Credit-Card Overhaul May Hurt Those Who Pay Bills On Time - Truckers' Trucking Forum

Mooney · **^ Top** #1 05.19.2009

Quote:

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.
“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

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Ken · **^ Top** #2 05.19.2009

If they start doing that, I'll stop using my credit cards altogether..

PharmPhail · **^ Top** #3 05.19.2009

One more thing to be cautious of as well. It has generally been a good strategy to make very large payments on a card and then use the new available credit to pay whatever that money was dog-eared for. It's good for rewards and shows you pay way more than the minimums. Well anyway my BofA (Bank of America) this month took the money and ran. I paid it in full, they said now's a good time to part ways and shut down the account. ########. Never late... EVER.

im6under · **^ Top** #4 05.19.2009

Quote:

Originally Posted by PharmPhail

One more thing to be cautious of as well. It has generally been a good strategy to make very large payments on a card and then use the new available credit to pay whatever that money was dog-eared for. It's good for rewards and shows you pay way more than the minimums. Well anyway my BofA (Bank of America) this month took the money and ran. I paid it in full, they said now's a good time to part ways and shut down the account. ########. Never late... EVER.

my wamu card... now chase... they upped me to 9500 from 6k...

same strategy.... paying the household expenses with it then paying them with a debit... weird eh?

punkinhed · **^ Top** #5 05.20.2009

credit card industry makes me sick.

Markk9 · **^ Top** #6 05.20.2009

It's not the credit card companies, it's personnel responsibility or the lack of. Just because you can, doesn't mean you should.

Mark

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