Average Jane Takes Her Business Elsewhere

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I consider credit cards a necessary evil. Really, if I didn't need one for traveling, I might not have one at all.

Thus, I make a special point of paying off my entire balance every month. My latest Mastercard provider clearly was not on board with that plan because they recently sent me a letter to tell me that they were raising my interest rate to 29.99%. Say it with me: "Uh, hell no!"

They obviously know that I don't carry a balance, but were evidently hoping I'd forget to make a payment sometime so they could score a nice bonus. I actually timed a payment wrong once last spring and I was forced to pay a ridiculous fee, plus interest, plus some kind of extra charge to make an emergency electronic payment while I was on my way out of town. So we were already at Strike One, and I wasn't intending to take the count up to three.

Naturally I paid off my balance and called to close the account as soon as the payment went through. Their lame attempt to retain me as a customer was to offer to drop the interest rate to 24.99%. Pshaw. Then I did what I should have done in the first place, which was apply for a credit card through my trusty credit union. 8.99%, y'all.

I cannot say enough good things about my credit union. If you have any possible eligibility to join one, you should immediately walk away from all of the nonsense that most banks are putting their customers through these days.

I've belonged to my credit union since they loaned me the money to buy my first car, which I believe was about 20 years ago. They loaned me the money for my first computer (a used Mac SE/30) and laser printer. They even refund the fees if I have to use a non-network ATM a couple of times per month.

I almost never actually set foot in my credit union because my paychecks are transferred electronically and I pay my bills online. However, when I dropped by last week to deposit a check and apply for their Visa card, they were grilling hot dogs and hamburgers to give to their customers. How nice is that?

So that's my recommendation to make your life a little less stressful. Feel free to use the comments to praise or complain about your financial service providers!

Comments

4 responses to “Average Jane Takes Her Business Elsewhere”

October 29, 2009

Faith

Once I get out from under the evil that is BofA (hopefully in the next 5 months, or so), I’m thinking of looking the credit union direction. All the articles that I’ve been reading over the past few months about people being screwed by their CC companies have been followed by comments suggesting local credit unions, and the couple of posts I’ve put up about my own BofA woes have always been followed by suggestions to give it a go. So the seed has been firmly planted!
Although, I have an Amex now that I pay monthly without issue, and while it sucks that I can’t use it everywhere (the dentist, the vet, and the puppy daycare don’t take Amex), I can always prepare accordingly and have cash in the bank for those cases, really.

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October 29, 2009

CW

I too love our credit union. Cannot recommend enough. Wait, do we belong to the same one?

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October 29, 2009

Caron

I have been with my credit union since March 26, 1990. They are in Oshkosh, WI and I never lived in WI. They took me on because I worked for a company based in the town. I lived in Chicago by myself where, at the tender age of 25, I was still barely able to make do. Banks were forcing people into $100 minimum deposits (I didn’t have $100 to spare) and the bank I had been with made an error and cost me money. They admitted their error, but wouldn’t make the money right for me. I walked out and have never gone back to banking. I think it’s the most ridiculous institution in the world. I have no sympathy for their plight, either. My account is so old, I still only have to maintain a $5 balance, which back in ’90 was music to my ears. Now they have my big, liquid savings account as well as my checking. I left Chicago, moved to Kansas and then moved to Iowa and I still keep them. I also have a credit union account here in town with my husband. Get thee to a credit union!

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October 29, 2009

Stacie

My previous credit union actually charged higher fees and was more of a hassle to deal with than the locally owned bank I currently use. It depends on what you are looking for.
For instance, the CU closes at 5 and for me to get there after work can be troublesome if I need an in person visit. They aren’t open on Saturdays and they open early one day a week instead of staying open late. My bank will have someone stay if they know I’m on my way while the CU wouldn’t even consider it. I get there a minute or two after they would have closed, the timing is that close.

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