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Reply #1: That's how credit cards STARTED.. with small credit limits, [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

SoCalDem

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Thu May-14-09 07:59 AM
Response to Original message

1. That's how credit cards STARTED.. with small credit limits,

Edited on Thu May-14-09 08:01 AM by SoCalDem

low interest, and with a real application process, adn not everyone was approved..

When we got our BankAmericard in 1970, it had a $500 limit, and it only was raised after our "probationary period of SIX MONTHS..
BUT

banks cannot gouge customers and get rich with small potatoes like that..They NEED for people to overspend, so they will pay late or just the minimum (interest, usually), and never actually pay off the principal.

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