interest on credit card

[murdock]

i spent an hour or 2 in the bank yesterday trying to figue out what went wrong.

the easiest way to explain it is...when the sun shines the bank offer you an umbrella with tassles...a cocktail...sun tan lotion...a gazebo...just in case you need to get out the sun but when it starts raining best you run for cover.

they rate you 1-9...if you have a 9 rating the bank manager deals with your account if there are any queries.....if you are rated lower than 4 best you look for a different bank because you are regarded as a high risk and the bank are not interested in your problems just taking all the money they can get out of you while they can.

you are rated over a 6 month cycle...so if you are curious to know where you stand with the bank just ask what your rating is.

my rating is less than 4...thats why i cant even get a bussiness banker form westville standard bank to return my calls...i have to go to the bank and request his attention...someone i spoke to who has been banking at westville branch for 20 years was also sitting waiting to speak to the banker said and i quote " it is ever since the bank has become politically correct"

[daveob]

back to the age old story - to the bank you're just a number ( in your case, below 4 ).

Just keep it in your mind the fact that, when that business banker smiles and nods, it's not anything to do with what you are telling him or asking for - it's to do with his thoughts of keeping his job and making sure you don't become the main reason for him joining the unemployment line at the uif offices.

Do not rely on the banks - they are NOT your friends - they are there only to make as much profit as they possibly can from their clients - that's their responsibility to their shareholders. You are not a 'valued client' - you are an opportunity for them to make some more profit.

Ever wondered why all the advertising is so heavily geared towards brainwashing you into believing that the bank is there to help you ? How can we help you ? Together, forever, today tomorrow, etc. That's all a crock of kr@p.

They place a huge amount of effort into making you think they there to help you and they are you're best friends. Why is that. Are they worried that we start seeing their true colours ?

Just a thought.

[Dave A]

" it is ever since the bank has become politically correct"

No boet. I got beat up by the bank just like you did before any "politically correct" stuff kicked in. Account scoring came with computerisation.

[murdock]

dave i agree i got the same thrashing from nedbank 12 years ago but they were even more ruthless because they had more than they needed in policies...in fact they had no mercy they cashed in all my sureties and shut me down within 7 days...i got a letter indicating that i had seven days to return all credit cards and cheques books and 7 days later they called in all my sureties and closed my accounts.

i have been chatting to numerous people about overdrafts and credit card credit limits...do i keep it even at a manageable amount or do i scrap the limits completely...i have also been trying to find ways to benefit from them...like using my credit card to pay accounts to get voyager miles...put the money into credit cards then pay my accounts without going into the red...problem is money transfer fees again so they make money out of me....having to travel around paying accounts...maybe just go back to paying cash for everything and get paid in cash from customers...then i am out the system...they cant track every transaction i make...start saving in the biggest joke of the banking system "deposit fees" got to pay to put my money into the bank

lets hear from everyone how they cut back on cost or money saving tips...there have got to be some smart people out there who have figued out ways to save money even be it small amounts.

bottom line is complaining screaming and shouting is not gona change anything...i need to find ways of getting what i want and not what banks dictate to me...there is no such thing as a free ride someone in the end always pays even if it is not the person taking the free ride.

[Dave A]

i have been chatting to numerous people about overdrafts and credit card credit limits...do i keep it even at a manageable amount or do i scrap the limits completely

Credit cards are useful (try hire a car without one). I think the big thing with credit cards is self control.

It would be interesting to hear what people here reckon are good savings strategies nowadays.