The US government just made a bunch of new credit card rules, all of them are nice, but people will continue to spend more than they have. If I could apply one rule to the credit card companies it would be...."No more rewards programs". I believe this is one of the major factors why people choose to use credit vs cash or debit.
This would suck, and a lot of people would be pissed, but I think it would slowly work.
What do you think?|||Actually, the vast majority of rewards card holders never redeem any of their points or are unaware that they even have rewards on their cards, so it's not the driving force behind the cards. Credit cards and store credit accounts have been popular long before anyone devised a plan to couple rewards with them. People in this culture are geared towards spending more than they make and many have no idea how to manage their finances. Also, it's pretty hypocritical for the government to tell anyone how to manage finances. Have you checked the national debt lately? Oh, and they offer rewards programs on debit cards as well, so you're not eliminating the problem.|||I love my rewards program.
Last year I made about $500 cash back in my pocket.
Now, I know that for top credit scores I need to pay my credit card in full each month.
This allows me to never pay interest - ever. Not a cent APR.
More than 50% of the population never carry balances and are actually making money by using credit cards.
/|||I don't think it's a good idea. People should just learn to be more responsible with their finances or credit card companies should make it harder to obtain credit which is what will probably happen if it hasn't already. I only have three cards and don't plan on getting any new ones.
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