Consumerist
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insiders
How Credit Cards Are Getting Meaner
What's going on inside the minds of credit card companies now that the CARD credit card reform act is coming down the pike? A customer service supervisor for a major credit card company emailed us to give us the low-down: reduced grace periods, cutting credit lines, increased fees on balance transfers, and, of course, jacked up APRs. Here's the details:
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credit cards
Bankers Threaten To Punish "Good" Cardholders If Reforms Pass
NYT: Bankers are warning they're going to have to "mean up" credit cards if the reforms expected to get voted on today go through. Among the ways people who pay off their bills in full every month and always follow the rules might get dinged:
- Charging interest immediately on a purchase
- Reinstating annual fees
- Further curtailing cash-back and other rewards programs, like frequent flyer miles
However it gets sliced, there will be fewer cards issued at a higher cost for those that hold them. "Those that manage their credit well will in some degree subsidize those that have credit problems," said Ed Yingling, American Bankers Association CEO. In other words, if we can't make ill-gotten gains off this one group, we'll have to find another way to make it up.Credit Card Industry Aims to Profit From Sterling Payers [NYT]
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credit card reform
Bankers' Letter To Senate Against Credit Card Reform
The American Bankers Association sent a letter to Senators yesterday to voice their opposition to the credit card reform act. Their big thing is they say the bill will make it so there's less credit available, and it will cost consumers more. Definitely something worth bringing up when we interview Austan Goolsbee, senior economic adviser to Obama, in DC tomorrow. Here's the letter: More » -
fear, uncertainty, doubt
Bankers Say "Whoa There" To Credit Card Reform
Credit card reform is bad, says the American Bankers Association, an industry trade group. The ABA sent a letter around to Senators on Tuesday warning against credit card reform. They say that new regulation will mean credit card companies will have to cut off credit to some consumers completely "when they need it most." More »
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