16 Replies Latest reply: Aug 1, 2016 7:02 AM by psudad RSS

So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?

theretiree Platinum
Currently Being Moderated

Two days ago I got a notice that Chase was raising cash advance interest from 19.49% to 25.%(!!!!!)  Did I somehow miss the news about a sudden jump in general interest rates?  Now granted, you'd have to be crazy to "charge" cash to a credit card, but I could imagine circumstances where you might need foreign currency.  Not any more, and definitely not with this Marriott Chase card.  Shame on Chase for pushing the envelope into loanshark territory, and dragging Marriott's brand into this wretched excess of near-usury. 

(For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
    Platinum
    Currently Being Moderated

    theretiree  - Here's a free tip, and I don't work for them. Both of my son's have studied abroad and continued to travel outside the U.S. I got them a Schwab ATM card. You can use it in any country. Get local currency at the actual exchange rate, and they even refund any and all ATM fees. There are no minimum balances, but you do have to link to an outside bank since they don't have actual cash drawer type branches. They ask you to open a brokerage account, and our has $1.50 in it plus a few pennies in interest over the 5 years we've had it. Problem solved. Congrats on your retirement - wish I could say I'm right behind you!

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

    • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
      vaboywnder Alumni Steward Platinum 21 Reviews
      Currently Being Moderated

      Fidelity also offers a free debit card with their Cash Management Account.  Like the Schwab card you can use it at any ATM in the world and be refunded any ATM fees.   It came in handy during my most recent trip to Australia.

      (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
    brightlybob Platinum 10 Reviews
    Currently Being Moderated

    What can I say... That's bankers for you!

     

    This reminds me of a divorce case I conducted many years ago. Following a 3-day trial the judge began his summing up:

     

    "This is a sad case of 2 warring bankers - and I need to pronounce those words carefully!"

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
    Jsucool76 Gold
    Currently Being Moderated

    Many do (and should, as you explained) ignore cash advances all together. No credit card has a reasonable cash advance APR.

     

    By comparison, the spg card from amex has a 25.49% cash advance fee.

     

    I won't mention IHG, Hyatt, fairmont, or ritz card as they're all also from chase.

     

    amex hilton 25.49%

    Citi hilton 25.49%

     

    This is standard

     

    If for some reason I ever need to take a cash advance, I will use my barclaycard ring. $1 cash advance fee, 8% cash advance APR.

     

    Credit cards are not cash equivalents. If you're overseas and need foreign currency, use a debit card. Many banks have locations overseas that you could also use. Many bank accounts refund fees charged by other brand/foreign ATM, or won't charge fees if you're a customer of the bank in a different country.

     

    Loan sharks would be the native american loan companies that charge 125% interest. Big difference.

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

    • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
      theretiree Platinum
      Currently Being Moderated

      Well I obviously wouldn't actually use the Marriott card for cash or foreign currency, being a longtime satisfied USAA member with a USAA debit card that's good worldwide, but it just struck me as tone-deaf in our zero APR environment for Chase to raise the rate 25% even if everybody else is doing it.  I doubt if many Marriott Card holders need to use street-corner payday loan establishments.  Remind me how much Chase pays their savings account depositors like my 94 year old Mom?  We can presumably all take care of ourselves--and as another threat pointed out, lots of folks get rejected for our "elite" Marriott card.

      As I said,I just got the Chase note a couple of days ago and the rate boost jumped out at me.  Isn't this forum all about sharing our feelings?

      (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

      • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
        Platinum
        Currently Being Moderated

        theretiree Why not vote with your wallet? Same for your 94 year old mom. You DON'T have to take bad service or policies - there are others in the market and Chase does not monitor this board nor can the CM's do anything about it. Your opinion is always valued here though, so don't feel that some members  are running you off even if they seem hostile.

        (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
    john_thai Platinum 8 Reviews
    Currently Being Moderated

    Of course you don't pay that interest unless you don't pay it off immediately. You pay the cash advance fee but that's all. Never borrow money f on a CC. But if you need cash "right now" go ahead and take it and then go to the website and pay it off.

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

    • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
      psudad Alumni Steward Gold 3 Reviews
      Currently Being Moderated

      Though I cannot recall when, if ever, I used a card for cash advance, I believe the interest clock starts ticking the second the money is in your hands.  I don't believe there is a grace period for cash advances, just purchases.

      (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

      • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
        Platinum
        Currently Being Moderated

        Yes, that is correct. You pay the cash advance fee immediately which is added to your balance. So even if you pay off 30 seconds later, the cash advance fee will have been factored in to total amount due. Interest also starts accruing immediately.

        (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

      • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
        insertcoffee Platinum
        Currently Being Moderated

        I  have used a card for a cash advance, but I went into it knowing the penalties.

         

        As Dansplan says, fees and interest begin immediately and the rates are exorbitant.

         

        However, if you are headed to the airport, the ATM ate your only ATM card, and you only have time to go to one other alternative to get cash, it may seem as a lifeline rather than a noose or millstone.

         

        I have seen other folks say 'yes' on a regular basis at the grocery store to their advance, in particular on Discover cards, which used to have an arrangement with Stop & Shop/Giant.  I suspect these are not-too-distant kin from the folks who only pull out $20 at a time, from random ATMs, paying whatever those service charges are as well.

        (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

        • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
          bigmrm Platinum
          Currently Being Moderated

          @insertcoffee The little Discover card cash advances at the grocery store aren't treated as advances by Discover. They just get added to the grocery purchase amount. They even used to earn cash back, but they no longer do.

          (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

          • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
            insertcoffee Platinum
            Currently Being Moderated

            Didn't know that as I don't have the card. Thanks. Still not an inexpensive loan if the card carries a balance, but not as onerous as an advance.

             

            I did, however, see actual cash advances as separate transactions in grocery stores-- several hundred dollars at a crack, which is more than the other method allowed, I believe.

            (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

      • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
        john_thai Platinum 8 Reviews
        Currently Being Moderated

        Yup. Which is why I said to take the advance then go to the website to pay it off. That way you only pay the cash advance fee. My CC is connected to a brokerage account so if I don't have cash in my ATM account I can pull from my CC and then pay my CC same day from the brokerage account.

        (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: So Has Marriott Now Outsourced the Credit Card to Mob Loansharks?
    psudad Alumni Steward Gold 3 Reviews
    Currently Being Moderated

    To avoid any chance our regular accounts could be compromised by overseas hacking of a debit card, we went to a local credit union and set up a travel account that we draw against when traveling abroad.  Exposure is simply limited to what we have in there and the fees have been very minimal (zero for the credit union, minimal for the foreign banks).

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

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