Tuesday, October 27, 2009

Are the Credit Card Companies Asking Us to Intervene?

Currently, the relationship between credit card companies and we, the consumers clearly puts the card companies in the car jacker's driver's seat. Despite the The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, due to go into effect, February 2010, the banksters are making sure that we, the people continue on, hostage to their demands.

That's right. As predicted, the banksters are rushing ahead of the new restrictions coming their way. They are changing the rules faster than Gov. Rick Perry can tie a lynch knot. Some banks plan to either charge annual fees for customers who pay off their credit cards every month, who, by the way, have excellent credit ratings, or charge customers who don’t use their cards enough, or charge customers for not using them at all (inactivity fees). Overdraft fees are another way that banks are looking to raise revenue.

Keep in mind, the Fed is giving the banks money at 0% interest.

Bank of America will start charging an annual fee from $39 - $99 to some of their best customers.

Citigroup will start charging a fee of an unspecified amount to customers who charge less than a certain amount every year. And the amount that's been batted around is about $2,400 a year. So if you spend less than $2,400 a year on your credit card, you might be hit with a fee, for not spending enough. Citigroup has also raised interest rates to 29.99% for many cardholders.

Clearly, the banksters are crying out for debtor's revolt an intervention. The poor things...they're addicted -- to greed. It's gotten to the point where they need our help. Just as a drug addict doesn't often directly ask for help, the banksters cannot articulate their request in words, but they don't need words as their actions speak louder than words ever could. They are begging us to save them from themselves. Tough love is our only option.

Links:

Dodd: Freeze Interest Rates Now. The House Financial Services Committee last week approved a bill that would move up provisions of the Credit Card Accountability Responsibility and Disclosure Act to Dec. 1 from Feb. 22. Rep. Barney Frank, D-Mass. and the committee chairman, has said an earlier date would prevent banks from "taking advantage of the delay" by raising rates, but the Senate is seen as unlikely to follow suit amid complaints from banks that they need more time to comply with the new rules.

Credit Card with a 79.9% interest rate - The offer is for a Premier card from First Premier Bank, which is based in South Dakota (no maximum or usury restriction in South Dakota and Delaware). The issuer "focuses on individuals who have less than perfect credit but are actually still creditworthy."

Act fast to cash in credit card rewards - If you have a Home Depot Rewards MasterCard--and have been counting on tapping that line of credit for a big job--you need to go shopping, and fast. Citi, which issues the card, has announced that cardholders can use them to make purchases only through Saturday, Oct. 31. And Rewards Points must be redeemed by Jan. 31, 2010, or they expire.

Understanding the Credit Card Accountability Responsibility and Disclosure Act

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