Interest? No credit card charges interest if you pay the balance promptly every month.
And if your bill is several thousand bucks more than you budgeted for, because some company overcharged you 20 times?
And how difficult can it be to get a credit card? I had one in college when I had no regular source of income.
Were you asleep all of last year?
"Parents must now give their consent before their children under 21 can get a card. "At a time when our economy is in a crisis and consumers are struggling financially, credit-card companies are gouging them," said Chris Dodd, chairman of the Senate Banking Committee.
Noxious as some of the card-companies' practices were, they did allow many more people to hold credit cards. Bankers say the new restrictions may cut the number of credit-card holders by up to 45m. That is almost certainly an exaggeration, but there is bound to be a drop."
If I get hit with a fraudulent charge, they just cancel my card and waive the charges, and issue me a new one. In the meantime, I keep using my other cards. If it's Visa, I might have to sign a declaration listing the fraudulent charges. If it's Amex, they just take my word for it.
Fine - until the person at the other end had a shitty day and they tell you to get bent.