Credit Card issuers are smarter than Obama...
January 31, 2010 5:05pm CST
The Credit CARD Act of 2009 puts an end to abusive tactics card issuers have long used to boost their profits but It seems that the new laws for Credit Card issuers that Obama was so proud of passing hasn't stopped the credit card issuers from finding other means and ways to get more money from those of us who use them. They are going to put a charge on your credit card if you don't use it...I can hear you now saying "What? Can they do that?" Yes, they can and they will. While some Credit Card abuses are outlawed, new ones proliferate. Looks as if there were some things Obama overlooked and that is just one of them. As soon as the issuers heard about this law they upped the interest fees, even on their best paying customers. Now they want to forced us to use our cards or we will pay an "inactivity fee". It isn't anything to celebrate that's for sure. Guess the money the banks got for the bailout wasn't enough so they thought of other ways to steal from the people. For more information about this visit http://intrestfreecreditcard.blogspot.com/
3 people like this
1 Feb 10
I have two cards I do not use. I am living in Canada, so hope the law does not apply to that. I am thinking of getting one removed. But I cannot get onto the site as they gave me the wrong 3 digit number on the back or confusing it with someone else. So do I have to use it?
1 Feb 10
It's no great surprise to me. Credit card companies are nothing more than "respectable" loan sharks - they will always find a way around government and legislation, whether legally or otherwise, to extort money from people. Are there any credit unions left in the States? You could try these, if you need the money, but don't want to sell your kids to BoA / Citigroup, etc. Forutnately, I owe nothing - I'm aiming to keep it that way! - and I scam credit card companies for small amounts of cashback. I'm totally bringing down the system...
• United States
1 Feb 10
We have one credit card, other than our ATM. We got a notice that they were going to start charging us an inactivity fee each month. We didn't want to completely get rid of it, because we have HAD to use it in emergencies. The only thing the letter said was that if there were no charges placed on the card in a 30 day period, that we would be charge $10. So, every two weeks, my husband goes through McDonalds and purchases his lunch. Sometime in the next 2-3 days, he goes onto the credit card company's website, and makes a payment. We have no interest if it's payed before the end of the billing cycle. (So Far). We've just had to be careful about when the billing cycle ends. Our interest rate is still (so far) rather low 6.2% on this particular card, so a $6 value meal doesn't cost very much even if he does miss the billing cycle
• United States
1 Feb 10
Let me first say that before that act I was not at all unhappy with my credit card companies. I had a few different ones for different things. The one that gives me 5% cash back on gas. My Discover that has 5% on some specials ever month and then 1% on everything else. My special Credit cards that went with a particular store that would earn me gift cards by using the credit card. I usually pay things right off, I've had a few times when I couldn't but I had very low interest rates due to excellent credit. Well of course this bill passed and we all knew that companies want and yes need to make a profit. Because of that bill they couldn't charge the people with bad credit what they were and it limited the number of late fees... well that is fine and dandy for the irresponsible but for me all my interest rates went up. It's not the credit card companies I'm mad at. If they got that inactive fee I will cancel that card. Not all of them will have it. I refuse to have a card with an annual fee as is. People need to start paying attention. Credit card companies provide a service and should get to decide what to charge for that service. I don't have to use them if I don't like the fee and I am free to go to a different company who offers me a better rate. The Credit Card companies are only going after the money they lose with that bill from all it's limitations. I honestly can't blame them. Every card I have went up so it's not like one is just greedy. They are just doing what is good for business.