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Subject: persfin-digest V4 #55
Date: Tue, 8 Jul 1997 22:37:12 -0400 (EDT)
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persfin-digest Tuesday, July 8 1997 Volume 04 : Number 055
IN THIS ISSUE:
ADVERTISEMENT: MCI FAX REPLY SERVICE [Oppenheimer Software <Connect-Sale]
AT&T Universal Card Discontinues Car Insurance Perks [Rod Bustos <bustos_]
Re: Credit Collection harassment to wrong person ["Steven M. Foulks" <sfo]
Re: Motley Fool "Foolish Four" portfolio [johnel@ix.netcom.com]
Re: Difference in Index Fund Expense Ratios Is Immaterial [Sarge <rfrego@]
Best place to buy 1st share for DRIP fund? [David Bryan <dbryan@MAIL.JUS.]
Debit Cards Are Invaluable When You Travel Abroad [hrj@juno.com (Harold R]
Re: Science and Engineering PhD break-even point [Richard Alpert <rda@CS.]
re: Stopping PMI [Ken Stone <kenneth.stone@yale.edu>]
ATM Cards Work Fine When Traveling Abroad [alufml@fanniemae.com (Francois]
Re: Maximum 401(k) Contributions? [Rich Carreiro <rlcarr@animato.pn.com>]
Looking for Affordable Health Insurance for Entrepreneurs [Lorraine Coope]
Re: I've Used Debit Cards for 10 Years With No Problem ["Ken Meinken" <k]
Re: Banks Are Being Logical ["Ken Meinken" <kmeinken@one.net>]
does foreigner need to pay capital gain for stock? [Charles Huang <chuang]
I'm Horrified By What I've Learned About Debit Cards. Thanks! [Ken Stone]
does VUL is better than term + mutual funds for long term investing [Char]
Question on MLM long distance phone co. [homayoon_larki@MENTORG.COM (Homa]
There's A Rash of Misinformation About Debit Cards ["Russell J. Foster" <]
Value of LP's? [david & sandy tall <detall@tiac.net>]
Credit Card Company Changed the Deal [eric <73354.3477@CompuServe.COM>]
Anyone Prepay Funeral? [Steven Klein <SKLEIN@snm.org>]
Duplicate (triplicate, etc.) entries on credit reports? ["Stahl Enterpris]
Correcting typo error. [Howard I Cohen <hic@world.std.com>]
Making Sure You Meet Credit Card Payments [georgene@secular.org (Georgene]
Re: I'm Going to be Charged $20/Year For Not Using My Credit Card [george]
Cable Descramblers? [Don Apodaca <dapodaca@flash.net>]
RE: I'm Going to be Charged $20/Year For Not Using My Credit Card ["John ]
Re: I'm Going to be Charged $20/Yeaer For Not Using My Credit Card [Scrib]
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Date: Tue, 8 Jul 1997 21:49:33 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI FAX REPLY SERVICE
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------------------------------
Date: Tue, 8 Jul 1997 21:50:33 -0400 (EDT)
From: Rod Bustos <bustos_ra@Mercer.EDU>
Subject: AT&T Universal Card Discontinues Car Insurance Perks
Anyone who's got an AT&T Universal Card --
Did you receive the recent notice about the coverages that are going to
be discontinued? The notice I have states that:
"Effective September 26, 1997, the following insurance coverages will no
longer by available for purchases and car rentals made with your AT &T
Universal Card.
Extended Warranty
Buyer Protection
Collision/Loss Damage
Does anyone know why they are discontinuing these coverages? I've had
my card for a while and do take advantage of the car rental insurance
now and then. Does anyone know of other cards with no annual fee that
offer this coverage?
Thanks,
Rod
Rod A. Bustos Voice: (770) 986-3281
Public Services Librarian Fax: (770) 986-3270
Mercer University - Atlanta Internet: bustos_ra@mercer.edu
------------------------------
Date: Tue, 8 Jul 1997 21:51:28 -0400 (EDT)
From: "Steven M. Foulks" <sfoulks@nmu.edu>
Subject: Re: Credit Collection harassment to wrong person
>Is there any way I can stop this ?? I am ready to use the
>lawyer to stop this harashemnt to me.
>Rajesh
There were a couple of great responses in the last issue of the digest on
this subject, but I am going to give you simplest and usually most
effective way - use those methods if mine doesn't work.
Collection people can tell within a minute if they are going to collect
anything from you by your ATTITUDE. Although it doesn't always work, the
smart thing to do is to tell them to "f--k off" and slam the receiver in
their ear as soon as you figure out why they are calling. Given that they
are usually paid a commission, a "f--k off" attitude usually tells them to
go to the next guy on their list and scratch you off. Any hesitation or
remorse on your part and they will bug you forever.
I remember reading a true story about a collector that sounds a lot like
your situation. A collector contacted a man with a very common name. The
man told the collector they had the wrong guy and went on and on with the
collector. The collector continued to bug the guy because he was sure he
could collect something and eventually he did. He later learned that he
was in fact bugging the wrong guy, but he didn't return the ill gotten gains!!
Steven M. Foulks, CPA, CFP, PhD
Professor of Accounting & Finance
Northern Michigan University
www.nmu.edu/instruct/business/sfoulks/sfoulks.html
------------------------------
Date: Tue, 8 Jul 1997 21:52:04 -0400 (EDT)
From: johnel@ix.netcom.com
Subject: Re: Motley Fool "Foolish Four" portfolio
>Anyone doing the "foolish four" portfolio? I just started.
Historically, the FF (Foolish Four) portfolio has averaged about 22% return for
the past 25 years. Of course, past performance is no guarantee of future
return, especially when dealing with the stock market, but such a portfolio is
best used when the investor is prepared to ride the ups and downs for at least
several years. As a long-term strategy, I find it to be as good or better than
any other plan for the investor who is risk-tolerant.
When combined with an online, deep-discount broker (E-Trade, JB Oxford, etc.)
the costs are minimal ($10-15 per trade) and the return better than most mutual
funds out there. And the time required to do it all is 15-30 minutes a year.
For more info, logto: http://www.fool.com
Lots of great investing info.
BTW, I only started using the FF portfolio this year, but I plan to continue
using it for the next ?? years (5-20)
John L.
------------------------------
Date: Tue, 8 Jul 1997 21:53:02 -0400 (EDT)
From: Sarge <rfrego@blitz.net>
Subject: Re: Difference in Index Fund Expense Ratios Is Immaterial
>(Editor's Comment - You should *always* care about expenses, especially
>periodic ones. It's not a one-time $10 fee, it's $10/year forever.
>That's why insurance premiums are such a serious drain on your wealth.
>- -IK)
I agree that we should always care about expenses, however a reality
check is a must too. For instance, a person who has thousands of dollars
invest in a taxable Vanguard Index account, would not be wise transferring
that money to USAA Index fund. The reasons are obvious, large capital gain
distribution, and the fact that USAA can change their fee structure
shortly and raise their expense ratio. What would the expense ratio for
USAA be if they were not waiving some of the expense?
In retrospect, I have a USAA auto insurance policy, and it is a winner
in my opinion.
Cheers,
Sarge
------------------------------
Date: Tue, 8 Jul 1997 21:53:18 -0400 (EDT)
From: David Bryan <dbryan@MAIL.JUS.STATE.NC.US>
Subject: Best place to buy 1st share for DRIP fund?
Who sells one share of stock at the lowest price? Quickest? Looking to
set up DRIP funds. Thanks for any help.
------------------------------
Date: Tue, 8 Jul 1997 21:54:40 -0400 (EDT)
From: hrj@juno.com (Harold R Justice)
Subject: Debit Cards Are Invaluable When You Travel Abroad
Julo said ATM cards are mostly useless outside US/Canada. This is not
true. If your card is a member of Cirrus or Alert networks it can be used
worldwide. I just got back from Europe and used my ATM card in each
country I visited.
Harold
Original Post **********************************
From: "Julian Satran" <julian_satran@VNET.IBM.COM>
ATM cards are mostly useless when traveling outside US/Canada. Debit
cards on the other hand will allow you to get cash in local currencies at
a decent rate ad with minor fees and those are not cash advances - i.e.,
no finance charges.
I found them invaluable during travel. I don't see (besides liability
which I have to check) why they are evil if used as fancier ATM cards.
Julo
------------------------------
Date: Tue, 8 Jul 1997 21:56:15 -0400 (EDT)
From: Richard Alpert <rda@CS.Princeton.EDU>
Subject: Re: Science and Engineering PhD break-even point
Francesca Pardo <fp10@cornell.edu> wrote:
> . . . the increase in salary for holding a Ph.D. doesn't typically pay enough
> to make up for the reduced salary during the years it takes to get a
> Ph.D... I think the breakeven point is something like 40 years out.)
Given a typical stipend of, say, $15,000, that would imply a prospective grad
student would have to be making $122,000/yr BEFORE entering graduate school.
According to the United States Census (whom you can choose not to believe), a
PhD in Science or Engineering is worth $16,000 per year in increased salary
over a Masters. If the break-even point were 40 years out, a PhD would cost a
student $640,000 in lost wages. A 6-year stint as a PhD student would imply an
almost $107,000 annual difference between lost salary and a graduate student
stipend.
Assume the earning potential of a science/engineering student (pre-PhD) is,
say, $40,000, and she or he receives a stipend of $15,000 in a six-year
program. The break-even point (assuming a $16K annual benefit) is nine
years, four and a half months.
Notwithstanding, Francesca's argument against taxing tuition benefits
remains compelling.
- Richard Alpert
(Editor's Comment - These are averages. Bill Gates was a college dropout.
- -IK)
------------------------------
Date: Tue, 8 Jul 1997 21:56:43 -0400 (EDT)
From: Ken Stone <kenneth.stone@yale.edu>
Subject: re: Stopping PMI
I recall that there was recently some discussion in this group related to
private mortgage insurance and how to stop having to pay it if your equity
reaches a certain level.
There was an article about just this subject in the Sunday NYTimes (7/6/97)
mentioning pending legislation in Congress that would benefit homeowners.
(The story starts with a Utah Congressman's battles with his mortgage
company to drop the charge. He is also the head of a subcommittee that can
initiate such legislative change. Unfortunately for the PMI industry, they
picked on someone who _can_ make a difference.)
You can find the article on the Times' web site by doing a search for
'private mortgage insurance':
http://www.nytimes.com
Ken
------------------------------
Date: Tue, 8 Jul 1997 21:59:13 -0400 (EDT)
From: alufml@fanniemae.com (Francois-Michel Lang)
Subject: ATM Cards Work Fine When Traveling Abroad
"Julian Satran" <julian_satran@VNET.IBM.COM> wrote in #54
> ATM cards are mostly useless when traveling outside US/Canada. Debit cards
> on the other hand will allow you to get cash in local currencies at a
> decent rate ad with minor fees and those are not cash advances - i.e., no
> finance charges.
This has not been my experience. I have never had a debit card in my life
(only credit cards and ATM cards), and have had only minimal difficulty
using my ATM card to withdraw cash in foreign countries (including Canada,
France, Belgium, Luxembourg, Iceland, Germany, Barbados). The only glitch
is that in foreign countries, you have to find banks that are on the same
network (Cirrus, Plus, etc.) as is your ATM card, but then that issue
must be dealt with in the US as well.
(Editor's Question - Anyone use travelers checks? Are they obsolete? -IK)
------------------------------
Date: Tue, 8 Jul 1997 21:59:54 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Maximum 401(k) Contributions?
>It's my understanding that the maximum 401(k) contribution for 1997 is about
>$9500. My question is the following: Is that $9500 just the portion that's
>deducted from one's salary or does it also include the employer's matching
>amount?
As has been previously mentioned, the $9,500 limit is the limit on your
contributions only.
However, I'd like to point out that there can be circumstances in which
you are not allowed to contribute that limit, even if you want to.
(1) The plan simply might not allow an employee contribution of greater
than a certain %age of pay. Why do they do this? I don't know, but
suspect it has to do with (3) [and maybe (2)].
(2) If you are a "highly-compensated" employee (I believe this is
defined as making more than the FICA cut-off) and not enough money
is being contributed by non-highly-compensated employees, your
contribution can be (severely) reduced by the need to remain in
compliance with the IRS non-discrimination requirements for
qualified plans.
(3) No matter what, your tax-free and and tax-deferred compensation
cannot exceed 25% of your taxable compensation. So if your company
has (say) a profit-sharing plan, a cafeteria plan, and allows you
to pay your health insurance pre-tax, you might see a lower limit
on your contribution than the $9,500 hard cap. This happens to me,
for example. I can only contribute 12% of my salary to my 401(k)
even though that's less than $9,500 because if I contributed more, I'd
hit the 25% threshold because of other company benefits.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Tue, 8 Jul 1997 22:01:01 -0400 (EDT)
From: Lorraine Cooper <saslxc@wnt.sas.com>
Subject: Looking for Affordable Health Insurance for Entrepreneurs
Hi,
I'm trying to locate various sources of Health Insurance (affordable!)
for people who are self-employed.
Please e-mail me with any information you have, because I don't get a
chance to read the Persfin Digest on a consistent basis. If this
information helps at all, I am a Computer Science professional, and also
a licensed Real Estate agent and Realtor.
I will post a summary to the Digest of all of the information I find
out.
Thanks,
Lorraine
------------------------------
Date: Tue, 8 Jul 1997 22:01:47 -0400 (EDT)
From: "Ken Meinken" <kmeinken@one.net>
Subject: Re: I've Used Debit Cards for 10 Years With No Problem
> From: Todd Ryks <apexinform@earthlink.net>
> Everyone seems to have a similar response when it comes to debit cards. I
> must be very lucky. I've been using a debit card for almost 10 years, and
> have never had a problem. Not one. No balance problems, no theft...
Just because no one has broken into my house in the last ten years
doesn't mean that I can continue to leave the doors unlocked.
> Personally, I'm more worried about losing my checkbook than my debit
> card. It doesn't take a brilliant thief to know what stores he can go
> into and not have to show id for writing a check. At least with plastic,
> the cashier has the option of checking signatures.
I would think it would be easier to fight a forged check signature
than something on a debit card.
> I'd also like to commend all of you who really pay off your credit
> cards every month. You're certainly in the minority of plastic users.
> However, I wouldn't want the temptation of using credit. If I use
> my debit card, I know my purchase is coming right out of my checking
> account, so I'll always think twice about making any purchase. Also,
> how do you know you'll have the money to pay off the balance every
> month? All it takes is one month to start the snowball down the hill
> (yes, I'm from Minnesota). If you can't make the payment this month,
> who's to say you'll be able to make it next month?
One solution, which we used for severall years, was to deduct all
credit card transactions immediately from our checking account (I use
a 1-2-3 spreadsheet to track the checking account). So when the
credit card bill comes due, the money was already there to pay it.
Ken
------------------------------
Date: Tue, 8 Jul 1997 22:03:06 -0400 (EDT)
From: "Ken Meinken" <kmeinken@one.net>
Subject: Re: Banks Are Being Logical
> (Editor's Comment - In a curious twist of financial logic, banks see those
> who pay off their credit card balance or don't use their credit cards as
> "deadbeats" (i.e., they don't contribute their fair share to the bank's
> revenue), and those who continually run a balance and thereby destroy
> their financial future as "responsible credit users". George Orwell
> lives! -IK)
Ira,
I don't think it's a curious twist of logic. Banks are in the
business to make money. They make money if you keep a balance.
They don't make money if you pay it off every month. Ideally, they
want you to keep a high balance that you can handle. They don't want
you to go bankrupt, and they don't want you to pay it off each month.
I wouldn't invest in a bank who ignored their own bottom line.
Ken
kmeinken@one.net
------------------------------
Date: Tue, 8 Jul 1997 22:05:15 -0400 (EDT)
From: Charles Huang <chuang@rambus.com>
Subject: does foreigner need to pay capital gain for stock?
Does foreigner need to pay capital gain for stock? How it works out?
------------------------------
Date: Tue, 8 Jul 1997 22:14:07 -0400 (EDT)
From: Ken Stone <kstone@pantheon.YALE.EDU>
Subject: I'm Horrified By What I've Learned About Debit Cards. Thanks!
Thanks to all the persfiners who educated the rest of us about this issue.
I am sitting here horrified at what I have learned:
I will soon purchase a house and a very large down payment is sitting in my
checking account waiting for closing. I now realize that if my debit card
is lost or stolen, then someone can charge thousands and thousands without
any recourse for me (vs. $50 liability if a credit card were stolen). I am
off to the bank today to get a simple ATM card.
Thanks to all.
Ken
------------------------------
Date: Tue, 8 Jul 1997 22:17:16 -0400 (EDT)
From: Charles Huang <chuang@rambus.com>
Subject: does VUL is better than term + mutual funds for long term investing
Some one keep tell me that VUL life insurance is the best long term
investment vehicle because it's tax deferred benefit.
How about buying TTERM life insurance and also puting the same amout of
money in mutual funds by my self? Will it get better return (after tax)
than VUL? Has anyone comparied VUL life insurance with TERM + mutual funds?
Thanks!!
------------------------------
Date: Tue, 8 Jul 1997 22:20:52 -0400 (EDT)
From: homayoon_larki@MENTORG.COM (Homayoon Larki)
Subject: Question on MLM long distance phone co.
Hi All,
I am trying to get any feedback you may have on a MLM company called ACN
(American Comm. Network). They are doing the marketing of residential
long distance for a company called LCI (Long Distance Comm.
International). A friend is trying to get me to join them as an MLM
distributor. Any feedback/experience you may have with these companies
would be greatly appreciated. Please email it to larki@wv.mentorg.com.
Regards,
H. Larki
------------------------------
Date: Tue, 8 Jul 1997 22:22:48 -0400 (EDT)
From: "Russell J. Foster" <RFoster@specgrp.com>
Subject: There's A Rash of Misinformation About Debit Cards
There seems to be a rash of misinformation on this list about Debit
cards.
1) Debit cards are a replacement for checks, not Credit cards. There is
no more risk in paying for something by a Debit card than there is by
check.
If someone steals my Debit card, they must match the signature that is
written on the back. If someone steals my checkbook, there is no
signature verification.
2) Debit cards are not "credit" related in any sort of way. The 2-3 day
float you experience is not considered a "credit float" any more than
the 5 days my check spends in the U.S. mail system is considered a
"credit float."
Debit cards are still an "Order to Pay" - which is the terminology
defined by Federal laws for checks. As opposed to a credit card
transaction which is a "Request to Pay".
3) I take offense to the comments made about (paraphrased): "If you have
any discipline at all, you'll use credit cards and pay them off every
month." Get off your high horse. I guess I have no discipline at all
because I choose to remove the temptation of overcharging my credit
cards and pay everything by debit card, check, or Dead Presidents. If I
don't have the cash, I don't buy it.
BTW -- I've been using a debit card over four years now have *never* had
an unauthorized transaction.
IRA -
> (Editor's Comment - In a curious twist of financial logic, banks see those
> who pay off their credit card balance or don't use their credit cards as
> "deadbeats" (i.e., they don't contribute their fair share to the bank's
> revenue), and those who continually run a balance and thereby destroy
> their financial future as "responsible credit users". George Orwell
> lives! -IK)
Not only is it a curious twist of financial logic for the banks, but
here on the list as well. Probably a dozen posts supported using credit
cards for all transactions, paying off the balance in full every month,
and taking advantage of the 30-60 day float on purchaes. Yet isn't the
temptation - or even the raw capacity NOT to pay the balance in full
exist? --every time that bill comes due?
Banks *love* creditors that pay their balance in full each month. Why?
There's no risk. Payments received pose a 0% risk to the bank, right?
And they *still* make money.
However, every month a transaction goes unpaid represents a greater risk
to the bank-a risk that the payment will never come. Sure, the bank can
charge interest, ruin a credit report, and threaten legal action, but it
they don't have their money the bank still has to pay the vendor-it's
simple a transfer of risk from the vendor, to the bank.
- - Russell J Foster
------------------------------
Date: Tue, 8 Jul 1997 22:23:49 -0400 (EDT)
From: david & sandy tall <detall@tiac.net>
Subject: Value of LP's?
Does anyone know if albums from the 70's and 80's have any value? They
are used and was wondering if I should attempt to sell or just give away.
thanks
david tall
------------------------------
Date: Tue, 8 Jul 1997 22:24:48 -0400 (EDT)
From: eric <73354.3477@CompuServe.COM>
Subject: Credit Card Company Changed the Deal
1) AFTER paying my yearly NONREFUNDABLE fee, I was informed that my bank
would now give only one airline mile for every three dollars charged,
rather than the prior one for one. Seems unfair to me, since I don't even
have the option of cancelling. Any recourse?
2) Anyone know any bank/credit card that offers a choice (more than one)
of airline mileage credit?
------------------------------
Date: Tue, 8 Jul 1997 22:27:18 -0400 (EDT)
From: Steven Klein <SKLEIN@snm.org>
Subject: Anyone Prepay Funeral?
Has anyone out there purchased one of those pre-pay funerals? If so I
would like fedback. In particular:
What happens if the funeral home goes under before you die?
Will the price be based on your life expectancy?
Steve Klein
(Editor's Comment - I've heard it's a good thing to do if your parent is
going into a nursing home or trying to qualify for Medicaid. -IK)
------------------------------
Date: Tue, 8 Jul 1997 22:28:00 -0400 (EDT)
From: "Stahl Enterprises" <stahlenterprises@hotmail.com>
Subject: Duplicate (triplicate, etc.) entries on credit reports?
I have been told that it is entirely all right for collection agencies,
and, in the case of student loans, other entities, to add a notice of
delinquency to one's credit report even though the delinquency already
appears, having been reported by the original creditor. I am told that
student loans can be reported up to nine times this way in Illinois.
Is this true? Can one force a credit bureau to remove duplicate entries
for the same indebtedness, or must one allow the debt seemingly to be
multiplied without limit?
------------------------------
Date: Tue, 8 Jul 1997 22:28:33 -0400 (EDT)
From: Howard I Cohen <hic@world.std.com>
Subject: Correcting typo error.
> Subject: Should I Use an Outside Company To Print My Checks?/my 2 cents
>
> I've been using a mail order product competitive with "Checks in the Mail.
> In fact I used them for a while but switched to CURRENT, 1-800-2-4-2244
- ------snip-----
SORRY about the typo. Phone number is 1-800-204-2244.
Howard I. Cohen, Director
CAD - Special Interest Group
Boston Computer Society
<hic@tiac.net>
------------------------------
Date: Tue, 8 Jul 1997 22:29:50 -0400 (EDT)
From: georgene@secular.org (Georgene Harkness)
Subject: Making Sure You Meet Credit Card Payments
>how do you know you'll have the money to pay off the balance every
>month? All it takes is one month to start the snowball down the hill
>(yes, I'm from Minnesota). If you can't make the payment this month,
>who's to say you'll be able to make it next month?
Here's one way: whenever I make a credit card purchase, I remove the
amount of that purchase from my checking account in Quicken and
transfer it to a "holding" account (a made-up name), designated for
paying the credit card bill. When the bill comes in, I just zero out
the amount in the "holding account" and the money "magically" appears
back in the checking account. That way, I always have the money to
pay the credit card in full.
Now, for the second item: would you please get one of those snowballs
rolling down the hill to us here in Texas? Despite the fact this is
one of the coolest Julys in many years, it's still HOT!
------------------------------
Date: Tue, 8 Jul 1997 22:30:59 -0400 (EDT)
From: georgene@secular.org (Georgene Harkness)
Subject: Re: I'm Going to be Charged $20/Year For Not Using My Credit Card
>from the Colonial Bank. A few months later, I got a form letter from
>Advanta saying that I will be charged $20 a year for not using the
>credit card at least once every six month. I already wrote a letter to
>Advanta to close my credit card account! I hope other cardholders do the
>same to teach the credit card companies, but I doubt it!
My son used one of my cards (Advanta) for a while, and he is paying it
off (but the bill comes to me). I noticed this time that the interest
rate had jumped from an already-ridiculous 15.4 % to 19.6%, with no
warning. There has never been a late payment and my son always pays
more than the minimum. I called and asked what was going on and they
said I had been notified by mail of the increase, and, in other words,
"tough." I told them to cancel the card right then and there, and
said in plain English: I will never use your credit card again, ever.
They weren't impressed. Considering all the offers I get for 5.9%,
I'm going to accept one of those and transfer the balance. Actually I
should have done that a long time ago.
Will they "learn a lesson?" I doubt it.
------------------------------
Date: Tue, 8 Jul 1997 22:31:26 -0400 (EDT)
From: Don Apodaca <dapodaca@flash.net>
Subject: Cable Descramblers?
The internet is quite populated with various references to "free cable",
usually either buying or building your own descrambler. They all
universally say that this is now legal. So, I was wondering if anyone had
any relatable experience with cable descramblers.
Thanks in advance,
Don in DFW
------------------------------
Date: Tue, 8 Jul 1997 22:32:21 -0400 (EDT)
From: "John S. Rullo" <dlp/jsrullo@delphi.com>
Subject: RE: I'm Going to be Charged $20/Year For Not Using My Credit Card
> I used to have the Gold MasterCard with the Colonial Bank for many
> years, but only used it as an emergency card - to charge when in
> emergency. I have not used it more than once every 12 or 13 months and
> usually paid in full. Then Advanta brought the credit card operations
> from the Colonial Bank. A few months later, I got a form letter from
> Advanta saying that I will be charged $20 a year for not using the
> credit card at least once every six month. I already wrote a letter to
> Advanta to close my credit card account! I hope other cardholders do the
> same to teach the credit card companies, but I doubt it!
I used a Colonial Bank Gold Mastercard for many many years with no
complaints and after Advanta announced these new rules I also closed my
account. I commend you for reading all that fine print. The one new rule
that got my goat is that the grace period was cut from 25 days to 20
days. What prompted this? Maybe they are hoping the statements will be
delayed by the crappy postal system and we won't be able to pay on time
resulting in more charges. Some news I heard about Advanta on CNBC
earlier this year said they were going to report unacceptable first
quarter earnings. I guess they decided to try stealing the money from us
hard working people to make up for their lack of banking skills. Well, I
guess thats enough sarcasm for now. Keep the faith, I think most people
would do just what we did if we could get them to take the time to read
the fine print.
Have a great day,
John
------------------------------
Date: Tue, 8 Jul 1997 22:34:32 -0400 (EDT)
From: Scribler <scribler@geocities.com>
Subject: Re: I'm Going to be Charged $20/Yeaer For Not Using My Credit Card
Lat year during a visit to a local Blockbuster store, I picked up
an application for Blockbuster/Nationsbank visa with NO annual fee.
I sent it and was immediately sent a card. I used it for a few times,
then ended up using my other cards, keeping this one for emergencies.
Then I was sent a bill for $20 annual fee. A phone call to the customer
service revealed I was being charged for not using the card.
I asked my account to be closed. Recently, I received a call from
one of their reps encouraging me to call their "account reopening
section" I called them, she got all my info on the phone, placed a credit
inquiry on my account without informing me of that action, and claimed
to have denied my "application." When I complained about her action,
explained "I hope this will be an educational experience for you"
and hung up!
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End of persfin-digest V4 #55
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