7 Costly Myths About Banking, Credit Cards Debunked

×
Banks and credit card companies find clever ways to make money. Fees are hidden. Rules are complex. And people often ask me, "can they really do that?"

I made a list of the seven most common myths that I regularly hear from people. Here are the protections you think you have, and what you can do to make sure you really are safe.


Increase your money and finance knowledge from home

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Add a Comment

*0 / 3000 Character Maximum

17 Comments

Filter by:
fishheadken

I need to add one thing These check loan places are terrible.My nephew has borrowed from me in the past and always paid me back when he recieves his income tax ,I begged him do not keep going to the fast cash check places he doesnot listen as I told him they maybe convient but would not everyone be if chargeing like 34.00 per hundred on a 2 week loan.I shouldnot say this but if you donot pick up you check all they can due is to phone harrass you.In most cities the State Auttourney has alot better things to do than chase down someone over a check to these thieves

August 09 2014 at 6:11 PM Report abuse rate up rate down Reply
fishheadken

I must say that if you do use credit cards you must pay them in full each billing cycle.This is useing their money interest free the credit card companies DO NOT like this but who cares.That is their cost of doing business

August 09 2014 at 6:02 PM Report abuse rate up rate down Reply
Maria

Easy to just take out from your wallet that card, and use it, don't use, take out cash and buy with that, this way yu contorol more your spending.

August 05 2014 at 3:06 PM Report abuse rate up rate down Reply
Kent

Credit cards are great, if you have a reward card that offers cash back, airlines miles, hotel points, etc. But, pay off the bills every month. Credit card interest is very high. You are better off paying a bill in full by tapping a home equity line of credit than revolving the card balance. The home equity will have a lower interest rate, and the interest paid will be deductible on your income tax.

August 05 2014 at 1:30 PM Report abuse rate up rate down Reply
Andy

I have a credit card and a debit card and don't use either one of them. I only use cash or checks.

August 05 2014 at 12:38 PM Report abuse +1 rate up rate down Reply
Dan P

Credit cards should be paid off each month, that is the wise thing to do. If you need to borrow money get a loan at a good rate but do not use a credit card for a loan only a stupid person would do that. Credit cards are useful for tracking your purchases and can give you benefits. I can't remember the last time I paid out of pocket for a plane ticket because that is the benefit I get from my credit card. So if you are using your credit card as a way of borrowing money you just stupid and it's hard to fix stupid. But don't blame credit card companies or banks for your stupidity.

August 05 2014 at 9:22 AM Report abuse rate up rate down Reply
Dan

I recently applied for a CreditOne credit card. Before I even activated the card via their 899 number I was billed $51.95. That included $45 annual fee AND $6.95 for choosing a card design. Due to that $6.95 I will not activate this card nor will I pay the bill. PH**K EM! ♣

August 05 2014 at 9:19 AM Report abuse rate up rate down Reply
Confluent

Note that there often is a 2-4% fee on zero interest deals, and that a shorter time period raises the APR.

August 05 2014 at 8:22 AM Report abuse rate up rate down Reply
alfredschrader

Hidden bank fees ? Isn't that the same as stealing your money ? I thought you put your money in the bank to keep it safe.

August 05 2014 at 6:48 AM Report abuse rate up rate down Reply
ezspin42

I have exactly 1 credit card, and I keep the balance under $500. Pay at least 20% of the balance each month. It's not rocket science

August 04 2014 at 8:41 PM Report abuse rate up rate down Reply