http://www.thisisthegreenroom.com/2009/we-dont-want-no-interest-free-loans/ turn to page three hundred and ninety-four Fri, 16 Jul 2010 07:20:26 +0000 hourly 1 http://wordpress.org/?v=3.0 http://www.thisisthegreenroom.com/2009/we-dont-want-no-interest-free-loans/comment-page-1/#comment-1672 J Sat, 21 Nov 2009 13:50:00 +0000 http://www.thisisthegreenroom.com/?p=3180#comment-1672 I agree with you - and I'm curious as to whether they discriminate by credit score or if its a general policy. I don't have any previous experience with Discover, which makes it hard to say. I agree with you – and I’m curious as to whether they discriminate by credit score or if its a general policy. I don’t have any previous experience with Discover, which makes it hard to say.

]]> http://www.thisisthegreenroom.com/2009/we-dont-want-no-interest-free-loans/comment-page-1/#comment-1662 Josh Thu, 19 Nov 2009 17:47:17 +0000 http://www.thisisthegreenroom.com/?p=3180#comment-1662 Interesting that they wouldn't let you prepay, but I think that the reason is the credit card company would much rather keep their money with you, because if you maintain a balance with them, they can charge practically userous rates on the balance, much higher than the rates they could get loaning the money out to most other places. Also, my guess is you're one of the more credit-worthy individuals holding a credit card, which would mean you represent less of a default risk than the many who have already defaulted or carry staggering balances on their card. You are more likely to pay the interest (maybe even more likely than an overnight loan to a bank!), and so they want to, apparently, force you to keep their money for as long as possible, because that's how they make money. Given the current economic environment, with consumer defaults having sky rocketed, etc etc, the argument doesn't hold up as well because who's to say you didn't just lose your job or have all your savings invested in Lehman? It would be interesting if that comment appeared only for those individuals who have prepaid their card historically, or have a history of always paying off the balance in full...a credit card company's worst nightmare. Interesting that they wouldn’t let you prepay, but I think that the reason is the credit card company would much rather keep their money with you, because if you maintain a balance with them, they can charge practically userous rates on the balance, much higher than the rates they could get loaning the money out to most other places. Also, my guess is you’re one of the more credit-worthy individuals holding a credit card, which would mean you represent less of a default risk than the many who have already defaulted or carry staggering balances on their card. You are more likely to pay the interest (maybe even more likely than an overnight loan to a bank!), and so they want to, apparently, force you to keep their money for as long as possible, because that’s how they make money. Given the current economic environment, with consumer defaults having sky rocketed, etc etc, the argument doesn’t hold up as well because who’s to say you didn’t just lose your job or have all your savings invested in Lehman? It would be interesting if that comment appeared only for those individuals who have prepaid their card historically, or have a history of always paying off the balance in full…a credit card company’s worst nightmare.

]]> http://www.thisisthegreenroom.com/2009/we-dont-want-no-interest-free-loans/comment-page-1/#comment-1660 Tweets that mention We don’t want no interest-free loans! at This is the Green Room -- Topsy.com Thu, 19 Nov 2009 16:59:34 +0000 http://www.thisisthegreenroom.com/?p=3180#comment-1660 [...] This post was mentioned on Twitter by Aaron Miller, Ursala. Ursala said: We don't want no interest-free loans! at This is the Green Room: Occasionally, however, I send the credit c.. http://bit.ly/2IMO5G [...] [...] This post was mentioned on Twitter by Aaron Miller, Ursala. Ursala said: We don't want no interest-free loans! at This is the Green Room: Occasionally, however, I send the credit c.. http://bit.ly/2IMO5G [...]

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