The use of cards and the widely-known definition of “card” has changed drastically through the years. Much like this blog entry and the many to come, a revolutionary concoction of ideas will arise from changing ways.
http://www.dailybarometer.com/news/how-banks-make-money-off-of-credit-cards-1.2872867#.UFFpsKTyZXd
In striving for convenience, the use of credit cards has served as a popular method of transaction, but has the convenience overshadowed the proper ethic of the regular consumer? Following the trend of credit card users, there are often blunders from the periodic payment system. In this wake, fees left and right have mystically surrounded the entire system. Whether the payment schedule is closely followed or not, banks have successfully played advocate to the mystical force surrounding the system.
“the nine largest credit card issuers earned a combined profit of about $3.85 billion in 2010 from a total of more than 1 billion issued cards.”
True, late fees will always exist, and other extraneous fees (such as compensation packages from banks), but is it ethical that the bank and credit card companies be gaining such profits from gaffes made by their customers? The ethical issue lies within a relatively new concept in the credit card system where hidden profits are used to the benefit of credit card companies.