Home › Forums › Financial Markets/Economics › Credit Card Industry Aims to Profit From Sterling Payers
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briansd1.
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May 19, 2009 at 12:30 PM #402817May 19, 2009 at 1:47 PM #402221
CoronitaParticipantSummary of changes with this new legislation.
Most interesting aspect….
No more universal default: “Universal default,” the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers (such as utility companies and other creditors), would end.
This has pretty interesting implications if one stops and thinks about it.
May 19, 2009 at 1:47 PM #402473CoronitaParticipantSummary of changes with this new legislation.
Most interesting aspect….
No more universal default: “Universal default,” the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers (such as utility companies and other creditors), would end.
This has pretty interesting implications if one stops and thinks about it.
May 19, 2009 at 1:47 PM #402705CoronitaParticipantSummary of changes with this new legislation.
Most interesting aspect….
No more universal default: “Universal default,” the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers (such as utility companies and other creditors), would end.
This has pretty interesting implications if one stops and thinks about it.
May 19, 2009 at 1:47 PM #402764CoronitaParticipantSummary of changes with this new legislation.
Most interesting aspect….
No more universal default: “Universal default,” the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers (such as utility companies and other creditors), would end.
This has pretty interesting implications if one stops and thinks about it.
May 19, 2009 at 1:47 PM #402912CoronitaParticipantSummary of changes with this new legislation.
Most interesting aspect….
No more universal default: “Universal default,” the practice of raising interest rates on customers based on their payment records with other unrelated credit issuers (such as utility companies and other creditors), would end.
This has pretty interesting implications if one stops and thinks about it.
May 19, 2009 at 2:02 PM #402246CBad
ParticipantMmmkay, whatever. I put everything on the credit card and pay it off every month. I have 2 rewards cards so when I max out the yearly return on one I use the other. I would still make out ahead with an annual fee so I might still use it. But they start pulling the charging interest at purchase crap or pull the rewards and I’m out. Either take the small amount of revenue you earn off of me or nothing, it’s up to them. I’ll just go back to debit, or cash, or be the person in line holding up everyone else writing a check. 😉 People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.
May 19, 2009 at 2:02 PM #402498ParticipantMmmkay, whatever. I put everything on the credit card and pay it off every month. I have 2 rewards cards so when I max out the yearly return on one I use the other. I would still make out ahead with an annual fee so I might still use it. But they start pulling the charging interest at purchase crap or pull the rewards and I’m out. Either take the small amount of revenue you earn off of me or nothing, it’s up to them. I’ll just go back to debit, or cash, or be the person in line holding up everyone else writing a check. 😉 People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.
May 19, 2009 at 2:02 PM #402730ParticipantMmmkay, whatever. I put everything on the credit card and pay it off every month. I have 2 rewards cards so when I max out the yearly return on one I use the other. I would still make out ahead with an annual fee so I might still use it. But they start pulling the charging interest at purchase crap or pull the rewards and I’m out. Either take the small amount of revenue you earn off of me or nothing, it’s up to them. I’ll just go back to debit, or cash, or be the person in line holding up everyone else writing a check. 😉 People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.
May 19, 2009 at 2:02 PM #402789ParticipantMmmkay, whatever. I put everything on the credit card and pay it off every month. I have 2 rewards cards so when I max out the yearly return on one I use the other. I would still make out ahead with an annual fee so I might still use it. But they start pulling the charging interest at purchase crap or pull the rewards and I’m out. Either take the small amount of revenue you earn off of me or nothing, it’s up to them. I’ll just go back to debit, or cash, or be the person in line holding up everyone else writing a check. 😉 People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.
May 19, 2009 at 2:02 PM #402937ParticipantMmmkay, whatever. I put everything on the credit card and pay it off every month. I have 2 rewards cards so when I max out the yearly return on one I use the other. I would still make out ahead with an annual fee so I might still use it. But they start pulling the charging interest at purchase crap or pull the rewards and I’m out. Either take the small amount of revenue you earn off of me or nothing, it’s up to them. I’ll just go back to debit, or cash, or be the person in line holding up everyone else writing a check. 😉 People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.
May 19, 2009 at 2:19 PM #402281pencilneck
Participant“People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.”
I was thinking along similar lines. The credit cards benefit from the “free” services when we slip up and service fees apply, for whatever reasons. Ending the “free” portion of their services sounds more like a move of desperation than a sound business plan.
Unfortunately, we will bail them out. So there is no incentive for them to make sound business decisions.
May 19, 2009 at 2:19 PM #402533Participant“People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.”
I was thinking along similar lines. The credit cards benefit from the “free” services when we slip up and service fees apply, for whatever reasons. Ending the “free” portion of their services sounds more like a move of desperation than a sound business plan.
Unfortunately, we will bail them out. So there is no incentive for them to make sound business decisions.
May 19, 2009 at 2:19 PM #402765Participant“People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.”
I was thinking along similar lines. The credit cards benefit from the “free” services when we slip up and service fees apply, for whatever reasons. Ending the “free” portion of their services sounds more like a move of desperation than a sound business plan.
Unfortunately, we will bail them out. So there is no incentive for them to make sound business decisions.
May 19, 2009 at 2:19 PM #402826Participant“People who pay off their balance every month have the cash and thus have alternatives so it’s a bad business move on their part.”
I was thinking along similar lines. The credit cards benefit from the “free” services when we slip up and service fees apply, for whatever reasons. Ending the “free” portion of their services sounds more like a move of desperation than a sound business plan.
Unfortunately, we will bail them out. So there is no incentive for them to make sound business decisions.
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