Posts by milehighfool:
Are You Licensed to Spend?
Provisions of the Obama administration’s CARD Act make it more difficult for adults under the age of 21 to get and use a credit card, and that’s just fine with a majority of consumers surveyed by CardRatings.com. Read More »
5 Last-Minute Costume Ideas for Under $5
Want to be scared this Halloween? Take a look at what you’re paying to celebrate the year’s spookiest holiday. Renting a basic pirate’s outfit from Boston Costume will run you $65. Add candy, snacks, and drinks and you’ll soon be over $100. Read More »
This Loan Will Cost You 400%
Would you take out a loan that cost 400% annually? How about 120%? Millions do today, and millions more could soon join their ranks thanks to some of the nation’s largest lenders. Wells Fargo, U.S. Bancorp, and Fifth Third Bancorp are among the big banks getting into high-rate microlending, Scripps Howard News Service reports. Read More »
The Fastest Way to Get a Job Now
The defining characteristic of the Great Recession, and the Great Depression before it, is joblessness. U.S. unemployment stood at 9.8% in September, the highest in 26 years, as the economic downturn has eliminated an estimated 7.2 million jobs, The Associated Press reports. Read More »
3 Perks You Might Get for Threatening Divorce...
…from your credit card company, that is. Credit card deals aren’t as plenty as they used to be, and may even be on their way out. But customers with a history of borrowing and decent credit can still extract concessions from their creditors. The secret? Threaten divorce.
Credit: squeakymarmot
That’s what we did. Actually, we didn’t just threaten, we did file for divorce from one of our Citibank accounts over the weekend — but not before the agent in charge of (ahem) closing our account resorted to a stoic, almost comical begging.
“Is there anything more I can do for you?”
“No.”
“Is there anything we can do to make this account work better for you?”
“No, we like our other Citibank account better.”
“Would it help if I got on my knees to beg?”
“Seriously?”
Okay, I made that last part up. The point remains: We spent more than 10 minutes on the phone trying to get an agent to close a 19-year-old account that he was apparently under orders to keep open. And he had plenty to offer. Here’s a brief overview.
How about a gift card with that? First up: the gift card. Mr. Agent said we could have a $50 gift card, credited directly to our account, if we kept the card open. Not bad, but accepting would have meant spending on that account again, and do any of us who’ve been in credit card debt ever just spend $50? Next please.
How about a lower interest rate? This strategy would have worked if we were threatening to transfer a balance. We weren’t. Our balances were already tied to low-interest cards and loans.
Regardless, it was tough not to like the offer. Mr. Agent had the authority to put us on a single-digit fixed rate even as double-digit rates are becoming the norm. For example, LowCards.com reports that Bank of America’s new “Basic” Visa card will charge 17.25% annually. (Ouch.)
How about some bonus points? Finally, Mr. Agent resorted to my weakness: points. But not all points programs are equal and Citibank’s ThankYou points are a weak alternative to American Express’ Membership Rewards program, which offers transfers to travel partners.
In short: Citi couldn’t give us much with this card. On the other hand, its HHonors Visa — connected to Hilton’s frequent guest program — is wonderful. That one, we’re keeping until a better deal comes along.
We’re not the only ones who think this way. Writer Danielle Christopher of Langley, British Columbia says she received a Day Timer organizer when she threatened to cancel one of her cards.
That’s as it should be. Citi and its peers know that if you’ve had a card for 19 years, you’re likely to remain a loyal customer. But in the brutal game of personal finance, where computers calculate daily interest rates, loyalty benefits creditors more than credit users like you and I.
Unless, that is, we choose to stop being used. Isn’t it long past time?
Read This Before You Lease Your Next Car
Leasing is back.
On Friday, Chrysler Group began offering leases on all 2010 Dodge, Jeep, and Chrysler vehicles. The automaker also said in a press release that it plans special leasing deals for certain models, including the Chrysler Town & Country, Dodge Grand Caravan, Ram 1500, Journey, Jeep Wrangler, and Liberty. Read More »
How To: Turn Your iPhone Into a Moneymaker
If Steve Jobs’ numbers are accurate — and we’ve no reason to believe they aren’t — I’m one of more than 30 million to own and actively use an iPhone. Trouble is, I’m not getting as much out of it as I should. I’m not using it to collect and redeem coupons. Read More »
Why You'll Be Paying More Interest Soon
Curtis Arnold’s modest Arkansas drawl is soothing, like a cool lemonade on a steamy southern day — except when he’s talking about credit cards. Read More »
The Secret to a Low-Cost Vacation
Everyone has a great story. For some, it’s the big fish they caught. For others, it’s a college experience they’d rather their friends forgot. For me, it’s a travel story. In 2004, my wife and I took a first-class trip to Europe and Africa for a coach class price thanks to some fast work with affinity points. Read More »
Avoid Getting Fired Before You Get Hired
As if the nation’s 14.5 million jobless didn’t have it bad enough already, The New York Times now reports that employers are turning to credit checks to screen hires. The implication? Keep your credit squeaky clean, or suffer the consequences. Read More »
