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Tuesday, May 19, 2009

 

cut 'em up


via calculated risk and the new york times:

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.

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Cut 'em up? That's exactly what the banks want you to do, if you are paying your balance 100% every month. A credit card is not a debit card, you are using the bank's money free for a month.

 
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it is, and they're finally providing good incentive to do it.

 
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fuck, i guess my credit card days are over.

 
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