Word: susswein
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...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 if you pay no annual fee, they still make money off merchants...
...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...
...concern is that students are able to get so many credit cards without the ability to pay them off," says Ruth Susswein, the executive director of Bank Card Holders of America. "And what can happen is that if a student gets into credit trouble, it's going to be a part of their credit history for the next seven years. That means when students get out of college and they want a car loan or a loan for graduate school, they may not be able...
...Susswein, who earlier this year testified about credit card solicitations before Congress, advocates mandatory personal finance classes for all junior high school students. She also recommends that card issuers put on informational seminars about the realities of credit cards when they come to campuses across the country to, in her words, "hawk their wares...
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