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It is amazing that those who pay their cards off every month don't whine and complain about their credit cards, this is what I do, and I don't have a single complaint about mine.
I do think that these reforms have to happen, the biggest one is, if you borrow at a certain rate than it should stay at that rate, even if they raise your APR later, that is only fair. As far as the fees go, yeah they are terrible, but easily avoided if you pay attention.
@baquwards: I pay off mine every month, because I have a self imposed limit on how much I charge on my cards. It's all a matter of planning
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@baquwards: No, actually they are not \"easily avoided\" for the vast majority of credit card users. these companies have been using every trick in the book to make it as difficult as possible to see when you are over your limit, getting hit with fees, etc.
I'm happy for you that you are able to pay every bill in full every month, but that doesn't negate for a minute that credit card companies are notoriously squirrelly to pretty much everyone else but apparently you. These changes are great. They need to go farther.
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@cookmefud: You're insane if you think that the \"vast majority\" of credit card users are getting duped or screwed over. Conversely, the vast majority of credit card users buy things they can't afford to pay back. THAT'S why they're in over their heads.
@SabyneWired: In general, people rely on revolving credit because they're greedy and want things before they can afford them. Plus, reports of sweeping unemployment are blown way out of proportion. The current unemployment rate is only a few percentage points higher then the average over the last 20 years. The vast, vast, vast majority of people out there are not losing their jobs. If you want to talk \"overgeneralizations,\" then start with yours.
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@cookmefud: I actually have to agree with baquwards, the only time I've ever gotten hit with a fee in 10 years of having credit cards is when I've forgotten to make a payment.
I then call them and get the fee reversed. I've NEVER paid a CC fee. I managed this all through my 20s, both before and after CC statements were available online.
Its really not that hard.
@cookmefud: The majority of credit card users carry balances because they wanted shiny toys and didn't want to save for them.
Yes, credit card companies shouldn't be allowed to screw anyone by changing rates, limits, or any other of the unethical bullshit they pull, but most people end up at their mercy because they didn't want to put off buying something they couldn't afford.
You should only ever run a balance on a credit card if you have an unexpected emergency.
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@sburnap42: Actually no, the majority of unpaid credit debt is from unforeseen medical costs, but thanks for playing!
@cookmefud: What kind of tricks have you run into? I can check my balance online anytime I want and have never incurred a fee from my cc company for anything.
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@unpolloloco: Are you kidding? Click on the credit card tag at the bottom and you'll see.
1) Lowering your balance without cause(which impacts credit scores). [consumerist.com]
2) Increasing APR without allowing Opt out. [consumerist.com]
3) Cancelling cards without notice. [consumerist.com]
4) Moving up payment due date without notice. [consumerist.com]
Etc.
@ARP: Agreed. I pay off my credit card every month, but that doesn't mean I'm happy with the current system. The system gives private companies with zero incentive to treat customers fairly control over consumers' credit score based on arbitrary, undisclosed factors. I know people who I think are responsible for their own debt situation because their spending habits are clearly out of control. At the same time, I have no credit card debt and I still believe greater government control is necessary.
@ARP: Agree. I pay my credit card balance each month and still got my payment due date moved up. They also send me checks to use for my 'convenience' though I've never used one (and never will) and have to make sure they're destroyed. The greedy bastards bend over backwards to get you into a pattern of charging more than you can afford to pay each month, then complain about people who default.
On the other hand, while I understand that some people suddenly get over their head in debt (e.g. unanticipated job loss, major medical bills) I think that most people bring on their own grief with it. If you don't have money set aside for emergencies then you need to do so before buying/charging any items that you don't absolutely need. If you're carrying a balance then you shouldn't be charging unnecessary items until you've paid it off.
@ARP: A few stories about what is happening to a few people are not necessarily representative of what's happening to most, or even a significant number of cardholders.
@supercereal: True. But I'm willing to bet that the government didn't introduce the CARD Act because they read four stories on Consumerist and thought there was an epidemic, without doing any further research. If the problem is big enough to get the Fed's attention and its very own bill, then perhaps the problem itself is more prevalent than a few anecdotal tales that are only outliers in the 'how do credit cards act' statistics.
Now if only we could carve that concealed weapons in national parks provision out of the Act, I'd be happy.
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@baquwards: Agreed. A new interest rate should only apply to new purchases, not existing balance. If I agree to borrow money at certain interest rate, I'm highly upset when I discover they all-of-a-sudden changed the terms.
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Yeah... prime+14% really isn't anything special.
Why is Chase Blueprint only available on 3 or 4 Chase cards?
_
I GUESS it's a START.