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About LinkBacksok i got one for you guys. what do you see the future of with credit cards? will we keep seeing 50k credit limits for persons who make that much in an entire year? from what the creditors are doing already it sounds like we are going back to the 80's when a credit card with a limit of 5000 will be looked at as excellent. then with the fed cracking down the creditors smoke and mirrors tricks to cost us more won't work. that means they will need to raise rates or take away rewards to make up for it. but you could argue interest rates on cards in the 70s and 80s were half what they are today so that's no excuse. all I know is looks like credit had gone back to being a privalige not a right like it was treated before.
americans aren't dumb they are spending less on credit and less likely to carry a balance now. credit will go back to what it was supposed to be used for and that wad emergencies. not an emergency as in a sale with a pair of shoes you have to buy.
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Platinum Member
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- Apr 2008
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- cc
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- 80
future of credit cards brings ______???
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Centurion Member & Moderator
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- Jun 2008
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- Smogland
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The scenario you described has for the most part already became a reality. No one is getting approved for new credit cards and those of us that have them are having a tough time getting simple things like credit line increases.
I've even heard of transactions on some of the elite charge cards (Platinum, Centurion) being declined lately. It sounds like they are scrutinizing everyone.Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Citi Thank You Premier
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Centurion Member
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- Apr 2008
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- Zuma
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- 596
Credit cards aren't going anywhere. They are going to be regulated more is all.
OBAMA
Stop talking crap about him!
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Centurion Member
- Join Date
- Apr 2008
- Location
- the edge of the world
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- 440
Credit cards aren't going anywhere. Limits may be decreased but the bottom line they are too convenient of an invention for them to go anywhere. The world will never go back to cash and coins. Credit card transactions will continue to increase in volume, the difference being that customers may not be able to carry as much it in the form of a balance, or debt.
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