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

[jprad]

Quote from ByLoSellHi:

My complaint emanates from the fact that our esteemed government has passed legislation that benefits deadbeats, and passes the costs of this legislation onto the responsible.

Obviously, you've not read the content of the bill, some of it is actually good for us non-deadbeats by making those under 21 provide proof of ability to pay or a cosigner before getting a card.

Or, being able to get your rate lowered after making 6 months worth of on-time payments.

One reduces the chance of creating more deadbeats and the other helps those dig themselves out faster.

 

[jprad]

Quote from indexer:

Either you work for a financial firm and are spewing their non-sense or you are a fucking idiot.

And you sound like someone who abused his Sears card and had it taken away...

 

[sprstpd]

Quote from Scataphagos:

THAT'S telling him!

What name is he called if he also pays his mortgage and car payment on time?

Ooh, ooh... what about if he actually saves some of his money?

A communist socialist ahwzweepay? You aren't a true American if you aren't in debt!

 

[indexer]

I never had a Sears card - but you seem familiar with it.

Quote from jprad:

And you sound like someone who abused his Sears card and had it taken away...

 

[bugscoe]

Quote from indexer:

People who have balances and pay late fees are SUBSIDIZING your rebate card you fucking welfare queen. This is socialism and you are obviously a socialist with your hand out expecting others to pay your way.

Get a life you freeloader!

Everybody is given the same choice when they open their credit cards - to pay them off in full each month.

It's clear what choice YOU made.

 

[noob_trad3r]

Bottom line no more free points?

I rack up lots of points on my etrade visa card and all my trades end up commission free basically when I turn my points in.

 

[Blue_Ice]

Quote from Tom B:

If the merchant fees get too high, some stores may implement a cash price and a credit card price.

This is exactly what's going to happen.

Reminds me of that commercial of a credit/debit card in which everything rolled smoothly until someone wanted to pay in cash...


CC companies will ramp up the fees, people will cancel their credit cards, shift to debit cards. If they ramp up the fees on debit cards then people will go back 40 years in time and begin carrying cash in their pockets again.

Online retailing will suffer a setback and the local stores will get a second chance. The whole buying/selling process will be annoying to most people used to plastic.

I'm in the process of collecting all my CC rewards, turning them into cash statement credits and/or transferring to airline miles. I'm expecting those reward programs to go bust, very much ala GM dealers.

Today you have it, tomorrow you won't...

People will adjust, life will go on, the cycle will repeat in a few years from now.

 

[EdgeHunter]

Quote from vhehn:

oh well it was fun while it lasted. i have made over 4k on my gm card and about 2k on my capital one airline card while never paying a dime in interest. its been a gift to people like me.

How ?... I always pay my balances off but i never fly anywhere... what else can i do to suck money from BOA?

thanks...

 

[noob_trad3r]

I remember in the 70's credit cards were not that common. Infact if you had one it was actually considered that you were well off. Most people did layaway and paid cash etc..

It is not like it is now where everyone could have multiple cards.

 

[ByLoSellHi]

Quote from noob_trad3r:

I remember in the 70's credit cards were not that common. Infact if you had one it was actually considered that you were well off. Most people did layaway and paid cash etc..

It is not like it is now where everyone could have multiple cards.

From what I'm told, Diners Club Carte Blanche Card was the first, and was extremely rare in the 50 and 60s. It started to spread in the early 70s.

When it came out, Americans saved 10% or more of their income.

The more credit cards proliferated the less Americans saved, until it dipped into negative territory the last decade or so, when college kids (as soon as they're legal) are bombarded with credit card offers on Campus.