Okay - everyone who knows me knows that I have, in the past called Visa the Thieving Rat Bastards Visa. I'm a little more mature now. If they are thieves then I gave them the key to my house and told them where all my money was. They put the credit card application in my hand, but they didn't take it out of the wallet for me. Granted I had help... a lot of HELP from dh, but that isn't Visa's fault either.
But let's talk about their tricky ways...
The interest rate- 6 months ago I phoned them and asked for a credit card that was lower in interest. They did indeed have one for people with a 'small balance' of $20,000 or less. (Holy Cats, Batman!) The interest rate was half and the minimum payment was 2/3. You don't have to be a math genius to figure out that they don't EVER want you to pay off the balance. I did get the lower interest credit card. There is a $20 annual fee and no rewards. I can buy my own rewards with what I'm saving in interest!
The payment holiday- if you start to pay more than usual they 'reward' you with a payment holiday. Don't worry, that interest payment will still be there for you next month. :-)
The minimum payment- when you pay more than usual the minimum payment drops. Of course you've paid off some of your debt so your interest payment has dropped. If they wanted you to pay it off (EVER) they would leave the minimum payment alone while the interest rate dropped. The difference between my interest payment and minimum payment is $10. TEN DOLLARS. It would only take 78 years to pay it off... what a deal!
The payment due date- Have you noticed that your utility bills are often due on the same day every month. Mine are, anyway! Perhaps Visa hopes you will lose track and they will have to charge you a late payment fee *and* more interest.
The credit limit- When you start paying off debt your credit limit suddenly rises. Is it because you are such a good customer and you have such a good credit rating? That nice feeling you have... that is your ego being stroked. You aren't a good customer. You are a BAD customer and that is why they don't want to lose you.
Advertisements- There advertisements on the bill that encourage you to use credit. Be sure to use your credit card on your vacation. Be sure to check out our credit rewards.
Cash advances- So it's not QUITE a payday loan. But come on! What do you need so badly that you would take a cash advance on your credit card for it?! =8-o
Visa cheques- They mail cheques right to your house and encourage you use them for renovation, vehicle or home down payment. Home down payment... the only house you will be buying is a house of cards. :-)
So, yes, they are thieves... but *I* handed them the weapon and now I'm handing over my money one payment at a time.
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