Wednesday, February 24, 2010

My Beloved CC wouldn't charge a Yearly Fee....Would they?

So credit card changes happened this week. They tried to do nice things:

1. Interest rates on existing debt can't go up
2. Payments must be applied to higher rate debt first
3. Bad credit with one credit card won't affect your standing with a different card
4. You can't go over your credit limit unless you request permission to do so in writing
5. Bills will now list how long it will take to pay off debt if you only pay the minimum monthly
6. Under 21 and jobless? No credit unless your parents sign off buddy

Of course annoyances have already started cropping up as cc's figure out how to make money. Everyone I know has received letters from credit card companies either:

1. Lowering credit limits
2. Raising interest levels
3. Shortening pay periods

UPDATE:
Some credit card companies are going retro and bringing back yearly fees! Remember those!? "I'm going to charge you cash to lend you cash, then charge you for borrowing it." Look at this list of credit cards trying to gouge you for yearly fees. I have two of the cards on that list and although I read all my cc correspondence I'll be giving them a call today. Yearly fees are for chumps - I'd rather use my DEBIT CARD than pay a credit card's yearly fees!

Well....maybe not that far. I'd use actual cash before resorting to a debit card.

* Painting is The Scream from Ben Heine and his blog. That guy has mad skillz, y0 ;)

2 comments:

Kendall at Finesse Your Nest said...

We HATE credit card companies right now. The new regulations are a nice idea, but the credit card companies were going nuts in the last 3 months getting "theirs" while they still could. We have good credit and we literally got letters from 4 of our cc companies saying they were raising our interest rate from 7% up to 21%! We even talked to a nice lady at one company who said they were raising rates across the board for everyone, good credit or not. So, while the new rules are a good thing, we've already been "bent over" if you know what I mean!

Our response? We canceled 3 credit cards and we got 1 to lower everything back down. But, we are watching them all like a hawk now!

meohmyoh said...

WHAT?! Blasphemy! Thank god we got rid of our Citi... in the eloquent words of The Dude, this will not stand.