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From the indiana Times: Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years. Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit. Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups. “It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.” .... The rest of the article is here: is it that every time the Feds try to help the irresponsible, the responsible take it on the chin?
"If they are being paid off, you are NOT being punished." Ed J, you didn't read the article. It says banks are "expected to look at ... charging interest immediately on a purchase instead of allowing a grace period of weeks...." So, even paying it off in full each month may end up costing money. Even absent that punishment, they are taking away other perks that used to go to good customers and diverting that revenue to prop up the bad ones. So your comment bears no relation to reality.
TheAmazingObama, apparently you are not familiar with the way credit cards work. (Apparently, your namesake is similarly unfamiliar with the process.) People with good credit habits are NOT getting and have NEVER gotten a free ride off those with bad credit habits. When a merchant accepts my credit card, he pays the credit card company a percentage (varies depending on the card, but usually it's around 4%) of the purchase price. This comes out of his profit, which comes out of the price that I pay. So there's no free ride off other credit card holders. The credit card company makes a monthly profit off me, even with no annual fee and bonuses. By contrast, the bad credit risk maxes out his card, leaving himself with no opportunity to make new purchases. So the bank has to make its profit off him (and cover its risk of loss and the cost of floating the loan) through interest payments. If this customer doesn't default, the bank makes out, but it's a risk.
Wow, Brown. Does every question on this site push your "class warrior" button? Can you back up any of your vacuous statements? Fully one-third of all credit card accounts are paid in full every month. So you don't have to be one of "the wealthy few" to stay current on your debts. (Not currently, anyway.) But in your class envy world, those who work hard to timely pay their debts are "rich" "irresponsible" and "greedy." Maybe you can do some reading and then tell me just how "they were taking poor peoples money and rewarding the wealthy." That is delusional. As explained above and by others who put some thought into their answers, the credit card companies make their money off those who keep their accounts current, too. And it's more reliable money, too. So what incentive would credit card companies have to redistribute wealth to anyone but themselves?
Smedrick, thanks for your answer. I disagree with one point. We do make money for the credit card companies. They make roughly 4% of every purchase we make. That's a pretty good cut! (Though not as good a cut as the government gets.) I agree with you 100 % that this is not a political issue. But it is more than just a matter of credit card companies wanting to profit of those of us who are responsible. It's the Feds enabling them to do so, and even pushing them to do so by drying up their sources of profit from those with over extended credit. "Essentially, they are just trying to find a way to make more money." So are the Feds. So is our state government. They should all pay their credit cards off monthly; then we wouldn't be in this mess. (But I digress.)
We no longer live in an era of self responsibility. We live in the era of bailouts and people who want to be protected from their own ignorance and stupdity
The other side of the coin... Last month Bank of America doubled the interest rates on some of their customers as well as adding new fees. Wells Fargo initiated payday loans with an annual interest rate of 120%. The bottom line is that these banks were given bail out funds under the initial TARP and, instead of unfreezing credit, they are gouging their existing customers with exorbitant rates and fees. -- Bailed-Out Banks Scrutinized for Raising Interest Rates and Fees Usury Country: Payday Loans Pushing Millions of Middle Class Americans Deeper into Debt The 120% interest rate... that's not a typo!!
If they gave you poor customer service, cancel the card. Blaming 'head office' is BS. If the automated systems decided you were no longer credit worthy, there must be some other reason, perhaps some other blot on your record, but in any event, the customer service people should have been able to address it if they want to keep their clients. For any credit card company, retaining current good customers is far better than taking on new, untried customers, so this is an incredibly stupid attitude for them to take. If you want, you can try taking it further up the line (ask to speak with a supervisor, then HIS manager, etc), but personally, I'd dump them.
You're right. The laws should be designed around the wealthy few and not the majority. [Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.] Ask yourself this: Why does your credit card company not just keep paying you "for being rich". The answer is that they were taking poor peoples money and rewarding the wealthy. You are not responsible or even special...you are greedy an fortunate.
It's just more of the banksters looting the public. They don't care who they have to loot. Good credit? Bad credit? It doesn't matter to them. They want to punish whoever they can to enrich the executives and shareholders. The billionaire banksters always need more of your money. The banks are paying depositors less than 2% interest but charging credit card holders 35% or more. Then they add in a host of fees. What they are allowed to do is a crime. This is how they repay the public for bailing them out of their fraudulent investments that resulted in their bankruptcy. Their fraudulent Ponzi scheme investment strategies are also responsible for many people losing their jobs and their homes. Since these people can no longer pay for their credit card bills, the banksters are going after those who can.
I suspect that you didn't bother reading what the legislation involves. It prohibits PREDATORY credit practices, ie jumping the interest rate, scamming people, etc. "Banks are expected to..." blah blah. Personally, I don't believe that will happen in the least. Sounds like banks are making threats.. because they make millions off the scam side of the business.. and they don't want regulation. Don't you believe in free market and all that? Guess what. Your bank starts penalizing you when you pay in full all the time, and trust me, they WILL LOSE customers faster than Palin can wink. They lose customers, they will back off. By the way.. the Feds are not trying to help irresponsible. They are putting boundaries in place to prevent honest people from being ripped off. You want to get sucked by the banks into being free to scam you? be my guest.
I agree with you totally. That is why I have destroyed ALL of my plastic except for two debit cards. So far they have not went after these cards. Just don't play the Banks games anymore. They are nothing but USERS of your money. If you save any money they give you 2-5% interest and take your money, invest it, loan it and collect as much as 29% interest. Well baby, if they can do it so can I. Lets see how well they do when everyone tells they to stick it right where the Sun doesn't shine, we ain't paying for your greed anymore. I hope they all fail. I don't need them anyhow. Banks are Totally useless.
"From each according to his ability, to each according to his needs!" Karl Marx You have become one of the "haves" because of your responsible behavior. I don't agree with this but it seems like a lot of people do. Somebody needs to pay for these high risk people. The government isn't going to allow the lenders to charge the high risk people more than a certain amount. Who else is going to pay for it? If it makes you feel any better, I believe that many lenders will simply cancel the cards of high risk people and raise the requirements for people to get credit. Why should they bother taking such a risk?
You and I (I also pay my bills on time) will hardly be "taking it on the chin". As much as I despise banking institutions, I certainly have to cede the fact that they provide a service, i.e. convenience. If new laws are being passed to curtail predatory lending practices forcing people like you and I to pay reasonable "annual fees" for the service we use, I personally feel that I have little to complain about.
I pay off my balances each month also. But we are the minority. The banks have 40-50 tricks that rip off millions of customers per year. The indiana Times is not the best source for information.
Is it any wonder that the tea bag parties happened. You bought a house you could afford, and made your payments on time. Congratulations! As a reward, you get to pay your neighbor's mortgage. You do not run your credit cards up to the limit, and you pay your bills on time. Congratulations! Your reward is to pay the credit card company's operating expenses through fees and lost benefits. Edit... @ The Amazing.... You must not be aware that the credit card companies collect a percentage of every transaction. The actual fee varies, but Visa and MC get something like 2% of the transaction, and Amex gets something like 4%. The credit card companies are making plenty from those of us that pay off our bill in full every month.