Will industry reform penalize responsible card users?

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Will industry reform penalize responsible card users?

Postby jeffysdad » Tue May 19, 2009 12:23 pm

Does anyone think that pending credit card legislation could lead to the return of annual fee visa and mastercard credit cards? Do you think rewards programs will be significantly curtailed or eliminated? NYT article today (?) speculates that card issuers might try to grow revenue from transactors now that new rules make penalizing revolvers a less viable business model. What do you think?
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby Cucumber » Tue May 19, 2009 2:38 pm

The thing is the merchants too are fighting to actually negotiate credit card processing fees so it's a double blow to the card industry. I think we will see the rewards go bye-bye for the most part. We kind of have already seen that with a lot of cards. There are not many good rewards credit cards now left on the market. As far as the annual fee I don't know if people will spring for that unless the card is giving some killer rewards/cash back.
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