Video: Comedic Rendering Of Banks' Reaction To The CARD Act
From FunnyOrDie.com, here's a comedic rendering of what credit card companies' reaction to the CARD Act must have been like. Warning: language and content not safe for work, children, or people who don't like steak.
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Comments:
lol, pretty good. I totally imagine that is what is going through their collective minds. They were teetering towards payday loan places anyhow...time to reign them back in. "I know you signed up for a 8% card and have made every payment on time for the past 10 years, have a 780 credit score, and are the perfect customer, but due to 'economic conditions', we are jacking your rate up to 19% now that you have a balance that we estimate will take you 2 years to pay off. Have fun!"
@AllanG54: Banks still pay interest on savings?
Actually people don't complain because of the relative amounts- bank reduces interest from 0.75% to 0.50% versus a credit card company increasing interest from 13.99% to 24.99%. What is going to cost or save you more? Obviously the credit card rate will cost you more versus the extra $1 you might earn per year on the original savings account interest rate.
@AllanG54: Because taking more of what I have is probably seen as worse than giving me less of what I didn't.
1) It is not just credit card companies that will be screwed by the Card act but also the consumer. Why do several of you not understand that? So @FuryOfFirestorm, you better stock up on PrepH as well.
If you pay your bill off in full each month you will have higher card fees, interest will start immediately after purchase, and loyalty points/miles programs are being limited
@CreativeLinks: It could have been worse. They could have sent the execs from the banks down to Gitmo for a different kind of sandwich. (Harold & Kumar reference)
@Dan W: yep. pay back is a stone bitch & guess what's coming to the consumer thanks to their audacity in standing up for themselves & the cowardice of congress for not making the legislation immediate.
we are so screwed.















How about a NSFW tag?