Banks know consumers are angry at them for doing things like charging $5 a month for a checking account (not naming any names, but rhymes with Shank of Clamerica). So in order to lure back your business, banks are offering lower rates on their credit cards.
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Banks are a "for profit" business. All fees and rates are disclosed. The Government regulated the fees bank's can charge on debit/credit card point of sale purchases and overdraft charges. If it was your business, what would you do?
ReplyDeleteYou mean the banks that had loyal, perfect paying customers for YEARS and raised their interst rates from 4.5% to 28.99% now want to lower them to 21.99%?! The customer is supposed to be happy? And GRATEFUL? Most of their customers would be happier if those bank executives committed suicide.
ReplyDeleteBanks are a "for profit" business. All fees and rates are disclosed.
ReplyDeleteThe first sentence is quite true. The second, not so much.
Sorry, but the "all fees and rates are disclosed" is misleading and can even be said to be total BS. Ever read one of those "disclosures"? They ALL say "we can change (read: raise) your interest rate at any time without your consent and without notification". Is THAT the disclosure you are so triumphantly proud of?
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