. For like 6 months to a year. I'd dig a little deeper and see if you can find one with a lower rate. There are sites that list credit cards and their offers. Just sayin'.
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Mandy Nelson · Posted: Fri Dec 11, 2009 1:55 pm Post subject:

Thanks, Caryn, but we don't need it. I was just sharing some interesting info and getting a little convo started to hear peeps thought.
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006 member of the Sisterhood of the Traveling Mic. Bonded by sound.

Manfillappsoc: The Mandy and Philip mutual appreciation Society. Who's in your network?

Have you seen my mic closet? ~ me to my future husband

CarynClark · Posted: Fri Dec 11, 2009 5:23 pm Post subject:

Okeedokee... then I guess I'm doing the same. Rolls Eyes

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Lee Gordon · Posted: Fri Dec 11, 2009 6:05 pm Post subject: