[Cannon Shell]

Originally Posted by Riot

LOL, only you could try and turn consumer protection against usurious practices a bad thing This helps responsible consumers too. People that want to use a credit card to maybe buy a refrigerator and pay it off over three months, etc. It even helps those who pay off their balances monthly, as there are huge fees incurred for being a day late, etc. It will decrease the number of irresponsible people that are approved for cards, which makes our costs (responsible people) less.

Perhaps you didnt read the link that you posted. The CREDIT CARD COMPANIES ARE RAISING INTEREST RATES ON EVERYONE IN RESPONSE TO THIS !!!!! So the guy buying the fridge will now pay more for that item if he pays over three months. Sounds great....

from the article
According to Bill Hardekopf, CEO of LowCards.com, a free consumer resource Web site on credit cards, you can expect card issuers to charge even more fees to make up for those losses. He predicts more card issuers will charge annual fees, up from the current 20 percent that do so today.

And he forecasts that many card issuers will solve the problem of advance notice of rate changes by simply making their cards "variable rate" cards, subject to an index such as the prime rate, plus a few percentage points. Then when interest rates go up, your card's interest rate will rise automatically.
Card issuers are also cutting back on reward programs, or making it more difficult to earn or redeem points. And some have started charging a fee of as much as 5 percent for transferring a balance. It will hardly be worthwhile to search for a lower rate card if you have to pay this much to move your outstanding balance.


yeah this is TOTALLY AWESOME!!!!