Credit Card Companies Plan On Punishing Cutomers Who Don't Carry Balances

Roman Candle · May 20, 2009

I was watching Dr G medical examiner a few night ago. This guy in Florida dropped dead at 41. No warning just boom dropped dead. This got me thinking, why worry about stuff you canât do anything about. Just live life create family memories. Life is too short to worry about stuff like CC bills. You wonât go to jail so who cares. Just as long as you donât need to finance anything. And the banks have stopped doing that so who cares live life.

krazykarl · May 20, 2009

Quote from ByLoSellHi:

Around here, the gas stations discount gas prices by 10 cents a gallon if you pay cash, and it's advertised on their signs.

Same here.(detroit) It's been this way for 50 years.

jprad · May 20, 2009

Quote from brokershopping:

I agree. I think the status quo is great. It works well for me. I would like to keep it the way it is. But Indexer's point was valid, cash users are getting ripped off.

Uh, my point and Indexer's are mutually exclusive...

Thus if CC co's would back off just a bit, we could continue to let the dummies subsidize our sweet deal.

It wasn't a sweet deal, it was the side-effects of an easy credit bubble that's now popped.

Nothing to be gained by crying over it, but plenty to be lost if you let yourself get caught up in the shitstorm by not staying on top of things.

Dr. Zhivodka · May 20, 2009

Congress is threatening to make things much more easy for the degenerate CC payers.

So the CC companies have threatened back to make life hell for their best customers. Which is compete and total nonsense. No business whacks their best costumers. Their best customers
always have other options

It's a game of a chicken

Mnphats · May 20, 2009

Quote from jjf:

Do most Americans pay their bills by cc or do they pay online direct from their accounts.

What about cheques.
Do Americans still use a cheque book or has it been outmoded.
jjf

IMHO, some pay with their CC to receive airline miles cash back etc but more and more are using online bill pay.

Not many really use checks anymore although older generations continue too. Waiting in line behind a check writer at the gas station can be annoying as well.

Bob111 · May 20, 2009

done deal-

http://news.yahoo.com/s/ap/20090520/ap_on_go_co/us_congress_credit_cards

The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone. People under 21 also will find it difficult to get a card.

As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs canceled.

maninjapan · May 20, 2009

Seems to be a lot of people bitching about losing their free ride here. Banks are not obliged to offer you a card at a certain rate. If they wanna charge you a fee they can (I dont agree about the without warning part). Yes, the retailer pays a fee, but that is often paid by them for being able to attract your business. So in effect you are getting a free short term loan. all good things must come to an end. At the end of the day, they are offering you a service and like everything else you need to pay for it.

Scataphagos · May 20, 2009

Quote from maninjapan:

Seems to be a lot of people bitching about losing their free ride here. Banks are not obliged to offer you a card at a certain rate. If they wanna charge you a fee they can (I dont agree about the without warning part). Yes, the retailer pays a fee, but that is often paid by them for being able to attract your business. So in effect you are getting a free short term loan. all good things must come to an end. At the end of the day, they are offering you a service and like everything else you need to pay for it.

Who's to determine what's "free"? The merchant pays a fee for the convenience of his customers using a credit card. The CC company floats the loan for 25 days.. the difference between fees charged and cost of carrying the loan is the CC company's gross margin.

The CC company gives "cash back" to encourage the use of their card so they can charged vendors more fees...

The price of goods is marked up by the vendor to cover his CC fees. Nobody is getting anything for free that "needs to come to an end"...

But with all of that built into the "CC transaction", the cash buyer really should get a discount...

jprad · May 20, 2009

Quote from Scataphagos:

But with all of that built into the "CC transaction", the cash buyer really should get a discount...

A credit card is a tool that, when properly used, will reduce your expenses.

Why should someone get a discount for being unqualified or unwilling to use it?

Bob111 · May 20, 2009

the people,who cannot read or unable to understand the agreement should be banned from having CC, period. now-they are "protected"..from what? their own stupidity..sick of this..there is no surprises, that are common..if you know the f* rules..i ride that free balance transfer game as hard, as i can. i knew, that when CC offer free,zero interest balance transfer for a year or even more-the end is near. i borrow six digits and put it on cd's. did not paid a dime in fees and interest..read the f* n rules..and don't complain about "surprises",after you got in..