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I was talking to some people in the banking industry who work with the Credit Card division about the topic of CC interest and service charges. I was told that the amount of competition in the Credit Card business continues to go down. More than 80% of Credit Cards are now controlled by Chase, Citicorp and Capital One.
Anyway, they hope to eventually control enough of the market so they can start charging interest from the date of purchase for all customers including people who pay their accounts in full each month. Basically all customers who charged during the month would pay some interest unless they had a Credit Balance on their account larger than the charges.
Reduced competition in the Credit Card industry has already:
Increased interest rates, late charges, returned check charges, fees for cash advances and convenience checks, annual fees, etc. It is only a matter of time before we all pay alot of interest regardless of our payment habits.
Well, one can always go back to cash or checks if these banks get to bloody greedy.
Well I must let everyone know I did not realize that this bank charges at posting time interest and so when IU got the card and read the addendum of fees I choose to keep this card for an emergency because in the case of emergency who is going to pay right? And so I have it with a $300 available credit...minimal. I have had it a month now and now have available credit of $400 I guess they want to entice me to use it... Lets see how high it will go before I cancel on them. Anyone else considering to get a visa with them should reconsider. Also I will tell you it was like jumping through hoop after hoop to get their card and then SURPRISE the interest. My fault it cost me $75 dollars for the fee but I will keep it for a year and never use it then cancel it.
I was talking to some people in the banking industry who work with the Credit Card division about the topic of CC interest and service charges. I was told that the amount of competition in the Credit Card business continues to go down. More than 80% of Credit Cards are now controlled by Chase, Citicorp and Capital One.
Anyway, they hope to eventually control enough of the market so they can start charging interest from the date of purchase for all customers including people who pay their accounts in full each month. Basically all customers who charged during the month would pay some interest unless they had a Credit Balance on their account larger than the charges.
Reduced competition in the Credit Card industry has already:
Increased interest rates, late charges, returned check charges, fees for cash advances and convenience checks, annual fees, etc. It is only a matter of time before we all pay alot of interest regardless of our payment habits.
Well it is now the end of 2013 and it hasn't happened.
Can someone explain to me from start to finish how a POS transaction fee works and who collects the money on the trancaction. I'm ignorant to the subject so please bear with me.
My bank issues me a card that is VISA. When i go to the store and purchase goods and services does Visa keep the entire 2-3% that they charge the merchant? What is my bank's benefit for issuing the card? What about debit cards that also say Cirrus, Co-op, and STAR netowrks on the back on them? What role do these networks play in the transaction and do they receive a percentage?
Reading the first post, even it being from 2009, made me giggle like a school girl. The guy was either making it up, or the "people in banking who work for 'The Credit Card division'" were.
Firstly, JPM, C, and CapOne do not control 80% of the credit markets. And even if they did, they know very well this type of change would result in a major shift to clients moving to smaller banks and credit unions that would not enact this.
many already charge interest from date of purchase if you don't pay the entire balance each month. Check your statements and balance them like a checking account. Also, note on those FREE interest accounts, if you miss a minimum payment or don't pay it all prior to promo deadline, you will pay interest from the purchase date and possibly overcharge fees and a higher interest rate. Best advice, balance your statements. At least know what you are paying for.
If this happens, I will quit using my credit card, period and use a debit card and cash. The banks stand to lose too much.
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Credit One Bank
