Tuesday, May 19, 2009

No More Free Credit

I'm too disgusted to comment on this kind or crap anymore.

New York Times
Credit Card Industry Aims to Profit From Sterling Payers

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.

1 comment:

hogsman said...

Just remember that Congress started it by not allowing banks to price according to risk...it's a bad move by the government...weren't they supposedly trying to stabilize the banking system?