Credit card ruleschange on Monday | T...

Credit card ruleschange on Monday | The Columbus Dispatch

There are 34 comments on the Columbus Dispatch story from Feb 21, 2010, titled Credit card ruleschange on Monday | The Columbus Dispatch. In it, Columbus Dispatch reports that:

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.

Join the discussion below, or Read more at Columbus Dispatch.

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CollegeProf

Philadelphia, PA

#23 Feb 21, 2010
We all pay for credit cards whether we use them or not when we go to a retailer who accepts them. They are charged a fee by credit card companies to accept card use, a fee that is built into the price of their merchandise. That is how the credit card companies make money off even those individuals who pay off their balance month to month. In addition, when we donate money to charities by credit card, the companies keep about 3% of each donation, to the tune of $250 million a year:

http://www.huffingtonpost.com/2010/01/14/as-w...

Efforts to discourage cash and encourage credit cards has made it simpler to keep raking in money from consumers, regardless of whether they want to have credit cards or not.
Greg

Columbus, OH

#24 Feb 21, 2010
WHY wrote:
this is an interesting article
but WHY IN THE HELL TELL CREDIT CARD USERS THE DAY BEFORE
show how considerate the nrespaper companuy is
Have you been behind a wall somewhere? This new law was big news when first signed into law. We have been getting mailings fromt the card issuers discussing the changes.
Buckeye

Perrysburg, OH

#25 Feb 21, 2010
As I've experienced first-hand, credit card companies are very busy beating this deadline by raising rates before Monday. I received a letter saying my APR was being raised by 5% due to "lack of activity as referenced in your original agreement". I use this card usually 1-2 times per month, and usually pay my entire balance monthly, and have NEVER been late in 14 years. Sure, I can cancel the card, or suck it up and pay the the extra APR. This doesn't really affect me too much, since I pay the balance every month, but it's the principle. Greed.
roger - Columbus

Portsmouth, OH

#26 Feb 21, 2010
JPMC has been acting like the mob, try calling them sometime, I had an electronic payment go through from Huntington, JPMC took 6 days to process, I got late fee charges and rate increased to 25%. Nobody could answer any questions as to why that happened and of course the call center must be in India and the branch employee's are clueless. I paid it off, canceled the cards and all accounts with JPMC/ Banc None. I would rather deal with the IRS.
rewards shopper

Dublin, OH

#27 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).
People should start using AmEx--we paid for our last trip to hawaii with the points earned from the card...way better rewards than VISA or MC

Also, this rule change won't affect people who pay off their balances each month. We only use our card to rack up points for free trips. It is a really good thing!
Angry Young American

Columbus, OH

#28 Feb 22, 2010
When is the government going to pass a second bill to protect us against the new fees the credit card companies are imposing in reaction to the regulations that started today? It's possible the new regulations were implemented precisely to give the banks an excuse to impose the fees.
Sterling Silver

Columbus, OH

#29 Feb 22, 2010
roger - Columbus wrote:
JPMC has been acting like the mob, try calling them sometime, I had an electronic payment go through from Huntington, JPMC took 6 days to process, I got late fee charges and rate increased to 25%. Nobody could answer any questions as to why that happened and of course the call center must be in India and the branch employee's are clueless. I paid it off, canceled the cards and all accounts with JPMC/ Banc None. I would rather deal with the IRS.
That's why I go to a JPMC branch about 10 days early to pay my CC bill. And keep the receipt. And my CC will soon be paid off and closed. ARE YOU READING THIS JPMC, YOU BLOOD-SUCKING LEECHES?
Banker Scum iz Greedy

Columbus, OH

#30 Feb 22, 2010
Sterling Silver wrote:
<quoted text>
That's why I go to a JPMC branch about 10 days early to pay my CC bill. And keep the receipt. And my CC will soon be paid off and closed. ARE YOU READING THIS JPMC, YOU BLOOD-SUCKING LEECHES?
I was once away on a 7-day vacation. By the time I came back, a Citibank bill came, the due date passed and a late fee was triggered. I cancelled the card because of that. They got their $39, but because of their greed they missed out on my 3% annuity (that's what they get for every purchase). JPMC branch personnel are terrible--they only hire kids.
rebel

Columbus, OH

#31 Feb 22, 2010
Steve wrote:
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....
You are absolutely right and I am sick of the complaining. Did you know some baks in Columbus give credit cards to people on welfare? I could not handle that bit of info. It explains a lot.
Greg

Columbus, OH

#32 Feb 24, 2010
Angry Young American wrote:
When is the government going to pass a second bill to protect us against the new fees the credit card companies are imposing in reaction to the regulations that started today? It's possible the new regulations were implemented precisely to give the banks an excuse to impose the fees.
I do sense anger in your writing. However, you need to look at yourself and take some responsibility for your actions and decisions. No one made you apply for a credit card. No one made you use it. Read the terms and conditions pages that were provided when the card was issued to you. No one made you run up a high balance. If anything, you are encouraged to stay within your credit limit and make your monthly payment on time.

It was noted by financial experts that the new law that went into effect on Monday would likely cause an increase in fees and interest rates.

Visa and Mastercard are trade names. The bank that issued the card sets your interest rate, late payment policies, and other rules and fees. The new law was intended to help the consumer against unfair bank policies - such as too short a 'pay by' period, and unfair finance charge calculation.
shadow- LONGVIEW WA

Commerce, GA

#33 Mar 10, 2010
about time the president stood up for a medium citizen like me. These credit card companies did so much damaged than good... But I have to tell you that AMERICAN EXPRESS CARD CLOSED MY ACCOUNT TWO MONTHS AFTER I OPENED IT THE REASON MY CREDIT SCORE FELL THAN THEIR STANDARD. NOT DEFAULT FOR PAYMENT JUST EMAIL STATING MY CARD WAS CANCELLED
I THOUGHT THEY CANNOT DO SUCH A SIGNIFICANT CHANGE ON MY CREDIT CARD?
Uncle Buck

AOL

#34 Mar 30, 2010
Credit Card Co's Are Needed! But if they had stayed with a decent pecentage rate like around 6 percent and not tryed to shaft every one. I think things would be different. Yes there woud be some people that would over spend. Why shaft the people that use it properly? So Shaft them back! Go to dept settelement.
24yroldmale

Columbus, OH

#35 Mar 30, 2010
My credit card interest rates went through the roof, and i have good credit, so how is that fair.

I am paying for all the people who ran up there credit cards and are irresponsible, so to hell with the credit card companies for screwing their good standing customers over.

I hope those big CEO's get a huge pay cut and only make 10 million a year instead 10 Billion or whatever nonsense it is.
George

London, UK

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