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NEWS YOU CAN USE
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Banking on Credit Cards

Kristin Webb-Tompson
Division H Area 94 Timber Talkers

I work at a bank. “I’m here to help you.” Famous last that the monthly statements have the amounts
words, huh? correct. If you do not receive your statement you
need to know how to contact the bank. It’s not the
I’ve been with a bank for three years in the credit bank’s job to chase you down and make sure you
card department. Let me address some of the regular have a statement and the ability to pay.
thinking that gets customers into trouble. I don’t
want you to end up in my Problems Queue. The bank is not your Uncle Bob that you can string
along and not repay. You’re not doing the bank a
Even if you’ve been with your bank a long time, favor by paying your bill. You’re doing yourself a
it may not hold much weight. From the bank’s favor by keeping your contract. Consider paying
perspective, you could be in deeper debt the very off your credit card in full every month. If not, the
next day. That’s why banks regularly conducts a soft interest can get you. If you have a huge savings
inquiry into your status to keep up with how you account plus a huge credit card bill, consider using
are handling your finances inside and outside the that savings account to pay off the card. Interest paid
bank. Length with the bank is not a guarantee of on your card is higher than the interest received
future performance. Some may think, “Oh I’ve got from your savings account.
15 credit cards, I’m flush.” You’re not, all those cards
are a liability, it shows how easily you could get into There are government regulations that require
deep debt. the bank to report to four separate credit bureau
agencies: Experian, Equifax, Transunion, and
Some people expect the bank to make sure they Innovis. There cannot be adjustments made unless
pay their bill. Some complain that the bank did not the bank made the error. Read that fine print.
do enough to keep them out of trouble. Consider
this a test. If you spend money on your credit card, INTEREST
you owe the bank money. If you’re late it’s a US
regulation that it must be reported to the credit Don’t wait until you’re maxed out and paying
bureaus. This remains on your credit report for 7 half your payment in interest. Find a bank or pay
years. If you spend more than your credit limit, the yourself with a special offer balance transfer where
bank may let you get by, but consider it a rope that you can have zero percent interest for a while and
you could hang yourself with. Know that it’s going get out from under that debt. Pay while you can. If
on your credit record. Being nice (or mean) to the a time comes when you can’t pay, the card will be
agent is not going to get it off your record. taken from you, and you won’t have that flexibility
anymore.
Banks do not generally chase after a customer to
make them pay. There is an agreement or contract If you get a special offer to move money to an
that you signed when you acquired the card or loan. account with zero interest, don’t co-mingle
It’s the customer’s job to know if they are spending purchases at the going rate with the zero percent
money and with which merchants and to confirm interest rate. Customers cannot say where their

16 ONE COMMUNITY