For some strange reason, I’ve seen a lot of bloggers recently writing about why they love a particular credit card of theirs and then, two paragraphs later, why they hate one too.
I just don’t understand it. What’s with everybody’s sudden fascination with their credit card?
It almost makes you think there must be some sort of contest going on.
Well, doesn’t it?
So just to cover my bases, I figured I’d add another enlightening article on this topic that’s burning up the personal finance blogosphere faster than Tiger Woods can – oh, never mind.
Now, for me, I only carry one credit card – but that’s not to say that I don’t have a love/hate relationship with it just the same. So to prove it, not to mention help you learn some valuable lessons about the pros and cons of credit cards, I put together a little list.
Okay, okay. I admit it. The real reason I did this was to try and win $500, but that doesn’t mean that my intentions behind this post were dishonorable. I always do everything here at Len Penzo dot Com with my readers’ best interests in mind.
“So, Len, how does submitting this post in an effort to win $500 serve your readers’ best interests?”
I’m thinking. I’m thinking…
In the meantime, ladies and gentlemen (including the incredibly talented and intelligent judges at Price Waterhouse Coopers), without further ado, here are the Top 10 reasons why I love – and hate – my Citi Dividends Card.
The Top 10 Reasons I Absolutely LOVE My Citi Dividends Card
10. The consumer protections offered by my card are like having a big brother at my side every time I make a purchase.
9. As someone who has suffered through two armed robberies in my lifetime, I appreciate that my card permits me to shop for big-ticket items without having to carry wads of cash.
8. With a little practice, my card now provides a fail-safe back-up for opening the office door on mornings when I forget my key.
7. By using my credit card for almost all of my purchases, I use my credit card company as a very effective de facto expense-tracking service.
6. When it comes to on-line purchasing, credit cards and the Internet are a match made in heaven.
5. If I lose my credit card, I can call Citi and get a replacement within 24 hours. (Don’t try calling the US Treasury for a replacement if you lose a $100 bill.)
4. My credit card is cheerfully accepted by my local law enforcement agency for paying all my traffic fines.
3. When used responsibly, it helps build my credit score – which is directly responsible for ensuring I am eligible for the best long-term loan deals.
2. Citi pays me $300 in annual dividends just for using the card; I’ve earned well over $1500 since 2005 – that’s the easiest money I’ve ever made!
1. The small print on the back side of my card makes for an awesome Scrabble cheat sheet!
The Top 10 Reasons I Absolutely HATE My Citi Dividends Card
10. It’s ugly. (Very funny – No, my face isn’t on the front of it.)
9. After ten years of loyalty, they still haven’t made me their “Customer of the Month.”
8. My credit card number is too long and therefore it’s hard to remember – why can’t it be something simple? Like “6.”
7. Despite numerous letters to the home office, I still haven’t got Citi to correct the typo in their logo.
6. My annual dividend payout is limited to $300.
5. My credit card’s terms and conditions change more frequently than Denny’s changes their soup du jour…
4. … and it often helps to have a lawyer on hand to decipher those terms and conditions.
3. Their customer service representative couldn’t tell me how to fix my water heater.
2. Let’s face it, there are much cheaper ways to buy things on credit – just ask Louie the Loan Shark.
1. My credit card company never fails to send me the monthly bill.
And now, if you’ll excuse me, I’ve got a little research to do. Do you think Price Waterhouse Coopers accepts credit cards?
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Great job and thanks for the entry!
Credit Card Chaser´s last blog ..Blippy.com Wants You to Show the World Your Credit Card Transactions
i hate credit cards because of that incredibly deceptive feeling of having more money than you really have and after a while dig you into a financial hole. the plastic is not for the faint of heart.
kenyantykoon´s last blog ..HOW A BEGINNER ANALYSES A STOCK
I hate the feeling of getting cheated and that’s exactly what credit card companies are doing. They are cheating consumers. And, it’s more than just some basic trickery, it’s a systematic exploitation of the most vulnerable people.
And, now that the Government is finally starting to crack down on this, you would think they would back off a little, but just the opposite has happened. They have said arrogantly, “if you don’t let us exploit people, we can’t make an obscene profit for bonuses, so we will restrain credit, cut services and find new ways to cheat people.”
I think they have underestimated how pi$$ed off people are about this bailout and they are starting to trigger a whole series of reforms. I’m not one for heavy regulation, but it’s long overdue. The Government needs to reinstate the Glass-Steagal act and find a new way to enforce usury rates.
Bret @ Hope to Prosper´s last blog ..How to Deal with Fraud
This is a very cleverly written post and the reasons why you hate the card made me laugh. My favorite was #8 in why you hate the card. Seriously? 6?
Lulu´s last blog ..Carnival Of Twenty Something Finances 14 December 09
You might need more than a lawyer to decipher the terms and conditions! In this NPR story (http://www.npr.org/templates/story/story.php?storyId=9156929) recapped in this blog post (http://pratie.blogspot.com/2007/03/elizabeth-warren-on-fresh-air.html), Elizabeth Warren tells the story of how she asked her close to graduating third-year Harvard law students, per a given card’s terms, “What’s the effective interest rate, and under what circumstances will you get the 3% cash back?” It took an hour for 80 students working on the problem to come up with an answer.
Susan Tiner´s last blog ..Roth-O-Rama
That’s why it is always inefficient to ask for solutions by committee!
@Lulu: I’m glad you enjoyed it. Yep, seriously regarding #6. $300 limit. What a bummer!