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  #21  
Old 10-01-10, 22:51
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Default Re: I hate you, Capital One.

Quote:
Originally Posted by Fred_G View Post
I won't go very far with this, but Rikky, this is not right.

"Banks they do their best to get you into debt when you have no money"

Why would a bank loan money to someone who can not pay it back? And a credit card is not your money, it is debt when you use it. Should be used responsibly. You can drown in a 5 gallon bucket if you try.
Because the longer they can keep you paying the minimum payment the more they can make out of you and don't forget banks usually have insurance in case you can't pay it back namely your house and property.

Another interesting tid bit about banks,often when you take out a loan part of the interest pays for payment forfeit insurance,if you can't pay the money back and declare bankruptcy the bank is insured for the full amount through a third party insurance company.
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  #22  
Old 10-01-10, 23:03
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Default Re: I hate you, Capital One.

The perfect bank customer is one that stays in debt until death,if you keep paying only the interest or minimum payment the bank is making money from you,over the course of a debt some people will have paid it back maybe 2-3 times and still owe the bank or loan company the same amount of money.

So the bank has been paid back even though you have not settled the debt.
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  #23  
Old 10-01-10, 23:11
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Default Re: I hate you, Capital One.

Perhaps we are interchanging the word band, and CC company.

And your willingly incurred debt and payment options are results of your own actions. The bank does not issue you credit and send you a car or TV randomly to increase their profits.

Is it the bank's job to make a profit, well sure. Are you using your credit responsibly, I don't know. It is in the consumer's best interests, to monitor this, and find the best option for you. As Dyamond has done.

And to get back to the OP's thread (sorry) a more competitive company is most likely out there and ready to transfer your balance, or you can get a new CC, and just pay off the old balance, whichever is most to your advantage.

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  #24  
Old 10-01-10, 23:20
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Default Re: I hate you, Capital One.

Quote:
Originally Posted by Rikky View Post
The perfect bank customer is one that stays in debt until death,if you keep paying only the interest or minimum payment the bank is making money from you,over the course of a debt some people will have paid it back maybe 2-3 times and still owe the bank or loan company the same amount of money.

So the bank has been paid back even though you have not settled the debt.
Well, this seems to be drifting a bit towards a forum we no longer have here.

A smart consumer watches for stuff like this, and adapts their financial plan to benefit themselves. The bank looks to maximize it's profits. Fred_G pretty much out on this one.
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  #25  
Old 10-02-10, 01:11
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Default Re: I hate you, Capital One.

All I've done is state how banks work Fred its seems your tryna have the old the banks are evil vs personal responsibility debate but I haven't made any moral judgements about how 'banks' work.

I think you've agreed with all my points by saying banks seek to maximise profit. And they do this by making it easy to stay in debt so I don't know who your arguing with.
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  #26  
Old 10-02-10, 01:45
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Default Re: I hate you, Capital One.

But that is not really how banks make their money. Who do the banks borrow from?

http://money.howstuffworks.com/perso...nking/bank.htm

Thread hyjack!!
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  #27  
Old 10-02-10, 01:47
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Default Re: I hate you, Capital One.

I think you've agreed with all my points by saying banks seek to maximise profit. And they do this by making it easy to stay in debt so I don't know who your arguing with.

All companies try to maximize profits, as do you. They make you sign when you use your credit card.

I am really out this time. Peace all.
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  #28  
Old 10-02-10, 03:47
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Default Re: I hate you, Capital One.

Quote:
Originally Posted by Fred_G View Post
But that is not really how banks make their money. Who do the banks borrow from?

http://money.howstuffworks.com/perso...nking/bank.htm

Thread hyjack!!
Now you've taken what I said out of context and used it as a genralisation of how banks work,the context was credit card use,lending money and minimum payments. ref.OP

Where banks get their money is irellavent in my points Again Dyamonds opening post is just concerning banks policies towards its credit card customers and the reasons for them thats's all! And that's all I have addressed.

Its like your hardwired to go into Bank defense mode when someone criticises a bank
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  #29  
Old 10-02-10, 05:06
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Default Re: I hate you, Capital One.

The Banks are just legalized bandits now, the days of the friendly bank has gone.

I am not able to speak about other countries but here the interest on a savings account is at the moment 1.5% but the interest on the cheapest credit card available is 17.5% but more commonly 19%, so in theory if you have a savings account and a credit card that you do not pay off at the end of the month you will pay 17 or 18% handling fee for borrowing you own money, It sounds crazy put that way but people use credit cards as extra cash and try not to touch their savings.
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Old 10-02-10, 11:20
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Default Re: I hate you, Capital One.

Yep, Credit Cards make money out of debts. That is why they are credit. No debts and they would have no business, (as far as the credit side of things are concerned, anyway). About 17-21% is pretty good profit on debt, and if minimum payment is made on say $5k, roughly about 70% of it is pure interest, (profit). Then there's all the extra fees, as said.
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