I received a notice in the mail today about my credit card and the change in my account. I presently pay 7% on purchases. As of April 17th, it will go to 15.9% due to the economic situation.
I called them and they told me to consider myself lucky and that 15.9% was considered low by their new standards. Some went as high as 29%. I have always paid either the entire balance in full or at the very least, much more than the minimum amount due.
Has anyone else received changes in their credit card accounts?
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MobileTerminal
February 17, 2009, 6:21pm
Guest User
Yep - Chase just raised their minimum payment - nearly doubled it. And their interest rate went from 4% -> 16%. I closed that account real fast.
My boss' Capital One credit card interest just went up to 24%. Mine was Capital One also but went up to 15.9%. His interest rate must be higher because he has a higher line of credit.
Main Entry: usu·ry Pronunciation: \ˈyü-zhə-rē, ˈyüzh-rē\ Function: noun Inflected Form(s): plural usu·ries Etymology: Middle English usurie, from Anglo-French, from Medieval Latin usuria, alteration of Latin usura, from usus, past participle of uti to use Date: 14th century 1archaic : interest 2: the lending of money with an interest charge for its use ; especially : the lending of money at exorbitant interest rates 3: an unconscionable or exorbitant rate or amount of interest ; specifically : interest in excess of a legal rate charged to a borrower for the use of money
who is making the laws????? yeah,,,,,THEY ALL SLEEP, EAT AND CRAP TOGETHER........THINK NOTHING DIFFERENT...........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
A local TV station, I think Ch 6, had a story about some guy who had a good job, good paying job, was very wise with his money because his dad taught him, can't remember if he was married but I think he owned his own house. His interest rate went up and he said the only thing different was that he used his card at Walmart. They story showed him talking about his purchases. Kind of like looking over the months of use, all upscale places, and then the only "new" place he used his card was Walmart--that was the only difference
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
I don't understand how using your card at walmart would effect one's interst rate. Perhaps it was just a coincidence since many peoplehave had their rates increased this last month.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Obama pushing for reform of credit card regs BY BEN FELLER The Associated Press
WASHINGTON — President Barack Obama said Thursday he is determined to get a credit-card law that eliminates the tricky fi ne print, sudden rate increases and late fees that give millions of consumers headaches. “I trust that those in the industry who want to act responsibly will engage with us in a constructive fashion, and that we’re going to get this done in short order,” Obama said, delivering a pointed message to leading executives of credit-card issuing companies after a closeddoor White House meeting. Both the House and the Senate are pursuing bills to give consumers greater protections as an expansion of new rules slated to take effect next year. Obama said his economic advisers will examine the various proposals and work with Congress and the industry, but he made clear he wants to sign a bill into law. “The days of any time, any reason rate hikes and late fee traps have to end,” Obama said. At issue is how to protect consumers, particularly in a deep recession, while not imposing the kind of rules that could make it harder for banks to offer credit or put credit out of reach for many borrowers. Industry executives left the White House without talking to reporters. Later, one of the participants, American Bankers Association president Edward Yingling, said the executives listened to Obama’s concerns and “agreed to work with the administration to address them.” In a statement on behalf of the executives, he said consumer protection must be balanced with “ensuring that credit remains available to consumers and small businesses at a reasonable cost.” The credit-card executives made the case in the meeting that the sweeping rules already ordered by the Federal Reserve, due to take effect next year, address many of the concerns held by the president and Congress. “He disagreed with that case and believed that more needed to happen,” White House press secretary Robert Gibbs said of Obama. So Obama outlined the principles for any legislation: Protections so that consumers won’t face sudden, surprising jumps in fees; requirements that companies publish their forms in plainspoken language, with no more fine print; the availability of customer-friendly comparison shopping on credit-card offers; and greater enforcement so that violators feel the full weight of the law. The president made no mention of the responsibility of consumers to keep themselves from getting overextended. As one possibility, Obama said it may help if all credit-card issuers offer a basic, “plain-vanilla” card as a default option for consumers. The president also acknowledged the importance of credit cards; almost 80 percent of U.S. households have one. Credit cards often serve as a vital source of liquidity, both for individuals and small businesses. Credit-card debt has increased by 25 percent in the past 10 years, reaching $963 billion by January, according to figures released by the White House. The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008, according to CreditCard.com, an online marketplace designed to link consumers and card issuers. The Federal Reserve has already ordered new rules, to take effect July 2010, that are designed to enforce a host of new consumer protections. On Thursday, Sen. Chris Dodd, D-Conn., chairman of the Banking Committee, and another panel member, Sen. Chuck Schumer, DN.Y., wrote a letter asking the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration to enforce those rules immediately. The effect would be to put an emergency .............http://www.dailygazette.net/De.....amp;EntityId=Ar00900
Credit cards are regulated state to state. All states have AG's who, I thought, should be handling this issue. I thought that obama should have thrown it back to the states with a time frame for these things to be implemented.
I just don't know how we ever got to this point where the president of the united states...the leader of the free world, the most powerful position in the world (so far)...is sitting down with credit card companies, baseball players and car manufactures. I guess this is the new 'capitalism'.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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