[reaganaut1]

I don't expect a credit card to offer perks such as cash back, although I will use such cards if available. I will not pay an annual fee or interest on purchases that accrues immediately. If my credit card company tries this, I will leave, switching to a bank debit card if necessary.

[Graybeard58]

People who pay their bills subsidizing those who don’t. Where have I heard that before?

[Prodigal Son]

My credit card company doesn’t really like me. I haven’t used it in over two years. I’m beginning to wonder why I even have it.

[nh1]

When will they learn. Those with good credit will not subsidize those with bad credit. They’ll just stop using the credit cards. It’ll be debit or cash.

The reason they have good credit is because they’re smart with their money.

This is another disaster waiting to be fueled by the feds.

[SirJohnBarleycorn]

"Those that manage their credit well will in some degree subsidize those that have credit problems"

Congress passes yet another law by which the prudent and hard-working will subsidize the foolish and irresponsible?

There is an iron law of economics that says what one subsidizes, one gets more of.

No problem for the Rats - the more foolish and irresponsible people there are, the more Rat voters there are!

[Orange1998]

The debit card is not free, my issuer charges 12.00 a year.

[meyer]

Cash is king - I’ll gladly drop the cards if they cost me money.

[SumProVita]

If my credit card company tries to charge an annual fee, I will also ditch it. I will not pay for the irresponsibility of others. Period!

[DustyMoment]

As they thin their ranks of risky cardholders to deal with an economic downturn, major banks including American Express, Citigroup, Bank of America and a long list of others have already begun to raise interest rates, and some have set their sights on consumers who pay their bills on time. The legislation scheduled for a Senate vote on Tuesday does not cap interest rates, so banks can continue to lift them, albeit at a slower pace and with greater disclosure.

True story. last month I received a letter from BofA announcing that they were going to raise the interest rate on my CC to about double what I was currently paying.

I told them to go pound sand!

[ProtectOurFreedom]

Me too. I’m already resigned to stopping my cc use. My wife and I charge perhaps 90% of our purchases ranging from a cup of coffee to a car down payment and college tuition. We’ve accumulated many airline tickets as a result and never pay finance charges.

If these changes occur, we’ll switch to debit cards or back to cash.

I’m sure the cc companies know this type of user has many other options and they won’t generate the revenue they are anticipating. This is identical to using static analysis for estimating new tax revenue where the govt refuses to believe that people will change their behavior when you raise tax rates. Of course, it’s being driven by the same administration, so no surprise there.

[ding_dong_daddy_from_dumas]

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

News flash for NY Times: Credit card companies already started to do that, before the Dems called for a credit card bill.

[behzinlea]

Current credit card practices provide strong incentives for consumers to become disciplined and responsible in the use of credit. Now those incentives are going away. Result: a less responsible and disciplined citizenry in the use of credit.

This is yet another consequence of Obama nanny state "egalitarianism" which values and encourages infantile and dependent behavior over adult and independent behavior.

[2harddrive]

Another INFERIOR plan from an INFERIOR government run by an INFERIOR leader.

[exit82]

It is a specious argument to charge good payers fees for card use.

The use of the card is the biggest revenue generator for the card companies, because of the percentage fee of each purchase they charge the store or service provider for accepting the card.

[mtrott]

Just like the auto industry, it appears the cc companies are listening to the wrong people—the fed govt. The people with “sterling credit” that they are now going after to subsidize riskier cardholders will just dump the cards as soon as they can, leaving the cc companies holding the bag with the risky cardholders. Can you say bankruptcy?

[Leftism is Mentally Deranged]

“Those that manage their credit well will in some degree subsidize those that have credit problems.”
another form of Transfer of Wealth from those who worked hard for it to those who vote democrat.

They try this crap, I cancel the card.

[Catphish]

I only use my credit card because of the cash-back rewards. I get a few hundred dollars a year in cash back and I have never made a late payment. For the most part, I don’t understand people who buy things they can’t afford, especially with a credit card. There is no way I will subsidize such people. I’ll simply use my debit card instead.

[GOPJ]

“Those that manage their credit well will in some degree subsidize those that have credit problems.”

Smart responsible people will find a way around this newest outrage...

[GOPJ]

People who routinely pay off their credit card balances have been enjoying the equivalent of a free ride, he said, because many have not had to pay an annual fee even as they collect points for air travel and other perks.

People will dust off the old check books - before they'll pay interest from day one...

[OpusatFR]

I don’t have to use a credit card for anything other than plane reservations and renting a car or hotel.

Does the airline reservation desk accept debit cards? I thought only credit cards because of Homeland security?

If that’s the case, I’ll cancel my credit cards.

The heck with them. It looks like we are going to be paying for massive tax increases while the ants dance.

[tiki]

I’m with you, I use credit cards for convenience and if I’m penalized I can bear the inconvenience of cash and checks or a debit card.