Pay your credit card off each month? Credit card companies are after you

[jeffrey]

Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit...

http://www.nytimes.com/2009/05/19/bu.../19credit.html

[disneysteve]

Never mind.

[red92s]

I came in here to post this article.

Anyways, seems like a bluff on the part of the CC companies to get the legislation stopped. They know that if they add back in annual fees and immediate interest to the people paying the balances off every month they will stop using the service, or go elsewhere. The CC companies are raking it in off all the transaction charges people who put everything on a card and then pay it off accrue.