Big surprise. It's always the responsible people who end up paying for the deadbeats.

Once the majority figures out that they can vote themselves into the wallets of the minority, democracy has failed.

Every time I see these articles I think of the magazine cover with the threat buy this magazine or we'll shoot his dog.



They're bluffing, banks are not going to punish their best customers. If they start charging fees et al those are the people who can say F you, I'll pay with cash or find a credit card that won't charge me fees. Banks make a nice piece of change from all those transaction fees and aren't going to put that in jeopardy.

It's like this all the time with government. Those who work and are responsible pay for the laziness of those who don't.

It's nothing unusual, and it happens all the time, but it just seems like recently it's gotten a lot worse, you know, in the past 6 months or so.

.......just like you always have in the past and always will in the future as long as you use credit cards.

The new mindset in DC favors those who are riding in the wagon over those who are pulling the wagon. Propping up failure and beating down success is the new strategy to create equality. As usual, the unintended consequences will overwhelm the intended ones.

Il Douchey you are full of crap.

Quit sounding like a Limbot.

damageddude: They're bluffing, banks are not going to punish their best customers. If they start charging fees et al those are the people who can say F you, I'll pay with cash or find a credit card that won't charge me fees. Banks make a nice piece of change from all those transaction fees and aren't going to put that in jeopardy.

Yep hollow threats because they don't like this piece of legislation telling them they can't bust out the thumbscrews as soon as you miss a payment.

damageddude: Every time I see these articles I think of the magazine cover with the threat buy this magazine or we'll shoot his dog.



They're bluffing, banks are not going to punish their best customers. If they start charging fees et al those are the people who can say F you, I'll pay with cash or find a credit card that won't charge me fees. Banks make a nice piece of change from all those transaction fees and aren't going to put that in jeopardy.

They already have started to punish their best customers. Need a few stories? Here's a link for AMEX customers, for example.
Link (new window)

If anything, these new rules for the CC industry are going to cause some very shortsighted and ill-advised policy changes for many of these companies.

damageddude: They're bluffing, banks are not going to punish their best customers.

But you see, you are not their best customer. If you pay on time every month balance in full you are making them a small profit in terms of merchant fees. These can be anywhere from 1% to 3% of your purchase. Discover Card charges the most which is why they aren't universally accepted like Visa or MasterCard. The real profit for them is the person who occasionally forgets to send the payment on time, orders the cheap crap on the envelope to send payment in like a travel alarm for just 5.95 plus shipping, and who doesn't carefully examine their bill so if their interest is raised they don't even notice.

They especially love people who run almost but not quite their balance every month because they get lots of finance charges without doing a damn thing other than generating a bill every month which costs them pennies at most. Credit card companies would happily dump the pays on time every month in full if they could if given a choice.

And let's not blame the banks for putting profits over ethical business practices.

The credit card companies sound like two year olds. "Mommy, if you won't buy me this candy bar, I'll hold my breath until I turn blue." I think they look cute all blue like that.

pnjunction: Yep hollow threats because they don't like this piece of legislation telling them they can't bust out the thumbscrews as soon as you miss a payment.

Citicard, Chase, WAMU, and Fia didn't wait for me to miss a payment before jacking up my rates. Chase is the most ballsy since they have me at the 'default' rate despite a flawless history of payments on ALL my accounts. The stupid part on their end is at a reasonably rate I would have been content to let the balances sit there for a few years, them earning free money from me every month. Instead they pull some crap with me and at the rate I'm going I'll have them all paid off by the end of the year, and never want to do business with them again.

Capital One has treated me quite well by comparison, I did get a 'rate hike' notice the other day but they gave me like 4 months notice, and it's only going up a few %, and I have no balance with them anyways.

There's little sanity in the CC industry. They've learned very little positive this past year.

Case in point: this week I received an invitation for a Black Card.

It is for Barclay Visa, not AmEx, but still this is ridiculous. They claim the card is so exclusive that they only invite the top 1% of Americans.

If I am in the economic top 1% of this country, then we're in a lot of trouble, because I am not a very consuming consumer. I guess they'd have to be happy with the $500/year membership fee.

Still, the carbon-fiber card looks kinda cool. I bet I could really impress the pants off of the hippie-chick cashier at the dollar store.

Sumatra: And let's not blame the banks for putting profits over ethical business practices.

Shh! You must never criticize the almighty corporations for they can do no wrong.

Not surprising. I'm already paying a ton of taxes to support a shiatload of deadbeats. If the model works for the government why wouldnt business also try to use it?

Sumatra: And let's not blame the banks for putting profits over ethical business practices

Hang on...I thought that banks losing money was the problem. Now it's that they're trying to make money.

Man, it's hard to keep up with what I'm supposed to be outraged about.

They're not doing this in retribution for the regulation, they were already doing it. Now, they're talking about it. Before, it was supposed to be some creepy little secret, or something.

Making money should be the only thing anybody is concerned about. Damn everything else!

Sumatra: And let's not blame the banks for putting profits over ethical business practices.

Banks are like every other capitalistic for-profit enterprise. Their goal is to make a profit. They are not around to make puppies and rainbows fall from the sky. Their top goal is to deliver the maximum profit to their shareholders. Once you realize this, the world makes allot more sense.

If the companies do something stupid, they will loose customers, money, and market share to the competitors, resulting in less profit for the shareholders and eventually bankruptcy.

Bank screwing you over for more money? Close your account and go somewhere else. I do my banking at a Credit Union where the depositors ARE the owners of the company for this reason. See, free market at work.

The company I work for is taking over contracts from our competitors left and right because our competition has been neglecting their smaller customers and focusing on their larger customers. Our competition is loosing market share and money, we are gaining market share and money. Sure they may still have the large contracts, but we all know what happens when you put all your eggs in one basket.

All the government needs to do is prevent oligopolies, monopolies, price fixing, etc that inhibit the free market. (They also need to stop keeping interest rates artificially low, inflating the money supply, etc.)

damageddude: Every time I see these articles I think of the magazine cover with the threat buy this magazine or we'll shoot his dog.



They're bluffing, banks are not going to punish their best customers. If they start charging fees et al those are the people who can say F you, I'll pay with cash or find a credit card that won't charge me fees. Banks make a nice piece of change from all those transaction fees and aren't going to put that in jeopardy.

THIS

Part of the problem with the credit industry is that a computer, and not a person, determines who is and who isn't a risk for credit. I have a full time job and pay my bills on time. But, because I had past bad credit still on my report, that I never filled bankruptcy on, I get turned down. However, my friend who can't keep a stable job, but has had his bad credit expire on his credit report, got a card from the same computer! Crap like that pisses me off. A human would be able to see the whole picture and realize the larger risk.

So, I told the company to never send me a credit card offer again. The woman on the phone pleaded with me only to temporarily stop the offers. I told her no; I refuse to play these games anymore. If my money isn't good enough as a good customer now, then it will never be good enough.

And I used to work for a bankruptcy lawyer. I saw a lot of people filling. It made me sick that there were people out there filling with 5 or more cards maxed to $10,000.00 a piece. And before you ask, my credit was good until I lost my job. When I attended college, I did my best to pay back all my debts and not file bankruptcy. Now I'm thinking I should have.

Crosshair: Sumatra: And let's not blame the banks for putting profits over ethical business practices.

Banks are like every other capitalistic for-profit enterprise. Their goal is to make a profit. They are not around to make puppies and rainbows fall from the sky. Their top goal is to deliver the maximum profit to their shareholders. Once you realize this, the world makes allot more sense.

If the companies do something stupid, they will loose customers, money, and market share to the competitors, resulting in less profit for the shareholders and eventually bankruptcy.

Bank screwing you over for more money? Close your account and go somewhere else. I do my banking at a Credit Union where the depositors ARE the owners of the company for this reason. See, free market at work.

The company I work for is taking over contracts from our competitors left and right because our competition has been neglecting their smaller customers and focusing on their larger customers. Our competition is loosing market share and money, we are gaining market share and money. Sure they may still have the large contracts, but we all know what happens when you put all your eggs in one basket.

All the government needs to do is prevent oligopolies, monopolies, price fixing, etc that inhibit the free market. (They also need to stop keeping interest rates artificially low, inflating the money supply, etc.)

Wow. Thanks for the lesson. I feel so much better. I never said I wasn't aware that bringing maximum profits to share holders wasn't what the banks were after. I just said they go to UNETHICAL ends to do so. The government allows them to do this, because they own a good part of the government. Usury is legal, but it doesn't make it unethical.

Usury is legal, but it doesn't make it unethical.

err, "ethical".

...and I'll cancel my card.

I don't *need* to use my credit card for every single purchase, it's just more convenient that balancing my checkbook every day and carrying cash. But I don't spend more per month than my monthly income, so I could use my debit card.

So if you fark with me, Citibank, I'll drop your ass.

It's an empty threat. It's like a petulant child whose TV rights you've taken away, then they claim "Well maybe I'm just going to run away!". Yeah right, kid. Your candy ass won't survive 10 seconds out there.

JoeBagadonutz: Once Since the majority figured out that they can vote themselves into the wallets of the minority, democracy the republic has failed.

FTFY

horse-pheathers: .......just like you always have in the past and always will in the future as long as you use credit cards.

ding ding ding!
We have a winner

Game over, man. Game over.

It's time to put the irresponsible douchebags up against the wall and start anew.

damageddude: They're bluffing, banks are not going to punish their best customers. If they start charging fees et al those are the people who can say F you, I'll pay with cash or find a credit card that won't charge me fees. Banks make a nice piece of change from all those transaction fees and aren't going to put that in jeopardy.

Its amazing that they did do that the last time around to the GF and me, two cards raising our interest rates to over 24%.

We both said, "No, thanks" opted out of their plans and waited to get cards with another bank, didnt take long since both our credit scores are over 700. Thank god my GF is good at that shiat, I didnt even pay attention to my score before.

If you need a credit card, the only way to go is with a Simmons First Visa Platinum. 7.25% fixed rate, no annual fee, no frills, no reward programs. If you have excellent credit and want a credit card, get one.

JoeBagadonutz: Once the majority figures out that they can vote themselves into the wallets of the minority, democracy has failed.

Unlike the rest of the time, when the minority votes themselves into the wallets of the majority.



Two sides of the same coin.

fuzzwell: It's like this all the time with government. Those who work and are responsible pay for the laziness of those who don't.

It's like bizarro communism: instead of "from each according to his ability to each according to his need," we have "from each according to his naiveté or ethics to each according to his lazy selfishness and poor planning."

I'm starting to think that at least one of the modmins is one of those rewards addicts who's convinced he's beating the system because he gets a $50 gift card to Bed, Bath and Beyond from Chase every 18 months or so.

FTA: Rates will go down, and annual fees will disappear as these bozos realize that many of us can do just fine without their piles of plastic, thank you very much.

If, after over 25 years without so much as a late payment my bank wants to screw with my card I'll just run it through my shredder and enclose the remains with my final payment. No problem, it's a convenience, not a necessity.

eddyatwork: damageddude: They're bluffing, banks are not going to punish their best customers.

But you see, you are not their best customer. If you pay on time every month balance in full you are making them a small profit in terms of merchant fees. These can be anywhere from 1% to 3% of your purchase. Discover Card charges the most which is why they aren't universally accepted like Visa or MasterCard. The real profit for them is the person who occasionally forgets to send the payment on time, orders the cheap crap on the envelope to send payment in like a travel alarm for just 5.95 plus shipping, and who doesn't carefully examine their bill so if their interest is raised they don't even notice.

They especially love people who run almost but not quite their balance every month because they get lots of finance charges without doing a damn thing other than generating a bill every month which costs them pennies at most. Credit card companies would happily dump the pays on time every month in full if they could if given a choice.

Absolute truth. Also a waste of time to say it as everyone puts their hands over their ears and goes "la, la, la". Their credit cards are free, duh, so nobody pays for them. And these people are registered to vote.

lajimi:
If, after over 25 years without so much as a late payment my bank wants to screw with my card I'll just run it through my shredder and enclose the remains with my final payment. No problem, it's a convenience, not a necessity.

And they'll say good riddance to a bad customer. They've been basically extending you a 30 day interest-free revolving line of credit. They'll be happy to see you go.

MIguy: If you need a credit card, the only way to go is with a Simmons First Visa Platinum. 7.25% fixed rate, no annual fee, no frills, no reward programs. If you have excellent credit and want a credit card, get one.

Do we have ask for MIGUY and say we heard this offer on fark?

Whodat?: I'm starting to think that at least one of the modmins is one of those rewards addicts who's convinced he's beating the system because he gets a $50 gift card to Bed, Bath and Beyond from Chase every 18 months or so.

Yeah some of those rewards are good if you spend a lot of money with them, I know AMEX has almost paid for a couple of vacations that we have taken. And we regularly get gift cards for restaurants every couple months, so the rewards, while not a huge incentive for us can be very nice.

stiletto_the_wise: JoeBagadonutz: Once the majority figures out that they can vote themselves into the wallets of the minority, democracy has failed.

Unlike the rest of the time, when the minority votes themselves into the wallets of the majority.



Two sides of the same coin.

Except that little picture is bullshiat, you can work the system to your advantage in capitalism but if you dont have the leeway then you dont get that luxury. Socialism doesnt give you that choice, youre farked either way.

You know its funny. I've never once had to worry about interest rates or credit card bills. I use these wierd things called 'cash' and 'debit cards'.

What they really mean is that you will get no more perks financed on the backs of others.

just remember you *can* choose not to do business with a shiatty company. remember this and don't live above your means and you will prosper.

MIguy: If you need a credit card, the only way to go is with a Simmons First Visa Platinum. 7.25% fixed rate, no annual fee, no frills, no reward programs. If you have excellent credit and want a credit card, get one.

Which means maybe 8 or 9 people on Fark are eligible. You probably are not one of them.

/I'm definitely not one of them ^_^;;

fuzzwell: It's like this all the time with government. Those who work and are responsible pay for the laziness of those who don't.

It's nothing unusual, and it happens all the time, but it just seems like recently it's gotten a lot worse, you know, in the past 6 months or so.

Psst... I don't want to kick the soapbox out from under you and all, but not all people who have hard times are lazy.

I don't know if you noticed, but if you have major surgery in this country with no insurance, you are pretty much f*cked for life. The only way you might get away with not filing for bankruptcy or losing your house is if you already make more than ~$60k a year so you can pay off the bills, in which case you probably had health insurance through your employer to begin with.

And I doubt even $60k a year is enough to pay off some medical bills I have seen...

For your sake, I hope you never need a liver transplant at a time when you are unemployed, and that you and your spouse never have a child who is born 3 weeks premature. You might as well be an indentured servant to the hospital and live in the basement.

eddyatwork: But you see, you are not their best customer. If you pay on time every month balance in full you are making them a small profit in terms of merchant fees.... The real profit for them is the person who occasionally forgets to send the payment on time, orders the cheap crap on the envelope...who doesn't carefully examine their bill so if their interest is raised they don't even notice....lots of finance charges...

Why is that so hard for people to understand?

It's not a conspiracy, folks. If you're performing a service and a group of users don't pay you for it, would you call them your best customers?

Thankyou guys

Congress really blew it with this bill. Instead of the marginal changes they made they could have enacted regulations limiting the interest rates (prime +5% for example) and made an effective improvement. The banks would have dropped the true deadbeats like they were on fire, while those who remained wouldn't be subjected to loan-shark levels of interest. Instead the banks lobbied and fended off any attempt to limit their interest charges to reasonable levels and we got this instead.

dave2198: Psst... I don't want to kick the soapbox out from under you and all, but not all people who have hard times are lazy.

Shhhhhhh.... you might shatter their fragile Randian "hard work always = success" world view.

So CC companies change the rules at the expense of the consumer, and then their corporate shills tell us to blame our fellow countrymen. Thanks, everyone hate your neighbors and worship your bank, just like Jesus wanted.

co-conspirator: There's little sanity in the CC industry. They've learned very little positive this past year.

Case in point: this week I received an invitation for a Black Card.

It is for Barclay Visa, not AmEx, but still this is ridiculous. They claim the card is so exclusive that they only invite the top 1% of Americans.

If I am in the economic top 1% of this country, then we're in a lot of trouble, because I am not a very consuming consumer. I guess they'd have to be happy with the $500/year membership fee.

Still, the carbon-fiber card looks kinda cool. I bet I could really impress the pants off of the hippie-chick cashier at the dollar store.

A frind of mine has one and every single waitress, female bartender basicallys sticks their ass in his face the second they see the card.

That's the beauty of Amex. It's a charge card, not a credit card. But it better stay that way, or I'll have no use for it.