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Major Credit Card Changes!!!

T

T_Bone

Well-known Member
On the AP_ News wire.

Major credit card changes in our benefit are supposed to be made before 01/01/09. No details to speak of but the jest was they have to quit screwing us on interest and time delays for higher interest yields.

You might want to keep a close eye on your CC for a few weeks.

Sorry I can't find the article for a cut & paste.

T_Bone
 
Some how the consumers going to get screwed. Most of the CCs are 5-7% over prime, isn't prime now 1/2%? So we should have 5-8% interest rate on the card, bet this will get changed.
CCs are the most crooked scheme going and the states they're located in have written their own laws to get around usury laws.

· * Ban on raising the interest rate on existing balances unless the customer was 30 days or more late in paying the minimum. Avoid paying the minimum late and you won't see your interest rates jacked up to 25 or 30 percent. Right now credit card companies have been increasing rates on people just a few days late or on people who made a late payment on another card. Banks can still increase rates if the card has a variable rate or a promotional rate set to expire.

Change the way credit card companies apply your payment. Right now most credit card companies apply the payment to the balance with the lowest interest rate. Thereby allowing balances with higher rates to build up interest charges. With the new rules banks would be prohibited from applying the entire payment to the balance with the lowest rate
 
tlak,

I think that the prime interest rate and the rate that the Federal Reserve charges its member banks are two very different things. The 1 percent rate that you refer to is the bank rate that the Fed charges its member banks for short term loans.

Prime interest rate, on the other hand, is that which banks normally charge to their best customers. It is currently somewhere around 10 - 12 percent.

Now someone who knows more about this than I do might correct my wrong impression, but I'm pretty sure I'm right.

Credit cards are always a bad financial transaction.

Tom in TN
 
Won't make much difference to me one way or the other. I use my card for nearly everything, but never carry a balance.
 
Good I think there are more than a few using them to get by right now.
If you are I feel for you. been there done that. Didnt like it.

Right now for us. The only thing that gets put on super elastic get you in debit plastic. Is if we forgot the cash.
 
My wife has had a KOHLS card for about 20 years,
just got a new one,(new expiration date), in the
mail, and I noted, under "Terms" that the
interest rate, on unpaid balance, is 27 1/2 %
 
Tom you have it right when talking about Prime rate as compaired to Federal rate but your # is a little off.
ratecharts17.gif
 
Had it right that there should be low rates, wrong base.
So we(tax payers) bail out the banks, and they (the banks)screw us (tax payers) again.
 
My Wife just had a CC cancled . She has had this card for years . Always paid up every month. She called Bank they told her that they were no longer doing CC. I think you will see more of this .
 
They should have been changed long ago. I've had my credit amount raised several times without my permission. Last week I recieved a CC in the mail that I didn't ask for. It's no wonder people get in trouble with credit when it is almost forced upon them. Most people don't have the willpower to just cut them up when they are needing money. I've got one and I pay it off every month.
 
Yeah, it's getting so the worst thing you can do for your credit rating is to keep the cards paid up....and conversely; the best thing to do is pay minimum and a bit late at that!
 
John,

Thanks for the data. I haven't looked at prime rate in a long time, and obviously, my impression of it was way too high.

Have a good day.

Tom in TN
 
I got a notice from the cc.If I'm late the interest rate will go to 29.9% and that's a good thing?That card no longer lives with me.
 
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