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SELDOM n. (\ˈsel-dəm\): A discouraging word.
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Member Since: 6/2006Last Seen: 2/09/2010

Credit-card rates up before new law

News Type: Event — Seeded on Fri Nov 6, 2009 1:27 PM EST
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Have you checked the interest rates on your credit cards lately? Odds are they're going way up.

That's because credit-card companies are rushing to raise rates and tack on extra fees ahead of a law slated to take effect Feb. 22 that is supposed to limit such moves in the future. In some cases, rates are doubling to as high as 30 percent or more, even for people who pay their bills on time.

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{"commentId":10524880,"authorDomain":"josh-of-arc"}
Josh of Arc

The key provisions of the CARD Act:

...the CARD Act will prohibit lenders from raising rates on outstanding card balances. In other words, if you have a balance of $1,000 and the company wants to change your rate, it only applies to new purchases. It wouldn't be retroactive on old debt.

Card issuers also won't be able to change the terms of a contract so long as the cardholder makes a minimum payment on time.

But credit card companies have until February 22 to screw you over. Watch your statements.

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  • 3 votes
Reply#1 - Fri Nov 6, 2009 1:30 PM EST
{"commentId":10531418,"authorDomain":"h-kuehn"}
Holly-348328

Good advice! For a change, my congressman wrote me about a bill he's introducing in the House preventing credit card companies from making any changes before 2/22. He urged me to "take action." You can bet I did. Wrote a personal note on it too because I've already had one raise my rate from 9% to 15%. It says right on the letter that this action is not due to my balance, my payment history or my credit report. So, what's it for if not to gouge me?

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  • 1 vote
#1.1 - Fri Nov 6, 2009 5:34 PM EST
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