Word: fee
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This shake-up creates both challenges and chances for cardholders--and that means virtually all of us. Consumers like Sue Ruopp, 30, a homemaker in Crestline, California, refuse to pay irksome new fees or higher interest rates. "I have no loyalty," Ruopp says, with words that would bring pain to any marketer's ears. "I will go with whoever has the best deal." She did just that by transferring her $4,000 balance from a Bank of America Visa card that charged 18.9% interest to a Capital One Visa account that carried a 9.9% rate--potentially saving more than...
...banker, reckons he has saved some $2,500 in interest charges by switching accounts four times in the past three years as attractive new cards have come out. Andres has also used the threat of defection to persuade card issuers to lower his interest rate and waive his annual fee. Says he: "All you have to do is point out that there are better offers out there and renegotiate...
...from the government at 5%; the average card carries a 17.54% annual charge. The difference between the two is called the spread, for obvious reasons. In addition, card issuers typically charge merchants some 2% to 3% of the amount of each purchase that a customer makes. Throw in late fees, or in GE's case early fees, and margins might be enhanced further. "Banks earn more from credit cards than from any other business, even with all the delinquencies and losses," says Ruth Susswein, executive director of Bankcard Holders of America, a Virginia-based consumer group. "Even...
...their balances each month are known in the industry's distorted parlance as "deadbeats" because they avoid steep interest charges. GE, which offers its Reward cardholders cash rebates worth as much as 2% of their purchases, put the deadbeats on notice last month with its $25 prompt-payment fee. "If there is not a tremendous consumer backlash," says Susswein, "we will see more companies punish cardholders for paying in full...
Taxicab drivers are especially disgruntled because the shuttle service is not required to pay the $8,500 licensing fee for passenger pickup...