Re: Dear Credit Card industry
- From: jimbrowndoc@xxxxxxxxx
- Date: Wed, 20 May 2009 07:38:28 -0700 (PDT)
On May 20, 8:04 am, CheeseHusker dos <jonrus...@xxxxxxxxx> wrote:
I understand that it's going to be hard to cover your risk now what
with congressional meddling and all. And I don't really mind if you
take away the perks.
But ya know what - I don't really have to (directly) subsidize those
who don't/won't/can't pay their bills. So go ahead - reinstate
membership fees and charge interest immediately - and see what
happens.
I will simply stop using and go cash except where absolutely needed
e.g. airplane tickets.
http://www.nytimes.com/2009/05/19/business/19credit.html?_r=1&ref=bus....
"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."
Or, heaven forbid, they could not give so much credit to those with
higher risk, thus limiting their exposure and possible loss. For that
matter, they could limit all of us. I've told this before, but Wife
and I went to Costco a year ago to get a flat screen. They upped the
warranty for a year if we put it on a Costco Amex(revolving account).
So we applied for the card to purchase a $800 TV. Instant approval
while we waited. As we left the store, I looked at the new CC info
and said "$3100 limit, thats plenty". Wife said look again. $31000
limit on an instant approval. WTF would they give any joe blo that
much spending discretion? If you ask me, they should not get bailed
out when their time comes.
.
- References:
- Dear Credit Card industry
- From: CheeseHusker dos
- Dear Credit Card industry
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