Credit card rules change Thursday

[leeway99]

It's about time.



http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/higher-interest-rate-its-up-to-you.aspx

[JD426]

It's about time.



http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/higher-interest-rate-its-up-to-you.aspx

What these banks have been getting away with recently is borderline CRIMINAL. I hear $40 ? late feels, Interest rates jumping to 29% + if you miss ONE single payment, or are late just once. No Grace periods. $50 annual fees. bla bla
They can keep all that shit, Ive been running on a debit/ visa card for years now. NO FEES or problems whatsoever, and I watch what I spend, cause O know its MY money. Fuck all these banks and their Bullshit nickle and dime fees.
I shred ALL the solicitations. Will never fall for theit shit again. Took me a long time to learn to live Credit Card free.
And before I get flamed, I worked in the industry for years, so trust me its all just a big GAME , all pure profit. They make their money from Merchant fees which as high as 4.5 % on each and every sale.

[Beads]

I use credit cards and definitely consider them useful. A few years ago during the credit boom it was easy to get those 0% APR credit cards for a year and I admit I would carry a balance on 1 card of up to a few thousand dollars and just pay it down. In the last 2 years those cards seem to have dried up as all I get is invitations to Discover card which doesnt interest me.

Definitely noticeble difference in how many credit cards are solicited to me in the last 2 years. Interest rates and their petty surcharges definitely going up which is why I pay off all balances at the end of the month.

Another thing I have noticed by me doing this is not carrying a high balance is a lot of my cards have had their credit limit lowered. Not too badly but going from 25K limit to 10K is a slight difference. I have never charged anything that high on a personal card but its interesting to see how the credit terms are changing.

[PapiQueRico]

I use credit cards and definitely consider them useful. A few years ago during the credit boom it was easy to get those 0% APR credit cards for a year and I admit I would carry a balance on 1 card of up to a few thousand dollars and just pay it down. In the last 2 years those cards seem to have dried up as all I get is invitations to Discover card which doesnt interest me.

Definitely noticeble difference in how many credit cards are solicited to me in the last 2 years. Interest rates and their petty surcharges definitely going up which is why I pay off all balances at the end of the month.

Another thing I have noticed by me doing this is not carrying a high balance is a lot of my cards have had their credit limit lowered. Not too badly but going from 25K limit to 10K is a slight difference. I have never charged anything that high on a personal card but its interesting to see how the credit terms are changing.

One of the problem with the lowering of limits, if you carry a balance, is that it hurts your credit rating. One of the factors is the % of available credit you use. If you typicaly have a $2,000 balance that's 20% of $10,000 as opposed to 8% of $25,000

[Beads]

One of the problem with the lowering of limits, if you carry a balance, is that it hurts your credit rating. One of the factors is the % of available credit you use. If you typicaly have a $2,000 balance that's 20% of $10,000 as opposed to 8% of $25,000

Very true and this is also done on purpose by the credit card companies. Hopefully Obama will put some tighter rules in place for these companies so they cant squeeze people who have high balances. This is a tough time for a lot of people and those still swimming dont need a credit card company under the water trying to pull them under.