Hey, why not give Barack Obama something *to* look at wrt your credit card purchases?

Yes, apparently the NSA is doing that, now*.  But I’m sure that you can trust them; still, if they’re so intent in seeing what you’re buying, go ahead and give them a show.

Continue reading Hey, why not give Barack Obama something *to* look at wrt your credit card purchases?

Democrat-backed bank ‘reform’ kicks poor in the face.

I thought that the title would get your attention.

If you’re upset by the title, well, my response will be tempered by your political affiliation.  If you’re a Republican or an independent, my response is “Yes, it really is that awful.  Here’s a list of some of the possible-to-plausible fallout from the CARD Act and Dodd/Frank (and its associated Durbin Amendment):

  • Credit-card rates for new card-holders range from 14.72% to 20% for the range typically associated with young people to starting at 24% (and the sky’s-the-limit) if your credit rating is bad;
  • Annual fees on debit cards;
  • Limiting debit card reward programs;
  • Creating a price cap on transactions using a debit card;
  • Raising ATM non-customer fees;
  • Increasing fees on checking accounts;
  • Increasing minimum balance requirements for debit and checking accounts;

…and those are just the most obvious possibilities.  There’s undoubtedly half a dozen that should have been listed, but weren’t.

Continue reading Democrat-backed bank ‘reform’ kicks poor in the face.

I’m doing a radio interview tomorrow with Rob of Say Anything.

May 20, 2009: 10:30 AM EST, 9:30 AM Central time. AM 1100 “The Flag,” serving Fargo/Moorhead. The podcasts can be found here, and the topic will be the recent credit card legislation. As I am not an expert on the subject by any stretch of the imagination, this should end up being highly amusing.

(Say Anything may be found here.)

Crossposted to RedState.

Paying for other people’s bad credit card habits.

Bluntly? Somebody else can do that. I’m not interested.

Credit Card Industry Aims to Profit From Sterling Payers

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.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

Bolding mine, and the day that my credit card company does that specific activity is the day that the credit card gets canceled and my household switches immediately to a straight debit card / check / cash system. It will mean a little more in the way of pre-planning the month ahead of time, but it’ll be worth it not to pay the fees. Heck, we’ll end up saving more, what with having to stop and think about all those incidental little purchases that we really didn’t need anyway. It adds up.

Besides, I see no reason why I should be soaked because other people can’t learn to pay their credit card bills in full and on time. It’s a lesson that I had to personally and painfully learn myself, so they can darn well learn the same thing.

Moe Lane

Crossposted to RedState.

Elections have consequences: Megan McArdle edition.

How’s that Libertarians for Obama thing working out for people?  I’ve already seen how it worked out for all those poor Republicans for Obama…

Before we go any further, let me just note that my sympathies for the people in the video below is currently somewhere between “nil” and “whatever.” This is a blue-on-blue fight, as far as I’m concerned: Wall Street actually has a habit of going against its class interests by funding and supporting Democrats, and God knows that they had their hand in the current banking crisis, so I can root for injuries with a light heart and a clear conscience.

But Megan’s right: Maxine Waters is nuts.

Continue reading Elections have consequences: Megan McArdle edition.