The credit company my brother works for sucks in almost every way. He’s been with them for a while and He tells me so much about their sneaky policies but this one he told me about today, for some reason, takes the cake
He said some peoples card come with “exclusive member benefits”, things that give the customer access to certain things that other card holders don’t. The benefits come at an annual fee ranging from 10-50 dollars, it depends (on what? Even he has no idea)
Today he said he finally decided to dig into what the benefits were. Turns out it’s basically nothing. Examples of the “exclusive” benefits: access the app and $0 fraud liability. Everyone with an account can access the app. Zero dollar fraud liability is some thing that every bank and credit card company does; why would they ever hold you responsible for someone stealing your information and using your money without your permission? I have a bank card and a credit card myself and they both come with the latter with no fee
He told me that he’s seen so many people pay their accounts down to zero so they don’t have interest and things like that and then come back a few months later to a balance of $50 of which can’t be gotten rid of. I can’t even imagine how much money is basically being stolen from these folk