Thank-you President Obama, and the at the time Democrat controlled House & Senate for "fixing" the credit card industry. I truly appreciate being made to make up the losses on those who have been unwise in their use of credit, due to your limiting fines, and fees that banks can charge them for their lack of personal responsibility, after I have spent the last 25 years of my life establishing excellent credit. The 1 credit card I currently have is one with a gasoline rebate. When started, if I purchased gasoline at the branded station it was tied to, I earned a 5% rebate, and all other purchases earned me a 1% rebate, with no cap. Typically I'd spend $600 on gas per month x .05 = $30, and $1000 in other charges during the month x .01 = $10, for a total monthly rebate of $40 on average, and $480 per year. This went on uninterrupted for 8 years. Then the Democrats decided to "fix" the credit card industry, with the aforementioned limits on fines, and fees to the least credit worthy among us. Shortly thereafter I received a letter from the credit card company indicating that there were going to be changes to the rebate program. Rebates would now be limited regardless of purchase totals to $20 per month, and they'd only be credited in increments of $25, thus month one $20 earned, nothing credited. Months 2-5 $25 credited. Cycle repeats months 6-10. Month 11 $20 earned, nothing credited. Month 12 $25 credited. Total for year $225, or a loss of $255 per year from the average rebates I was previously receiving. Today I received another letter from the CC Co, the rebate programs taking another hit. I won't go in to all the details as it's a long convoluted formula, but based on my usage I expect to be down another $50 to $175 per year in rebates. From $480 to $175 = $305...that's a friggin' car payment. So thanks again Mr. Obama, and Company for "fixing" the credit card industry, by forcing the credit card companies to take perks away from their good, credit worthy customers, to make up for their losses on those not so credit worthy. Personally, once the rebates are gone completely, I'll have no use for a credit card any longer, and would imagine many other folks might feel the same. Once all the customers that are paying the bills leave, I wonder where the money will come from to finance the credit card industry for those with bad credit? Oh wait I forgot, there's always the big government...
The golden bit is back!
2011-06-28, 4:59
