Do you think it is inevitable that ALL credit cards will carry an annual charge?
@owlwings (43915)
Cambridge, England
November 13, 2006 10:16am CST
At the moment, most credit card companies do not make an annual charge for credit. They rely for their revenue on people not paying the full balance every month. This means that those who do pay off their card every month enjoy a free service. Do you think this is fair?
2 responses
@crofter9 (150)
•
3 Jan 07
I was looking on the internet before christmas about charges as I get paid from my online business with a US paycard and they charge me for each transaction.
I was surprised to find out that the UK is one of the few places in the world that don't get charged fees for each transaction on both credit cards and bank accounts.
If we are one of the few contries left that offer free banking etc I can not see it being long before the banks and cards start charging. It will only take a few to take the plunge and they all will.
@owlwings (43915)
• Cambridge, England
5 Jan 07
That is something I didn't realise! If it happens, it will be one of those situations where all the banks will decide to do it at once, there will be a big outcry but it will have no effect because we are all at the mercy of the banks!
@caribe (2465)
• United States
3 Jan 07
I think that there are such a few people that pay their balance in full every month until the companies don't have much to worry about besides counting their huge income from interests from those unfortunate enough to have gotten in so deep that they pay minimum payments every month. Most of these people don't realize that they will be paying for years trying to pay down the balance. An annual fee is just a drop in the bucket compared to all the interest they have flowing in.
