Comments on: What the proposed new credit card rules mean to you http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/ Everything to do with thickening your wallet Wed, 01 Feb 2012 15:44:00 +0000 hourly 1 http://wordpress.org/?v=3.3 By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/comment-page-1/#comment-18876 A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com Fri, 29 May 2009 06:17:31 +0000 http://www.thickenmywallet.com/blog/wp/?p=967#comment-18876 [...] Thicken My Wallet explains the changes that are proposed for credit cards in Canada. [...] [...] Thicken My Wallet explains the changes that are proposed for credit cards in Canada. [...]

]]> By: Michael James http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/comment-page-1/#comment-18859 Michael James Tue, 26 May 2009 04:55:13 +0000 http://www.thickenmywallet.com/blog/wp/?p=967#comment-18859 I'd be pleased to see credit card rewards slashed. It makes no sense to me that credit card users should pay a percent or two less than those who pay cash. I’d be pleased to see credit card rewards slashed. It makes no sense to me that credit card users should pay a percent or two less than those who pay cash.

]]> By: Silicon Prairie http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/comment-page-1/#comment-18858 Silicon Prairie Tue, 26 May 2009 00:32:58 +0000 http://www.thickenmywallet.com/blog/wp/?p=967#comment-18858 Even if people know that minimum payments won't pay off their balance for a long time, it doesn't mean they'll act on it - having the right reminder in the right place could change their behaviour. Even if people know that minimum payments won’t pay off their balance for a long time, it doesn’t mean they’ll act on it – having the right reminder in the right place could change their behaviour.

]]> By: Cam Birch http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/comment-page-1/#comment-18855 Cam Birch Mon, 25 May 2009 16:54:02 +0000 http://www.thickenmywallet.com/blog/wp/?p=967#comment-18855 Most people I know who have a credit card balance are people who know full well that running a balance and paying the minimum is foolish. That doesn't stop them and being told that it takes 10+ years to pay off a credit card won't stop them either. More information may help the few who don't normally run a balance but for the 50+% of people who do I don't think any of these measures will actually change anything. The allocation of payments to the highest interest rate item will change the credit card companies profitability. Most balance transfers are designed to get you to transfer money and then spend. This way they can collect money on the recently spent purchases. Eliminating that loophole is likely to eliminate those 0% or really low % balance transfer rates. Even so, I expect that these new regulations are just going to inspire the credit card companies to come up with other original ideas to collect money. Most people I know who have a credit card balance are people who know full well that running a balance and paying the minimum is foolish. That doesn’t stop them and being told that it takes 10+ years to pay off a credit card won’t stop them either. More information may help the few who don’t normally run a balance but for the 50+% of people who do I don’t think any of these measures will actually change anything.

The allocation of payments to the highest interest rate item will change the credit card companies profitability. Most balance transfers are designed to get you to transfer money and then spend. This way they can collect money on the recently spent purchases. Eliminating that loophole is likely to eliminate those 0% or really low % balance transfer rates. Even so, I expect that these new regulations are just going to inspire the credit card companies to come up with other original ideas to collect money.

]]> By: admin http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/comment-page-1/#comment-18854 admin Mon, 25 May 2009 15:33:25 +0000 http://www.thickenmywallet.com/blog/wp/?p=967#comment-18854 I have never been in favor of regulating the rates. If you lower the rate then many issuers will only issue cards to safer customer and you deny people without long credit histories, students, immigrants from credit. I have never been in favor of regulating the rates. If you lower the rate then many issuers will only issue cards to safer customer and you deny people without long credit histories, students, immigrants from credit.

]]> By: Silicon Prairie http://www.thickenmywallet.com/blog/wp/2009/05/25/what-the-proposed-new-credit-card-rules-means-to-you/comment-page-1/#comment-18853 Silicon Prairie Mon, 25 May 2009 14:56:11 +0000 http://www.thickenmywallet.com/blog/wp/?p=967#comment-18853 At least it's good to see that there's no attempts to force the card issuers into giving everyone lower interest rates, like some people suggest. The allocation of payments is close to this though, and might increase introductory rates or reduce the number of balance transfer offers. At least it’s good to see that there’s no attempts to force the card issuers into giving everyone lower interest rates, like some people suggest. The allocation of payments is close to this though, and might increase introductory rates or reduce the number of balance transfer offers.

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