Ken is correct, but...
The reality is that credit cards are here to stay. That doesn't mean we have to put up with the tactics of the credit card companies. Just this week, I had to cancel my VISA card because a fraudulent transaction was posted. I Googled it and discovered that someone had figured a way to establish a monthly charge for $12.95 for goodness only knows how many credit card holders. I noticed because it was the only charge on my card. Hard to miss! So I called the credit card company's security department. They canceled the card and are sending a new one. I have a mind to not renew it when it gets here!
But here is the kicker. They want to sell me 'protection' at $7.95 per month to avoid these sorts of things. First they charge Mafia-style interest rates. Now they sell 'protection.' Since it costs them money to reverse charges and reissue cards, and since they obviously can keep these kinds of charges from happening, what kind of business model allows them to continue what they are doing? The cynic in me says "because they are making money doing it this way!"
How many times can you make a charge on your card, even in a face to face transaction, without a signature required? I have "ask for photo ID" printed on the back of my cards (2). Rarely does that happen. One business said I had to sign the card then and there or they wouldn't allow me to use the card. I replied, "How do you know that I am the legal owner of this card?" I can sign any darn thing, they wouldn't care. At that point they had a choice. I held up the line while I demanded to see a manager. I quietly explained how their business practices actually aided the use of stolen cards. Then offered them the opportunity to make the sale the way I had offered (which was to accept my photo ID with the card without signing the back of the card) or have an employee return things to the shelves. Simply asked which was more important to the business; to mindlessly aid and abet those who manipulate the system or accommodate the customers who come into the business to make a purchase.
So the no annual fee card will require one to buy the monthly 'protection' in the near future. Bet on it. Soon to follow will be the cards with an annual fee. Then there will be a fee for the months you have no charges. Followed by a fee for paying off the entire amount each month. Think I'm crazy? Look at the interest rates. 18-21% and lobbying for higher limits.
We all know the story about not doing anything because "they didn't come for me." They will.
The question is what will we do about it? When will we do something about it? What can we do about it now? Having a credit card should be a convenience for the consumer, not a right to drive the Gross National Product!
Oh, you read this far!
The store made the sale. Of course, I was talking to a manager that had some authority to make a decision. That is sort of important.