Not surprisingly the dolts in Washington have found another new way to make me worse off without having to use the T-word.
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.
Emphasis mine.
Sadly I’m not at all surprised that this group of useless do-gooders is taking additional steps to reward the stupid and punish the smart.
Oh well. Despite what Washington does, fools and their money will continue to be quickly parted. I’m confident I’ll still end up on the better end of things.
Agent:Orange Says:
Interest by the second . . . what’s the point in having a credit card?!? Increasing rates as needed? Sounds more like a loan shark to me. I’m down to one card that Cyndi and I pay off the same week we put anything on. We typically only use it if a paycheck hasn’t come in and we want some groceries.