DrEvazanPhD said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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In fairness, there's a ton of people who shouldn't have them. That 29.9% rate covers the cost of those who just straight up default on cards.

Bring back cash.

ETA: let the CC companies adjust rates based upon credit score, user history, etc.

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Cash is for barbarians who lived in the 20th century.
We need payment apps. I just scan and transfer. No credit card nonsense. No cash to carry.,

Right.

Using cash literally costs you money and is irresponsible.

CCs with a fee can be worth it if your spending aligns with the areas that card helps build points. I have the Sapphire Reserve, and with the annual credits it comes with, the overall fee isn't that much, and we far exceed the monthly spend needed to break even. I haven't paid for a hotel room in 5 years due to the points I accumulate from it, and currently sitting at ~120k points. Taken some free flights as well.

But like you, it gets paid in full every month.

aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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Then they never should have had them.

Kind of like I'm the early aughts when people were buying houses when they needed special means to get them because they couldn't really afford them, companies and banks were just using them as a means for profits. Shocking, i know.

And we all know how that turned out.

No Spin Ag said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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Then they never should have had them.

Kind of like I'm the early aughts when people were buying houses when they needed special means to get them because they couldn't really afford them, companies and banks were just using them as a means for profits. Shocking, i know.

And we all know how that turned out.

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That was the case where government artificially pushed interest rates down and people who shouldn't have gotten houses did get them. If interest rates were high and had a 20% down payment like the free market dictates, then that would have never happened.

Lots of poors won't be able to get credit. Fine. No exceptions for protected classes

Captain Pablo said:

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Price caps create shortages

Always

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Not true.

If the risk of bad debt not being paid is < a 10% interest rate then credit card companies will continue to offer the product. It is only if the cost then outweighs the reward.

Companies love to screw over their customers. It isn't about making a profit but making a killing.

aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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Yeah I think these politicians forget how many bills never get paid. Financial institutions are taking on risk, whether politicians want to believe it or not.

aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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This

Teslag said:

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TxAggieBand85 said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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As it should be

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Why should the government be able to tell you who you can loan money to?

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Never implied that the government would dictate who can and cannot get a card. If the government limits rates to 10%, then the card companies would get to apply risk assessment (credit score) and issue cards. Then back to the good old bad days of people saving up for stuff and buying.

Not going to happen in my opinion. Anyone actually believe that the congress will vote to approve 10% limit?

But they will also get rid of a lot of the perks that make credit cards useful. As it is now, for those with discipline it is irresponsible to use cash.

infinity ag said:

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DrEvazanPhD said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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In fairness, there's a ton of people who shouldn't have them. That 29.9% rate covers the cost of those who just straight up default on cards.

Bring back cash.

ETA: let the CC companies adjust rates based upon credit score, user history, etc.

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Cash is for barbarians who lived in the 20th century.
We need payment apps. I just scan and transfer. No credit card nonsense. No cash to carry.,

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I'm a barbarian then. Love me some cash.

Cash is too expensive to use.

aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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That's probably a good thing.

Why do you need them if you are unqualified and poor?

I have one that I use for all my purchases but it's more like a charge account since it gets paid every month in full.

If I was poor a CC would just cause problems.

I know that because I was once young and poor.

The Remocrats and Depublicans are becoming more and more alike in many ways.

Who are they to say what an appropriate interest rate is? What right do they have to interfere in free commerce?

Why 10%? Why not 8%? Or 12%?

Don't think this law will ever happen because there is too much at stake, but the stupidity of some of these senators is astounding.

NE PA Ag said:

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4 said:

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Never understood why credit card companies seemed to be immune to usury laws...

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What usury laws are you referring to?

I'm usually opposed to government interference like this, but capping the rate should mean banks would be less willing to extend credit to just anyone. So as long as there is no corresponding government interference along the lines of forcing banks to provide credit cards to people that are too risky for a 10% rate, this could be a good thing.

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In a Capitalist society, we would leave it up to the banks to make their own business decisions.

No Spin Ag said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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Then they never should have had them.

Kind of like I'm the early aughts when people were buying houses when they needed special means to get them because they couldn't really afford them, companies and banks were just using them as a means for profits. Shocking, i know.

And we all know how that turned out.

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A practice incentivized (hell, basically required) by the federal government.

infinity ag said:

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DrEvazanPhD said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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In fairness, there's a ton of people who shouldn't have them. That 29.9% rate covers the cost of those who just straight up default on cards.

Bring back cash.

ETA: let the CC companies adjust rates based upon credit score, user history, etc.

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Cash is for barbarians who lived in the 20th century.
We need payment apps. I just scan and transfer. No credit card nonsense. No cash to carry.,

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Some of these companies pushing these things require you to give them your on-line bank account username and password.

A couple of months ago, I tried ordering something from some mom and pop company and their credit card processor automagically signed me up for one of these payment schemes. I read up on it out of curiosity and was shocked to find that they wanted my username and password and I refused to give it.

I also refuse to deal with that mom and pop company except by check which they refuse to accept. So instead, my alternate is a big chain hardware store instead. Mom and pop loses on that deal.

By the way, have you heard of privacy.com? They offer one-time credit card numbers. That could be a big help on internet orders because you wouldn't have to worry so much about your credit card number being used. It turns out that they want to be able to sign onto your online bank account whenever they wish. Screw them.

Teslag said:

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Right.

Using cash literally costs you money and is irresponsible.

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I pay cash for all kinds of things.

Sure I use my CC for a lot of things to get my rewards points. But as a small business owner, cash is king.

MemphisAg1 said:

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Government needs to stay out of business contracts.

No one forces somebody to run up a balance on a card.

Cap it at 10% and a lot of people will lose access to credit, plus the banks will make up for it with fee increases elsewhere. Meaning responsible people will "socialize" the cost of other people's bad choices.

If people want to do stupid, that's on them.

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And this right here. Blue star sir.

This is a really stupid policy. The government has no right to tell a bank how to underwrite their credit products. A bunch of clowns on this thread celebrating this, right next to Bernie Sanders. Keeping good company.

TxAggieBand85 said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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As it should be

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Why is that your (or the govts) decision to make? Let people make their own choices.. you fking nanny libs.

texagbeliever said:

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Captain Pablo said:

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Price caps create shortages

Always

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Not true.

If the risk of bad debt not being paid is < a 10% interest rate then credit card companies will continue to offer the product. It is only if the cost then outweighs the reward.

Companies love to screw over their customers. It isn't about making a profit but making a killing.

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Really wrong. I know this is hard to grasp, but working for a bank I know that we just extended credit to a near investment grade company for 6-7%.. you think 540 credit score Joe Blow can command a 10% rate? The 29% rate is what most people should pay on an unmonitored, unsecured line of credit. Just way too many clowns in this country that don't understand the process of underwriting risk.

aTm2004 said:

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CCs with a fee can be worth it if your spending aligns with the areas that card helps build points. I have the Sapphire Reserve, and with the annual credits it comes with, the overall fee isn't that much, and we far exceed the monthly spend needed to break even. I haven't paid for a hotel room in 5 years due to the points I accumulate from it, and currently sitting at ~120k points. Taken some free flights as well.

But like you, it gets paid in full every month.

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Yes, you are right.
I personally don't have that need but maybe things will change.
Old habits die hard.

Maybe I should revisit my CC strategy and see if it makes sense to get one that matches.

Added: Thanks for the reminder! I will look into what else is out there!

This is straight garbage!

Anything Sanders wants is bad for America!

I can see one really good reason to have a credit card. If you carry your money in cash, you are more likely to be treated as if you are a criminal and have the cash arbitrarily seized as a civil asset forfeiture.

I know a guy a few years ago who is not very brilliant and who ha never had a credit card or a bank account.

About thirty years ago, he took his family on a vacation to Dallas. When he was paying for a restaurant meal one evening, the cashier saw that he had a lot of cash and called the police. The police promptly showed up and started taking his car apart looking for drugs. For example, they took his seats out and whatever panels they could get to. He said that they spent a couple of hours searching the car while him, his wife, and his kids sat on the sidewalk and watched. And then when they left, they didn't bother with trying to put anything back together that they took out and he didn't have the tools to put it back together.

You guys clearly aren't aware that Texas has a usury limit capped at 10%.

National banks got around this by successfully lobbying for and getting the national bank act that allows them to effectively export the usury laws of their home state to our state

CrackerJackAg said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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That's probably a good thing.

Why do you need them if you are unqualified and poor?

I have one that I use for all my purchases but it's more like a charge account since it gets paid every month in full.

If I was poor a CC would just cause problems.

I know that because I was once young and poor.

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A CC can be a great tool if used correctly. Buy what you need and be conservative and pay the statement off every month.
That is it. Builds credit and gets perks through points/cashback

But morons don't use it like this and end up in debt and blame the banks.

DaShi said:

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You guys clearly aren't aware that Texas has a usury limit capped at 10%.

National banks got around this by successfully lobbying for and getting the national bank act that allows them to effectively export the usury laws of their home state to our state

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Usury is a bull**** term to bring up in this conversation. Irrelevant to the conversation at hand.

DaShi said:

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You guys clearly aren't aware that Texas has a usury limit capped at 10%.

National banks got around this by successfully lobbying for and getting the national bank act that allows them to effectively export the usury laws of their home state to our state

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That sounds unconstitutional. Competent Adults should be free to contract to whatever terms they would like.

DrEvazanPhD said:

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infinity ag said:

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DrEvazanPhD said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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In fairness, there's a ton of people who shouldn't have them. That 29.9% rate covers the cost of those who just straight up default on cards.

Bring back cash.

ETA: let the CC companies adjust rates based upon credit score, user history, etc.

---

Cash is for barbarians who lived in the 20th century.
We need payment apps. I just scan and transfer. No credit card nonsense. No cash to carry.,

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I'm a barbarian then. Love me some cash.

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You are probably from the 19th century then. Wake up, it is 2025.

If you use cash, you are at risk. With CCs if someone steals money or puts charges, you can get the money back. You are protected. I've had this situation many times.

CrackerJackAg said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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That's probably a good thing.

Why do you need them if you are unqualified and poor?

I have one that I use for all my purchases but it's more like a charge account since it gets paid every month in full.

If I was poor a CC would just cause problems.

I know that because I was once young and poor.

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I did the same thing. But it was nice to be able to charge something in case of emergency that would be paid off over a couple months. Having no credit card would have sucked if my car broke down and I didn't have the money to get it fixed right then and there.

eric76 said:

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infinity ag said:

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DrEvazanPhD said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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In fairness, there's a ton of people who shouldn't have them. That 29.9% rate covers the cost of those who just straight up default on cards.

Bring back cash.

ETA: let the CC companies adjust rates based upon credit score, user history, etc.

---

Cash is for barbarians who lived in the 20th century.
We need payment apps. I just scan and transfer. No credit card nonsense. No cash to carry.,

---

Some of these companies pushing these things require you to give them your on-line bank account username and password.

A couple of months ago, I tried ordering something from some mom and pop company and their credit card processor automagically signed me up for one of these payment schemes. I read up on it out of curiosity and was shocked to find that they wanted my username and password and I refused to give it.

I also refuse to deal with that mom and pop company except by check which they refuse to accept. So instead, my alternate is a big chain hardware store instead. Mom and pop loses on that deal.

By the way, have you heard of privacy.com? They offer one-time credit card numbers. That could be a big help on internet orders because you wouldn't have to worry so much about your credit card number being used. It turns out that they want to be able to sign onto your online bank account whenever they wish. Screw them.

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Oh that is not good.
No one should have your bank info.
Are you use the mom and pop was a real store and not some Nigerian Prince scam?

Giving them CC should be okay even if it is a scam. Giving them bank usr/pwd is not okay and you could get cleaned out.

infinity ag said:

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eric76 said:

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infinity ag said:

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DrEvazanPhD said:

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aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

---

In fairness, there's a ton of people who shouldn't have them. That 29.9% rate covers the cost of those who just straight up default on cards.

Bring back cash.

ETA: let the CC companies adjust rates based upon credit score, user history, etc.

---

Cash is for barbarians who lived in the 20th century.
We need payment apps. I just scan and transfer. No credit card nonsense. No cash to carry.,

---

Some of these companies pushing these things require you to give them your on-line bank account username and password.

A couple of months ago, I tried ordering something from some mom and pop company and their credit card processor automagically signed me up for one of these payment schemes. I read up on it out of curiosity and was shocked to find that they wanted my username and password and I refused to give it.

I also refuse to deal with that mom and pop company except by check which they refuse to accept. So instead, my alternate is a big chain hardware store instead. Mom and pop loses on that deal.

By the way, have you heard of privacy.com? They offer one-time credit card numbers. That could be a big help on internet orders because you wouldn't have to worry so much about your credit card number being used. It turns out that they want to be able to sign onto your online bank account whenever they wish. Screw them.

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Oh that is not good.
No one should have your bank info.
Are you use the mom and pop was a real store and not some Nigerian Prince scam?

Giving them CC should be okay even if it is a scam. Giving them bank usr/pwd is not okay and you could get cleaned out.

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Exactly. Even if the company didn't do it, that they require such information probably makes them a prime target for every scammer around. Imagine getting the bank account usernames and passwords for many thousands of people by breaking into one server somewhere.

aTmAg said:

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A bunch of people will simply not be able to get credit cards anymore.

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That's a good thing