VIDEO ON MSN MONEY
I recently learned a very valuable lesson I'd like to pass on to all: DO NOT authorize any company to automatically charge, say, a monthly fee to your credit card account. Case in point - I had a problem with AOL's Iolo System Mechanic, a computer performance monitoring service. Specifically, I wanted to cancel their service BUT could NOT get through to them. Repeated telephone calls and visits to their to websites all proved fruitless.
Frustrated beyond belief, I then contacted the credit card company. In my letter, I informed them of the problems I was having trying to cancel the service provided by AOL/Iolo/System Mechanic - and that as a result - I wish to CANCEL/REVOKE their automatic billing to my account.
Guess what – in so many words, the credit card company's response was “TOUGH S#IT!” – That ONLY the biller – not the billee – is authorized to cancel automatic billing.
Yes, months later I F-I-N-A-L-L-Y was able to reach AOL and they did cancel that service.
Chances are if your interest rate for the card is 16% that's rate it's going to be regardless of whether you get cash back. Instead of looking at it as paying 6.67 interest and only getting 5.00 cash back, look at it as only paying 1.67 to borrow $400 instead of $6.67 since you would have paid $6.67 if you didn't have a cashback card. Closing cards will affect you credit score even if you get cards that fit your needs better because even time you open a new card there is a ding to your credit score due to the hard inquiry. Also, you usually don't provide the other person's social security number when you add them an authorized user, so there's no way it can show up on their credit report.
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You can give your car the care it needs without draining your bank account if you follow this advice.