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Ford Motor Co. Message Board

  • alligator_boot_maker alligator_boot_maker Feb 22, 2007 3:16 PM Flag

    KEEP PLENTY of CASH on Hand


    Can't Buy On Credit Cards.......When Credit Card Companies shut Credit OFF !!

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    • Why would credit-card companies shut credit off? If they aren't granting credit they aren't making money. Availability of additional credit is like availability of airline seats--once today is gone, the credit-card company can't charge interest on new loans that didn't get made today, any more than airlines can charge for empty seats on a flight which left 30 minutes ago.

      Sure, companies can hike interest rates but if you're paying your credit card off every month as you should be, just switch over to paying cash or using checks rather than using credit. Then it won't matter how high the credit-card interest rate is. No one is forcing you to keep a credit-card balance.

      A few years ago I bought eight round-trip airline tickets to Japan on my credit card (a bunch of us were going over for my son's wedding--I bought all the tickets and the others reimbursed me). The total balance on my next statement was over $10K. The credit-card company panicked when I paid it all off that month (as I do every month). I had multiple calls and letters from VPs wondering what they had done to get me mad at them and wanting to know what they could do to "make it up to me". They thought my paying off that big a balance was a prelude to cancelling my card and were aghast at the thought that they'd be "losing all that interest", apparently assuming that I normally carried a large balance and thus a large monthly interest charge.

      Properly used, a credit card is a convenience. The trick is to keep from allowing it to become your master. Keep your balance low enough that you can AND ACTUALLY DO pay it off each month, and never buy anything on a credit card without knowing EXACTLY where you'll get the money to pay for the item and that you'll have that money before the next billing cycle's due date.


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