Confessions of A Customer Service Rep: A Must-Read for Anyone with A Credit Card
Many consumers believe that the credit-card companies are basically very greedy and will do anything to make money off their customers. This, in my opinion, is a very simplistic view of credit-card banks. As I've told many friends and family members over the years: keep your credit score and credit accounts in top shape, and the credit-card banks will work for you. It's true. That's why people who have tons of money in the bank still use credit cards. They pay their balances in full every month and therefore pay no interest and no fees, and they take advantage of the generous rewards programs that most credit card companies offer these days. Moreover, they get the added benefit of fraud protection, which means no worries about dishonest retailers, lost credit cards or charges that they didn't make. That, quite simply, is the bank working for you!
Today, I came across an excellent article on Consumerist.com titled 10 Confessions Of A Chase Customer Service Rep. In my opinion, this article is an absolute must-read for anyone and everyone who has a credit card. This article contains insider information that will make you a much better credit consumer. If you've ever wondered why you weren't able to get your way when you called your credit card company about e.g. waiving a fee or getting your APR lowered, then this article will educate you. If you've ever wondered why credit card companies will let you go over your limit instead of simply denying the charge, then this article will enlighten you. Read the article, and pass it on to your friends and family.
My favorite quote from the article:
"...If you use credit cards wisely, you can make the bank work for you, but instead, we see banks with profits in the billions of dollars every year."Yup.
- Update: There's a followup article here which contains responses to reader comments.
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