Responsible Credit Card Users Should Not be Penalized

The Federal Reserve’s New Regulations
PressReleasePoint - THE BEST thing about credit cards balance transfer is how convenient they make it for consumers with responsibility to take undue advantage of business and banks.
Some cards give low interest rates – as much low as credit card balance transfers
, purchases or even cash advances. We take this money, and when we pay the balance prior to end of promotion, the credit card balance transfer companies actually lose money.
We use credit cards for more convenient shopping. Simply swipe, then sign and there you go. By paying our full bills every month, we often earn flyer miles or cash back without paying interest or fees to the company. There are yet more benefits that are free. If we are ripped off by a seller, the credit card balance transfer company will bat for us and help us get back our money.
But, the Federal Reserve is to mess up all of these. Its new regulations propose to destroy or reduce many consumers' eligibility to take benefit of credit cards.
As per the proposed rules, when a consumer takes benefit of a temporary rate of promotion, issuers of card will have to apply the payments of cardholders to any existing balance of higher-rate before they apply it to the balance of lower-rate. The rules will prevent banks also from increasing the rate of interest on a balance that exists unless the cardholder pays late more than 30 days.
Those rules can look beneficial to card holders. The Fed received hundreds of letters full of horror stories of credit card, requesting them to adopt the amendments during the 90-day public-comment period.
Self-education and common sense can help. If someone offers you something for nothing, is it actually too much to ask for reading the small print and then carefully abide with the deal terms?
In any case, poor decision making by some consumers is no reason to put a stop on choices from us. In addressing the nation’s economic woes, the Fed would do better to inside its own money policies that are loose, than to victimize issuers of credit card and punish credit card consumers who are responsible.