Beware of the Credit Card FEE Monsters, by, Gina Meyers
Like most Americans, I have credit cards and credit card debt. I, however, have been very prudent lately about paying cash or living within my means. I am happy to report that I have a zero balance on my two Credit Cards through Credit One Bank.
I never use these credit cards and in fact had never used the American Express Credit One Credit Card. So, when I opened the American Express Credit One Account back in February before the pandemic hit, it was merely for security purposes. When I was HIT with an FEE and a Late Payment FEE back in March of 2020, I was seriously confused, but didn't want my credit to be affected despite trying to call for hours and being told: "due to the pandemic we are unable to answer your phone call." I just grinned and bared it and paid the $60 plus dollars, but this morning when I went online to my account and called Credit One, I was floored, shocked really.
If this could happen to me, this could happen to anyone. If this did happen to me, which it did, this can happen to anyone.
It turns out no matter if I have a zero balance or not, I'll never be free of these credit monsters. Credit One Bank charges me for never have used the American Express Credit One Credit Card, $63.17 cents every couple of months. And, my Credit One Credit Card charges $8.00 every single month and they're willing to give you bad credit and report you to the credit reporting agencies for having a zero balance. This is when reading the fine print comes in handy!
I closed the American Express account but not without a lot of them trying to convince me that I should pay them another $63.17 for a card that I've never used, not once.
The other card, $8.00. If this is the cost of credit nowadays, I don't see how anyone can be debt free. My tip for anyone shocked with price gouging and credit card fraud, really, let's call it what it is, and while I am on the subject, I noticed yesterday that my car insurance charges me $5.00 extra per month for the convenience of me "not paying my insurance premium at one time."
Lesson learned, there is a high cost to credit, shop around and don't be desperate, if you pay an annual fee make sure you like the company you choose.
And remember Zero balance should be zero balance.
https://www.ginameyers.com
