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5/19/2009
No more free ride for good credit risks
Great. I’m a “sterling” credit card customer, and I get the kibosh. According to credit card companies, I’m a “deadbeat” because I generate “scant fee revenue.” Ok. I can understand that. We charge whenever we can, pay our bill in full every month and gather up those travel credit miles.
No more. Because Congress is limiting penalties on riskier borrowers. “And to make up for lost income, the card companies are going after those people with sterling credit.”
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.” I can use a debit card just as easily as the old credit card. The minute my frequent-flier reward miles go away and an annual fee is slapped on the account, I’m gone. Then maybe there's a cards in the wallet for emergencies only. And then too, the fun comes from trying a few negotiations here and there for retailers to knock off a couple of percentage points for true cash. Looking forward to honing those skills.
Jo Egelhoff, FoxPolitics.net
COMMENTS
Yeah, all of a sudden we got interest rate hikes. USUALLY we pay off in full but once in a while, we don't. So we "rejected" the rate increases, and will no longer use the cards when they expire.
emily matthews (Tue May 19 08:13:22 2009)
Be careful here! Let's not get overly critical. This is the business sector. You know the folks that are ostensibly an example for the government sector. Why should fairness suddenly be a criterion. It's profit margins and enormous executive compensation that need to be protected.
Dennis (Tue May 19 08:33:45 2009)
And I will protect MY profit margin by stopping using the card. This is what a FREE market is about...e.g. if everyone stopped using the cards, they'd have to change their practice, as nobody (the market) would put up with their nonsense.
But I'd certainly resent it if someone told me I HAD NO CHOICE BUT to use the card. Come to think of it, that's what govt does all the time. Yeah, gotta keep paying the bureacrats big bucks to mess around with MY money, that they stole via taxes. They make it illegal to "opt out". Thank goodness there's still SOME choice left (like cutting up a credit card).
emily matthews (Tue May 19 12:40:42 2009)
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