Subtle Attack on Credit Card Deadbeats
Before we get started here, If you are a credit card Deadbeat that is a GOOD THING!!
Gosh, I would love to hear what Julia Kagan thought about this latest gimmick promoted by American Express called Plan It which apparently is copyrighted by the credit card behemoth.
According to industry parlance, a Deadbeat is an informal, rather rude, term for customer who pays off his or her balance in full and on time every month, avoiding the burden to pay off interest that would have accrued on their accounts. Note Deadbeats also do not get saddled with late fees!
So, I am trying to figure out what this Plan It thing is. Amex markets it by calling it a way to "Create a plan for life's big moments", but it sounds like PAYMENT SYSTEM WITHIN ANOTHER PAYMENT SYSTEM. There is no additional interest charges, but a fixed fee for each one of these Plans you Build for charges you may not be able to financially handle in a particular billing cycle. A common example, would be someone, literally compounding their problem, by paying off a student loan this way. Consider yourself a credit card company target my friend!
So Julia, would you concur that this appears a way to convert Deadbeats to NON-Deadbeats? Afterall credit card companies don't make a penny off of Deadbeats other than the standard transaction fee.
Gosh, I would love to hear what Julia Kagan thought about this latest gimmick promoted by American Express called Plan It which apparently is copyrighted by the credit card behemoth.
According to industry parlance, a Deadbeat is an informal, rather rude, term for customer who pays off his or her balance in full and on time every month, avoiding the burden to pay off interest that would have accrued on their accounts. Note Deadbeats also do not get saddled with late fees!
So, I am trying to figure out what this Plan It thing is. Amex markets it by calling it a way to "Create a plan for life's big moments", but it sounds like PAYMENT SYSTEM WITHIN ANOTHER PAYMENT SYSTEM. There is no additional interest charges, but a fixed fee for each one of these Plans you Build for charges you may not be able to financially handle in a particular billing cycle. A common example, would be someone, literally compounding their problem, by paying off a student loan this way. Consider yourself a credit card company target my friend!
So Julia, would you concur that this appears a way to convert Deadbeats to NON-Deadbeats? Afterall credit card companies don't make a penny off of Deadbeats other than the standard transaction fee.
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