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People are required to possess a credit card now days
just to (say) rent a car or hotel room. A credit card
has to be pretty much a part of everyone's wallet. So
what can people do when the credit card companies are
becoming even more monstrous, even since the fix-laws were passed?
I am not vouching for this new company, named PartnersFirst, but I read about it and think that maybe its business model will find its way into good
credit card customer's lives. I'll bet as soon as this cc company's business model catches on, there will be a tsunami of balance transferring away
from the likes of Chase and Citi to this new company and also other yet-to-be-established similar companies. (As of yet, there are none.)
Why? The new business model (actually, a reinvented old philosophy) is
corporate "KINDNESS" and "RESPECT" toward their customers.
PartnersFirst is basing its business on no fees and steady rates (although a bit high around 16%) that won't change on a 45-days-notice whim.
The contracts are supposed to be a decent contract like in the old days.
The business model has been budding now for the last two years and will soon explode.
Unfortunately, people who are on the fence between being good
and bad cc customers and, of course, the risky will remain behind to pick up the slack at greedy Chase and Citi. The ditching flight away from the monsters will make life even more horrible for these trapped behind souls. The likes of Chase and Citi will just gobble like hogs over corn.
Getting a card with a kinder card company will become a status symbol because the company is totally careful at WHO they will allow to have a card. Only the cream of the crop customers can get one. These are people who've gone through extreme screening and won't present any risk to the card company.
I think the business model is an immensely profitable one, but it will severely divide the market into rich and poor-getting-poorer people. The poor-getting-poorer people will be an ever-growing majority number whose financial freedoms and financial possibilities will increasingly diminish.
To starve off the inevitable, our "fine and good" Congress needs to fix the fix-laws proper and take the 'serving platter' away from the likes of Citi and Chase.
Enterprise takes cash, or debit card. I can use the debit card for pretty much everything else. I wont have a credit card, or any other form of usurous financial instrument ever again.