One Credit Card Rating System for All?
March 20, 2008
05:40 PM ET |
Kimberly Palmer
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I recently spoke with Sen. Ron Wyden about his and Sen. Barack Obama's credit card reform proposal, which involves rating cards according to a five-star system. He defended it against one of the credit card industry's main arguments in opposition to it, which is that it's impossible to develop a set of criteria that would apply to all consumers, since we're a diverse bunch. Wyden's point, in a nutshell: Everyone can benefit from easily understood language and policies, and the rating system wouldn't apply to things like interest rates, fees, and rewards.
Tags: credit | credit cards | Ron Wyden
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Subjective criteria applied objectively
Here we go again. Some self-appointed "experts" are going to tell us what is best for us by using some arbitrary criteria as input to some arbitrary rating formula to give us a rating. They will then apply some arbitrary criteria to tell us what the rating means.
If interest rates, fees and rewards are not included in the rating system, what else is there to rate? How pretty the card feels? How many money machines you can get an advance on?
Oh, don't forget the new bureaucracy that is going to grow up to support these useless ratings.
Mar 28, 2008 14:28:55 PM [permalink] [report comment]