Government actually being effective!
As I usually find NPR to be the most pleasant morning listening station, and I have a bad habit of driving to work more often than I have to (Metro, I love you, I swear! But my car is just so cheap and easy!), I stay fairly up-to-date on the kind of news that NPR reports between 8:30 and 9:00am, EST. A few months ago they reported on some credit card reform bill that Congress was busting through, against the wishes of credit card companies. Now, I have a credit card, but I don't often use it in a way that might incur fees, so I didn't pay much attention, but generally assumed it was a good thing.
I am here today, ladies and gentleman and others, to inform you that it actually worked.
I just got a phone call from my credit card company, from a seemingly-friendly gentleman named Kevin, who just wanted to let me know that as of February 2010, new government regulations meant that my card would automatically no longer allow me to charge over my limit. However, if I wanted to, I could give my credit card company permission to charge past the limit. Kevin very helpfully explained that, though they don't recommend doing so, having that option available is very good if you perhaps need to charge something very expensive in an emergency?
I didn't have to think very much about my answer. My debit card has a similar "protection" that ran me up about $150 in fees freshman year when I kept buying groceries on an empty account. I never would have requested such a "protection" for my credit card had I known it was an option. Plus, even on my expensive traveling plane-ticket-buying months, my credit card bill is about $2,500 below my limit, which is enough money to cover almost any emergency.*
So I asked Kevin to take this "protection" off my account and just not allow me to charge more than my limit.
"Are you very sure you'd like to do that, ma'am?"
"Yeah, definitely. I can't imagine ever needing it."
"But it is a very helpful precaution should you need to use your credit card in an emergency."
"Thanks, but I'd really like you to take it off."
"But I assure you, you're not paying anything for this useful service! The bank will not charge you for having this feature on your account!" As if the bank were doing this out of the goodness of their hearts, because they're worried about me getting stuck in Africa with no means to buy a plane ticket, rather than because they hope I'll accidentally wrack up hundreds of dollars in fees.
"Sorry, I really don't want it. Take it off."
"Are you sure? Very sure?" Kevin is beginning to bully me now, and I am annoyed.
"Kevin. I'm sure. Take the damn thing off."
"Very well, I'll remove that option from your account. Have a nice day."
Dear US Congress: thank you!
*Except perhaps a last-minute plane ticket out of Africa. Should I actually end up going to Africa and finding myself suddenly in an extremely dangerous situation where I NEED a plane ticket, however, I imagine I'll just buy a cheaper one that gets me to someplace safer that's not as far as the US, and figure my way home from there.
I am here today, ladies and gentleman and others, to inform you that it actually worked.
I just got a phone call from my credit card company, from a seemingly-friendly gentleman named Kevin, who just wanted to let me know that as of February 2010, new government regulations meant that my card would automatically no longer allow me to charge over my limit. However, if I wanted to, I could give my credit card company permission to charge past the limit. Kevin very helpfully explained that, though they don't recommend doing so, having that option available is very good if you perhaps need to charge something very expensive in an emergency?
I didn't have to think very much about my answer. My debit card has a similar "protection" that ran me up about $150 in fees freshman year when I kept buying groceries on an empty account. I never would have requested such a "protection" for my credit card had I known it was an option. Plus, even on my expensive traveling plane-ticket-buying months, my credit card bill is about $2,500 below my limit, which is enough money to cover almost any emergency.*
So I asked Kevin to take this "protection" off my account and just not allow me to charge more than my limit.
"Are you very sure you'd like to do that, ma'am?"
"Yeah, definitely. I can't imagine ever needing it."
"But it is a very helpful precaution should you need to use your credit card in an emergency."
"Thanks, but I'd really like you to take it off."
"But I assure you, you're not paying anything for this useful service! The bank will not charge you for having this feature on your account!" As if the bank were doing this out of the goodness of their hearts, because they're worried about me getting stuck in Africa with no means to buy a plane ticket, rather than because they hope I'll accidentally wrack up hundreds of dollars in fees.
"Sorry, I really don't want it. Take it off."
"Are you sure? Very sure?" Kevin is beginning to bully me now, and I am annoyed.
"Kevin. I'm sure. Take the damn thing off."
"Very well, I'll remove that option from your account. Have a nice day."
Dear US Congress: thank you!
*Except perhaps a last-minute plane ticket out of Africa. Should I actually end up going to Africa and finding myself suddenly in an extremely dangerous situation where I NEED a plane ticket, however, I imagine I'll just buy a cheaper one that gets me to someplace safer that's not as far as the US, and figure my way home from there.