AOPA credit card --- WARNING.

"Jay Honeck" wrote in message
news:%9spd.150672$R05.66688@attbi_s53...
If you have an MBNA credit card, look at your statements...if you like
being screwed by the credit card company then ignore this thread and do
nothing.

You talk like MBNA owes you something. If you don't want to use their
damned card -- don't.

If MBNA charges you 20% interest -- and you're dumb enough to use their
card -- who cares? It's not like there aren't 100 other credit card
companies begging for your business, so either pay the bill off each
month, or tell 'em to take a hike.

Ok. So you also support legalized loan sharking. Fine.

But tell me, what will you do when home, auto and commercial proprerty loan
companies hike their rates just because they feel like it? Even if you pay
on time, every time. All they need to do is lobby hard enough to put it into
law and you are totally screwed.

What then, Mr Clever Guy?

But tell me, what will you do when home, auto and commercial proprerty
loan companies hike their rates just because they feel like it? Even if
you pay on time, every time. All they need to do is lobby hard enough to
put it into law and you are totally screwed.

What then, Mr Clever Guy?

I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.

Or are you talking about annual fees, like American Express charges?
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

"Jay Honeck" wrote in message
news:3Lspd.391816$wV.73568@attbi_s54...
But tell me, what will you do when home, auto and commercial proprerty
loan companies hike their rates just because they feel like it? Even if
you pay on time, every time. All they need to do is lobby hard enough to
put it into law and you are totally screwed.

What then, Mr Clever Guy?

I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.

What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on
your high moral horses about paying credit cards off every month do not
impress me (unless you have zero credit - no home, auto, commercial loans at
all).

In a previous article, "RS" said:
"Jay Honeck" wrote in message
What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on

No, credit isn't credit "regardless what it is for". The credit agreement
of a credit card (you know, that fine print that you didn't read) clearly
gives them the right to hike the rates every time it strikes their fancy.
The loan agreement of auto loans and home loans are different, and if you
read the fine print on them you'd find that they can't raise the rates on
a whim.

That's why smart people take out bank loans rather than borrowing against
credit cards if they *must* use credit.

--
Paul Tomblin http://xcski.com/blogs/pt/
And on the seventh day, He exited from append mode.

RS wrote:

"Jay Honeck" wrote in message
news:3Lspd.391816$wV.73568@attbi_s54...

But tell me, what will you do when home, auto and commercial proprerty
loan companies hike their rates just because they feel like it? Even if
you pay on time, every time. All they need to do is lobby hard enough to
put it into law and you are totally screwed.

What then, Mr Clever Guy?

I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.


What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on
your high moral horses about paying credit cards off every month do not
impress me (unless you have zero credit - no home, auto, commercial loans at
all).

They aren't changing the rules midstream. Read your credit card
agreement. This is all spelled out in there. I actually read mine and
it is quite appalling what you agree to when you accept a credit card,
but it is hardly a rules change mid-stream. I don't care about all of
these issues as I pay my bill in full each month and they can't charge
me anything for that, because the agreement says so!

Likewise, my home mortgage can't be changed arbitrarily other than the
annual adjustment due to its being an ARM. However, this is likewise
all spelled out in the agreement I signed when I got the loan.

As for car loans, anyone buying a car on a loan is almost as foolish as
anyone carrying a credit card balance. Cars should be bought only with
cash as should any depreciating asset.

You do read your agreements for loans, credit cards, etc., right?

Matt

rules mid-stream. Credit is credit - regardless what it is for. You guys
on your high moral horses about paying credit cards off every month do not
impress me (unless you have zero credit - no home, auto, commercial loans
at all).

Well, now that you mention it, I have no mortgage payments, own two
cars, a pickup and a jeep outright, don't owe the doctor or dentist any
money, and pay off all my credit cards at the end of the month. Oh yeah, I
put three kids of my four kids through college -- one elected to pass on the
opportunity. I got wise to the stupidity of paying exhorbitant interest
rates on loans and credit cards more than twenty years ago. It seems to have
rubbed off on my kids. None of them ever pay the "minimum balance due,"
although I will admit, one of them is paying a mortgage off.

"RS" wrote in news:XVspd.565691$mD.442744@attbi_s02:

snip
What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history?
Well, that's what the credit card companys are doing now - they are
changing the rules mid-stream. Credit is credit - regardless what it is
for. You guys on your high moral horses about paying credit cards off
every month do not impress me (unless you have zero credit - no home,
auto, commercial loans at all).


I would immediately refinance with a company that offered a fixed rate
mortgage.


Just the same way that I don't have an AOPA credit card - but if I did, and
they jacked up my rate, I would take one of the many 0% balance transfer
offers and transfer the balance to a card that was not involved in usury.

"Judah" wrote

Just the same way that I don't have an AOPA credit card - but if I did,
and
they jacked up my rate, I would take one of the many 0% balance transfer
offers and transfer the balance to a card that was not involved in usury.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

If you call the bank that has the account, and tell them you will be closing
your account if they do not match the other card's going rates, chances are
they will lower your rate to match.

Try it and see. It has worked for me in the past. (not the AOPA card, but
all companies want your business)
--
Jim in NC


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"RS" wrote in message
news:XVspd.565691$mD.442744@attbi_s02...
"Jay Honeck" wrote in message
news:3Lspd.391816$wV.73568@attbi_s54...
But tell me, what will you do when home, auto and commercial proprerty
loan companies hike their rates just because they feel like it? Even if
you pay on time, every time. All they need to do is lobby hard enough to
put it into law and you are totally screwed.

What then, Mr Clever Guy?

I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.

What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history?
Well, that's what the credit card companys are doing now - they are
changing the rules mid-stream. Credit is credit - regardless what it is
for. You guys on your high moral horses about paying credit cards off
every month do not impress me (unless you have zero credit - no home,
auto, commercial loans at all).



You are truly ignorant. Most secured loans have fixed rates and fixed time
periods. You should read your credit card agreements. If you think you can
do better, then by all means start a money lending business. Otherwise,
keep your mouth shut and take your whining elsewhere. If you really feel
wronged, cancel the card and take your business elsewhere.

Well, the rate on an auto or home loan is fixed by the contract, silly!
Or else it is specifically bound by the contract to whatever
increases that are in the contract. Just like the rate on your credit
card is variable according to the contract you signed when you applied.
You DID read what you agreed to, didn't you? If you didn't agree with
it, why did you sign the application?

BTW, in fact I do not have ANY debt outstanding. It's fun to tell that
to people calling offering re-financing. I'm not rich (except in
name)... just frugal.

And frankly, I don't care whether I impress you. Frankly, you don't
impress me, much.

Rich


RS wrote:

What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history? Well,
that's what the credit card companys are doing now - they are changing the
rules mid-stream. Credit is credit - regardless what it is for. You guys on
your high moral horses about paying credit cards off every month do not
impress me (unless you have zero credit - no home, auto, commercial loans at
all).