I'm torn. I've long used credit cards for the points/rewards -- I've not paid for a flight very often over the last decade. I know deep down that some poor windowlicker is likely financing that for me with their poor credit hygiene.
If this makes it through the banking lobby, I've got to think it's the end of rewards cards if not other perks like no fee cards and what not. Also, if they can't recoup interest from subprime customers, they'll just not issue them credit at all. If that happens and they lose folks like me that only use it for points, what business do they have left at that point?
“During the campaign, President Trump pledged to cap credit card interest rates at ten percent,” Sanders said. “Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that. When large financial institutions charge over 25 percent interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking. We cannot continue to allow big banks to make huge profits ripping off the American people. This legislation will provide working families struggling to pay their bills with desperately needed financial relief.”
#credit #money #finance
