Let me say this upfront and even more explicitly than Alan. I don’t think these threats of charging annual fees etc to “responsible” credit card users is real. It’s bullshit. Some folks are trying to get people riled up by suggesting that bad socialist Obama is going to hurt the responsible folks again, to help the deadbeats. But it’s not going to happen.

Customers who pay off their bills monthly still represent a desirable revenue stream. Does anyone think that CC companies are going to kiss off that revenue? I sure don’t. I laughed as soon as I heard this. Yet I saw a blog thread where people went off on all the people who carried debt, ranting and raving and swallowing this spin hook line and sinker. Give me a break.

The only reason I use my credit card is because its to my benefit…I get itemized statements of purchases, and a little cash back. I’m no dummy…if my card company decides it wants a fee from me, or wants to charge interest from date of purchase, I am gone. It’s that simple. I know how to use a debit card.

The only way the CC companies could make this stick is if they colluded to make sure everyone did it, and then abided by that collusion. The first is illegal and the 2nd impossible due to, well, greed.

Some company or other will offer me a credit card with no fee and a minimal cashback vig. Because someone will do the math on how much money I generated for my cc company last year. As someone suggested, it’s about 2% of purchases after the 1% cashback. I use it regularly for things like groceries, gas, and basically any purchase except coffee or a sandwich. My wife does the same. I can gueestimate that we made between 600 and 1000 dollars for the people who gave me my card. Basically without them lifting a finger outside of letting the computers track the transactions, and sending me a bill, and cashing my payment. If they don’t want that money, well then OK.

Customers who pay off their bills monthly still represent a desirable revenue stream. Does anyone think that CC companies are going to kiss off that revenue? I sure don’t. I laughed as soon as I heard this. Yet I saw a blog thread where people went off on all the people who carried debt, ranting and raving and swallowing this spin hook line and sinker. Give me a break.

The only reason I use my credit card is because its to my benefit…I get itemized statements of purchases, and a little cash back. I’m no dummy…if my card company decides it wants a fee from me, or wants to charge interest from date of purchase, I am gone. It’s that simple. I know how to use a debit card.

The only way the CC companies could make this stick is if they colluded to make sure everyone did it, and then abided by that collusion. The first is illegal and the 2nd impossible due to, well, greed.

Some company or other will offer me a credit card with no fee and a minimal cashback vig. Because someone will do the math on how much money I generated for my cc company last year. As someone suggested, it’s about 2% of purchases after the 1% cashback. I use it regularly for things like groceries, gas, and basically any purchase except coffee or a sandwich. My wife does the same. I can gueestimate that we made between 600 and 1000 dollars for the people who gave me my card. Basically without them lifting a finger outside of letting the computers track the transactions, and sending me a bill, and cashing my payment. If they don’t want that money, well then OK.

Their favorite customer is the one who spends too much each month, but not TOO TOO much, and has to pay to take that finance charge once every two or three months.

They don’t want the customer who is likely to declar bankruptcy–though that is no longer as big an issue thanks to the GOP and their rewrite of the Bankruptcy laws in 2005, which specifically protects the credit card companies who made bad decisions to issue credit cards in the first place—ah, the GOP….privatize profit, but publicize risk.