Comments on: Credit Card Regulations Bill Passed By Congress http://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:50:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Hardheadhttp://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/#comment-15843 Hardhead Wed, 20 Oct 2010 12:29:59 +0000 http://www.moneycrashers.com/?p=820#comment-15843 I went to charge my hospital bill to American Express and was informed my card wasn't accepted. Earlier in the week I contacted AMEX asking about my next payment due to the fact I was in the hospital. Also a few weeks earlier I was bitching about AMEX increasing my rates for NO REASON!!! I had about a $10,000 credit remaining on my AMEX and today I receive an email that they cut my credit line by about $6,000. Luckily, I called a REP an explained my problem and he told me my account was under review... WTF all because I mentioned I was in the hospital for awhile. He granted me a $5,000 extension so I could pay my bill... yeah thanks AMEX you look like a nice guy NOT!!! I went to charge my hospital bill to American Express and was informed my card wasn’t accepted. Earlier in the week I contacted AMEX asking about my next payment due to the fact I was in the hospital. Also a few weeks earlier I was bitching about AMEX increasing my rates for NO REASON!!! I had about a $10,000 credit remaining on my AMEX and today I receive an email that they cut my credit line by about $6,000.

Luckily, I called a REP an explained my problem and he told me my account was under review… WTF all because I mentioned I was in the hospital for awhile. He granted me a $5,000 extension so I could pay my bill… yeah thanks AMEX you look like a nice guy NOT!!!

]]> By: Melaniehttp://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/#comment-8999 Melanie Mon, 01 Feb 2010 13:25:21 +0000 http://www.moneycrashers.com/?p=820#comment-8999 I've received several credit card offers in the mail recently, and I'm seeing them recover the lost revenue in the following ways: *annual fees *more stringent late fee tiers *balance transfer transaction fees of 5%, no cap. I think the increase in balance transfer and cash advance fees is going to be the biggie- it'll really catch people who don't read fine print and are used to bouncing balances. I'm interested in seeing how payment allocation works out- many new cards will pay off the higher APR balances first, which is pretty sweet, but it may encourage extra purchases while it kills your grace period. I’ve received several credit card offers in the mail recently, and I’m seeing them recover the lost revenue in the following ways:

*annual fees
*more stringent late fee tiers
*balance transfer transaction fees of 5%, no cap.

I think the increase in balance transfer and cash advance fees is going to be the biggie- it’ll really catch people who don’t read fine print and are used to bouncing balances.

I’m interested in seeing how payment allocation works out- many new cards will pay off the higher APR balances first, which is pretty sweet, but it may encourage extra purchases while it kills your grace period.

]]> By: ashish sharmahttp://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/#comment-6566 ashish sharma Mon, 01 Jun 2009 17:12:26 +0000 http://www.moneycrashers.com/?p=820#comment-6566 Yes this will surely improve the Credit card system and innocent customers wil now have fair deal with them Yes this will surely improve the Credit card system and innocent customers wil now have fair deal with them

]]> By: Ester Ramirezhttp://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/#comment-6565 Ester Ramirez Thu, 28 May 2009 22:09:38 +0000 http://www.moneycrashers.com/?p=820#comment-6565 I agree the bank were taking advantage of consumers by their rediculous fees. However, I feel that it is going to hurt consumers now that the Credit Card companies will charge a yearly fee. Why pay a yearly fee to companies that already getting the interests which I may add are higher then God expects us to pay our tithe. Why would I be pay more to the credit companies and pay less to the Lord that has given us everything. I agree the bank were taking advantage of consumers by their rediculous fees. However, I feel that it is going to hurt consumers now that the Credit Card companies will charge a yearly fee. Why pay a yearly fee to companies that already getting the interests which I may add are higher then God expects us to pay our tithe. Why would I be pay more to the credit companies and pay less to the Lord that has given us everything.

]]> By: Mkcoyhttp://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/#comment-6562 Mkcoy Thu, 21 May 2009 08:26:06 +0000 http://www.moneycrashers.com/?p=820#comment-6562 I was just going to say what you said "banks will find a way to replace the revenue they will lose from the reduced interest rates". While we may very well see annual fees and less rewards cards. These things are all hype. Credit card issuers are not going to want to loose there customers or potential customers so will brain storm and come up with some other attractive rewards type card that has pros and cons. They will find a loophole in the new bill passed be senate. That is what they do. They will not loose money because of this. They will find alternative ways to make up for it. You mark my words. I was just going to say what you said “banks will find a way to replace the revenue they will lose from the reduced interest rates”.

While we may very well see annual fees and less rewards cards. These things are all hype. Credit card issuers are not going to want to loose there customers or potential customers so will brain storm and come up with some other attractive rewards type card that has pros and cons. They will find a loophole in the new bill passed be senate. That is what they do. They will not loose money because of this. They will find alternative ways to make up for it. You mark my words.

]]> By: Benjaminhttp://www.moneycrashers.com/credit-card-regulations-bill-passed-by-congress/#comment-6561 Benjamin Thu, 21 May 2009 05:37:24 +0000 http://www.moneycrashers.com/?p=820#comment-6561 Credit card companies recently raised interest rate very much, long before we are niticed - and they said they didn't have to nitify us. Credit card companies recently raised interest rate very much, long before we are niticed – and they said they didn’t have to nitify us.

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