Ferrari Mailing List: Re: NFC.Credit card BS

[Charles Perry (charles]

I don't think any of this is "without notification." About once a week I get a 
mailing from some credit card company detailing changes to the plan.

Unfortunately, the mailings often look like junk mail or solicitations, so I'm 
sure most people just throw them out, and even the people that open them 
probably don't read them. If you don't cancel the card after receiving one, 
you're assumed to have accepted the change.

Like Larry, I don't think it's unethical since the consumer is always free to 
either not run up their balances or take their balances to a competing card. I 
can't say I'm happy about it when it happens to me, and I'm sure there are 
plenty of people who are less money-savvy than those on The List that can feel 
victimized by the changes, but my fallback opinion is always the same - barely 
anyone takes personal responsibility seriously in this country anymore. It's 
your job as a consumer to be at least rudimentally educated about the terms of 
contracts you enter into, whether it's a mortgage or a car lease or letting 
Visa buy you a huge flat-screen TV.

To be sure, I always fear the government's taxation a lot more than I ever fear 
American Express'. It's easy to change credit cards - it's much more difficult 
to change countries. And sadly, to paraphrase, the case seems to be, "a 
Government big enough to give everyone else what they want is big enough to 
take everything I earned."

:-/

-- charles
 
_______________________________________________
  
 
Charles G Perry IV
Vice-President, Engineering
 
Carolina Sound Communications - MuzaK
7630 Southrail Road, BLDG B
N. Charleston, SC 29420 
(843) 571-4488         www.carolina-sound.com
_______________________________________________
 

-----Original Message-----
From: Michael James [mailto:cavallino_rapante [at] yahoo.com] 
Sent: Thursday, May 14, 2009 3:51 PM
To: Charles Perry
Cc: The FerrariList
Subject: Re: [Ferrari] NFC.Credit card BS

True enough, so long as the CC companies are forbidden to change the rules as 
they see fit mid-contract, which they are currently allowed to do by law and 
often exercise to increase the number of fees, their amount, penalties 
incurred, etc.  As it stands today, the credit 'contract' is a living document 
with zero input or protection-for the card-holder.  On occasion, such contract 
'changes' take place without notification to the card-holder - it just shows up 
on your monthly balance - pay, or else.  I'm not aware of any other 'Contract 
Law' that would legally allow this behavior in other sectors of the economy.  
Perhaps Bernie Madoff should have been a Credit Card issuer instead?
 
M

--- On Thu, 5/14/09, LarryT <l02turner [at] comcast.net> wrote:


From: LarryT <l02turner [at] comcast.net>
Subject: Re: [Ferrari] NFC.Credit card BS
To: "Michael" <Cavallino_Rapante [at] yahoo.com>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Date: Thursday, May 14, 2009, 3:04 PM


Hey TOL!  Howya doing?

re the CC % rates - Nope - more govt regulation is not needed - altho we might 
get it, want it or not - need it or not.  We were just lookng for a solution to 
a 30% interest rate.  Regardless what the fine print says, if the % goes up we 
have a right to take our business elsewhere - nothing more than that. True, we 
agreed to the provisions in the tiny writing (often without fully reading or 
understanding it) but I suspect most of us would not think we would make out 
payments late.  The CCs I have allow 2 late pymts before they bump the % rate 
but each one is different.

Not saying a company should not write *anything* they want into the legalese - 
but we still have the ultimate right to walk.  Or drive as we prefer. ;-)

Have a nice day!
LarryT

https://www.nrahq.org/nrabonus/accept-membership.asp

Free 1 year NRA membership to anyone interested!

----- Original Message -----
From: "Larry B" <larrybard [at] hotmail.com>
To: "Larry Turner" <l02turner [at] comcast.net>
Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
Sent: Thursday, May 14, 2009 1:36 PM
Subject: Re: [Ferrari] NFC.Credit card BS


>
> Nothing personal, and I probably shouldn't chime in here, but: What 
> exactly is so terribly unethical about a credit card company taking action 
> as previously disclosed in the contract with the credit card holder?  I 
> was under the impression that these business relationships were 
> voluntarily entered into by both parties.
>
>
>
> I guess we may be headed towards more government regulation in this 
> area -- with the feds dictating (putting aside their legal authority to do 
> so) that interest rate changes are restricted as to amounts, timing, etc. 
> Gee, I wonder what that will do to the regular interest rates charged 
> everyone else; think they might go up?  At least it's all academic for 
> me -- I never incur any finance charges.
>
>
>
> (Now where's my flak jacket?)
>
>> Date: Thu, 14 May 2009 09:11:45 -0700
>> From: cavallino_rapante [at] yahoo.com
>> Subject: Re: [Ferrari] NFC.Credit card BS
>> CC: ferrari [at] ferrarilist.com
>> To: larrybard [at] hotmail.com
>>
>> If Credit Card companies were even-the-slightest-bit ethical, the Govt. 
>> wouldn't be considering Credit Card legislation currently.  As-witnessed, 
>> this is legalized extortion.  Granted, Banks make huge profits from such 
>> activities, and they need every profit-making avenue available to them to 
>> crawl out of the hole they dug for themselves, but I fail to see how a 
>> 3-day-late payment qualifies for a 21% APR increase....is this Capitalism 
>> at its finest?  Or larceny?
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