When the Senate passed the "Credit Card Accountability Responsibility and Disclosure Act" by a 90-5 margin yesterday, I thought "Guess who's going to get screwed again? Responsible people who pay their bills on time!"
Don't get me wrong -- I think it's a great idea to make the credit card companies accountable for their sneaky ways, but this legislation is likely to cost card issuers $12 billion a year in lost fees and income. To replace that revenue, don't be surprised if firms find other ways to recoup that money.
On "The CBS Early Show" this morning, I outlined the ways that consumers who routinely pay off credit card balances -- also called "deadbeats" by the card companies, because they can't make money on us -- might end up paying more for the privilege of credit.
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