Credit card ruleschange on Monday | The Columbus Dispatch

Full story: Columbus Dispatch

Your credit-card company has to give you 45 days notice before it can increase your interest rate, change fees or make other significant changes to the terms of your card.
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1 - 20 of 34 Comments Last updated Mar 26, 2014
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Steve

Houston, TX

#1 Feb 21, 2010
I think the Credit Card companies have been bashed for no reason.

This is business, and nobody forced the consumer to charge up an ourtrageous balance.

Fine print is fine print because it would fill an encyclopedia.
Obama said he would ensure that the Credit Comp. make changes and disclose info to you; well they did :) but they needed fine print.

It's expensive when you spend someone else's money because you shouldn't spend what you don't have.

Credit - ability to purchase or aquire items, goods, and or services without liquid assests.

Financial Institutions and Media control the World, hand in fist. Let the games continue....
joe credit card

Barcelona, Spain

#2 Feb 21, 2010
Whats with all the hacks arguing for the credit card companies... if you read the rules (they're on the left)... they're actually quite reasonable and have done away with many ways credit card companies use consumer's lack of knowledge about billing to make additional profits.
And before you go spouting any free market tripe, lets not forget that credit cards operate as a monopoly... that is why there are only three providers in the united states (and one of them is american express which no one uses anyways).
joand

Sainte-anne, Guadeloupe

#3 Feb 21, 2010
are there new rules alpplying to peoploe who pay off their cards every month?
RockE

Reynoldsburg, OH

#4 Feb 21, 2010
Undoubtedly, this "government intrusion" into "free-market" big business will have credit card companies scrambling to retaliate so as to keep profit margins astronomically "fair".
Judy

Spring Hill, TN

#5 Feb 21, 2010
Credit cards are becoming the bane of this country. It is so easy to whip out the plastic and charge a purchase. I remember when those things first came out. Credit cards are not the problem, it is the misuse of credit cards that causes problems. Students especially have these grandious plans of getting a fantastic education, and going out into the world and making millions of dollars. Well, reality will set in that all of a sudden they are not even working in the field they prepared for. The rule is: The first month you don't pay the credit card amount in full, a person should cut it up! If already at that point, stop using it and get that debt paid down.
LAG3163

Mount Vernon, OH

#6 Feb 21, 2010
Well that explains why my fixed rate went from 7.99% to 24% even with excellent credit. Little quicker govrenment!
Beavis

Canal Winchester, OH

#7 Feb 21, 2010
joe credit card wrote:
Whats with all the hacks arguing for the credit card companies... if you read the rules (they're on the left)... they're actually quite reasonable and have done away with many ways credit card companies use consumer's lack of knowledge about billing to make additional profits.
And before you go spouting any free market tripe, lets not forget that credit cards operate as a monopoly... that is why there are only three providers in the united states (and one of them is american express which no one uses anyways).
Joe,

Only three providers? You obviously don't know the meaning of MONOPOLY.. here's a tip.. www.dictionary.com It's a great website. Visa, Mastercard, and Discover don't "own" all of the credit cards. Companies issue cards and use their networks for charging. Ask someone how many credit cards they have and I bet you will be told more than three by the majority of the people. Capital One issues Visa and Mastercard, HSBC, Chase, and so on..and here's the best part, THEY are all DIFFERENT, INDEPENDENT COMPANIES!!

I think the worst idea ever was the Overlimit fee. They put a limit on the credit card for a reason. So why allow to go over the limit? so they can charge $39 every month. NOW that is gone thanx to the CARD Act, unless you agree to letting them do that.

One last thing, people need to take RESPONSIBILITY for their own actions. To many people don't and expect everyone else to help them out. No one forces you to swipe that credit card and buy that flat screen TV at BestBuy.
owelMovement

Columbus, OH

#8 Feb 21, 2010
Beavis?? By your post, I thought that you were Butthead! Take a closer look at credit arrangements with retailers to see who is behind the money. Comes down to just a couple of institutions (primarily JPMC). No, it does not quite fit the definition of a "MONOpoly", but it is damn close.
NW Leo

Toledo, OH

#9 Feb 21, 2010
Judy, credit cards are a necessary tool in our modern economy. You cannot perform some fairly basic transactions without a credit card to back up the cash you may wave around. Sure, too many people are foolish with their credit cards and get themselves into a deep hole. But managing debt is a big part of modern life. There are not many folks who can pay cash on the barrelhead for their daily transportation or housing.
Wonderful

Columbus, OH

#10 Feb 21, 2010
Lets be real. If anything happens to the credit card companies, all pain is passed on to us. You might feel good about it now, but rest assured, you WILL pay in the end.
Terp

United States

#11 Feb 21, 2010
Credit cards are a convenience and a privilege for those who can afford to pay off their balances within a short period of time. Where does it say they are a right? They are not required and cash will work in most situations. Just like cell phones. Why does every man, woman and child have to have one?
Robin da Hood

Mount Gilead, OH

#12 Feb 21, 2010
Credit card companies rape young students and their financial virginity then abuse them for years while collecting high fees! Legal pimping, period!
tom the traveler

Columbus, OH

#13 Feb 21, 2010
I am a free market republican and a holder of JPM stock via the Bank One merger, but even I like the new rules.

Turning people into financial serfs and slaves because they are stupid or give into temptation is not the American way.

I really like the over limit rule.
Dumbocrat Scum iz Krazee

Reynoldsburg, OH

#14 Feb 21, 2010
I use my credit cards for major purchases because MC & Visa automatically extend the warranty by one year. It's a hassle to make a claim, but they do pay. I got $450 for a laptop that cr@pped out.
Hey Now

United States

#15 Feb 21, 2010
Are more and more people seeing the relationship between the rise of Big Banking and the Federal Reserve System? Print endless money out of thin air and then created unlimited debt based upon this funny money machine? In 2013 The Federal Reserve System will be 100 years old, time enough to prove that that institution is not in the best interst of the population. Repeal it.

Since: Jan 10

Miamisburg, OH

#16 Feb 21, 2010
Terp wrote:
Credit cards are a convenience and a privilege for those who can afford to pay off their balances within a short period of time. Where does it say they are a right? They are not required and cash will work in most situations.
Actually cash doesn't work in most situations as I've actually been charged a 'service charge' for paying a bill by cash rather than paying it by credit card. In the ideal work envisioned by the financial institutions cash/checks will become obsolete and everything will be handled by credit/bank transfers as it costs the banks less for overhead.
reDUMBlican

Westerville, OH

#17 Feb 21, 2010
Thanks to President Obama for sticking up for the average citizen. Credit card companies were acting like the mafia or loan sharks.
huh

Columbus, OH

#18 Feb 21, 2010
I read the new rules. I have no clue why that helps anyone. They already screwed us by jacking up their APRs in the last year. It's already done.

When I paid off my Capital One care last month and called to close it the guy said, "Why do you want to close it?" I said, "Why in the world would I want it at the rate you shoved down my throat two months ago?" He didn't answer me.

One more card to go and I'll be debt free. Unfortunately, it's a whopper and will take some time. But I'm disgusted by them all.
WHY

Columbus, OH

#19 Feb 21, 2010
this is an interesting article
but WHY IN THE HELL TELL CREDIT CARD USERS THE DAY BEFORE
show how considerate the nrespaper companuy is
DachsMom

Lancaster, OH

#22 Feb 21, 2010
Credit card companies made a practice over the last ten years of soliciting business through the mail, making offers too good to refuse unless you read the fine print. The fine print is fine not because it is voluminous but also because it is something the companies would rather you not see. The disclaimer, "for the first 90 days" in not put in 6-point type at the bottom of the page where the "0% APR*" is in 72-point type because the disclosure phrase would fill an encyclopedia.

Companies count on people not taking time to read the fine print. I will not go into detail on the reason so many people today fail to read it, but quality of education is the cause. Or, age. Lots of older people can't see the fine print, much less read it. For example, when my aging parents needed a 30-day loan to facilitate a land purchase five years ago, the loan processor that came to the house for signing had a stack of papers two inches deep. I kid you not. Who is going to read that? In this case, their daughter did -- and the loan processor did not like it one bit. Was going to be late to pick up her daughter from soccer practice. Oh, well. Not a credit card, but similar tactics. Trust that people won't read the details then shove the details up their a@@es when they can't follow through. Most don't catch the little detail that the CC company can change the rules at anytime by sending you a note about it. Either pay up in full or you accept the new rules.

These vultures do not play by the rules but count on people through either lack of education or infirmity or carelessness or busyness to not take time to read in a time of need. You're always at a disadvantage when in a time of need. Character is measured by how those around you assist you, either genuinely or by taking advantage. Bankers by and large do the latter. Deal with such only when absolutely necessary, and do all you can to avoid it becoming so.

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