Unintended consequences of new credit card law

Discussion in 'Social Club' started by atdalake, May 26, 2009.

  1. atdalake

    atdalake New Member

    918
    Feb 4, 2009
    Missouri
    I talked last week about possible changes coming for those that have credit cards and pay on time and/or in full every month. Some scoffed at the idea their accounts will remain unchanged and/or they would not be facing additional fees, etc..

    Here is just one story about changes that may be coming. LINK

    A few highlights of potential changes:
    *ANNUAL FEES: The free ride is likely to end for many who use their credit cards as a convenience and pay off their balances in full every month.

    *LOST GRACE PERIODS: Trying to make up for lost revenue, banks are considering charging interest from the date of a purchase instead of allowing a grace period..

    *OTHER FEES AND PENALTIES

    *TIGHTER CREDIT

    *CUTBACK IN REWARDS PROGRAMS
     
  2. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    Oh yes, changes are coming...
     

  3. winger

    winger Active Member

    Oct 24, 2003
    yep changes are coming, cancel my credit cards, heck, don't use them anyway.:D
     
  4. Ginger

    Ginger Administrator Staff Member

    Nov 23, 2003
    Chariton County
    :shrug: Will just cancel them. Only one we use anymore is for Tanks business expenses anyway.
     
  5. rat

    rat Legbone

    Dec 13, 2005
    I still wonder if they would be required to give us advance notice if they are going to take our rewards money earned to this point away.

    Anyone know?
     
  6. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1275193&tid=89265&author=rat]I still wonder if they would be required to give us advance notice if they are going to take our rewards money earned to this point away.

    Anyone know?[/rquote]

    No you dont have to be notified in advance...

    most will notify but you dont have too..

    read the terms of the program ;)
     
  7. knockemdeadd

    knockemdeadd Active Member

    Feb 3, 2007
    Arnold(St Louis)
    [rquote=1275193&tid=89265&author=rat]I still wonder if they would be required to give us advance notice if they are going to take our rewards money earned to this point away.

    Anyone know?[/rquote]

    all rewards money will now be split between the employees:stirpot:
     
  8. marshallgrn

    marshallgrn New Member

    Apr 20, 2008
    in hiding
    these new laws are they just for new c c or for old established accounts? i for one pay mine off every month and use them like a 30 day loan,
     
  9. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1275199&tid=89265&author=marshallgrn] these new laws are they just for new c c or for old established accounts? i for one pay mine off every month and use them like a 30 day loan, [/rquote]

    old and new :cheers:
     
  10. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1275198&tid=89265&author=knockemdeadd][rquote=1275193&tid=89265&author=rat]I still wonder if they would be required to give us advance notice if they are going to take our rewards money earned to this point away.

    Anyone know?[/rquote]

    all rewards money will now be split between the employees:stirpot:[/rquote]

    I wouldnt mind

    ;)
     
  11. FiremanBrad

    FiremanBrad New Member

    The wife and I use our Cabelas visa for everything....Looks like we'll cash in the points, and cancel it, and just use the debit card!!!:boohoo:
     
  12. marshallgrn

    marshallgrn New Member

    Apr 20, 2008
    in hiding
    yea this sucks, i can see them penalyzing dead beats but people who take care of there accounts is crazy, in my busines cc are a neccessity guess i will just have to start raising my prices
     
  13. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1275206&tid=89265&author=marshallgrn]yea this sucks, i can see them penalyzing dead beats but people who take care of there accounts is crazy, in my busines cc are a neccessity guess i will just have to start raising my prices[/rquote]

    good pay for the bad with everything..

    :boohoo:
     
  14. Mastevt

    Mastevt Strutt Buster

    Apr 16, 2009
    Grain Valley
    Guess I'm one that is being targeted by the issuers. We use our card for everything, including our utilites where automatic withdrawl in not possible. Then at the end of the month, the card is paid off in full via electronic bank transfer. Less paperwork, all on one statement. We never have to write a check. I don't know if paying an annual fee will be worth the convience of how we have set up our bill payments or not. But the way we have it now, we never have to worry if a bill got paid or not. I'd hate to go back to the old ways were it was "Honey? Did you remember to pay the electric bill?" I guess if one wants conveinence, he's gonna have to pay for it. UG!:mad2:
     
  15. Longbow26

    Longbow26 New Member

    Feb 5, 2005
    Farmington, MO
    I forvce alot fo ppl canselling there acounts if it goes to charging interest from day of perchese.
     
  16. Big L

    Big L Trapper Groupie

    Aug 8, 2008
    Bonne Terre
    Ive already heard rumors of service charges showing up when their is no balance on their card
     
  17. seth_turner_04

    seth_turner_04 Well-Known Member

    Dec 18, 2005
    Owensville, MO
    [rquote=1275205&tid=89265&author=fireman_3311]The wife and I use our Cabelas visa for everything....Looks like we'll cash in the points, and cancel it, and just use the debit card!!!:boohoo:[/rquote]

    Same here. Only reason I use credit cards is to build up Cabela's points. I've never had a balance carry over since I got one so it's just free money to me. I guess depending how big of a charge they are going to issue will decide if I keep them or not. It's nice putting everything on the CC and then making one big payment at the end of the month since I get paid monthly...
     
  18. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1275317&tid=89265&author=seth_turner_04][rquote=1275205&tid=89265&author=fireman_3311]The wife and I use our Cabelas visa for everything....Looks like we'll cash in the points, and cancel it, and just use the debit card!!!:boohoo:[/rquote]

    Same here. Only reason I use credit cards is to build up Cabela's points. I've never had a balance carry over since I got one so it's just free money to me. I guess depending how big of a charge they are going to issue will decide if I keep them or not. It's nice putting everything on the CC and then making one big payment at the end of the month since I get paid monthly...[/rquote]

    Thats the thing that most dont understand..

    all along many cc's have had rewards programs, many with no af..

    you are getting to borrow money for free and get rewards for free..

    your type is also the first to call and complain about a dispute on a charge, or if your payment is late.. etc.. etc..

    your type is part of the problem.

    i mean your type in general, i fit that type too.. so not picking either of you out :D

    Although my card has a 30 af, and has.. but i also get 3% on my top 6 categories (gas, grocy, etc..etc..) and 1% on everyting else.. i got 1200 back last year... only cost me 30 bucks to do so.

    suprised the cc companies, even the one i work for, allows this to happen.. its crazy
     
  19. 67Firebird

    67Firebird Chicken Man

    [rquote=1275198&tid=89265&author=knockemdeadd][rquote=1275193&tid=89265&author=rat]I still wonder if they would be required to give us advance notice if they are going to take our rewards money earned to this point away.

    Anyone know?[/rquote]

    all rewards money will now be split between the employees:stirpot:[/rquote]

    ...or given to illegals by Glorious Leader? :stirpot::scared:

    :smiley: I don't have any credit cards, so none of this will bother me. :shrug:
     
  20. rat

    rat Legbone

    Dec 13, 2005
    [rquote=1275333&tid=89265&author=GoGop][rquote=1275198&tid=89265&author=knockemdeadd][rquote=1275193&tid=89265&author=rat]I still wonder if they would be required to give us advance notice if they are going to take our rewards money earned to this point away.

    Anyone know?[/rquote]

    all rewards money will now be split between the employees:stirpot:[/rquote]

    ...or given to illegals by Glorious Leader? :stirpot::scared:

    :smiley: I don't have any credit cards, so none of this will bother me. :shrug:[/rquote]

    Then I assume you dont travel... I mean booking airline travel, hotels, rental cars and the like?

    Some of those activities you CANT do without a CC.
    Necessary evil I guess but I couldnt do without one.

    I'd like to know exactly when these reward programs are going to shut off... I'd like to run as many points up before I cash them in.
    I dont want to cash them now in a panic only to find out that the rumors were unfounded and all this blows over in a year or so.