Comments on: New Credit Card Laws to Protect Consumers Begin

By: Frugal Confessions

Frugal Confessions — Mon, 19 Jul 2010 12:07:12 +0000

[...] New Credit Card Laws to Protect Consumers [...]

By: Amanda L. Grossman

Amanda L. Grossman — Tue, 23 Feb 2010 13:18:01 +0000

Hello Stafford: Yes–yesterday it was in the news. I haven’t seen any changes from my personal credit card yet though…

By: Festival of Frugality #218- America Saves Week Edition

Festival of Frugality #218- America Saves Week Edition — Tue, 23 Feb 2010 11:54:46 +0000

[...] presents New Credit Card Laws to Protect Consumers Begin posted at My Dollar Plan. Make sure you know what effect the new credit card rules may have on your [...]

By: Stafford Tandon

Stafford Tandon — Tue, 23 Feb 2010 10:30:39 +0000

I heard about this a long time back. Has it managed to be implemented?

By: matthewd

matthewd — Sat, 20 Feb 2010 02:49:44 +0000

My wife and I have a lot of outstanding CC debt that we are working to get rid of. On all but two cards that we have balances on, the credit card companies have hiked the interest rates before this law went into effect. Every company that’s hiked rates has been a “big bank” or a store card: HSBC, Juniper, Capital One, Home Depot, & Fashion Bug.

Capital One did give us the option to decline the new interest rates on two cards and pay off the balances under the old rate.

The one company that has not hiked the interest rate is a regional bank in Georgia, Columbus Bank & Trust. The way things are now, I feel very fortunate to have two cards at 9.99% with them–they was originally opened with Providian, which got bought by WaMu, then WaMu sold the accounts to CB&T.

I think someday the economy will recover and things will get back to normal and our mail boxes will once again be stuffed with offers for credit cards. The big banks are really going to have to come up with great offers though to entice people that feel screwed by all these rate hikes.

Once we get everything paid off though, I’m thinking the CB&T cards should be all we need. If they keep their favorable terms, I’ll stick with them.

By: Holly

Holly — Fri, 19 Feb 2010 18:17:57 +0000

I just wish we could all revolt and cancel every credit card issued by the BIG banks. American consumers should be tired of the BS!!

By: Amanda L. Grossman

Amanda L. Grossman — Fri, 19 Feb 2010 17:48:11 +0000

Holly: Wow–thank you for sharing some of these new loopholes the credit card companies are finding! I assumed they would…I just had not heard of any yet.

Thank you for sharing!

By: Holly

Holly — Fri, 19 Feb 2010 17:38:25 +0000

These new rules are just going to force cc companies to re-write their old ones. For instance, I rec’d a cc statement yesterday…it stated that “the interest rate will no longer change w/the U.S. Prime Rate. Effective 2/22/10, your new non-variable interest rate for purchses will be 18.99%” !!!!! My int. rate was 8.99 % before this change. I paid the new balance in full immediately (I never carry a balance).

Does anyone really think these laws are going to protect those who have been mis-using (abusing) their credit privelege!?

Another notable change to my account. In the fine print it now reads:”If the New Balance is not paid in full, you will no longer get a 20-day grace period until AFTER the NEXT TWO billing statements have been paid in full.” I will no longer be using the cc’s.

By: Credit Card BLITZ! – A Few Articles And a Site « The Friendly Frugalista

Thu, 18 Feb 2010 20:29:45 +0000

[...] New Credit Card Laws to Protect Consumers Begin (My Dollar Plan) [...]

By: Marie

Marie — Thu, 18 Feb 2010 07:29:21 +0000

hi it’s good to hear about your credit card. It is good to use credit card as the money sometimes is not safe but the rent is so high that it hits our pocket but reading your article I find your policy is good, Congratulation.

By: Keith Morris

Keith Morris — Thu, 18 Feb 2010 02:56:34 +0000

Congratulations on your success with credit cards. I did a little math recently and found out that I pay something like $7 PER DAY in finance charges. Add it all up and we’re talking about enough for a vacation each year. I’ve learned my lesson and am working on paying this off.

In the latest podcast episode over at LifeTuner, we also talk about the impact of new credit card law changes, what sort of new fees and other changes to expect from your credit card company in response, and how to protect yourself from getting burned.

Worth a listen:

http://www.lifetuner.org/blog/.....rd_changes