The credit card industry FINALLY got put in it’s place today and that’s going to help you and I live the good life a little better. Hopefully, this will put an end to those horrific fees that were being charged as well as giving UP FRONT disclosure. This could help put an end to skyrocketing rates that are charged AFTER you’ve been a customer for a while.
Consumer Reports listed this summary of the bill’s measures:
- Interest rates can’t be raised during the first year of an account
- Customers will be notified 45 days in advance of any change in interest rates
- Bills can be paid online or over the phone without incurring a processing fee
- Customers must be over 60 days late on payments before their interest rate can be raised on balances; if the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
- Overlimit fees can’t be charged unless cardholders are told that the purchase will put them over their limit and they authorize it to go through anyway
- If your card has more than one interest rate on balances, then payments must be applied to the highest interest rate first
- Gift cards can’t expire for five years, and issuers can’t charge dormancy fees for unused amounts left on the card
- Credit card statements must be mailed out 21 days before they’re due
- Individuals under 21 will need a co-signer on their cards unless they can prove that they have the means to make payments on their own
- Credit card agreements will have to be posted on the internet
These measures should help keep a little extra money in your Gucci Wallet & allow you to live the good life again!
Bayou Belle said…
My advice: my husband and I are both small business owners and all of our credit card debit was accumulated for our businesses. We have two cards with $700 monthly payments. I know. I know. We were able to make the payments before, but now we are both suffering income wise and here is my advice to others who may be experiencing the same: TAKE THE PHONE CALLS! Don’t avoid talking to the credit card companies! Tell them what is up. Be honest. Tell them what you can afford. Right now, they are willing to do anything to work with you. Both of those $700 cards are now allowing us $300 a month each with no interest for one year! And let me tell you, they thank us for taking their calls and not avoiding them. Good luck to everyone during this very difficult time!
That’s wonderful. You are right – the credit card companies would much rather WORK with you and know that they’re going to get SOME money, than have you avoid them. It costs them to call you constantly and if you’re willing to work WITH them, they’ll be WILLING to work WITH you.