Johnny Chin

In today’s New York Times article Credit Card Industry Aims to Profit From Sterling Payers, it makes you think … why should we continue to use credit cards, if we are charged a fee to use it and get nothing back? … also why should stores accept credit cards, if the cut the credit card companies take is getting larger and larger?

 

And if the credit card companies start charging annual fees again, how is MasterCard or Visa any different from American Express? Of course, American Express has much better card member customer service. Maybe that is the difference that MasterCard and Visa are banking on … charging annual fees like AMEX, yet save that fee and continue with average customer service.

Hmmm … makes you think … maybe the Obama administration should regulate the credit card industry with fairness for good credit paying customers as well, not just rules to protect the delinquent payers. Then again, it might part of a bigger scheme from the Obama administration to redistribute money to those who are not working and waiting for the government to pay for their life (welfare, food stamps, government paid health care, utilities, rent, etc.).