New Credit Card Laws

[xoxoxoBruce]

Even if you're the person who pays off your balance and doesn't even have any credit card debt," says Bowne. "They might get a notice that says they're getting a $100 annual fee

In which case they can take their card and shove it... then the greedy fuckers will get nothing.

[tw]

Originally Posted by xoxoxoBruce

In which case they can take their card and shove it... then the greedy fuckers will get nothing.

Cancelling credit cards - especially long term cards - is a negative mark on your credit score. I don't know how much, but it that is a downside.

American banks have a long history of not innovating. Therefore, to make up losses, they use service charges, annual fees, and long forms for 'change of terms' so that some hidden $100 annual fee is not obvious.

Remember, in the banking industry, profits - not customer service or service to the economy - is always the primary objective. Innovation is considered an expense. Therefore ATM's were elsewhere in the world before they appeared in America. Networking - to expedite transactions and automation - was suddenly a 'revelations' in the 1990s. Smart cards - billions have been sold - that are found throughout the world still do not exist in America.

When a company or industry so fears innovation, then screwing the customers or economy is inevitable.

Why do banks so routinely fear to innovate? Innovation is nothing more than increased costs on the spread sheets. Hidden charges and other costs are necessary to generate those missing profits.

[xoxoxoBruce]

Originally Posted by tw

Cancelling credit cards - especially long term cards - is a negative mark on your credit score. I don't know how much, but it that is a downside.

I don't care, I pay cash except on the net, or from catalogs. Maybe the banks will get some backlash from those industries.

When a company or industry so fears innovation, then screwing the customers or economy is inevitable.

Only if we let them.

[Lamplighter]

Once again we lose...

NY Times
By HILARY STOUT
December 19, 2013

An Easing of Rules on Charges by Amex

<snip>On Thursday, a group of small and midsize businesses reached
a settlement agreement with American Express in a class-action lawsuit.
Under the agreement, which a judge must approve, Amex will allow surcharges
to its cardholders as long as the same amount is levied on other credit and charge card users.
It agreed to drop a measure that required debit card surcharges at
the same level, according to a lawyer representing the company.

The deal comes less than a week after a judge approved a settlement
that included a similar change of rules in a huge class-action lawsuit against Visa and MasterCard,
billed as the largest private antitrust settlement in American history.

The changes clear the way for vendors of all types to institute essentially a two-tier pricing system
— charging more at the register to shoppers who pay by credit than to those who use debit cards or cash.

<snip>

.

[glatt]

Well, the vendors have to pay fees for each credit card transaction. So either they spread the cost of those fees along to all customers, or they pass the cost along to only the people incurring the cost. I bet most vendors pass the costs along to all customers because that way the fees are invisible and nobody is alienated.

[Lamplighter]

But Glatt, they would have already done that... spread the costs across the board.

Yet, they are still wanting more $, and will use any excuse to charge more.
Sort of like the phone company giving you all those reasons for charges on you monthly billing.
"Sorry Mr Jones, but it's not my fault... it those other guys"

Lots of things are the "cost of doing business"

[glatt]

Originally Posted by Lamplighter

Yet, they are still wanting more $, and will use any excuse to charge more.

That's not my takeaway from the article. I read it that the fees are the same, they just want the option of spreading them around to their customers differently. They didn't have that option before.

A consumer group spokesperson says that the fear is that they will use this as an excuse to keep prices the same for cash and debit, and charge even more for credit cards, but I don't think that fits with the real world. Competition will keep prices as low as possible.