I think shennanagans like this are a response to the new legislation that is supposed to be rolled out protecting customers from the whims of credit card companies. Fuck em now while its legal and all that jazz.
To be fair to the credit card companies, the legislation is pretty explicitly designed to do this, shifting the costs from those with poor credit to those with good. There's this notion that "poor credit" means the same thing as "poor". On the positive side, I'd have thought it meant that AMEX is less likely to screw Kicue.
The admin is giving banks and credit card companies a really mixed message. A bunch of these groups failed the Obama 'Stress Test', which means that they need to do more to protect their assests to stay afloat should things tank even more. Things like raise rates. At the same time, these actions make it hard for the average American, who is also struggling with the harder times. Hence, the new credit consumer protective stuff.
It's really weird. I don't like it. But I don't have a better option, so I really can't complain.
I'm one of the 20% that does not have one, and I see no reason to change that trend. I feel sorry for everyone that's impacted by this, though. I wish everyone in government realized that companies are going to do whatever they can to make a profit, and if you make it harder for them to do that one way, they will immediately find another, and try to make more profit, to hedge against the government's ability to further hurt their profit down the road.
I'll chip in a few thoughts on why I'm part of the 80% of Americans that DO have a credit card and why I'm part of the 56% that do not carry a balance. It won't really give you any reason to change your habits, but I kind of feel like there are a lot of folks out there going ALL CREDIT CARDS ARE EVIL, EVERYONE SHOULD RUN AWAY
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The admin is giving banks and credit card companies a really mixed message. A bunch of these groups failed the Obama 'Stress Test', which means that they need to do more to protect their assests to stay afloat should things tank even more. Things like raise rates. At the same time, these actions make it hard for the average American, who is also struggling with the harder times. Hence, the new credit consumer protective stuff.
It's really weird. I don't like it. But I don't have a better option, so I really can't complain.
Reply
I'm one of the 20% that does not have one, and I see no reason to change that trend. I feel sorry for everyone that's impacted by this, though. I wish everyone in government realized that companies are going to do whatever they can to make a profit, and if you make it harder for them to do that one way, they will immediately find another, and try to make more profit, to hedge against the government's ability to further hurt their profit down the road.
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