Bank Of America on crack?

[DarnYankeeUSMC]

When I started a business 20 something years ago I got a credit card from them. It had a 25k limit and a 7% rate. Come the melt down of 08 and they lose all business sense. I have yet to figure out what is their business sense. Some time in 09 I receive a letter stating they have changed my account. My new limit is 15k and the new rate is 15%. WTF?? I call them and inquire about the changes and they said if I don't like it close the account. I told them that this makes no sense. I have never made a late payment and always pay early. I never went over 20k on this card and when I received payment for the materials I charged I would pay the account in full. So several times a year they were making pretty good money on my account. They repeated, If you don't like it close it. I paid the account in full the next day. I figured I would just use another card to due my major purchases with and just use them for the monthly stuff and pay it in full every month. Since this is a no fee card it is costing them money every month to track and service the card. I am sure for the amount I put on it they are spending more in postage just to mail me a statement. So Tuesday I receive a letter from them thanking me for being a good customer and so on and I now am approved for their new card with a bunch of new benefits. It goes on to list them and at the bottom is says to see the schedule on page 2 for the rates. Holy crap!! 21.99% interest on any charges and 29.99% on cash advances. Who in their corporate offices is smoking crack? Anyone else get one of these letters from these idiots? With the prime rate around 1.5% this is insane. I guess I will continue to use them the same as I have over the past several years. I haven't closed the account because it looks bad on you credit if you close some of these lines of credit. Or so I have been told.

 

[pmclaine]

Get an REI Visa card. You get 1% on all purchases, a discount on REI purchases and as a Co-op member they send me a dividend check each year. I dont know what the rates are as I pay monthly.

So at the cost of $0 and through pretty consistent usage I get a check to me for $200.00-$300.00 every spring.

 

[Chris@InterstateGuns]

lol sounds like an obamacare letter.

 

[Darkside-Six]

Fuck BofA!! I've had my military banking with them for over 15 years. My wife and I have most of our savings with them. At the beginning of 2013 right after the Sandy Hook incident I had spent a nice piece of money on some Ammo and reloading stuff and they actually put a hold on it. ?It created all kinds of problems and when I called they told me that BofA didn't agree with the purchases and all this bull shit, blah blah blah. I had heard that they started doing that type of shit to gun manufacturers accounts with them. I told the lady that it was my fucking money and I could spend it on whatever the hell I wanted to as long as it was legal. They tried to argue the shit and I told them that if they didn't free up the funds and send my purchase through that I would drive down to the closes branch and close every fucking account we had with them. Now I'm no millionaire by any means but we do have a nice little chunk with them. They ended up letting it all go and I've never had a problem after that.

 

[Pester]

I guess I will continue to use them the same as I have over the past several years. I haven't closed the account because it looks bad on you credit if you close some of these lines of credit. Or so I have been told.

Ditch them. My understanding is that avail credit is a component of your credit score and that if you replace it with other cards with similar total credit limit you dont take a hit. Clark Howard is on radio/HNN/etc that gives great advice on 'not getting ripped off'. If you look him up on the internet he has a group of volunteers that answers similar questions, based on his thinking, for free.

I hate BofA. 3 mortgages with them and they cant even do the basic blocking and tackling. We are in the process of moving all the mortgages elsewhere or paying them off

 

[BoilerUP]

BoA sucks.

Open a new line of credit elsewhere and cancel the BoA account. Citi is better than BoA, Chase is better than Citi, AMEX better than all but you sometimes have to deal with "we don't take AMEX".

My company has had AMEX since '86, and I've got a Platinum card which works GREAT (especially since I don't pay the $450 annual fee).

 

[Maggot]

They are not on crack, they are on greed and anal protection.

Prior to the '08' fiasco I had credit limits of $70,000with Amex (I had once charged a $50,000 item and paid it up in 2 months), $70,000 with BoA (all cash), and $75,000 with Chase (all cash). I never had a late payment as they were all auto draft from my checking acct. Right after '08' they all dropped to under $3000, and didn't have the courtesy to notify me. I was travelling and tried to check into a hotel and got told my card was over limit. Im giving every one in sight hell until I called Amex and they owned up to what they had done. Ive since gotten the limits on all 3 back to about 1/3 of what they were. FUCKING ASSHOLES.

Ill give Ames this, they will take your side in disputes. I use the Hilton Honors Surpass card which pays huge points. Ive got enough points to stay in a 5 star hotel for about 10 days.

 

[High Binder]

When I started a business 20 something years ago I got a credit card from them. It had a 25k limit and a 7% rate. Come the melt down of 08 and they lose all business sense. I have yet to figure out what is their business sense. Some time in 09 I receive a letter stating they have changed my account. My new limit is 15k and the new rate is 15%. WTF?? I call them and inquire about the changes and they said if I don't like it close the account. I told them that this makes no sense. I have never made a late payment and always pay early. I never went over 20k on this card and when I received payment for the materials I charged I would pay the account in full. So several times a year they were making pretty good money on my account. They repeated, If you don't like it close it. I paid the account in full the next day. I figured I would just use another card to due my major purchases with and just use them for the monthly stuff and pay it in full every month. Since this is a no fee card it is costing them money every month to track and service the card. I am sure for the amount I put on it they are spending more in postage just to mail me a statement. So Tuesday I receive a letter from them thanking me for being a good customer and so on and I now am approved for their new card with a bunch of new benefits. It goes on to list them and at the bottom is says to see the schedule on page 2 for the rates. Holy crap!! 21.99% interest on any charges and 29.99% on cash advances. Who in their corporate offices is smoking crack? Anyone else get one of these letters from these idiots? With the prime rate around 1.5% this is insane. I guess I will continue to use them the same as I have over the past several years. I haven't closed the account because it looks bad on you credit if you close some of these lines of credit. Or so I have been told.

So you post a rant about a company that is telling you in so many words to fuck off and die or in your words, "If you don't like it close it" and your conclusion is to stay with that company? Is there anyone in TN that can go over to DarnYankee's house and slap some sense into him and maybe kick his dog a few times too?

As anti-gun/anti-American BoA is and has been for decades you should have known by now not to be a customer of theirs. 'and as to your credit worries in terms of closing a line of credit, you are aware that there are countless other sources of credit... right?

 

[steve123]

They are anti 2cnd amendment! There was a thread here on the Hide about it a year or 2 ago.

Bank of Asswipes lost all business right then, closed all my accounts and will never use them again.

 

[clyde]

OP - Has it ever occurred to you that their business model works because the world includes many, many people who "bank" differently than you do?

Why are you angry with them? Close the account and get on with your life.

 

[Maggot]

Bank of Asswipes QUOTE]

Nice, couldn't have said it better myself.

 

[DarnYankeeUSMC]

I have an Amex , Citi card and a Discover along with the BofA. BoA was the only one that did this. I agree, Fuck them. that is one of the reasons I just put a tank of gas or a meal on it once a month. It's mostly computer crap but if I stay with the regular billing they have to print a statement, put it in envelope and mail it. I pay on line so it's no sweat of my nuts. Just a couple clicks. I used the points off my Citi card to vacate in Vegas for a week with the wife and kids last year. Paid for airfare and hotel for the week. I saw were the gov. was fining them for some BS lending practice. They are just passing it off on those that can't afford to write a check to pay them off. When they can indisccrimatly change your % rate to whatever they want, who is really paying?

 

[DarnYankeeUSMC]

So you post a rant about a company that is telling you in so many words to fuck off and die or in your words, "If you don't like it close it" and your conclusion is to stay with that company? Is there anyone in TN that can go over to DarnYankee's house and slap some sense into him and maybe kick his dog a few times too?

As anti-gun/anti-American BoA is and has been for decades you should have known by now not to be a customer of theirs. 'and as to your credit worries in terms of closing a line of credit, you are aware that there are countless other sources of credit... right?

That is funny. My dog only weighs about 5 lbs. don't kick too hard please. Guess you missed the part where I paid them off. No big deal.

 

[Wildwillalaska]

BofA sucks, but they are the holders for the Alaska Airlines card, so we have them. Gets us one companion fare per year, where your companion flies for $99 wherever the main traveler goes--saves big time on annual trips to Texas and Kona. Still don't like them, but since we don't carry a balance can't complain too much--except that they excluded 1st class fares last year, but think that was more the airlines than BofA.

Back during that turn-down time frame, 08-09, I did have a card that I never used and got a similar letter. I got the card because it had zero interest for the intro period, activated it, and then never used it. About 7 or so months later, roughly right after the intro zero interest period ended, I get a nice letter saying since I hadn't used the card, they had closed the account. Was kind of miffed to say the least.

 

[High Binder]

Guess you missed the part where I paid them off. No big deal.

I saw that part but does it really matter? I mean sure, you're paying them off every month so they're not making any money on you but is it really worth the brain damage you're giving yourself over the whole ordeal? In other words, why not just ditch BoA and be happy that they can no longer count you as another customer. I'm sure Wells Fargo/local credit unions would be happy not to make any money on you.

 

[Maggot]

They do whatever they want because they have been declared "To big to fail". Did you know that ALL the restrictions put on the banks after the housing fiasco were repealed last fall because lobbyists bought enough politicians.

Fuck the banks and fuck the politicians.

"Show me a politician and Ill show you a crook." My Dad.

 

[EddieNFL]

I have a BOA card. I use it for fuel only. Get three percent back, pay it off every month. We use three different cards. Couldn't tell you what the rate is on any of them as I haven't paid CC interest for a loooong time.

 

[hlee]

I have a BoA card, however, the only card i use is my cabelas card- and that is mostly for business expenses. Paying it off every month takes money out of their pocket, and I'm ok with that. "Convenience users" cost the card company money.

The one that pissed me off was the letter I got from Capital One- essentially the same as the OPs letter. Did the same as the OP as well. Yeah, fixed rate- blah blah blah. Guess "what's NOT in my wallet!!!"

My company is too unreliable with reimbursement timing to use Amex- and I didn't get any points with the corporate card.

All banks suck, some suck marginally less than others...

 

[JMGlasgow]

My Bass Pro Shops card is from Bank of America. They have never put a credit hold on any ammo or gun type purchases. And that is pretty much what it gets used for.

 

[Maggot]

All banks suck, some suck marginally less than others...

Try Branch Bank & Trust, BB&T. They are a south east regional, but have some offices in DFW and Austin. Ive found them to be a cut above the rest.

 

[jbell]

I agree BoA is big time anti gun. I have holds put on firearms related purchases and so have my friends. I think they came public about their position on firearms last year or maybe 2 years ago. Dump em fast!

 

[shurt]

I have no respect for BoA ..... crap like that makes no sense.

 

[Flyinghunter]

In addition to anti-second amendment, let's not forget pro illegal immigration and stealing from our taxpayer dollars via the TARP bailouts.

In 2007:
In Los Angeles, immigrants who don't have credentials to work in the United States can still get a credit card, thanks to a pilot program run by Bank of America. The bank is hoping to tap a fast-growing market by offering credit cards to illegal immigrants without Social Security numbers.

Source:Bank Defends Credit Cards for Illegal Immigrants : NPR

And:

Bank of America received $45 million in taxpayer money in late 2009 and early 2010, in part through the federal Troubled Asset Relief Program, or TARP.

Source:Gun manufacturer says Bank of America doesn't want its business | Fox News

 

[shootist2004]

I went to them to open an account for an adult business.....
they told me they dont deal with adult stuff.....
I went to them for a loan on a motorcycle.....
they told me they dont loan money on motorcycles...
he said would you like to buy a boat? jeeeeze

 

[SniperCJ]

Heres a better idea for you: Close that and all other credit card accounts. Use your bank's debit card and actually PAY for the stuff you need.

I currently have exactly ZERO credit cards and ZERO open accounts. Im shooting for a credit score of ZERO and am dangerously close to getting there.

F&ck a buncha credit cards and BoA A-holes

 

[evilcoon]

Some banks use lube and others don't. Me personally, fuck em all...

 

[classicshooter]

After reading all the firearm related businesses that have had problems with them as well as all the stuff they have done that is shady during the housing crisis, F-them. I avoid them at all costs.

 

[MitchK]

Usaa

 

[EasyGravy]

They wouldnt give me a mortgage because I refuse to put my money in their bank. Even after proving I had $30, 000 cash saved they didnt want to deal. So I went to my local credit union and got almost 1.5% less and got mortgage no prob.

Sent from my SAMSUNG-SGH-I537 using Tapatalk

 

[40xs]

They stay in trouble with the feds. every year or so they are paying a hefty fine for some wrong doing. I wouldn't be surprised if they don't end up being the next ENRON!

 

[Maggot]

They stay in trouble with the feds. every year or so they are paying a hefty fine for some wrong doing. I wouldn't be surprised if they don't end up being the next ENRON!

They have purchased and own too many politicians for that to happen.

 

[XTR]

Where is the link, I know it is out there, they closed McMillan's credit lines after Sandy Hook or something like that. Dump them.

 

[jotrot]

im surprised any gun owner does bussiness with them after what they did to mcmillan, just becuase they started building and selling firearms

 

[rjacobs]

I have had issues with Chase and I think Citi(through the Shell Visa card).

The worse was Chase, but I wont go into that. Its been a multi year disaster caused by an accounting issue on their part, proved me in the right, yet they refused to remove the two negative accounts from my credit report(which by law they are allowed to deny the removal).

Shell Visa card through Citi: Used for 2+ years prior to economic down turn. Paid in full every month. Got 5% cash back on fuel purchases at Shell. My card broke in half so I called up and ordered a new card. When the new card showed up I went to activate it and it wouldnt activate so their automated system sent me to a person who said my account had been closed. For what? Credit liability reduction was the answer I got. I said "show me where I made a late payment, non payment, anything other than a full payment" and they couldnt. I dont want to do business with those kind of scumbag banks anyway. I was costing THEM 5%+ a month and they didnt like that. I was not a credit liability.

I closed my Bank of America accounts a few years ago when they threatened to charge to use your debit card. Sorry, im not paying you to use my own money.

I bank with Schwab now for my every day checking account and have a single credit card with Capital One.

Ive closed 7+ credit card accounts over the past 5 years(at one point I had almost 200k of available credit). So with 1 car loan and one credit card(which is paid in full every month) which are currently my only reportable accounts to the credit bureau's I have a mid 700 credit rating(I have some negative stuff from Chase on there that will drop in a year or so). So closing accounts might hurt you for 3-4 months, in the long run it doesnt hurt you at all.

 

[ddavis]

If you are still using a major "too big to fail" bank and not a local credit union, you are missing out.

 

[xs hedspace]

BofA sucks big time! I had a local bank account for 25 years that got taken over by BofA, saw an advert for BofA credit cards "starting at 7.8%", figured I was prime credit rating, got the card, found it was 14.5%. This was about 7 yrs ago. Took the card to the BofA manager, cut it up into pieces at her desk, and said, by the way I'm closing my checking account. Went to the credit union, got a Visa card at a decent rate, and a local bank that's open 1/2 day on Sat, has a no fee checking account. Bite me! BofA didn't even have a local phone number listed to find out how late they were open!!

 

[pyplynr]

Yup, F em. I closed my BoA card years ago. I have a credit/debit card with my local smallish bank (3 locations). I have my mortgage with them also. Sure, I pay a little more in interest, but if I have a problem or need anything. I show up or call and talk to the same person that's worked there for 15 years and business is handled.

 

[2ndamendfan]

Lets get a couple things out in the open. Every Time you use your card (debit card if you run it as a credit card also) the place you are making a purchase with gets hit with a 1.5%-4% fee. The credit card companies make money on both ends. The charge the business to "guarantee" the money and they charge the card owner interest if not paid in full. So even if you pay in full every month they are still making money off you. While obviously not as much as someone paying the minimum every month. If you are like me (most on here seem to be) you pay the card off every month, while they didn't make any money off interest on me they still made 2% off my purchases, and they have their money ASAP which they can now use to "loan" to the next guy and make money off their card.

Think of credit cards as just a supersized version of the "payday" lender in your city.

Last Place I worked one of my bosses got a monthly bonus based on the profit for the month. He was bitching about how people always use cards, bla, bla bla. I asked what was up and he said that the bill to Visa that month was $40,000. If people would have used cash the place would have made an extra $40,000 and he would have got a better bonus. He considered it $40,000 down the shitter for people's convenience.

 

[Cobracutter]

Fuck BofA!! I've had my military banking with them for over 15 years. My wife and I have most of our savings with them. At the beginning of 2013 right after the Sandy Hook incident I had spent a nice piece of money on some Ammo and reloading stuff and they actually put a hold on it. ?It created all kinds of problems and when I called they told me that BofA didn't agree with the purchases and all this bull shit, blah blah blah. I had heard that they started doing that type of shit to gun manufacturers accounts with them. I told the lady that it was my fucking money and I could spend it on whatever the hell I wanted to as long as it was legal. They tried to argue the shit and I told them that if they didn't free up the funds and send my purchase through that I would drive down to the closes branch and close every fucking account we had with them. Now I'm no millionaire by any means but we do have a nice little chunk with them. They ended up letting it all go and I've never had a problem after that.

Why would you stay with them? USAA blows everyone out of the water and BOA is the worst financial institution in the country. They are half the reason the economy is so fucked up.

 

[Cobracutter]

Heres a better idea for you: Close that and all other credit card accounts. Use your bank's debit card and actually PAY for the stuff you need.

I currently have exactly ZERO credit cards and ZERO open accounts. Im shooting for a credit score of ZERO and am dangerously close to getting there.

F&ck a buncha credit cards and BoA A-holes

This is a stupid idea. What you are proposing is for undisplined morons. Let me explain for the mouth breathers:

When someone steals your card info, it could be a debit(bank) or a credit card:

If its a debit card, they stole YOUR money and even if you get made whole, you are going to be without YOUR money for a period of time. The bank also has less incentive to investigate and spend resources in getting the money back, as its YOUR money not theirs. Many times, you will not get made whole and will lose real money, with little recourse.

If its a credit card, they stole THEIR money. You don't owe shit. You also still have all the money sitting in your checking/savings account. The Credit companies tend to try a little harder than the banks, beacuse its THEIR fucking money that just got stolen. Its the credit card companies problem, not yours. You get issued a new card and ready to roll.

In addtion, if you make all your monthly expense purchases on a credit card, you can reap the rewards programs (free money, gas or other shit) that cost you less net money in the long run if you pay it off. If for some reason you have a unexpected expense and you can't cover the hit without paying your bills, you can absorb the hit over time (with interest penalty) but still make your payments and cover your emergency.

Furthermore, having a large availible credit line HELPS your credit. As long as you pay it off every month your credit utilization and ballance will show favorable.

Smart people do not use their debit cards for anything. This is one of the reasons the dumb ignorant stay poor and the financialy competent grow their net assets.

 

[Rancid Coolaid]

Usaa

Exactly what I was about to post!

 

[Maggot]

Why would you stay with them? USAA blows everyone out of the water and BOA is the worst financial institution in the country. They are half the reason the economy is so fucked up.

I have their credit card because I travel and they have locations in more states than any other bank/card. Because they are such assholes I use them as an absolute last resort.

This is a stupid idea. What you are proposing is for undisplined morons. Let me explain for the mouth breathers:

When someone steals your card info, it could be a debit(bank) or a credit card:

If its a debit card, they stole YOUR money and even if you get made whole, you are going to be without YOUR money for a period of time. The bank also has less incentive to investigate and spend resources in getting the money back, as its YOUR money not theirs. Many times, you will not get made whole and will lose real money, with little recourse.

If its a credit card, they stole THEIR money. You don't owe shit. You also still have all the money sitting in your checking/savings account. The Credit companies tend to try a little harder than the banks, beacuse its THEIR fucking money that just got stolen. Its the credit card companies problem, not yours. You get issued a new card and ready to roll.

In addtion, if you make all your monthly expense purchases on a credit card, you can reap the rewards programs (free money, gas or other shit) that cost you less net money in the long run if you pay it off. If for some reason you have a unexpected expense and you can't cover the hit without paying your bills, you can absorb the hit over time (with interest penalty) but still make your payments and cover your emergency.

Furthermore, having a large availible credit line HELPS your credit. As long as you pay it off every month your credit utilization and ballance will show favorable.

Smart people do not use their debit cards for anything. This is one of the reasons the dumb ignorant stay poor and the financialy competent grow their net assets.

Agreed here. I don't even have a debit card for exactly the reasons CC listed. When ever possible I use my American Express Hilton Honors Surpass card which gives me a LOT of points. I stayed in a Hilton Marina in Fort Lauderdale Fl. this winter for a week for free. Ive stayed at the Beverly Hilton in Beverly Hills Ca. for a week for free to watch the USC/UVA football game. Had a poolside suite. There is nothing stupid about having good credit, one just needs to be intelligent, and disciplined in using it. My credit score is between 780 and 830 depending on which agency you consult.

None of that changes the fact that BofA are a bunch of greedy, push the limit, assholes. It all boils down to whether they use you, or you use them.

 

[E. Bryant]

Fuck the big banks. Use your local credit union, which is typically run by human being with which one can communicate and reason.

 

[SniperCJ]

In addtion, if you make all your monthly expense purchases on a credit card, you can reap the rewards programs (free money, gas or other shit) that cost you less net money in the long run if you pay it off. If for some reason you have a unexpected expense and you can't cover the hit without paying your bills, you can absorb the hit over time (with interest penalty) but still make your payments and cover your emergency.

Furthermore, having a large availible credit line HELPS your credit. As long as you pay it off every month your credit utilization and ballance will show favorable.

Gawd I hope you were being sarcastic. However in the event you wernt...

A) I don't NEED a CC to cover unexpected expenses. I have MONEY to cover unexpected expenses.

B) Youre missing the point. Im not trying to HELP my credit score. Im trying to ELIMINATE my credit score.

To the guy that listed his credit score. Congratulations, youre really good at making the banks money.

 

[Cobracutter]

Gawd I hope you were being sarcastic. However in the event you wernt...

A) I don't NEED a CC to cover unexpected expenses. I have MONEY to cover unexpected expenses.

B) Youre missing the point. Im not trying to HELP my credit score. Im trying to ELIMINATE my credit score.

To the guy that listed his credit score. Congratulations, youre really good at making the banks money.

Its a good thing you have a crystal ball to look into the future. The truth is you never know what can happen. Unless you are independently wealthy (as in your grandkids will never have to work a day in their lives) everyone is a bad market swing, health condition or poor investment away from being broke.

Wealthy people get wealthy, by using other peoples money. You think Trump or Buffet made their billions by using their own money? Credit is an incredible leverage and so is debt, if you understand it. NEVER use your own money unless its the last resort. Its no different than the idiots who pay off a house today, when interest rates are at all time lows, and investment gains are pretty high. Throw in some time value of money and it just makes it even that more moronic.

Banks are the fucking scum of the earth. One of the oldest, most corrupt institutions right up there with the church. You still need to learn how to use them. Its just a fact of life in modern society. It's in YOUR best interest to play them at their own game. In reality, if you play your cards right, they make little to nothing from you and you walk away with all the chips. Think of it like counting cards or cheating in a casino. Only its perfectly legal. If I can get 2% cash back I making income for free, not touching my own money, and minimizing my exposure. If the bank charges 2.5% on the front end, they end up with .5% and eat all the overhead and fees, and probably end up at a net loss. It really is a no brainer, unless someone is a moron. Unfortunately, most people are just that.

 

[Maggot]

^^^^
Sometimes its even better. I get letters from Chase every month offering to loan me $15,000 at 0% for 14 months. I've used it quite a few times and invested it at 4-5%.

So how am I making them money.

As long as you have the discipline to be sure the $$$ are there when due, its a no brainer.

 

[SniperCJ]

Its a good thing you have a crystal ball to look into the future. The truth is you never know what can happen. Unless you are independently wealthy (as in your grandkids will never have to work a day in their lives) everyone is a bad market swing, health condition or poor investment away from being broke.

No crystal ball, but I DO know that if I'm not in debt to anyone, then I'm not as vulnerable as those who owe others money. Those in debt are one job loss, bad decision or bank call away from foreclosure or bankruptcy. I don't have that worry. I insure against the big stuff and 'self insure' against the small stuff.

Its no different than the idiots who pay off a house today, when interest rates are at all time lows...

Doesn't matter what the interest rate is, why would I want to give the bank ANY of it?? If my house is paid for, I can use that cash to invest for MYSELF, not the bank. And on top of that my largest purchase is PAID FOR. That's money in the bank! It moronic NOT to pay off your house as soon as possible

If I can get 2% cash back I making income for free, not touching my own money, and minimizing my exposure. If the bank charges 2.5% on the front end, they end up with .5% and eat all the overhead and fees, and probably end up at a net loss. It really is a no brainer, unless someone is a moron. Unfortunately, most people are just that.

Wow, 2% cash back. So if you spend $5000 a month on a CC you get a WHOLE $100 in your pocket! $100 isn't worth it to me to be a slave to the bank. You go right ahead. Good luck.

 

[SniperCJ]

^^^^
Sometimes its even better. I get letters from Chase every month offering to loan me $15,000 at 0% for 14 months. I've used it quite a few times and invested it at 4-5%.

So how am I making them money.

As long as you have the discipline to be sure the $$$ are there when due, its a no brainer.

Youre BORROWING money to invest? That's absurd.

 

[TenZero]

This is a stupid idea. What you are proposing is for undisplined morons. Let me explain for the mouth breathers:

When someone steals your card info, it could be a debit(bank) or a credit card:

If its a debit card, they stole YOUR money and even if you get made whole, you are going to be without YOUR money for a period of time. The bank also has less incentive to investigate and spend resources in getting the money back, as its YOUR money not theirs. Many times, you will not get made whole and will lose real money, with little recourse.

If its a credit card, they stole THEIR money. You don't owe shit. You also still have all the money sitting in your checking/savings account. The Credit companies tend to try a little harder than the banks, beacuse its THEIR fucking money that just got stolen. Its the credit card companies problem, not yours. You get issued a new card and ready to roll.

A very common misconception: Credit card issuers do not care about stolen cards/fraudulent charges. they want everyone to think they are so great about "protecting you" from credit fraud. The sad truth: They force the individual merchants to eat the fraudulent charges. So anytime someone clones your account, or steals your card, those charges are fully absorbed by the vendor, NOT the bank. That is how they do business, by fucking everyone they can, anytime they can. Sad.

 

[Name Enough]

My wife opened a checking account with them and since she is over 65 was supposed to get free checking. I was there when she opened it. After the account was open for 8 months she noticed they were charging her $15 a month for checking. She went down to the bank and they said sorry our mistake but we can only refund the last two months of charges. You should have been checking your statement.
WTF - never again. Thieves and Cheats bit time as proved again and again. I would open another account elsewhere and charge .50 cents each month so they won't close the account and they have to send you a statement each month which I would pay via auto payment.