Credit Card Industry Aims to Profit From Sterling Payers »

Posted By engineer 6 months, 2 weeks ago in Business & Finance
Prop it 47 5 drops Drop it

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.

Read Full Story at nytimes.com »

515 Views Share Story 7 Comments Report

Submitted By:
engineer

Hi

My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...

Who Also Submitted: All »
Other Related Articles: All »

RSS Join the Discussion

+ Add Comment
Comments So Far: 7 (view all)
- Display
  • 100%
    doppich6 months, 2 weeks ago

    This comment is below the standard viewing threshold View It »

    Another lame idea that probably got some banker a handsome bonus.

    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
    Reply
    loading loading ...
    • 100%
      unome26 months, 2 weeks ago

      This comment is below the standard viewing threshold View It »

      Bernie Madoff had nothing on the highway robbery that banks make on credit cards, I have a loan shark in my neighborhood that charges less than Bank of America.

      (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
      Reply
      loading loading ...
      • Neutral
        martinsmother1 month ago

        This comment is below the standard viewing threshold View It »

        All i can say is when i have paid off my credit cards it is good bye to all of them. I have been a good customer for years always paid on time more than the minimum. (These banks who by the way we the tax payers loaned them money without hesitation)
        Have seen fit to cut my crdit ,raise my interest levels and think that i would enjoy it. Well i didnt, and myself and lots of my friends have the same mission, get rid of all our cards and let the banks have all the losers, they will just write them off anyway.

        (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
        Reply
        loading loading ...
        View All 7 Comments

        Add a Comment

        Sign In With Your Propeller Account

        Forgot your password?

        Please keep your comments relevant to this story.

        To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.

        Submit a Story

        Advertisement

        Real Estate Info

        Get the Latest Market Info for Your Area



        Foreclosures | Short Sale

        Luxury Homes | Homes for Sale

        First Time Home Buyer Advice



        Also Submitted By

        view all »