Credit Card Companies – How to really stick it to them
My disdain for credit card companies and their unethical practices isn’t a secret. I’ve written quite a few articles here on Gather Little by Little about how I dislike them. The unfortunate reality for many of us that previously lived in the land of stupid for too many years (or maybe even still do) is a large amount of credit card debt that we’re stuck with until we can get it paid off.
Unless you can find options for transferring that debt, we have no alternative other than to continue to deal the credit card companies. If you’re in that boat like I am, than I highly suggest you make every effort possible to minimize the amount of profit they get from you while you’re with them. Not sure how? Here are just a few ideas:
Zero Percent Balance Transfers
Credit card companies are highly profitable due to high interest rates and fees. The best and most effective way you can “stick it to them” is to minimize their profits. A few credit card companies still offer zero percent balance transfer options. If you’re currently paying any interest at all on a credit card, you’re crazy to not move that balance to a zero percent balance transfer card. I did this recently and have literally saved myself hundreds in interest alone over the past few months.
In today’s economy, zero percent balance transfer options are becoming very rare, but there are a couple of the one’s still around and that I personally like. Applying for these cards literally takes only a few minutes and depending on your credit card balance, could literally save you hundreds of dollars each month! To be real honest, I am not sure how much longer these types of offers will be around. I’d suggest taking advantage of them while you can.
Personally, I moved my balances to the Discover More Card – Sealife Collection. Thus far, I’ve been very happy with my decision. Don’t wait folks, there is no reason to continue to pay interest to credit card companies.
Make your payments on time
While they don’t act like, credit card companies love it when you pay late. That’s when they get to nail you with a $25 or more late fee. If you have a zero percent balance transfer option, they’ll also immediately bump the 0% rate up to some crazy level of internet like 25% or more.
Make sure you pay your monthly minimums on time. Better yet, pay early and pay more. I recommend starting a debt snowball along with debt snowflaking to optimize the amount of money you are paying on your card, and minimize the amount of time you have to deal with the credit card companies.
Cut up your cards
Credit card companies of course love it when you continue to use your credit card, especially if you fall back into old habits of not paying off your monthly balance. Many personal finance bloggers utilize credit cards as a source of income, and if you are 100% responsible with your credit cards and have some level of trust with the credit card companies, I can see how that would make sense. I don’t trust them though, so I doubt seriously you’ll ever see me go that path. I just don’t like playing with snakes, and that is what credit card companies are in my opinion, venomous snakes.
If you don’t have the plastic in hand to use it, you can’t use it right? So cut up your cards. Yes, I said cut up your cards. Take a pair of scissors and literally dice them up and throw them away. I would suggest writing your account number down in a secure location, so you have it, but you don’t need the plastic. Scissors too boring for you? Here’s a list of 10 creative ways you can cut up your credit cards.
For those of you like me that are anti-credit card, what suggestions do you have for sticking it to those credit card companies? What steps have you taken to reduce that amount of profit they make from you? Add a comment!
Photo by: TheTruthAbout…