Giving up Mastercard? Having Amex only?

[Lisa1970]

Here is the problem. We have had the same Mastercard for 15 yrs. But, they have sold a few times. Since they have been with this newest card server (fia card services) we have been very unhappy. They have made a lot of changes too. A couple of the problems have been, we will pay and they will take the money out of our bank account, but still take a week to credit our account, even though the money was all done through direct draft and they already took it. Another thing that happened now is, there were some fraudulent charges. They have informed us that unless we can prove that we were not supposed to be charged, they would not remove the charges. It is not up to the place that put the charges on there to prove the charges are valid. I am unsure of their explanation as to why the credit card company says this, other than that because we did charge one thing there (the first thing was something we charged, then 3 additional and identical charges showed up later) it shows that we did use the card there. Does not make sense and I am frustrated to death over it. I told the company I wanted to cancel my card then to prevent all future charges and they said they would keep honoring any future charges that came in from that place even if we cancelled! uugghhh! I could scream! But since that won't help, we are just thinking that after 15 yrs with this same credit card company, it is time to move on.

But our only only card is an American Express. Do you think it is ok to only have an American Express and have no other credit cards? We do have the mastercard symbol on our debit card so we can use it that way, I just prefer not to. What do you think? Should we just cancel the Mastercard? Thank you in advance for your help!

[sunnysandiegan]

As frustrated as I would be also, I recommend you just stop using the Mastercard (not cancel it yet) and start using the AmEx exclusively. We are finding not every place we shop accepts AmEx, so we also have a Visa for those odd times when we can't use the AmEx and don't want to use the debit card or cash. I haven't had any problems with any of our cards like you are describing, but I am tired of carrying every card we own!

Meanwhile, I think you have to contact the merchant about duplicate charges not call them fraudulent right off the bat and that may be what the cc company is trying to say (poorly, I agree). The payment thing would send me over the edge and I would be on the phone and writing a letter with copies of details (dates and statements - blur account #!) until it was clearly explained or stopped! Keep going up the ladder until you are satisfied with the answers.

When we make a bill pay payment from our checking account to our credit card, the money is taken out of the checking account on the day we choose and then the payment is credited to the credit card the next business day (which can be a few days due to weekends and holidays). If we make a payment using the credit card company's website, then both sides of the transaction occur on the same day. It isn't related to the credit card company, but rather the banking system. I'm not sure if this is related to what you are describing or not....just giving some examples in case you can piece it together for your own situation...

[Lisa1970]

Originally Posted by sunnysandiegan

As frustrated as I would be also, I recommend you just stop using the Mastercard (not cancel it yet) and start using the AmEx exclusively. We are finding not every place we shop accepts AmEx, so we also have a Visa for those odd times when we can't use the AmEx and don't want to use the debit card or cash. I haven't had any problems with any of our cards like you are describing, but I am tired of carrying every card we own!

Meanwhile, I think you have to contact the merchant about duplicate charges not call them fraudulent right off the bat and that may be what the cc company is trying to say (poorly, I agree). The payment thing would send me over the edge and I would be on the phone and writing a letter with copies of details (dates and statements - blur account #!) until it was clearly explained or stopped! Keep going up the ladder until you are satisfied with the answers.

When we make a bill pay payment from our checking account to our credit card, the money is taken out of the checking account on the day we choose and then the payment is credited to the credit card the next business day (which can be a few days due to weekends and holidays). If we make a payment using the credit card company's website, then both sides of the transaction occur on the same day. It isn't related to the credit card company, but rather the banking system. I'm not sure if this is related to what you are describing or not....just giving some examples in case you can piece it together for your own situation...

We pay our Amex the same way as the mastercard. The Amex is through a different company. But we take from the same exact bank account. The Amex is credited same day. The mastercard takes the money from our account and then refuses to credit us for a week even though they have the money.

[Jaxinator]

You have to pay the Amex in full each month, right?
The only reason I can see for having either a Visa or Mastercard is just in case something expensive happens and you don't have the money to pay it in full.

Can you get a credit card through a different bank maybe?
I agree with contacting the merchant, it may have been an error that they'd be glad to fix for you. But I would still cancel the card, the credit card company is being ridiculous.

[dachshundqueen]

We have also had multiple and frustrating problems with FIA card services.

We got a VISA through a local bank to replace it.

We have kept our AmEx.

Liz

[JudiAU]

The issues are probably with your issuing bank, not really "mastercard." Local policies vary. I use a mastercard all the time with my credit union and never have those issues.

If you have a visa, than yes I think you can leave. But I couldn't function with either a visa or mastercard. They own more of the market than amex and you will run into problems.

[treeoflife3]

Amex is harder to use if its the only one you have. A TON of places don't accept Amex, I THINK because there is a larger fee for businesses to use it. Not quite sure on that, but I rarely find a place that takes it (although I don't shop many places hehe) and have never worked at a place that takes it (I've only had three retail jobs.) Whatever the reason, I'd make sure all the places you normally use your card actually take it it before switching to just having the Amex. It would suck to nix the MC only to find out all the places you use a card won't take the amex.

[zebra15]

Not all places take Amex, But I would stop doing business with your current MC provider. You can get another MC with a diff bank and probably have a totally different experience. Have you called the fraud/loss prevention department of the current MC? There is no way I would be putting up with the issues you are experiencing.

[dawningmama]

Swishing over to Frugality & Finances.

[VisionaryMom]

Don't use either. There's nothing you can do with your MC credit that you can't do with your debit card as far as tracking goes. If you're willing to use AmEx and pay off the balance each month, just use your debit card in the first place.

[CarrieMF]

I think you have to contact the merchant about duplicate charges not call them fraudulent right off the bat and that may be what the cc company is trying to say

If the multiple charges were exactly the same amount as the first purchase you made & were on the same day then you need to contact the company where you made the purchase. It is their mistake that it went through too many times & up to them to reverse the charges.

[SoulCakes]

Originally Posted by VisionaryMom

Don't use either. There's nothing you can do with your MC credit that you can't do with your debit card as far as tracking goes. If you're willing to use AmEx and pay off the balance each month, just use your debit card in the first place.

There are a lot of benefits to using credit cards if you can afford to pay off the balance each month. We put all of our purchases on credit cards, and get our cash back, other incentives, and rack up a couple free flights each year.

So there is *some* good that comes out of credit.

[swd12422]

I agree w/ PP who said that the problem is not with MC, it's with the issuing bank. Stop using it, and shop around for a Visa or MC with no annual fee. APR doesn't matter if you NEVER carry a balance over and never plan to, but lower is always better, just in case. My bank recently offered us a 3% rate on any balance transfer and 0% on new purchases. I said no thanks, b/c we don't carry a balance, but if you want to give me a CC with say, 5% APR and no annual fee, then we can talk. (They're going to have a banker call me back, but we really don't need it, so I have no idea how that will turn out.) Shop around and see what you can negotiate. Banks are in a tight spot and may be willing to negotiate terms if your credit is good.