Rating Credit Cards
For years, credit cards have rated consumers based on their credit histories. Senator Ron Wyden is trying to turn the tables: this week, he said he plans to introduce legislation that would direct the Federal Reserve to start rating credit cards based on the riskiness of their terms.
Given the increasingly well-documented excesses of the industry (I posted about a revealing new report by the National Consumer Law Center a few weeks back), this could be a positive development for consumers. The terms and conditions for cards have become so complicated that it seems like common sense to make it easier for consumers to know what they're getting into. Unsurprisingly, though, the Banking Association has called this step "premature" and seems to prefer waiting for another credit meltdown before it starts taking corrective actions.
If it was up to me, the Fee Harvesters wouldn't even get one star. And the rest of them except USAA and credit unions, wouldn't fare much btter!
Fee Harvesters are as bad as drug pushers sending offers of worthless plastic to vulnerable, desperate people.
And these stores are pushing their plastic like mad this time of year. I was shopping this morning with cash and the first thing a cashier askes me was "would you like to get a 15 percent discount on all your purchases today... just sign up for our credit card...
I couldn't help myself as I replied. ... I don't fall for that stuff!
I don't know if stars would help or not. Desperate people do desperate things .
November 29, 2007 10:00 AM | Reply | Permalink