Credit Card Companies Threaten To Be Mean

In recent news, our federal legislature has passed bills restricting the bad behavior of a certain class of financial institution: The Credit Card Company. Under the new legislation (if signed into law), all credit card companies will have to follow certain rules and regulations. Not least of which:

* No More Universal Default. Previously, if you were late paying your water bill, the financial institutions could jack up all your credit card interest rates to 20%, 30%, or more.
* Interest rate increases are no longer retroactive. In other words, if they do increase your interest rate, they can do it only for new expenses, not back-date it to the amount that you’re paying down.
* Reasonable notification of increased interest rates for missing a payment – 45 days notice (depending on which story you listen to) – AND if you make a minimum payment in that time, the interest rate goes back down to normal.

These are just a few of the elements of what appears to be a good, solid, reasonable, long overdue piece of legislation. It is sad that it is taking a combined act of the President of the United States and the Congress of the United States, to force these financial institutions to use some business sanity.

The reported responses of the credit card companies are predictably school-yard bullying.

They threaten to cut benefits, such as frequent flyer miles or bonus programs, for various compensation programs. I say: Go ahead. I’ll switch to your competitor’s program.

They threaten to add annual fees to get those reasonable people who pay their balance in full every month. Yes, they will squeeze our arms and legs of every last drop of blood solely for the benefit of their executives’ pockets. I say: Just try it. I’ll cancel that card at the first sign of your asinine behavior, and then you won’t even get the merchant processing fees.

They claim that they will have to become more strict in who they give credit to and how much. I say: It’s about damned time! How dare you call yourselves financial professionals, then loan money to people who clearly cannot repay the loan, and go begging for my tax dollars to bail you out of your own cesspool! You should have tightened up credit and lending standards a decade ago! There is no reason why someone of my own personal means and income should be able to buy a house… A HOUSE!!!!… on my credit cards! Yet this change towards sanity causes you to panic and make threats?! Are you brain-damaged?!

My final response to their juvenile behavior:
I dare you. I dare you to do these things. Because I don’t need your credit cards. You are, at present, an irritating convenience. When I pay my balance off in full each month, I am an ASSET to your company. You get the purchase fees each time I use your tool. You can reliably predict the income from me like clockwork. My reliability and dedication to good financial sense means you can loan MORE money to others – like me, or those who don’t mind carrying a balance from month to month. My actions ALLOW you to MAKE MORE MONEY for yourselves, yet you regard me as an enemy. So be it. I dare you to do these things.

Go ahead. Do it! I will cancel all the accounts except for two. I will transfer those two around to your competitors, continually seeking fair treatment. In this age, it only takes me a few minutes at a computer to do it. I will keep only those two roving credit cards, one for recurring expenses like utilities, and the other for handling large cash transactions – like car repairs.

If you really shine me off, you greedy, whining, petulant brats, I will even cancel those last two. If you make it less expensive for me to go back to stamps + envelopes + written checks, then I will. Do not even dream of trying to bleed me again. You are a tool to me, nothing more. You are a tool that I am willing to use under fair and equitable terms. If you change the terms beyond my liking, I will discard you.

I am well within my rights, after cancelling my cards and notifying you that our business relationship is terminated, to start charging you processing fees for all those advertisements you raze forests to print and send to me.

I sweated and cried blood to escape the debt trap that you put me in. Never Again!! You will either work with me for our mutual benefit, or I will treat you like the parasite you are.

I know what my limits are. You are about to cross them.

The line is here.

I dare you.

4 Responses to “Credit Card Companies Threaten To Be Mean”

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  2. Kirsten says:

    There are a couple of cridet cards for people with bad cridet. Continental finance, first premier or orchard bank are among the best. Most of them do not require cridet check. Good luck.

  3. […] did dare them, after […]

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