Hello Kitty, Goodbye Rewards
As part of the push to get the Credit Card Reform bill passed, Senator Byron L. Dorgan criticized credit card companies for advertising to kids such as with the Hello Kitty card.
You can check out the coverage at Consumer Reports.
How can something so pink and cute be so evil? Hopefully they don’t mess with the Chase Disney rewards card lest they wake Mickey from his slumber in Valhalla.
The Credit Card Reform bill has passed through the senate. A great day for people who abused credit cards, a bad one for those who had the opportunity to exploit them. Yes, credit card companies have abusive practices but they made money. That money let them offer people some great rewards and kick backs which are now going to start fading away. Chase is an example of a bank rolling back its rewards programs. Chase Freedom credit card holders are getting letters stating that their card is being downgraded to an inferior 1% program from their 3% on everyday categories program. A $50 bonus for claiming $200 in cash back rewards has been removed. So while the bill is good in its intention of getting rid of some exploitive practices, expect to see alot of benefits cut too.
Senator Dorgan’s fears are unfounded. Getting a credit card at a young age paves the way for a good credit score if used responsibily. If we want to prevent a 14 year old from learning how to manage their finances, how will they know what to do when they are 40? If a pink credit card is the worst thing influencing little girls today, I can’t wait to hear what Mr. Dorgan things of the Hello Kitty personal massager at Hello Kitty Hell (SFW).
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