Comments on: Information About The New Credit Card Laws | Roundup

By: Walter Butler

Walter Butler — Wed, 03 Mar 2010 01:05:28 +0000

I just got off the phone with Citibank. I have two accounts with them. One has been open for 10 years with no defaults,and the other has been open for 7 years with no defaults. I was forced to opt out on both cards or my APR was going from 8.30% to 29.99%. One card has been forced closed since I opted out. The other remains active until the expiration date. At that time I will have to pay the full balance.
Out of curiosity I called and asked about the new law stating no raise in APR’s until the account is 60 days late.
Well Citibank explained that they will send you a letter first asking you to close the account. Then you may keep the normal rate until the card is payed off.
Also if you are 1 hour late they will still charge a $39.00 late fee.
Citibank card holders wake up. This is nothing more than Wall Street blackmail.
I believe if a mass amount of cardholders display their dissatisfaction, Citibank and others will be forced to offer us more reasonable terms and rates. Or they will go under with no bail out this time

By: topforex

topforex — Fri, 26 Feb 2010 15:47:42 +0000

Thank for your information. I once think to reject my credit card.

By: Joseph

Joseph — Thu, 25 Feb 2010 15:35:13 +0000

I am with you Mrs. Money we struggled one year and half to pay off the credit cards debt. If they start charging for keeping their card, i will do the same. In fact, i will cancel and mail it back to them.

By: Gresford Thomas

Gresford Thomas — Thu, 25 Feb 2010 14:27:13 +0000

Bob, I appreciate your succinct but informative overview of the new laws. Now I know what to look for in upcoming statements.

-G

By: Mrs. Money

Mrs. Money — Thu, 25 Feb 2010 12:30:24 +0000

I am hoping that this won’t make too much of an impact on my credit card. If I start getting an annual fee, I’m canceling it!

By: Shirley

Shirley — Wed, 24 Feb 2010 17:45:04 +0000

This is very interesting. Part of me is glad that someone is at least attempting to tame the credit card companies a little bit and another part of me is nervous about yet another aspect of capitalism being controlled by the federal government. The new law that requires a co-signer for anyone under 21 is probably a good thing, but its a little strange too. I got my one and only credit card shortly after I turned 18, and I am still not 21 for another couple of months. It’s odd to think that even though I’ve been married for almost two years I would still need a co-signer to have a credit card… Anyways thank you for providing some plain-spoken versions of the new laws.