New Credit Card Laws
Should we thank our president for the new credit card laws? Some of you may say “Heck yeah!” But for those of us who have Citi Cards – ah, not so much.
Before I go any further, let me tell you this: We have no credit card bills. We paid them all off and left them. Open credit to balance what we owe on the house we felt was a good thing. It is, as we have an amazing credit score.
So we open the letter and learn we are going to be charged an annual fee of $60. BUT – if we make at least $2,400 in purchases throughout the year, we get our $60 back. Now isn’t that special? Spend $2,340 to get back $60? I heard a report on Fox News this weekend this is one way credit card companies are going to recoup their losses from no longer being able to jack up interest rates on people.
We have no balance on our account, but we have to pay?
CNN Money titles their article this way:
Credit card relief is here, but watch out for new traps
Yeah think?
If you haven’t heard, big changes are here for the credit card industry. On Monday the CARD act goes into effect and consumers finally get some relief from such practices as “double-cycle billing” and arbitrary rate increases.
The new act, which was signed into law last May, promises consumers more transparency about their credit card bill. But cardholders still need to watch out for a whole new series of traps and tricks.
We’re closing our cards.
We’re just going to be screwed with not having an emergency card.
Thank you Barrack Obama.
Is it 2012 yet?
.
.
.
Category : Stupidity, Washington DC | Tags : Credit Cards
1Charles
wrote on 24 February 2010 at 19:13
So the Democrats in the Senate, having not been led by Obama, passed a worthless credit card bill that will do nothing to alleviate the pressing problems of millions of Americans. The Republicans never even brought up the subject. The Republican idea is that banks can charge whatever they like and the government has no business preventing them from ripping off consumers. The Democrats at least give lip service to the idea that there should be some elementary fairness and responsibility exercised by the bankers. They failed to enact anything because their Blue Dogs and the Republicans opposed anything useful.
Obama is a pitiful excuse for a leader as are Reid and Pelosi. They all allow themselves to cowed by Republican opposition and there is Republican opposition to absolutely everything that the American people want.