Credit Card Industry

Since we are going to bailout Wall Street lets have some benefits for main street.

No scamming college students who are not working into credit cards with free T shirt giveaways

When they raise the interest rate it should apply only to new purchases.

The maximum interest they can charge needs to be lowered. 18% anyone?

Longer grace periods. Lets go to 31 days minimum.

What other regulations should we be placing on the credit card industry?

No more ARM or interest only mortgages.
Only 15 to 30 year fixed.
Require at least 10% down. 20% for people that have owned homes before.
Make renting furniture, and leasing cars illegal unless you own a business.
Have commercials that state that carrying a balance does nothing to benefit your rating. And that saving for the things you want is the best way to live.

2008-09-28 09:44:53 by Jbushkey

Hidden penalties, sudden interest rate hikes, and deceptive language are just a few of the questionable tactics used by credit card companies to ...

where can I find a transcript of Thursdays Senate discussion of the Credit Card Industry?

This link to The Library of Congress website may help, though I'm not sure if this will link you to a full transcript...

http://thomas.loc.gov/r110/r110.html

Once there click on the January 25 "Senate" link.
Hope this helps.

2007-01-26 16:11:42 by trigam41

The only way I could see this helping is by making the changes retroactive, forcing credit card companies to lower interest rates an average of 5-10% for every consumer, considering that the CC companies saw this coming and jacked up many peoples rates to 20%+ and chopping their available credit to save their own necks. (Just look at what Citibank did)

Seeing how he's ruined everything he's touched so far, I'm guessing he can not do any good.

People who pay 20% or higher on their credit cards have bad credit ratings. That means they are unlikely to pay back 100% of what they charge. The credit card companies make up for this by charging them a higher rate so that, when some of them do default, the CC company doesn't go under.

If he lowers my rate by 10%, the credit card company will be paying me to buy things! That would be pretty nice.

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2009-04-23 08:56:05 by NAAWP Co-Founder

Price: $5.95

11 useful functions
A must-have for the camper or backpacker
Size of a credit card

Basically, Why are you against tight regulation of the industry? and why are you for tight regulation?

Too many people not paying their bills, leaving other people to pay for their irresponsibility with higher interest rates, fees and hidden charges. So, yes, I'm all for CC companies tightening up their regulations.
Plus it protects those with already bad credit and debts, keeps them from getting too far over their head.

2008-07-22 14:44:29 by Bounded

Selling credit card processing contracts & equipment to business owners. I have experience in this industry and know how it works, but I have never been on the sales end. The salary is 100% commission plus residuels.
Please only answer if you have experience in the field.
Also, what is your typical work week like?

Hi, I work for a registered MSP for Visa and MasterCard (five years now) and have done sales so I speak from experience.

You can make good money but it won't happen right away. The real money comes from residual income on the merchants you acquire. Although you can make money from selling credit card terminals that will only be enough to put food on your plate while you build up your portfolio.

As you build your portfolio your monthly income will grow accordingly. On average a typical merchant will make you about $25 per month. So when you are first starting off the residual income won't be enough to support you. But as your portfolio grows to about 100 merchants that residual income will now be $2500 a month or more which, when combined with your terminal sales, is enough to make a living. The average sales agent brings in 5 - 8 merchants per month.

Of course, your goal is to have as many merchants as possible in your portfolio and to land as many "big fish" as you can. Landing high volume merchants will make you much more money then landing start-up ecommerce websites as they tend to perform poorly. You also need to make sure you bring on enough new merchants to help offset the ones that leave you. Just like you will be stealing merchants from other sales agents, they will be doing the same to you.

A work week is never less then 40 hours if you hope to keep generating leads. You'll be spending half of your time generating leads and the other half making your sales pitch to the leads you have generated. If you know how everything works then you have a heck of a head start which is good. Lack of knowledge and experience is the biggest obstacle to new sales agents.

Good luck.

2007-04-06 02:24:03 by mistressmalice23