Wherein trof becomes a deadbeat.

[trof]

According to a report just now on CBS, I'm a deadbeat.
That's what credit card companies call folks who pay the entire outstanding balance every month.
They don't make any money from us, so we're deadbeats.

Some of the *possible* unintended consequences of the current credit card bill likely to be passed in congress:

1. Deadbeats will again be charged a yearly fee for use of the credit card.
2. Deadbeats will be charged interest from the time of purchase until the time of payment.

I could live with option 1.
I'd pay a nominal annual fee and still come out ahead with the 1% cash back I get on all credit card purchases.

If they go for option 2, I'd immediately cancel my credit cards.
In that case I'd go to a debit card, just for the convenience.
Unless...they charge for the debit card.
Then I'd go back to the dark ages of writing checks for everything.
Boy, is my bank gonna love THAT.
:eyes:

[Orrex]

1. Way to be part of the problem, trof!

:evilgrin:

If you were a good little drone like all the rest of us, you'd be carrying a six-digit balance on each of your eight credit cards. Why are you trying to wreck the system, you anarchist?!?

[CTyankee]

2. Trof, I am guilty as hell, too! But tell me how we CAN cancel our credit cards

and still make flight reservations or rent a car? I was up thinking about that last night.

I too get cash back on gas from one card and merchandise/free shipping and returns from another. So I pile stuff on these cards but only what I can afford to pay off in full each month and avoid the interest charges.

I can't see that they won't start charging for using the debit card because even if the $ is taken out of your account immediately, they must charge you for "service." They can't let us deadbeats off THAT easily!

[SheilaT]

3. You could really upset everyone by simply paying

cash for everything. Now that would be extremely un-American, especially if you pay for a major purchase, say a refrigerator or even a car with actually greenbacks from your wallet cash.

I was listening to the Dian Ream show a week or so ago, one about credit cards, and one person said that a problem that merchants have is that different cards charge them different rates, and ones which give the holder points or cash back charge the most to the vendor.

It's a real shame that merchants can't offer a discount for cash, because then many of us would go back to cash (or checks) to pay for many things.

[HubertHeaver]

4. They can't live with the transaction fees anymore? Perhaps they

need to look at their salary structure. They got fat and happy when times were good and their business was expanding. Now they want to maintain that bloated corporate lifestyle as if this were still in the Clinton administration.

In other words, their business model needs and overhaul.