Credit card bill

[dn0121]

Also this is just what they are speculating will happen. It is not in the bill that they CC companies have to do this. Hopefully with free market there will be many that won't and those will get my business.

[dn0121]

After further reading I don't feel that this is anything more than sensationalism by the media to gain attention. Im not worried about it.

[Larry Gude (Premo)]

Originally Posted by dn0121

Larry-

Its the media, well Fox this morning that was stating this. As I said, I need to read about it myself before I believe what any news outlet says.

Well, I have not read the actual legislation; just the link provided and I saw nothing even suggesting that.

[Tilted]

It's not that the bill gives credit card companies the right to start charging interest sooner - they already have that right unless their terms state otherwise - it's that they have suggested that they might need to start doing it now. This new bill limits their revenue sources, so they may need to find alternative sources of revenue.

I think this specific 'threat' was mostly posturing. It would likely discourage usage by some customers (ones that use the cards as a convenience and have the discipline to pay off the balances monthly so that they don't have any interest charges).

[Larry Gude (Premo)]

Originally Posted by Tilted

It's not that the bill gives credit card companies the right to start charging interest sooner - they already have that right unless their terms state otherwise - it's that they have suggested that they might need to start doing it now. This new bill limits their revenue sources, so they may need to find alternative sources of revenue.

I think this specific 'threat' was mostly posturing. It would likely discourage usage by some customers (ones that use the cards as a convenience and have the discipline to pay off the balances monthly so that they don't have any interest charges).

Is there any way in hell, given the current environment, that a credit card company is going to start charging interest the moment you make a charge and not have an Obama Ready-mob outside their offices the next morning?

When you posture, better to try something that is at least remotely plausible.

[Tilted]

Originally Posted by Larry Gude

Is there any way in hell, given the current environment, that a credit card company is going to start charging interest the moment you make a charge and not have an Obama Ready-mob outside their offices the next morning?

When you posture, better to try something that is at least remotely plausible.

Yeah, not matter what the reason, I really doubt that this particular policy will become widespread. However, there are likely to be some new trends in credit card policy which will, generally, shift the overall expense more toward the lower risk, more responsible users, and away from the higher risk, less responsible users.

We may see a reemergence of annual fees, an increasing of base interest rates (even on lower risk users), and a curtailing of rewards programs.