Posted on 05/19/2009 7:51:40 PM PDT by Mozilla
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.
(Excerpt) Read more at nytimes.com ...
Screw responsible people - It’s the Obama way!
Cash: it’s not traceable.
NY Times writes this? That is interesting
Obama’s plan to spread the wealth: responsible borrowers subsidize the irresponsible.
Debit cads, debit cards, debit cards.....
It’s a little late for some of us. However, we don’t have an ounce of sympathy for them. They spent the last the last 20 years funding Democrats. They are reaping what they have sown.
I was on the phone all morning with a bank that 2 of my credit cards are from. I saw that from April to May - I was raised to a 29.49% Ann Int. I went through the roof. I asked them how this is possible when I have never been late, and I always overpay the min amt due. The guys response was that this is new bank policy.
After releasing a few choice words to him, I hung up the phone.
Well, it’s kind of a nuisance to carry a large wad of cash around with you, and it’s dangerous to do so in the city.
But the hell with this. I’m not paying any bloody fees or interest on bills that I pay promptly. That’s why I ditched my American Express card many years ago.
Our local market charges a fee for small purchases on credit, and since I sympathize with them, I buy stuff there with cash. If necessary, I’ll do it everywhere, and to hell with these jamokes.
Even better: cash made in North Korea!
I’m sorry, but Obama’s attempt to revive something akin to old-fashioned (capitalist style) anti-usury laws is not to blame if credit issuers decide they can’t live with a smaller profit and decide to impose costs on all borrowers: that’s a business decision by banks and other credit issuers that the reimposition of an old anti-usury type regime does not force them to make.
This CRAP just never stops!!!!!! It’s like a non-ending waterfall of sewage.
We can Galt the card companies as well. There will still be some competition for the good customers. They can make money on the transactions..just like the debit cards.
We need to shop around and blacklist the banks that overcharge the good people.
$0.89 for Money Orders.
You mean after being penalized to the tune of 3 or 4 trillion dollars anyone really gives a crap?
The NYTimes cannot be surprised by this.
Yep, that's why our Founders risked their lives, so an all powerful central government can tell us how much profit we can make.
However, when the deadbeat international Banks went into functional bankruptcy and threw the world into a Depression, they received free taxpayer Trilions via the Feds Discount window and TARP.
How's that model work?
I seriously doubt Obama had any capitalist motives here.
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