You might see relief on card rates, fees

You might see relief on card rates, fees

There are 29 comments on the South Florida Sun-Sentinel story from Mar 8, 2007, titled You might see relief on card rates, fees. In it, South Florida Sun-Sentinel reports that:

JPMorgan Chase & Co. and Citigroup Inc., two of the three largest U.S. credit-card issuers, told Congress Wednesday they are changing some of the cardholder rates and fees that legislators say unfairly hurt ...

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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Since: Dec 06

Tallahassee, FL

#1 Mar 8, 2007
It's about time. They have been getting away with murder.

crime

Since: Dec 06

Location hidden

#2 Mar 8, 2007
They ( Citicard and Chase) are full of BS...I have BOTH of these cards and they BOTH have raised the minimum payment to 4 percent of the balance...which increases the minimum payment and the percentage rates....( it helps you in the long run payoff the card a little faster but some maybe would not be able to afford that increase)...it does not hurt me, but some could be hurt by that new tactic...
The Gov't should step in and force these companies to hold the interest rates no higher than 16 percent....but, we all know that GWB has stock in Citi so do not look for that to happen....
Boz

AOL

#3 Mar 8, 2007
I have a Chase credit card. They do that BS of going back 60 days even if you've currently paid in full. I make sure I pay the bill in full EVERY month to avoid their repressive interest.

If you don't pay your bill in full every month, you will never get ahead.
MANGLER

Jacksonville, FL

#4 Mar 8, 2007
I've got that one credit card for the occasional emergency (car, home, Dr., traveling, whatever). I've been a little in debt before and it's no fun to pay finance charges. However, you are using someone else's money.

The main thing that annoyed me was 3 years ago when all the CC companies decided to flop all account holders to variable interest rates; even those of us who don't miss payments. That actually did me a favor because I cancelled 3 of them on the spot when they said that they would not let me keep my low fixed interest rates.
Trixie

Hollywood, FL

#5 Mar 8, 2007
"an exception, not the rule"??
BS indeed.
Casual Obsever

Brooksville, FL

#6 Mar 8, 2007
City, State and the Feds have all taken to assessing credit card company-like fees and interest as a way of making money.
The Government will not be regulating the credit industry anytime soon. It's all part of the New America. Eventually all businesses will be doing the same. Indirectly, the effect is to impoverish the middle class so that "you owe your soul to the company store". The lower class already owes their soul. Directly, the goal is to make money by just handling it, and not providing any value to society or the economy. A new type of parasite rapidly reproducing called Financial Leeches. These Leeches are to be the up and coming major export since America gave up manufacturing.

My major contract has out-sourced Accounts Payable to India, with the invoices making stops in Texas and Mexico before India. It takes between 3 and 4 months to be paid. Yet, I am supposed to pay my bills like clockwork every month or be assessed fees and interest, no exceptions. Ha, Ha, Ha, Gotcha Globalization. Of course the Americans in A/P lost their jobs because they paid me within 3 weeks. A race to the bottom, as they say. Who will get there first?
tofu

Fort Lauderdale, FL

#7 Mar 8, 2007
MANGLER wrote:
I've got that one credit card for the occasional emergency (car, home, Dr., traveling, whatever). I've been a little in debt before and it's no fun to pay finance charges. However, you are using someone else's money.
The main thing that annoyed me was 3 years ago when all the CC companies decided to flop all account holders to variable interest rates; even those of us who don't miss payments. That actually did me a favor because I cancelled 3 of them on the spot when they said that they would not let me keep my low fixed interest rates.
I saw a fee on my credit card statement a few years back that I didn't recognize. I called the company and asked what was the charge. "Oh", the representative said "that's just an occasional fee charged once in a while." I told the representative that such a charge was ridiculous and that I would not pay it. I pay my account in full every month and I will not pay the 'occasional' fee. Either take it off or I will cancel my card right now. She took the charge off. Now, I'm just one person out of millions of card holders who probably were charged this fee. Think of all the money the card company made that month.
Bob

Onondaga, MI

#8 Mar 8, 2007
If you don't like the way credit card companies do business, stop using the cards. Why is the solution to every problem to have the Government step in and control things.

Credit card companies should conduct business fairly, but, nobody HAS to use credit cards.
Susan Fort Lauderdale

Fort Lauderdale, FL

#9 Mar 8, 2007
Credit card rates, finance charges added to the payment are killing me. For the first time in my life I don't have enough to make my mortgage payment. I believe the middle class is too complacent and we need to raise hell. What did this hearing do for us? I am still in the same sinking boat.
The Realist

Germantown, TN

#10 Mar 8, 2007
I have three credit cards with no annual fees on any of them. I use them for everything, even a $5 fast food lunch. I pay the statement in full every month. If I can't pay for something when the statement comes, I don't buy it. I get a 1% rebate on every thing i spend. I don't pay these vultures any fees at all. They pay me. If they are unhappy with this arrangement, they can have their card back. I don't need 'em.
Bob

Onondaga, MI

#11 Mar 8, 2007
The Realist wrote:
I have three credit cards with no annual fees on any of them. I use them for everything, even a $5 fast food lunch. I pay the statement in full every month. If I can't pay for something when the statement comes, I don't buy it. I get a 1% rebate on every thing i spend. I don't pay these vultures any fees at all. They pay me. If they are unhappy with this arrangement, they can have their card back. I don't need 'em.
Using credit cards then completely paying them off every month is the way to go. It's called living within your means. If people did that, we wouldn't have this thread, credit card companies wouldn't be taking advantage of people, and the government wouldn't be getting involved.

No one makes people get into debt. Sure there are some hard luck cases where people loose there jobs, incure some unexpected medical expense. But as far as credit card debt goes, I think those cases are the exception to the rule. I think must people are putting themselves into trouble by missusing credit cards and are now crying foul.

Since: Dec 06

Tallahassee, FL

#12 Mar 8, 2007
Credit card rates, finance charges added to the payment are killing me. For the first time in my life I don't have enough to make my mortgage payment. I believe the middle class is too complacent and we need to raise hell. What did this hearing do for us? I am still in the same sinking boat.

The plan is for us to never get ahead.
MANGLER

Jacksonville, FL

#13 Mar 8, 2007
They make 3% to 5% off of everything that you spend. They are making money off of you, and lots of it. They give you 1% back? That means they are charging the businesses that you frequent an extra 1.5% to recoup that 1% refund.
However, a debit card charges lower rates to vendors. We vendors would prefer that you use debit rather than credit, but we can't legally ask you to do that.
The Realist wrote:
I have three credit cards with no annual fees on any of them. I use them for everything, even a $5 fast food lunch. I pay the statement in full every month. If I can't pay for something when the statement comes, I don't buy it. I get a 1% rebate on every thing i spend. I don't pay these vultures any fees at all. They pay me. If they are unhappy with this arrangement, they can have their card back. I don't need 'em.
MANGLER

Jacksonville, FL

#14 Mar 8, 2007
All too many of us find ourselves in your situation. This is when you ask yourself "do I really need to buy that?". Pay the minimum payment on all your cars except for the one with the highest rate. Pay as much as you can to that one. When it's paid off, cancel it (or cancel it now). Then move that tactic to the next card. It takes time, but it works. Never consider debt consolidation as it will ruin your credit for 15 years.
Susan Fort Lauderdale wrote:
Credit card rates, finance charges added to the payment are killing me. For the first time in my life I don't have enough to make my mortgage payment. I believe the middle class is too complacent and we need to raise hell. What did this hearing do for us? I am still in the same sinking boat.
not egain

Redmond, WA

#15 Mar 8, 2007
i told you so. us had become a crooked country. is this the freedom you want to spread worldwide?
Average American

Fort Lauderdale, FL

#16 Mar 8, 2007
what about the skummy banks who charge middle class families ridiculous fees for checks or check card purchases that go over by a buck or two?

they charge $34 or more in "overage" or "kick in the nuts" fees?

what about that dirty little secret...

the banks are making billions in fees!!!

lets see Congress have the stones to call out the bank lobby!!!
Shiftee

United States

#17 Mar 8, 2007
Welcome to America!
Word of the Day!
GREED!!!!!!!
BRING THE TROOPS HOME!!!
John

Brooklyn, MI

#18 Mar 8, 2007
This is so ridiculous. Just like any other business, credit card companies are in business for one reason only---to make money. Its really quite simple, if you don't like their terms then don't use their cards! Why rack up huge debts on plastic and then complain when you can't pay it back? Classic case of living beyond one's means, and way too many of us are doing it.

The problem with credit cards is that possession of them gives you a false sense of security that you have money when you do not. What they give you is access to the bank's money, and this convenience comes with a hefty price tag if you don't pay it all back within the billing cycle. I've seen credit cards with 18% to 29% interest rates, and people think nothing about racking up huge debts on them to buy all kinds of stuff that they don't need--- expensive designer clothes, jewelry, furniture, vacations, etc. And so a few hundred becomes $1000, then $3000, and over time you end up owing thousands of $$$ more than you originally spent because of the interest charges. This is crazy! If you can't afford it then maybe you should think about doing without it.

I don't believe in credit. Its just a game the banks and the credit bureaus play to make themselves richer. According to them, the more credit you have the higher your rating, and the better off you are financially. This isn't really true. Having an awesome credit rating and being cash-poor doesn't make you any better off financially. Whenever you see the word 'credit' anywhere, replace it with the word 'debt' and that will put things more into perspective. You're always better off if you can save money to buy what you need cash. The only practical exceptions are when buying a house or a car, and, of course, if there is some type of emergency situation.
Bill Hardekopf

Opelika, AL

#19 Mar 8, 2007
This is a good start, and we are hopeful that other issuers will
follow and eliminate some of their most penalizing practices. Concerned consumers can call their senator or representative in support of changes. Cardholders of other issuers
also need to be aware of what is going on so that they can use this to
negotiate with their own credit card company.
Bill Hardekopf- CEO of www.Lowcards.com
Deerfield Beach

AOL

#20 Mar 8, 2007
John wrote:
This is so ridiculous. Just like any other business, credit card companies are in business for one reason only---to make money. Its really quite simple, if you don't like their terms then don't use their cards! Why rack up huge debts on plastic and then complain when you can't pay it back? Classic case of living beyond one's means, and way too many of us are doing it.
The problem with credit cards is that possession of them gives you a false sense of security that you have money when you do not. What they give you is access to the bank's money, and this convenience comes with a hefty price tag if you don't pay it all back within the billing cycle. I've seen credit cards with 18% to 29% interest rates, and people think nothing about racking up huge debts on them to buy all kinds of stuff that they don't need--- expensive designer clothes, jewelry, furniture, vacations, etc. And so a few hundred becomes $1000, then $3000, and over time you end up owing thousands of $$$ more than you originally spent because of the interest charges. This is crazy! If you can't afford it then maybe you should think about doing without it.
I don't believe in credit. Its just a game the banks and the credit bureaus play to make themselves richer. According to them, the more credit you have the higher your rating, and the better off you are financially. This isn't really true. Having an awesome credit rating and being cash-poor doesn't make you any better off financially. Whenever you see the word 'credit' anywhere, replace it with the word 'debt' and that will put things more into perspective. You're always better off if you can save money to buy what you need cash. The only practical exceptions are when buying a house or a car, and, of course, if there is some type of emergency situation.
Actually, the problem is that after reading the terms when you open the account, they reserve the right to change the terms without any reason or notice.

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