RMR: Rick's Rant - Credit Card Rates

Ricks Rant for January 12, 2010

Category:

People & Blogs

Tags:

• Rick Mercer Report
• CBC Television
• Rick's Rant
• Credit Card Rates

[aqnd]

Fees are paid by merchants, not by Visa, Mastercard, et al.

So if no one carries a balance, there is no net cost to the CC companies.

20% interest in a 2% interest market is absurd.

[desolate2]

"examine some protozoa" that was hilarious lol

[huttet1]

If you don't want to pay 20% more for your shampoo, then don't carry a balance on your card. Pay off your credit card bill every month, then you don't have to worry.

[HWGuyEG]

@aqnd

Banks get money for under 1% and then re loan the money for 5-1000%, that's how they make billions every quarter.

[makeiteasyable]

ty

[vladtepes97]

and focus on the what?

[footluv71]

the rants are getting very old.

[jackiechan511]

We need legislation that will cap credit card interest rates to prime plus 5% only and interchange fees to 1.5% only. Problem solved.

[Starbits7]

I work for a credit card company & not only are the fees insane, they treat employees horribly. They don't allow us to hang up even if a customer is swearing & tells us to f-off. Some calls will go on for hours like this. There's little pay for us it's even worse for overseas employees. Overseas employees can get an equivalent to $4-$5 an hour for the same job here in Canada. It's criminal since the cc company makes billions in profits each year.

Seriously, how greedy can they get?

[whildreth]

As a money broker I can actually get you private not street money, with a 5% up front fee and 1% per month, even if you only need it for a year. In the finance business this is called "hard Money" in the Credit Card business they call this a "fool's breakfast " look what they could be charging!!! Good for you why don't we all holler together. ____k VISA !