Well Michael Graham is going on about the changes and charges concerning credit cards.
Since I’m not one to pay fees it means that I’ll be using my card much less if I don’t cancel them. Lucky for me there is this wonderful invention called Cash and another innovation called checks I will be using these new things more often. The end result will be as follows:
The first loser is of course the credit card company. They lose the 3% on every purchase that they were making from the people who accepted cards. Every new purchase and every bill I don’t pay with those credit cards is 3% they don’t make.
Since I will need the cash etc that means less discretionary spending that means retailers and resturants that I would normally have spent money at won’t get it. They Lose.
Since I won’t be earning Amazon coupons I’ll be going there less, I invariablly spend more than the coupon so those purchases go.
And of course the Amazon coupons that I would give as gifts are gone too, that much less those guys get.
There are some winners. Providers of necessary items and utilities win since they aren’t paying the 3% to the companies.
However the gas station loses since it’s cash on hand I won’t be getting the car wash I would get with my fill-up.
And since I’m waiting on the paychecks rather than a time of the month no extra stuff to buy at the supermarket.
This also means that I’ll be paying bills with checks instead of credit cards too so the
Since there is this wonderful invention called Cash and another inovation called checks I will be using these new things more often.
Hey if they don’t want my money I have no problem keeping it.
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The better half and I pay off our credit cards every month, sometimes I even make payments online prior to the end of the payment cycle just so I don’t have to look at the amount. I won’t switch completely to cash no matter what cuz, the last thing I want to do when I get gas is to have to go into the store and stand behind people buying lottery tickets, cigs, or a combination of the two. Hopefully I’ll be able to use a debit card at the pump even if the credit cards fade away.
I suspect though that those of us with good credit will be able to get our hands on at least one no annual fee card that will not charge interest beginning with the moment of sale. It may have a lower limit, but somehow I’m betting the credit card companies despite all their tantrum throwing will choose not to completely terminate the revenue stream they get from me when I use their card to make purchases.
You are exactly right. As long as there is a pool of people offering cards there will be at least one that offers the no fee for people with good credit. Once that happens the attempt to impose fees will break down
It’s sort of like car rebates once one maker offers them the flood gates are open.