Credit Card scams
Not criminals stealing cards, or making fake cards, but credit card companies scamming their customers on a daily basis.
Credit cards have limits. Usually put there by the company that issues them, sometimes at the request of the card holder. Of late, there has been a trend towards "Over limit fees" Over limit fees are when the bank says "We're really just a bunch of nice guys, so we won't decline your purchase if it only takes you over your limit a little bit and is at a business we think is worthy, we'll just allow it, then at the end of the month we'll tack on a charge of $15.00 because you went over your limit."
If you try to go over your limit somewhere that the bank doesn't think is worthy, (say your local porn supplier) they'll simply decline it. But not at the gas station, or the grocery store, oh no. "That's what our customers want." the "manager" at CIBC Visa said to me. "They don't want to be embarrassed by having a purchase declined if it would only take them over by a couple of dollars." So, instead, they'll ignore the limit when they feel like it, and charge us for privilege.
All I asked was that they guarantee they wouldn't authorize purchases if it would take my account over the limit. I understand that if I'm careless, interest could take me over my limit. Or that if I buy something at Ma and Pa's Knick-Knacks in Puketawagan, they won't have electronic authorization and then The Bank wouldn't know I was over my limit. But I wasn't asking for that. Every single purchase I made this month was electronically preauthorized. The bank knows exactly how much I've spent up to the minute. They knew when the $12.00 at the grocery store took me over my limit. They knew when the $21.00 at the other grocery store took me further over my limit. If I had tried to buy something at a store they consider non-essential, their machine would have declined me in a flash. But they "can't" do that. This isn't 1950, this is 2006. But in the year 2006, The Bank "can't" stop me from making purchases that would take me over my limit.
Who am I to complain. I made the only complaint open to me and no longer have a credit card.
Not criminals stealing cards, or making fake cards, but credit card companies scamming their customers on a daily basis.
Credit cards have limits. Usually put there by the company that issues them, sometimes at the request of the card holder. Of late, there has been a trend towards "Over limit fees" Over limit fees are when the bank says "We're really just a bunch of nice guys, so we won't decline your purchase if it only takes you over your limit a little bit and is at a business we think is worthy, we'll just allow it, then at the end of the month we'll tack on a charge of $15.00 because you went over your limit."
If you try to go over your limit somewhere that the bank doesn't think is worthy, (say your local porn supplier) they'll simply decline it. But not at the gas station, or the grocery store, oh no. "That's what our customers want." the "manager" at CIBC Visa said to me. "They don't want to be embarrassed by having a purchase declined if it would only take them over by a couple of dollars." So, instead, they'll ignore the limit when they feel like it, and charge us for privilege.
All I asked was that they guarantee they wouldn't authorize purchases if it would take my account over the limit. I understand that if I'm careless, interest could take me over my limit. Or that if I buy something at Ma and Pa's Knick-Knacks in Puketawagan, they won't have electronic authorization and then The Bank wouldn't know I was over my limit. But I wasn't asking for that. Every single purchase I made this month was electronically preauthorized. The bank knows exactly how much I've spent up to the minute. They knew when the $12.00 at the grocery store took me over my limit. They knew when the $21.00 at the other grocery store took me further over my limit. If I had tried to buy something at a store they consider non-essential, their machine would have declined me in a flash. But they "can't" do that. This isn't 1950, this is 2006. But in the year 2006, The Bank "can't" stop me from making purchases that would take me over my limit.
Who am I to complain. I made the only complaint open to me and no longer have a credit card.
posted by Kent Pollard | 17:17
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