Ugh. Not Good News for Credit Card Users Like Me!

Overhaul Likely for Credit Cards

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."

Great. Just great.

I currently use a card with a $60 annual fee in order to rack up a lot of frequent flier miles. It’s been worth it over the years, as I’ve gotten a lot of free tickets, but it will be interesting to see how things change. I’ve never had the least interest in using my ATM as a debit card to make purchases, but I’ll have to start if my credit card starts charging interest immediately… which would totally suck!

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