Well, it happened - water in basement!

I hear horror stories all the time about credit card misuse and identity theft.
My father's sister got one and ran up a $42,000 debt. That was a pi$$er settling her estate! The estate attorney somehow negotiated it down and in the end there was only a few thousand dollars left in the estate and I had to split it with 3 other cousins on that side of the family. However, in her defense, she probably didn't understand the concept of a CC. She probably got bills for what she bought and ignored them. He home was filled with those gadgets like you see on TV commercials.
 
debodun said:
I hear horror stories all the time about credit card misuse and identity theft.
My father's sister got one and ran up a $42,000 debt. That was a pi$$er settling her estate! The estate attorney somehow negotiated it down and in the end there was only a few thousand dollars left in the estate and I had to split it with 3 other cousins on that side of the family. However, in her defense, she probably didn't understand the concept of a CC. She probably got bills for what she bought and ignored them. He home was filled with those gadgets like you see on TV commercials.
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You can pick almost any topic and find horror stories.

I’m part of the 82% that has a credit card and have never had a problem I didn’t cause, same as my experience with cash.

As we get older a credit card can make life so much easier and with today’s technology you can turn the card off when not in use, receive activity alerts, turn off foreign transactions where the card is not present, etc…

I really hope that at some point you are able to overcome or manage your fears and give credit cards a chance. 🤗
 

Deb, you sold the old house & bought a newer one.
That shows me you are capable to handle your money.
That tells you can handle a credit card.
You don't have a to have a card worth millions.

My credit card is low , bit over $2,000.
I don't max it out & I pay the bill when it comes in.

If I feel unhappy with the credit card , I cancel it.
I'm wanting to take a new card out with our bank.

Talk to whom ever advises you about you money.
Hopefully they can get you a credit card that you are comfortable to use.

You now have an idea how much this water damage is going to cost you.
 
Sliverfox said:
Deb, just read you post above mine.

I think I would have changed banks after being told that.

What rude thing to tell you!

Does make you wonder about the teller's scruples.
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She is no longer there.

I had another relative that lost a CC and by the time it was discovered missing, somebody had found it and made around $3000 in purchases. He was responsible for some if it because he took too long to report it (that's what I heard). It was my understanding that the card holder wasn't responsible for any fraudulent purchases. Maybe it depends on how long it's been missing.

I just looked at my bank's web site and they offer Visa Rewards Platinum.
 
Someone tell me this: I assume the CC company will present me with a bill at some point in which I will have to pay back what I spent. How is that usually paid? What is a limit? Should it be secured or unsecured? Doesn't paying with a CC incur certain fees?
I was vacationing with a friend in Connecticut years ago. When she went to pay for her room, the innkeeper tacked on a surcharge (I think that what it was called) and my friend was livid about it. I paid for my room with a check - no surcharge.

My understanding about CC is that the company pays for your purchases, then you pay them back with interest for every purchase for guaranteeing payment to the creditor.

I found this interesting reading:
Americans relying less on cash, more on credit cards may pay more fees. Here's why.
 
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debodun said:
Someone tell me this: I assume the CC company will present me with a bill at some point in which I will have to pay back what I spent. How is that usually paid? What is a limit? Should it be secured or unsecured? Doesn't paying with a CC incur certain fees?
I was vacationing with a friend in Connecticut years ago. When she went to pay for her room, the innkeeper tacked on a surcharge (I think that what it was called) and my friend was livid about it. I paid for my room with a check - no surcharge.

My understanding about CC is that the company pays for your purchases, then you pay them back with interest for every purchase for guaranteeing payment to the creditor.
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My bill is paid in full automatically from my checking account.

You can also pay it by check.

I don’t pay any fees or interest because I pay my balance in full each month.

If you use the card for cash you will most likely pay interest and cash advance fees but I only use my card for purchases.

My credit card debt is unsecured.

The limit is the total amount you can charge.

A small merchant might attempt to charge a fee to cover his interchange expense but I would report him if he insisted.
 
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Sorry for the aggressive lecture Deb
I’m not sure why I felt the need to do that.
I was a needless jerk thinking I was helping
 
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Deb, don’t send in a generic application for a credit card. Talk to the bank manager, not a teller.

With your savings and no debt, they don’t have a good reason to refuse you. If they did, I’d say that you want to talk to the regional manager or your money will be kept with a more reasonable bank.

Ask for a low amount until you can demonstrate that you’re not a risk. Perhaps $2000. If it really bothers you, you can make a purchase and pay the amount off that day. I see people doing that often at Walmart.
 
debodun said:
My understanding about CC is that the company pays for your purchases, then you pay them back with interest for every purchase for guaranteeing payment to the creditor.

I
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We've had a couple of credit cards for decades. We usually use them for groceries, gas, and store purchases. We get a monthly bill, and mail in a check within a couple of days. We haven't paid a penny in interest, etc., on them. The last time we paid any interest was when we made our last house payment sometime in the 1980's. We get anywhere from 2 to 5% back for using our cards.....hundreds of dollars back over the years. If you pay the bill in full, there is NO interest.
 
debodun said:
My understanding about CC is that the company pays for your purchases, then you pay them back with interest for every purchase for guaranteeing payment to the creditor.
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They pay what you charge, they get a kick back from those they pay. You could set up a bill pay online at no charge to you if your bank has that feature available. The cash you would have spent should be paying the complete balance every month before or by the due date. That way you pay NO interest. You have printable instant documentation on who you paid & how much you paid.

A card with a cash back feature works well. Usually between 2% to 5% cash back on purchases.
Transaction Summary
(Jul 27 - Aug 17)
Pending Transactions (2)
$53.11
Posted Transactions (38)
$2,736.50
bill closing date 8/26/2024
so far this month we get between $54.72 & $136.80 still several days to go before closing date. That can be spent online or applied to the balance.

If you plan on applying go to your bank & ask for a credit limit you are comfortable with. Ask for cash back feature & bill pay online. We have a debit card set up with a max withdraw on any day of $1600.00 but don't use it since there is no cash back feature with the credit union we have.
For the last 37 years with Discover we've had a couple of problems always resolved in our favor. For the last 32 years the credit union we have has been zero cost for the services they provide. Why anyone would not use a credit card responsibly to be able to get the best value for the money they have to spend I just don't understand.
 
debodun said:
Now my washing machine isn't working properly. I went to use it this morning and it filled and did the wash cycle, but when it got to the rinse cycle, it shut off. I had to hand wring out the load, bail out the tub and take the load to the laundromat. What a morning!
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Oh gosh, Deb I am so sorry about this. You've already been through so much.:cry:
 
debodun said:
Now my washing machine isn't working properly. I went to use it this morning and it filled and did the wash cycle, but when it got to the rinse cycle, it shut off. I had to hand wring out the load, bail out the tub and take the load to the laundromat. What a morning!
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Failure to complete the cycle is usually a sign of a problem with the Control Panel....which can cost a bunch to repair. Get your make and model, and do a search on UTube with the symptom...you may find an easy solution. A few months ago, our dishwasher began to stop mid-cycle, and a new CP would cost half the price of a new dishwasher. I went to UTube, and found a easy way to reset the CP, and the next time it failed I did the "trick" and it hasn't failed since....saved me hundreds of dollars.

With regard to how credit card companies make money....they make a fortune off those who fail to pay their balance in full. The interest they charge on partial payments can go as high as 20%. However, those who use their cards as a "convenience", and pay the full amount due, can make a few dollars each time they receive a bill.
 
Don M. said:
Failure to complete the cycle is usually a sign of a problem with the Control Panel....which can cost a bunch to repair. Get your make and model, and do a search on UTube with the symptom...you may find an easy solution.
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It's a Kenmore 80 Series 23832100. I looked for advice online like YouTube, but the videos didn't show the model I have.
 

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