1 of 6
11 months ago
Wed Oct 25, 2023 8:39 pm
Dinosaur
Seasoned RebelDinosaur
Credit Rebels
Somewhere we have recently looked into this, and I confess, cannot find the postings 
It is important to note as I write the Federal Reserve has stated they can adjust processing fees and likely will. Some protectors of consumer's state we will not benefit, and corporations will find their best advantage. This is likely.
Now it is receiving much press as Congress is looking at their actions back to 2008 coupled with the Federal Reserve and both are indicating a lean towards some forms of modifications (note in the press the last few days and today).
Speculation around the consumers is loss of card benefits. We do know that most travel benefits evaporated not too long ago.
It is offered that processing fees add to a financials' bottom line, and they will seek ways to keep that income. Some look at that the rewards will receive a hit. 
As I wrote previously on this topic, there was a time when Bank Americards/Visa, Master Charge/Master Card, Discover and American Express offered a credit card that allowed you to charge your goods and services and revolve for 19.9% plus with no benefits. Revolving even had repayment of balances tied to 5% or 10% a month of the outstanding balance which was certainly a challenge. Of note, credit limits were pretty much $300 to maybe $5,000. Of this I speak with personal experience. My first Bank Americard was a $300 limit in 1973.
Later the Gold Cards came into existence, and you were offered a few travel type benefits (around 1979 more or less) if you qualified for $5,000 credit limits. What I am referencing goes back to the 1960's on up into the early 1990s.
Pay attention as there seems a very renewed interest in this matter and as focused as our Congress is who knows? 
It is important to note as I write the Federal Reserve has stated they can adjust processing fees and likely will. Some protectors of consumer's state we will not benefit, and corporations will find their best advantage. This is likely.
Now it is receiving much press as Congress is looking at their actions back to 2008 coupled with the Federal Reserve and both are indicating a lean towards some forms of modifications (note in the press the last few days and today).
Speculation around the consumers is loss of card benefits. We do know that most travel benefits evaporated not too long ago.
It is offered that processing fees add to a financials' bottom line, and they will seek ways to keep that income. Some look at that the rewards will receive a hit.
As I wrote previously on this topic, there was a time when Bank Americards/Visa, Master Charge/Master Card, Discover and American Express offered a credit card that allowed you to charge your goods and services and revolve for 19.9% plus with no benefits. Revolving even had repayment of balances tied to 5% or 10% a month of the outstanding balance which was certainly a challenge. Of note, credit limits were pretty much $300 to maybe $5,000. Of this I speak with personal experience. My first Bank Americard was a $300 limit in 1973.
Later the Gold Cards came into existence, and you were offered a few travel type benefits (around 1979 more or less) if you qualified for $5,000 credit limits. What I am referencing goes back to the 1960's on up into the early 1990s.
Pay attention as there seems a very renewed interest in this matter and as focused as our Congress is who knows? - Tagline Dinosaur
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