will the credit card bill of rights punish those who pay on time?

[Doctor_J]

I heard a at dinner last night. Sounds like something O'Reilly/Fox News made up. Now those of us who pay in full each month will have no "grace period" - interest will be charged daily from when we purchase. True?

[lapfog_1]

1. The banks are threatening that.

Since they can no longer jack up your rate because you were a day late in the last payment.

Claim they need the revenue from somewhere.

Personally, I would simply pay off the balances and cut up the cards. These fuckers need to go down.

[Uben]

2. If so, we'll start writing checks......

...then they will start charging a fee for each check you write. If we pay with debit cards, they will start charging more for that. If we pay with cash, they'll start charging a fee for cashing checks. They want their money and they want it now!

[safeinOhio]

3. Just forget having a picture of Spaghetti Bobby

on your card and shop around for a small bank to do business with. All that marketing cost a fortune, as do those CEO bonuses and golden parachutes. I've found better interest and terms with small local credit unions and banks.

[stray cat]

4. No - but then banks may decide to reconstitute lost revenue by restricting perks

to those who pay in full each month. Right now we don't pay a think and we get freebees. So we are not getting punished by the bill but we may lose our grace period, freebees and may pay an annual fee for a card.

[grannie4peace]

5. NO, the credit card companies WILL!

:wtf:

[backscatter712]

6. Fuck 'em - that's why I don't do credit cards anymore.

I paid off my car loan with Chase, so I can now give them the finger. I paid off my credit cards long ago.

All I have now is a checking account with a debit card with a local bank. The big banks can suck it.

[RDANGELO]

7. It's an acceptable trade off.

Overall people may be starting off with a little higher interest rates, but people who miss one payment won't be exploited. The thing is to be selective when you acquire the card in the first place. This is similar to what the states do with auto insurance. If the insurers had their way, the people who have occasional accidents wouldn't be able to afford the insurance.

[AllentownJake]

8. Why do we let these fuckers hold a gun to our head

Seriously, between the bailouts and their crying over any threat of reform. Why are we coddling a parasite.

[msongs]

9. its decisions made by card companies, NOT the alleged card "bill of rights" nt

[WhiteTara]

10. no one ever mentions the fact that

CC companies charge the merchant to accept the card as well. They are making lots of money in every direction.

[high density]

11. No, those were baseless threats by the industry to prevent the legislation from getting passed

Limbaugh picked up on a NY Times article about the idea and went with it full force.

The fact is that competition is going to prevent something like this from happening. The pay in full people -- of which I'm part of -- will just switch to cash if they decide to do this. The card companies now have the option of earning the merchant fees off of my purchases or earning nothing from me at all. I think they'll choose the former of those options when given the choice. I also doubt many companies are eager to be carrying nothing but sub-prime borrowers in this day and age.