an opinion
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by I hate credit checks – specifically, the "say-it’s-free-but-really-it’s-not" kind. I went on to freecreditreport.com to get, surprisingly enough, a free credit report. Although I’m usually aware enough to identify the catches, one must have slipped by, as a couple of months later I realized an errant recurring charge had been on my credit card statement starting from a month after I secured the credit report. Luckily, my wife peruses our statements for things like this and once she found them, I knew reimbursement would be quick and easy.
Why? Because credit card companies are great. Finding their contact information online is straightforward – in contrast to a trend I’ve noticed among others, particularly utility companies, to bury their customer service number behind a wall of very unhelpful "self-help" online options. Once I make the call, the menu is user-friendly and logically organized. I also am able to actually talk to someone very quickly as I don’t have to dig through 7-10 menu levels or spend a long time waiting in line.
Finally, and most importantly, when a customer service representative does answer, they live up to their name. In this case, not only were they quick to refund the errant charges (even before they investigate them), they also spoke at a normal speed, were adept at working their system, and actually sounded interested in helping me.
After hanging up, it clicked: I pay these people absolutely nothing (as I never carry a balance), and yet they provide me the best customer service around. I also get rewards (e.g., cash back, miles, etc.) for spending money I would be spending anyway, as well as nicely organized/categorized online statements and services. The security of not having to carry cash and an expanded spending power for emergencies is nice to have, too.
Sure, there is some risk if you don’t have self control, and there isn’t a need to have more than a couple of them, but as someone who avoids the service charges and interest, I love credit cards.
Similarly tagged OmniNerd content:
- 0% APR Introductory Offer Credit Cards and Repaying Loans, by Brandon over 1 year ago
- New Credit Card Security, by gnifyus over 2 years ago
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More info on the errant charge, and where to get a truly free credit report by Brandon :: NR9 :: Show
I should probably note the errant charge wasn’t actually from FreeCreditReport.com – it was from "CIC Triple Advantage." Apparently, I’m not the first person to have this problem, either. There’s even an article written about how to go about canceling the service and getting your money back. The steps are rather obvious (essentially it says to call the number next to the charge on your credit card and insist on a full refund), and it but it does point out something interesting at the end:
It also points out that although Experian (the parent company of CIC TripleAdvantage) "has been forced to give up $1.25 million in what the FTC calls ‘ill-gotten’ gains [and have] settled multiple class action lawsuits, … their business practices have changed very little."
Lastly, it suggests reporting fraud like this to the Federal Trade Commission (FTC) Bureau of Consumer Protection. I might just do that.
What CC? by dfwdraco76 :: NR0 :: Show
Any chance you’d share which card/company has such good service? I’ve yet to run across that myself and would be willing to consider switching just by that endorsement!
Agree by scubasteve :: NR3 :: Show
I totally agree that credit cards are our friends, if used wisely. They provide you protection that debit cards and cash do not. I was going to reference annualcreditreport.com for the truly free credit report, but just noticed that you did in your comment. You had stated that you’re not paying the credit card company anything, but, indirectly, you are. Vendors pay fees to the specific card companies for every transaction that involves their card. This is in the best interest of the vendor in that they are guaranteed payment and are providing their customers a convenience. It is in the best interest of the card company to provide great customer service as you will be more willing to use their card in the future. I use a Citibank mastercard and have had no problems with them. I’ve never had a Discover card, but I have friends that love using them.
Do you follow FatWallet Finance? by williamgunn :: NR2 :: Show
Those guys are always involved in complicated financial schemes, but one thing I’ve learned from them is that there is a vast array of services you can subscribe to to check your credit. The best services provide daily updates of your record from all three bureaus and also report your FICO based on those records. Many services don’t provide your actual FICO, but rather a score based upon the bureau’s reverse-engineering of the FICO algorithm. Experian calls their version the Vantage Score. The cost of these services vary, but you can find some services, usually offered as an account holder benefit, for much cheaper than the "free" credit service provided by the freecreditreport.com people. Discover has a service, but the cheapest one I’ve found is National City Identity Protect. They offer daily reports and a "FAKO" score for two people living together (and possibly anyone in the household) for $14.
I agree that Discover tends to have pretty good service, but people generally rate AMEX as the best.
Here’s the link to Fatwallet Finance