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Good credit? Get ready to pay more
Reform may mean good card users pay more
Return of fees, higher rates for ‘deadbeats’ who pay off balance, on time
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.
Originally posted by wyleecoyote
These thieving bankers aren't going to stop until we make them stop.
When the banks got the bailouts we cut up all of our cards except one to rent cars with if we needed to. Those pigs aren't getting another dime from us! Could you imagine what would happen to them if all of us cut up our cards, paid only cash for what we needed, and none of us used them anymore?
The bucks gotta stop somewhere.
Originally posted by charlie0
reply to post by Hx3_1963
I have a problem here that I don't know how to resolve it. I never liked credit cards and would cut them in pieces soon as I would get them in the mail. I have been living in the State for almost 40 years and on the present address for 25 years. I bought cars and other things in the past partly cash and some loans but paid them soon as possible. Recently my auto Insurance charging me more because they cannot find my credit report. I just wanted to buy a car and to borrow 1/3 for the price but the interest rate they want to charge me around 9% because they cannot find my credit report. I am sure as things go forward there will be more and more controls for people like me. I really never cared for credit report and don't even know what it is but I have been asked questions about my credit report. I don't like some one else to control me and I don't know how to combat this. One scenario I thought is to leave USA for good. Because no matter what I do I will always be haunted by big businesses. I lost my faith in our Government. Quite honestly the only solution I see is to have a bloody revolution that would be verse than French revolution. Can any one comment on this.
Originally posted by disgustedbyhumanity
reply to post by Kellter
Moral hazard my arse. I have never missed a payment on a credit card. Yet in the last six months every credit card I have has tripled their interest rate and cut my limits to my outstanding balances. Triple interest means triple payments every month. So now my debt cost 3 times more every month and gets paid off no sooner. With the economy being bad, things were already tight and now they are largely impossible. I will be paying my secured debt (upside down house) before I pay my unsecured debts. In the end I will probably have to shed my unsecured debt in bankruptcy, or negotiate a major discount after not paying for many months. Had they not taken the action they did then they would get paid back in full. Bankers are stupid for thinking that trying to cover mortgage losses with credit card hikes would lead to anything but the same type of collapse they saw with mortgages.
The end result will be that only the wealthy will have credit cards. The banks will have already done their damage before any law actually becomes effective.
Originally posted by VelmaLu
Get an American Express green card which requires you pay it off every month. You pay a reasonable card fee each year and the customer service is OUTSTANDING. You also get points which you can redeem for free travel or merchandise.
They report to credit agencies and it will boost your overall score. You won't have to worry about interest. There's no credit limit (and yes, it's true because I've charged over $30,000 on it in one month).
Plus, you can use it for recurring charges which means you won't have to divulge your bank account information by using a debit card.