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Old May 19, 09, 7:59 am
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FrAAmer
 
Join Date: Dec 2000
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The end of the "Free Ride" for credit card holders with good credit?

From today's New York Times News Service comes a disturbing article:

Credit cards target those who pay off balances in full

The article states that because Congress is moving to limit penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the credit card industry, banks are expected to look at reviving annual fees, curtailing cash back and reward programs and charging interest immediately on a purchase instead of allowing a week-long grace period.

"It will be a different business," said Edward Yingling, the chief executive of the American Bankers Association. "Those that manage their credit well will in some degree subsidize those that have credit problems."
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