Senate OK's credit card 'bill of rights'

Full story: Newsday 9
When her furnace broke last year, Carolyn Gumbs charged it to her Bank of America credit card, then saw her interest rate shoot from 9 percent to 14 percent about a month ago, even though, she said, she always paid in full or more than the monthly minimum. Full Story

“Read between the lines”

Since: Mar 07

Lindenhurst, NY

#1 May 19, 2009
A Bank of America spokeswoman said Tuesday consumers with interest rates under 10 percent are getting new rates in the midteens. "Our costs in providing credit have significantly increased," said Betty Riess.

Why are they allowed to punish us for what the government is doing? If I pay the minimum or more on my monthly bill to them and have consistantly done so for the past few years, then why should my interest rate fo up, If I have proven to them that I am not a liability to extend credit to?
Miss Curiosity

Baldwin, NY

#2 May 20, 2009
You don't get it. They are making us pay for the people who can't or won't. Otherwise they will "lose" their fee and interest income.
Long Island Taxpayer

Jersey City, NJ

#3 May 20, 2009
Citizens that pay for their balance very month are now going to get screwed by higher annual fees.
NYStateOfMind

New York, NY

#4 May 20, 2009
tmptjohn88 wrote:
A Bank of America spokeswoman said Tuesday consumers with interest rates under 10 percent are getting new rates in the midteens. "Our costs in providing credit have significantly increased," said Betty Riess.

Why are they allowed to punish us for what the government is doing? If I pay the minimum or more on my monthly bill to them and have consistantly done so for the past few years, then why should my interest rate fo up, If I have proven to them that I am not a liability to extend credit to?
Miss Curiosity wrote:
You don't get it. They are making us pay for the people who can't or won't. Otherwise they will "lose" their fee and interest income.
Long Island Taxpayer wrote:
Citizens that pay for their balance very month are now going to get screwed by higher annual fees.
Could agtee more will all of you...

Citibank said the reason they were increasing my rate from 12% to 19.9% is due to the cost of credit and the number of defaults current and anticipated. They then proceeded to tell me there were those that were exempt from the increase. When I asked what the criteria was, they told me it was against Citibank policy to divulge that information...

Their solution was to apply for another credit card with a lower APR. Just what is needed. More forms to complete. I said "TNT"...
GJP

Elk Grove Village, IL

#5 May 20, 2009
Socialism right in our face! The people that pay must pick up the lazy good for nothings that always have their hands out for help because they FAIL to be responsible.

ummm

Kings Park, NY

#6 May 20, 2009
however nice this is, it still doesn't answer solve/why the credit companies jacked their rates almost double for some people even if they have excellent credit. The bill doesn't stop the companies from increasing the rate anyway-it's all for show.
Long Island Taxpayer

New York, NY

#7 May 20, 2009
GJP wrote:
Socialism right in our face! The people that pay must pick up the lazy good for nothings that always have their hands out for help because they FAIL to be responsible.
Comrade Obozo and his bleeding heart minion clowns have managed to transform the United States of America to the Socialist Republic of America in less than 6 months.
PJR

Williston Park, NY

#8 May 20, 2009
Just another example of Washington getting involved were they don't belong!! Sure this bill will help those who don't pay their credit card debt but it's going to punish those that do!!

I guess Washington didn't learn anything from the so called housing bail-out that they F'd Up!!!
Long Island Taxpayer

Jersey City, NJ

#9 May 20, 2009
PJR wrote:
Just another example of Washington getting involved were they don't belong!! Sure this bill will help those who don't pay their credit card debt but it's going to punish those that do!!
I guess Washington didn't learn anything from the so called housing bail-out that they F'd Up!!!
The credit card companies will now implement annual fees and the cards that do have annual fees the fees will be raised.

The credit card companies will probably eliminate the perks such as frequent flyer miles.

All of this just because we have a nation of citizens that can't control what they spend by credit card and run to the president and congress for help.

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