They will increase the interest rates on people with high credit ratings and charge an extra fee for the people who carry no balance. This is to subsidize people who make poor choices in life.
Just like Mortgages.
“They will increase the interest rates on people with high credit ratings and charge an extra fee for the people who carry no balance. This is to subsidize people who make poor choices in life.
Just like Mortgages.”
Exactly right and your response needs repeating.
I respectfully disagree. What they will do and probably have done is increase rates and fees for people with lower credit scores and poor paying habits. I have >800 credit scores and get solicitations for 0% credit cards, sometimes with no balance transfer fees.
A few years ago I was looking at spending a few thousand dollars on new kitchen appliances and wondered if I should borrow rather than pay cash. Went to my Credit Union and found out my name and that of my wife are not on any of the three credit reporting companies. We literally do not exist in the credit system. The Loan Officer was amazed and my wife looked at me and said, "Let's pay cash." We walked over to the teller counter and had a cashier's check cut then went across the street and bought our appliances.
The interest rates on credit cards are outrageous.