- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: What the new credit card law means for you
Posted on 5/19/09 at 4:41 pm to LSURussian
Posted on 5/19/09 at 4:41 pm to LSURussian
quote:
I'm with Chicken on this. If that happens, I either move to another card or I just start using my debit card exclusively.
which will completely frick up shite, and i'll love it
0
Posted on 5/19/09 at 4:42 pm to TigerinATL
quote:
All that's happening here is returning balance to the system
if all the responsible borrowers get out of the system, we may see some INSANE APRs b/c all that will be left are risky bets
Posted on 5/19/09 at 4:50 pm to LSURussian
quote:
What it will do is make fewer people eligible for credit cards, especially the marginally credit worthy consumers.
this may not be a bad thing. There is a reason why they have bad credit.
quote:
The Question: Are they gonna charge me interest for purchases within the monthly period?
Possibly, but I doubt it. If they do, get another card. Vote with your feet. The credit card industry, despite massive consolidation, is quite competitive.
quote:
That's because for over a decade the responsible have been racking up rewards at the expense of the irresponsible who racked up fees. All that's happening here is returning balance to the system and the responsible may start seeing the true cost of the convenience of credit cards.
not true actually. What the rewards do is to take a portion of the merchant fees and return it to you. Loyalty products are going to stick around. Retailers make way too much money off them to let them disappear, so the CC companies will keep them.
I can see afinity cards (like LSU alum) disappearing, as those don't generate the attachment that let's say a united visa will.
quote:
This sucks if responsible people are penalized for those that aren't.
Its just lobbying by the credit card companies. Your returns on loyalty programs might go down, but its doubtful you will have to pay an annual fee or immediate interest. The banks that do this will drive away the responsible people, and keep the irresponsible. its just jawboning. They did the same thing for over 10 years to get the 2005 credit card act passed.
Banks make a huge profit on cards, even ones that don't carry a balance. Simply based on merchant fees. When I worked at cap1, if you spent more than $800 per month, it didn't matter if you carried a balance, they made money. My guess that is a lot lower with additional IT/online bill pay/etc.
Marginal borrowers will get squeezed, but they probably should have less access to credit in the first place.
Posted on 5/19/09 at 4:57 pm to LSUtoOmaha
Sorry, IRL I don't give them two 20s. 
Posted on 5/19/09 at 5:53 pm to MileHigh
quote:Why? University affinity cards have the lowest write offs of any category of CC's according to my nephew who works in the credit card marketing department for a large bank.
I can see afinity cards (like LSU alum) disappearing
Posted on 5/19/09 at 6:00 pm to Zach
quote:
The Question: Are they gonna charge me interest for purchases within the monthly period?
No. You're good. Don't worry. In fact, if anything, this will help you:
quote:
No more double-cycle billing: Finance charges on outstanding credit card balances would be computed based on purchases made in the current cycle rather than going back to the previous billing cycle to calculate interest charges. So-called two-cyle or double-cycle billing hurts consumers who pay off their balances, because they are hit with finance charges from the previous cycle even though they have paid the bill in full.
Posted on 5/19/09 at 6:03 pm to Zach
quote:
BTW, I'm the rare guy you really want to have ahead of you in the grocery line. When the checkout girl says..."that'll be 22.37" I have two twenties, two ones, a quarter, a dime, a nickle and two pennies.
It takes about 5 seconds compared to the check writers, credit card and welfare idiots who keep punching buttons and waiting for verifications for a purchase of two dollars.
My wife and I just switched to using cash only for all our day to day purchases a few months ago. Not only does it keep us from spending too much, its a lot quicker in the check out line. And I'm finding myself getting pissed at the people who carry the plastic - but especially the check writers. who the frick writes checks for groceries anymore? and they ALWAYS wait until they are told the total before they even start looking for their damn check book.
Posted on 5/19/09 at 6:23 pm to KTATiger
quote:
Not only does it keep us from spending too much, its a lot quicker in the check out line. And I'm finding myself getting pissed at the people who carry the plastic
I am thinking that by the time the average joe pulls out his money and takes the time counting it, then letting the dumbass cashier count back his change, we are only talking about a matter of 15 to 20 seconds difference on a credit card purchase vs cash. The check writing, I agree with.
I use my credit card for every thing possible. If the coke machine and gumball machines at the front of the store would take the cards, I would probably use them there too.
I have racked up some nice rewards and rebates.
Posted on 5/19/09 at 6:30 pm to notiger1997
quote:
I am thinking that by the time the average joe pulls out his money and takes the time counting it, then letting the dumbass cashier count back his change, we are only talking about a matter of 15 to 20 seconds difference on a credit card purchase vs cash.
I've never experienced that. The cash customer is ALWAYS faster. The checks go through a verification machine. The credit cards require lots of button pushing and swiping.
But to make things scientific, I'll ask the cashier tomorrow what she finds fastest.
Posted on 5/19/09 at 6:33 pm to Zach
quote:
I've never experienced that. The cash customer is ALWAYS faster
Yeah, it is a little quicker, but at a store with good machines and fast communication lines, it is not that big of a deal.
You don't have to worry about me. I try to stack like items on the belt and then when I am finished unloading the cart I go help bag.
Posted on 5/19/09 at 9:58 pm to KTATiger
About double-cycle billing: the change would only allow interest on the purchases for the current month? As in no interest on the prior balance??? That's what I understood but I'm not sure if it's correct.
Posted on 5/19/09 at 10:21 pm to Will Cover
quote:
Are they gonna charge me interest for purchases within the monthly period?
They'll be screwed if they do so. Once word gets out, a lot less people will use them that can get them. The ones that will be paying interest by the above mentioned method are the same stupid asses that got us into this mess anyway.
I don't like paying interest and only use no/low interest cards.
I cancelled a card from Chase last week and the chic from the company stooped to lying to me about having a no interest perk. She said I had 0% interest on the card still. I told her this was not true and I knew it. She then said I could transfer a debt from another card for 0%. I told I knew it had a 3% charge on all debt transferred +a $75 fee. She then said she had read the contract wrong and that perk had expired. She then went on about the great 10% interest rate associated with card. I told her I had 2 with a better rate and had 2 zero percent cards right now and thak you, have a great day.
Posted on 5/19/09 at 10:26 pm to horndog
Posted on 5/19/09 at 11:03 pm to LSURussian
quote:
Why? University affinity cards have the lowest write offs of any category of CC's according to my nephew who works in the credit card marketing department for a large bank.
I was just trying to give an example of an affinity card that people would understand. its not a well known concept.
Affinity cards carry extra costs, which is why you often times don't see rewards attached to them. Or at least they didn't when I was a cap1. This is why some would disappear.
Posted on 5/20/09 at 5:58 am to KTATiger
quote:
I've never experienced that. The cash customer is ALWAYS faster. The checks go through a verification machine. The credit cards require lots of button pushing and swiping. But to make things scientific, I'll ask the cashier tomorrow what she finds fastest.
The majority of the time, I'll swipe my card before the cashier is finished ringing up. Then the cashier hits the credit button and I scribble something that looks like my name on the pad and I'm done.
Whenever I pay with cash, I have to wait for the total so I can which bills to give. I'll wait for the change and do the jive where I try to figure out if the cashier is going to give the bills and the change at one time or do them separate. Then I have to take the time to stuff bills in my wallet, change in my pocket and do something with the receipt.
So, cash always takes me longer. I guess I just haven't ever mastered the art of the cash exchange.
quote:
and they ALWAYS wait until they are told the total before they even start looking for their damn check book.
My g/f does this and it annoys me sometimes, except not with checks. She waits until everything is totaled and then decides to fish in her purse for the wallet with the debit card. If you already know what you are going to pay with, just go ahead and get it out!
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News