[personal profile] asterroc
Anyone got a link to a simple explanation of the new law that goes into effect Monday that changes how credit cards can change interest rates and things like that?

Date: 2010-02-21 09:09 pm (UTC)
From: [identity profile] zandperl.livejournal.com
Thanks. What I'm getting out of your links and other sources is that one thing that's bothered me in the past (namely large penalties for paying late a single time) will no longer take place, and this is a good change for me. But that credit card companies may change some policies to try and make up for their lost money such as charging a yearly fee, so I need to keep my eyes open for those as they would be a bad thing for anybody.

Eleven months out of twelve I'm a model credit card user: paying off the balance in full before the deadline. That twelfth month though something comes up and I entirely forget to pay, or I pay after the deadline, and in the past this has led to things like straight up late fees and 29% interest rates for that month. So as long as none of the cards I use decide to start charging yearly or per-use fees, this sounds like it could be a win for me.

Date: 2010-02-22 04:26 am (UTC)
From: [identity profile] gemini6ice.livejournal.com
I've experienced having two accounts on one card (unknowingly) and having my payment applied to the account that didn't carry a balance and then getting slammed with a late fee on the leg of it.

Fortunately, customer service fixed this for me when I called to complain.

Date: 2010-02-22 06:33 pm (UTC)
From: [identity profile] galbinus-caeli.livejournal.com
You are not what the card issuers consider a model customer. You are a leech (in their thinking). Anyone who pays off their balance before interest payments are due is costing they money. They like people to maintain a balance as close as possible to their maximum, and make the minimum payment each month. That way they maximize profits.

Date: 2010-02-22 08:25 pm (UTC)
From: [identity profile] zandperl.livejournal.com
Oh, I didn't say who I was a model for. :-D

Profile

asterroc

April 2017

S M T W T F S
      1
2345678
9101112131415
16171819202122
232425 26272829
30      

Most Popular Tags

Page Summary

Style Credit

Expand Cut Tags

No cut tags
Page generated Jul. 28th, 2025 06:26 pm
Powered by Dreamwidth Studios