Like millions of Americans, I pay my credit card balance in full and on time. I’m old school so I use credit cards for the convenience and the rewards programs such as Amtrak Guest Rewards.
I grew up in New York City, where nearly 70 percent of the residents are renters. While the American Dream of homeownership never resonated with me, I understand why it’s in my interest to help distressed borrowers.
Yes, credit card companies rip off consumers. President Barack Obama’s call to protect American credit card holders was long overdue.
And yes, the Senate and House are to be commended for passing credit card reform legislation that bans usurious and misleading practices.
But it’s neither fair nor “okay” to stick me with the bill for helping irresponsible credit card users.
The New York Times reports:
At first glance, the sweeping credit card legislation that passed the Senate on Tuesday looks like a huge victory for consumers. The bill, after all, contains relief from penalty fees and certain interest rate spikes.
But for people who pay off their bills each month, and milk the card rewards programs for everything they’re worth, there is some cause for concern.
For months now, the card companies have been threatening to cut rewards programs sharply to make up for revenue lost because of the new restrictions.
I’m a coffee drinker. But if fees are imposed on me for doing the right thing, I can learn to like tea parties.
