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"Chase" Your Tail Indeed

By Chris

I am a banker which means that I've had training, experience, and some 'inside' info on financial processes that most people don't take the time to look into. All that to say, even I can't beat the credit card companies.

I have a credit card through a bank outside of my work. I was eighteen when I received the offer for a business credit card. I didn't have a business but thought it would be cool to have a high end card, besides it got great rewards, right? I've paid off the balance every month. I missed the pay date a couple of times and was hit with some small fees but I figured the rewards made up for it.

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Recently we put a new heat and air system in our house and I was going to be really smart and charge it to my card and pay off the statement when it came in...I was going to get $80 in rewards off this one purchase! As it turns out, my credit limit was $500 short of my balance after the purchase so I received a $39 overlimit fee. No worries I thought, I'm still making an easy $40 in rewards. My bill wasn't due for another 2 weeks but the new billing cycle started and because my balance was still high, I was hit with another $39 overlimit fee. After calling in and complaining and dealing and throwing a fuss, I still had the fees and came out of the deal with a net of $2 in rewards. Whoopdidoo.

I've paid off my credit card and cut it up because even a banker can't win at these games.

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About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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