Credit card reform may mean responsible users will pay more .... industry calls you a "deadbeat" !

[Better Believe It]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5691243

[hedgehog]

1. There's no such thing as a free lunch. Personally, I'd be very glad

to have $50 per year fee if I also could pay everything off every month!

[Mythsaje]

2. TAANSTAFL?

If you have a fruit tree in your yard, there certainly is such thing as a "free lunch." At least during part of the year.

As much as I love Heinlein, he's full of shit.

[SharonAnn]

3. As long as you own the land, pay the taxes on it, and care for the tree - then the fruit is "free"

[Mythsaje]

7. You could RENT the land...

Besides, how many kids have climbed a fence to nab an apple or pear? Free.

[hedgehog]

4. I agree that Heinlein was generally full of shit, but banks are not supposed

to be non-profits. If most of their customers pay off their credit cards every month, then we will see fees for credit cards.

[Mythsaje]

8. Who says they should be non-profits? They shouldn't be predatory.

[Raineyb]

14. The credit cards take fees out of every transaction

They are not not making money off of the "deadbeats" as they call those who don't carry balances. Apparently, they think they are entitled to rather large profits, a notion our government has yet to disabuse them of.

Regards

[PassingFair]

9. You KNOW he meant ....if someone else is paying for it.

That's the point.

[northernlights]

6. it's not a free lunch

the credit card companies get a fee from the vendors for each transaction, and in the beginning of credit cards they were pretty happy with that plus a low annual charge. Then greed took over, and they started manufacturing late penalties by randomly changing billing dates, especially around holidaze, and charging usurious rates. And the really crappy one (mbna) near me set up posh bayfront headquarters in Maine and re-made multiple little seaside villages with their pillaged profits.

When things got competitive they dropped the annual charge and gave the 30 day grace period. If they reinstate them, then those who use credit cards strictly as a convenience will cease to do so, and they will lose the vendor fees as well.

If they can't come up with a commodity business model with commodity level profits, then fuck'em.


edited because I remembered the initials of the crappy credit card company near me.

[Demobrat]

5. The day this goes into effect is the day I cancel the credit card

and go strictly debit. The ONLY reasons to even have a credit card are convenience and the rewards points. No way am I paying those sharks a nickel. And I'm sure I'm not alone. I may not pay interest or fees, but merchants pay a percentage of everything I buy with the card. I'm sure they would rather I paid cash, and I'll be happy to oblige. Screw the credit card companies.

[Petrushka]

10. Ditto!

:thumbsup:

[DeschutesRiver]

15. Me too.

Even though I pay the bill in full monthly, they still make money on each transaction I do with their card. If that isn't enough, fine by me.

You are absolutely not alone. I have cash and checks to use instead, and glad you mentioned a debit card, because it didn't occur to me as I've never had one, but that would be a good addition. I am not sure how I will pay for online purchases - I've used credit cards for that, and maybe the thing they call Paypal would be a substitute, I'll have to see how that works. If not, I'll simply send a check - a small delay in receiving my purchase won't hurt as much as interest charged from the time of purchase.

[Boojatta]

16. Don't credit cards provide better fraud protection for the consumer?

[nilram]

11. Yup -- and they already get a 3% fee from the merchant

which, in my case, amounts to hundreds of dollars a year. If they want another 50 bucks as a fee, they can very well kiss my pasty-white behind.

[Wednesdays]

12. K&R

:kick:

[sendero]

13. Hmm...

.... well this cash cow won't put up with much nonsense. They've already raised my rate because they can. But I don't care because I don't pay interest.

I get several hundred dollars a year in cash back. So, if they throw on a reasonable annual fee, I will not care.

But the SECOND they make it not worth my while to use the card, I will stop using it except for the handful of places I pretty much have to.

They really don't have much leverage with folks who don't need to borrow. They make money from every transaction. Their talk is just talk.