BelichickFan

You stupid *****ing assshole.

Credit Card Industry Aims to Profit From Sterling Payers - Companies * US * News * Story - CNBC.com

"Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. 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."

How many more good things can this prick ruin ???

tanked_as_usual

there are easy workarounds for people with good credit.......

first, people with good credit tend to have money in the bank........if you have enough money in the bank, the bank (BofA) in my case, waives all fees and all you pay is interest......I believe this will continue to be the case.....if not, I will just move on to someone like ETRADE

second, if you pay your card off in full each month, then AMEX is the way to go.......they have been most consistent in terms of their policies and have never made any suprises for me

its pretty much all I have for cards, so I doubt this will affect me

BelichickFan

I guess we'll see but this is another case of prickboy thinking he knows everything and screwing with private businesses while being clueless about the large unintended consequences. I don't fully take advantage of cash back, etc, but I pay no annual fee and no interest and I want it to stay that for. I sure as hell want to keep the convenience of my credit card and now see that it will likely cost me one way or another.

Thanks, Obama . . . aka prickboy.

Harry Boy

Yeah, but remember his speeches are thrilling he has a beautiful smile Michelle has the greatest Arms in the world and we can all look at him and tell ourselves how wonderful we are for electing him he is "America's Poster Boy" now we sit back and watch him ***** all over us.

President Jug Ears if he wasn't who he is he would still be working in City Hall.

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Harry Boy (Genius)

In The Absence Of Law And Order Society Will Surely Destroy Itself

Holy Diver

over the last few momnths, even those who pay bills on time have been having their credit limits reduced, meaning they owe a greater percentage of the credit line., meaning their credit scores have been going down.


Let me get this straight...you people are on the side off legal loan sharks?


check yourselves....30-40% interest is fukcing rape.

I personally don't own one of these things. Learned my credit lesson at a young age, as most should.



IF YOU CAN'T AFFORD IT.......DON'T BUY IT!

BelichickFan

Voluntary rape, baby.

My credit card is a fantastic convenience and if this dork we call a President makes it start costing me money for this convenience - well, I'll hate him more than I already do. Which, of course, will be difficult considering my level of hate I already have for him.

Here's an idea - Dorkboy and his lapdogs in Congress should stay out of the business of credit cards and the card companies and customers can agree to, then live up to, whatever terms they sign up to. Interesting concept there

Holy Diver

Oh I agree that credit cards are voluntary, but have you actually READ the contract you sign? I've heard law students and professors debate the legallity of almost all credit contracts.

There needs to be a cap on interest rates for these things. People spending credit to get airline miles is also delving into a ghost economy. This money for miles, and spending dollars that do not exist for extra goods is part of the snowball, yo.

CREDIT is killing our economy, and its also the lifeblood of it.....its so simple its complex.

BelichickFan

I read enough to make sure there's no annual fee and no interest if the card is paid in full on time. If I planned to carry a balance I'd like to think I'd read what I needed to.

Holy Diver

I think you and I BOTH know the card isn't meant to scam you , or I ....


It preys on the helpless and those who can least afford things. I hear people all the time say things to me like : "You don't have a credit card? what if you lose your job, or need to buy food etc?"

I reply with: "I'll go get another job"

People use this as a supplimental income, and our example? Our enabler? is our own GOVERNMENT, who spends credit like a Housewife of Orange county at an outlet mall. The societal acceptandce of deficit spending is like accepting your mom is a heroin addict, and wondering why you shoot up.

Real World

The inmates are running the assylum. The inmates being losers, deadbeats, and the irresponsible.

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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him."
Leo Tolstoy, 1897