Image via WikipediaIf your like me there are times you just want to scream about how dumb or incompetent the status quo of financial services are. Either we are treated like we don't have a brain or we get the take it or leave attitude. Here are a few of my most aggravating pet peeves.
Credit Card Rewards
Some credit cards give between 1 and 3 percent cash back on purchases. Mostly the cash back is more around 1 percent. If you spend $1000 on your credit card per month the cash back is $10. If the cash back was 3% then it would be $30. Multiply that by 12 months and you will have $360. I think it's way to much work over the year for only $360. You may have a month where your tempted to not pay it back or you may have an emergency and justify only making the minimum payment. It's way to messy to try and get something from the credit card companies. You think your gaining something but for the risk your taking, the payoff is to small. I would rather just use my debit card and maybe get rewards from their use. The credit card companies don't give you rewards because they are so nice, it's because they are hoping you go into debt with them.
1% CD Rates
Some of you can remember when CD rates were over 10%, then for the longest time they were between 3 to 5 percent. At that level it made sense to buy CD's. The rate was fair and it kept up with inflation. But at 1% it is just simply pointless to tie up your money in these things. The banks are loaning money out at higher interest rates and should pass that on to us. Again this is something that drives me crazy. It is infuriating how banks take us to the cleaners, with a smile on their face.
0.10% Checking Account Interest
This is one of my favorite things on the list. Why even bother to give interest at such a low rate. Are the banks trying to see how much they can make us look stupid. This pitiful rate only ends up to a few pennies. I would rather have a no interest account than to be insulted like this.
Mortgage Signing Documents
Is it really necessary to have a 50 page stack of paper to sign when getting a mortgage. I guess in a world run by lawyers I should feel lucky it's only that much. Does anybody really read all those pages and if you do read them do you understand what your reading. You should have a lawyer take a look at them before signing but I believe most people don't.
Tax Returns
With another tax season quickly approaching this fiasco is on my mind. In my family we have tax returns for 4 children to file. My wife files separately from me. I have a personal and corporate( state and federal) tax returns to file. The accountant does my wifes and mine. But I do the children's returns with online software. Preparing, entering and filing these things just drive me crazy.
Cell Phone Plans
My cell phone plan is for 1400 minutes per month. I don't need 1400 minutes. I need 900 minutes. But their next plan level is 800 minutes. Why can't they sell me just what I need?
Loyalty Cards
Every time I go into a CVS drugstore they say "Do you have our card?". If I want the sale price or a discount, I need the card. It drives me crazy. Our local supermarket has a loyalty card also. If I don't produce it they actually charge me more money.
Health Insurance
Why can't we purchase health insurance as easily as we purchase car insurance. It drives me crazy. I wish there would be a health insurer on every corner like there are car insurance providers. I'm told health insurance is more complicated than car insurance. So thats the way its sold today. I think they can do better.
Please feel free to ad a few of your own examples.
Let me add one to the list... cable/internet companies that raise their rates. I just found out my internet/cable bill will be increasing by $10. I do not have any fancy bells and whistles. I basically buy very average, somewhat basic services. A 10% jump is ridiculous! Hulu is looking better and better....
ReplyDeleteArrgh, there is no love lost between me and the cable company. I can't wait to drop them for internet TV>
ReplyDelete