Dear Valued Credit Card Customer;

[zoiks]

More like dear dumb ass voter, because you voted a BOzo to office with a crack team of blue congress jerkoffs, there is new legislation that reduces our profitability in one segment so we are shifting the costs to another that they conveniently missed in the regulation because we lobbied it to be that way. That way we penalize the winners and reward the losers, which in the end makes everyone losers.

Keep votin' Democrat ya dumbass,

Corporation that provides a valuable service to you and employees thousands of people

BTW man. Nice avatar. Maybe I'll get one with poop on a bible for mine.

 

[Vette73]

BTW man. Nice avatar. Maybe I'll get one with poop on a bible for mine.

 

[JS80]

BTW man. Nice avatar. Maybe I'll get one with poop on a bible for mine.

Go ahead, I'm not going to go beheading you for it.

 

[highland145]

only thing i use CC for is for people i dont trust on paypal so i can do chargeback. Other than that cash is king. Bought a house with cash car with cash..

Ones and fives. You should be more careful announcing you're in pharmaceutical sales.

 

[Fear No Evil]

Funny. Mine kept going up before it was signed and I got a letter from pretty much all companies I have credit with (save for one) that my credit line was going to be decreased. And my credit has been ~ 775-810 (average from all 3 agencies) for about 10 years now.

After Obama put the new regulations into law, the companies are starting to feel the pressure. My rates definitely haven't changed even slightly after the bill was signed.

The bill didn't go into effect for like 6-9 months so it gave them time to up it before the restrictions went into place. Another 'gotcha' from the Obama Administration. Wink Wink, we're going to sign this law preventing you from arbitrarily upping people's interest rates.. but we're not going to do it for 6 months.. HINT HINT.. WINK WINK.

 

[Fear No Evil]

No; you are someone that lives above their means. Has nothing to do with the Gov, has to do with YOU.

I am dual income with kid and get no tax advantage from having my son. Yet me and my wife never carry any balance. If we can;t pay the FULL amount off when the bill comes we don;t buy it.

I think you might need to tap your sarcasm meter a bit. Taking advantage of 0% financing is not living above your means though.. for people who aren't stupid with their money its a very smart thing to do.

 

[halik]

Go ahead, I'm not going to go beheading you for it.

zing...

 

[alkemyst]

Dump them?

If Rossman were here, he would tell you to get a http://www.bettercreditcard.com/

Credit is hard to get extended today...the old app-o-rama is impossible for most.

 

[spidey07]

Yep. He's personally benefiting from all of that and definitely all profits go back to him.
Keep your fucked up rhetoric pent up inside and stop it from spewing out.

That's not what I meant and you know it. By not allowing many of the fees on deliquents and irresponsible people the CC had to find other sources of revenue. Guess where that other source was? SunnyD's fee. The responsible people are getting screwed.

 

[alkemyst]

Amex?

Actually Visa or Mastercard. Pretty much all my Citi cards.

My 7.24% card went from $5500 to $560, my 8% card went to 13.99 adjustable and from $7500 to $2060. My sears mastercard from $5700 to $250, and bumped to 25.4. A capital one 10% card went to 24.99% with no reduction in limit, my 8% Juniper was closed.

None of these creditors I have been late with and I have paid all much more than the minimums.

I took out a personal loan at 8% and moved the remaining $10k I had to it and another $6k on a 4.25% loan from my 401K that I get back the interest on.

 

[zoiks]

That's not what I meant and you know it. By not allowing many of the fees on deliquents and irresponsible people the CC had to find other sources of revenue. Guess where that other source was? SunnyD's fee. The responsible people are getting screwed.

The reason the law was signed was because CC companies were gouging consumers by unreasonably changing the payment due dates and charging exorbitant fees as a result not to mention double cycle billing. They (consumers) were not being given enough time whenever changes were made to the rules. The CC companies were actually applying monthly payments to lower interest charge purchases unfairly when the customer had different interest rate purchases. The list goes on and on. And all this was before the credit law was signed.
So now Obama tried to lessen the blow which is what all he could do. Naturally CC companies like oil companies, exploited loopholes in laws and are sill trying to fuck up their customers in every which way they can to maximize their profits.
So damn if Obama does anything and damn him if he doesn't. But it's a whole lot better than before I can tell you that. George puny Bush didn't do shit.

 

[zoiks]

Go ahead, I'm not going to go beheading you for it.

Thanks. I'll add pee in it too.

 

[highland145]

Naturally CC companies like every public company, exploited loopholes in laws and are sill trying to fuck up their customers in every which way they can to maximize their profits.

fixed

 

[spidey07]

Hell, even goolging "why have credit card fees gone up" yields all kinds of info that they are going up DIRECTLY because of this legislation.

http://www.washingtonpost.com/wp-dyn/content/article/2009/07/01/AR2009070103868.html

More recent

http://www.ajc.com/news/banks-find-ways-to-616338.html

But the new law also has ushered in an era of higher interest rates and increased fees even for consumers with good credit as banks try to make up for the losses from the more criticized practices.

“I truly think that the credit card act primarily helped those consumers who had trouble managing their credit card accounts,” said Bill Hardekopf, CEO of LowCards.com, a consumer site that analyzes more than 1,000 credit cards. “But in one way, shape or form, banks are going to find other ways to make money, and these changes will affect a wider base of consumers. I think down the road, the act could possibly hurt more people than it helped.”

 

[Golgatha]

This is because of the "consumer protection" laws passed by congress that removed the ability of CCs to punish irresponsible people with fees, interest, etc.

So where else were they going to turn to get their money? Yep, that's right, you and me and every other responsible person.

Yeap, good stuff. Now I have to keep a high minimum balance in my checking account to avoid fees. Basically it's money sitting in an account loosing value due to inflation to make up for the fees the banks can no longer charge for overdrafts.

I could have sworn they still make money on the loans they make with my money and the merchant fees associated with my debit card...yeap, money grabbing whores all of them!

Back on topic:

I will gladly drop any credit card who thinks they can charge an annual fee for the privilege of using their card. Heck, I wouldn't have them to begin with except for the excellent reward programs that they offer. I'm a "bad" customer because I use my lines of credit sensibly. Oh the irony.

 

[SandEagle]

I have a CC with 24.9% APR. miss a payment and it defaults to 39.99% APR.

 

[stag3]

heh..I just got a letter from Chase that says they lowered my credit card limit from 16k to 4k on my oldest CC account (about 10+ years old) and another Chase CC was lowered from 4K to 1K because I never kept a high enough balance on either of them (I pay off whatever is owed each month in full). Hopefully AMEX won't do the same to me.

same here, i closed both my accounts
both 10+ years old
1 was 10k, lowered to 1k
other was 5500 lowered to 500

never carried a balance, never late.

 

[Anubis]

heh..I just got a letter from Chase that says they lowered my credit card limit from 16k to 4k on my oldest CC account (about 10+ years old) and another Chase CC was lowered from 4K to 1K because I never kept a high enough balance on either of them (I pay off whatever is owed each month in full). Hopefully AMEX won't do the same to me.

FWIW amex just raised my limit by $1500 out of the blue,

 

[swanysto]

This is why I just make enough to pay for what I want when I want it, so I don't need a credit card.

 

[highland145]

I have a CC with 24.9% APR. miss a payment and it defaults to 39.99% APR.

If that happens you should just come to me.:thumbsup:

 

[Anubis]

This is why I just make enough to pay for what I want when I want it, so I don't need a credit card.

lots of people dont NEED them but its easier to use them over a check (hell some places wont take a personal check) and safer then paying cash or using a debit card

and they also have perks like airline miles, cash back and extended warranty - ive never carried a balance and i use mine for the reasons stated above

ordering things online with a debit card is a bad idea, CC is the only other option

 

[soulcougher73]

Buuu Buuu Boooooooosh!

OMG OMG OBAMA...works both ways

 

[swanysto]

lots of people dont NEED them but its easier to use them over a check (hell some places wont take a personal check) and safer then paying cash or using a debit card

and they also have perks like airline miles, cash back and extended warranty - ive never carried a balance and i use mine for the reasons stated above

ordering things online with a debit card is a bad idea, CC is the only other option

I don't use checks either except for Rent payment or large purchases like my car.

Those perks come with some small print that makes them less perky than they sound.

Never had a problem ordering stuff online with my debit card, although I don't see a problem as Bank of America protects 100% of the money in my account. When a waitress stole my CC number and used it to buy 16k worth of stuff, Bank of America paid it all back to the penny.

 

[Fear No Evil]

OMG OMG OBAMA...works both ways

Obama is the current President of the United States. Bush is not. Slightly different.

 

[Leros]

I have very little credit. My credit card has no fees and they keep increasing my limit to astronomical amounts.

What am I doing right?