Oldham Blog Post 1

Credit Card Companies Punishing Their Best Customers?

New credit card companies are adding new fees, aimed at their customers who pay their bills on time. Companies are looking for new ways to increase revenue that has been lost so they are implementing 3 new fees that will take effect in 2010.

There will be an annual fee for customers who have never had a late payment. Customers without a late payment within 12 months will be charged an annual fee of $29-$99. Another fee will be for customers who have never carried a balance on their credit card. A fee also could be charged for not using your card frequently enough. Some card companies are charging a minimum of $2400 spent each year or they will charge you a fee.

I think these new rules are absolutely ridiculous. Everyone right now is suffering with the economy and losing some revenue. Why should credit card companies get the little money that is out there right now. People are trying to not get in debt with this economy and I don’t think there is any reason to punish them for that. As a student I am trying to build up my credit so I have a student credit card. I am careful to not have any late payments because I don’t have extra money to throw around. If I get charged for being responsible with my credit card I wouldn’t have agreed to have one. I think credit card companies would have a huge decrease in their customers and would essentially hurt themselves by implementing these new fees.

http://www.prnewswire.com/news-releases/3-new-fees-from-credit-card-companies-punishing-their-best-customers-67617002.html