Did you know that credit card companies have their own jargon for its customer categories?
“Revolvers” roll credit card balances over month to month, never paying in full.
“Deadbeats” pay their balances off in full every month.
“Rate Surfers” or “Gamers” shift usage between credit cards based upon interest rates.
Also, here are some of the facts about them:
Credit card companies can increase your interest rate if you miss a payment with any other creditor? In other words, don’t miss any credit payment on any of your credit cards or they might all go up in interest rates.
According to the Better Business Bureau, out of 1000 industries they track, the credit card industry is number one in consumer complaints in the nation.
Credit card companies make more money from fees than interest collected. Today late fees are 4-6 times more than they were 10 years ago. Last year CitiBank was more profitable than Microsoft or Walmart.
You can watch the documentary online in five chapters through Frontline’s site.