Now It's Time for Credit Card Companies to Punish the Financially Responsible

[guido911]

First the government is soaking the "rich" (you know, folks that actually pay their bills and are successful) to pay for deadbeats that can't make their house payment, now credit card companies are looking to increase rates/fees on on-time paying credit card holders to make up for the deadbeats once again. Heads up you financially responsible folks with a good credit score and carefully look at your monthly statements.

http://www.nytimes.com/2009/05/19/business/19credit.html?_r=1&ref=business

[Conan71]

Do what I did: F$%K the credit card companies.  Cut up the cards and use a debit card.

[FOTD]

First the government is soaking the "rich" (you know, folks that actually pay their bills and are successful) to pay for deadbeats that can't make their house payment, now credit card companies are looking to increase rates/fees on on-time paying credit card holders to make up for the deadbeats once again. Heads up you financially responsible folks with a good credit score and carefully look at your monthly statements.

http://www.nytimes.com/2009/05/19/business/19credit.html?_r=1&ref=business

AMEN! This started under Jimminy Carter and usury has been a capital directive ever since......

[guido911]

Do what I did: F$%K the credit card companies.  Cut up the cards and use a debit card.

Wish I could, unfortunately business necessity requires them (staff needs, travel expenses).

[custosnox]

I just wish someone would give me a credit card.

[nathanm]

First the government is soaking the "rich" (you know, folks that actually pay their bills and are successful) to pay for deadbeats that can't make their house payment, now credit card companies are looking to increase rates/fees on on-time paying credit card holders to make up for the deadbeats once again. Heads up you financially responsible folks with a good credit score and carefully look at your monthly statements.

http://www.nytimes.com/2009/05/19/business/19credit.html?_r=1&ref=business

No, they're raising their rates because of the subprime mortgage losses. Well, most of them are. Oddly, Chase has yet to raise any of my rates. With the recent rate cuts, one of my cards is at 4.24%. Even Amex adjusted my rate back to where it was when I opened my account (11.24%). Citibank went to 13.99% across the board pretty much several months back. BoA ratejacked the smile out of me (over 20%..I guess I'm subprime now), so I told them where to stuff it. They can enjoy my one pack of gum every 6 months.

Edited to add: It's utterly shocking that the NYT so happily lapped up the bullshit that the credit card companies are spewing about how people who pay on time and don't carry a balance are getting some kind of a free ride. I guess they forgot the reason there are so many rewards cards is because they net the bank more money in interchange fees both because the fees charged to merchants are higher on them and because people with rewards cards typically spend more with the card.

I think at this point I have one card that isn't technically a rewards card, not because I asked for them all to be that way (although I have asked for plenty), but because they keep switching out the non-rewards cards for cards that get me some sort of useless points (or useful points, in some cases).

[FOTD]

No, they're raising their rates because of the subprime mortgage losses. Well, most of them are. Oddly, Chase has yet to raise any of my rates. With the recent rate cuts, one of my cards is at 4.24%. Even Amex adjusted my rate back to where it was when I opened my account (11.24%). Citibank went to 13.99% across the board pretty much several months back. BoA ratejacked the smile out of me (over 20%..I guess I'm subprime now), so I told them where to stuff it. They can enjoy my one pack of gum every 6 months.

The card companies do not fear congress.....but they must see the teabaggers turning their heads and coughing ......