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Thursday, December 18, 2008

Calling Rounds/Thune's Bluff: Feds Pass Sweeping Credit Card Regs

You know those onerous credit card regulations that Governor Rounds and Senator Thune said would kill thousands of jobs in South Dakota? The feds approved them (the regs, not Rounds and Thune) today.

Expect pink slips at Premier Bankcard any day now... right, Governor Rounds?


  1. "While the new rules are designed to increase protections for consumers, the Fed itself has recognized that they may result in increased costs for most card users and reduced credit availability, particularly for consumers with lower credit scores or limited credit history."

    Before you celebrate - understand that this is going to hurt the most distressed consumers that need credit - not sure how that's a party!
    ---Lee Schoenbeck

  2. Gee Lee, a lawyer and a thune campaign contributor. I'm impressed. Why don't you do some lawyering over these numbers, and then remind us again how this is good for consumers.

    First Premier Cards

    Credit limit $250
    Program Fee -$95
    Account Setup Fee -$29
    Participation Fee -$6 per month
    Annual Fee -$48 per year

    Total Usable Credit $72, before first purchase is made.

    It's called Fee Harvesting. More here.

    and here.


    and here.


    Warren Phear


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