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Downfall

September 24, 2009 3:11 PM

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Interestingly, I received a letter from Discover saying that if I called a special number, they'd give me a 0% APR on new purchases until February. In the fine print, of course, it made clear that any payments would be applied to my zero APR balance first. Wonder how this will be impacted by that.

2 replies

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September 24, 2009 3:52 PM

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@Downfall: I got something similar from BoA back in July. Only it's 1.99% on purchases. Good through February 2010. I was moving, and had to put a few expenses on the card, which will be paid off in the next few weeks, I would have had to use the card anyway, so it was nice to get the break

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September 24, 2009 3:29 PM

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@Downfall: My guess is that unless there was something in the terms that said they could end the offer early, it would have go on until February.

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keepher

September 24, 2009 3:20 PM

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Like this is going to fix anything. They've already done it. It still floors me that they thought knowing these changes are coming that the CC companies would just sit on their hands.

1 replies

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September 25, 2009 2:16 PM

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@keepher: I don't know if the Democrats are really that naive or so deluded with their mythological Socialist ideology that they thought \"there is no way that this could backfire. CC companies should surely know that they are defeated and will surrender to our will.\"

There's still time for CC companies to hike rates and fees on good customers and chase away bad customers. Congress will probably move up the implementation date to November 1 next.

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September 24, 2009 3:22 PM

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Thanks, Barney for shining a light on the negative effects caused by this bill. The credit card companies have simply shifted the expenses casued by subsidizing risky borrowers to those who have good credit and \"can afford to pay more\" and have rammed in all kinds of unpleasant changes before the deadline. Are they really surprised that the credit card companies would do this? Just another stealth and clumsy effort at redistributing wealth that has brought plenty of unintended consequences.

12 replies

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acasto

September 24, 2009 7:53 PM

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@Big Poppa Pimp: How in the world is holding the credit card companies accountable for shady business practices \"redistributing wealth\"? Unless you are going to defend the \"we can do whatever we want to you whenever we want\" clauses in their contracts as a wonderful example of capitalism, this has nothing to do with economics and everything to do with fairness to all parties involved. Raising rates on new and future purchases is fine. Raising rates on existing balances is a rip-off.

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September 26, 2009 6:35 AM

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@acasto: You're calling our economy over what period \"capitalism\"?

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September 24, 2009 4:45 PM

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@Big Poppa Pimp: Actually, they weren't subsidizing risky borrowers. Risky borrowers were subsidizing non-risky borrowers, and now that those subsidies are gone, credit card companies are shifting fees to get money from the latter group.

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September 24, 2009 3:56 PM

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@Big Poppa Pimp: As evidenced over and over again on these blogs and highlighted in the recent economic downfall, wealth doesn't automatically bring about good credit.

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September 24, 2009 4:56 PM

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@TinkishDelight: I agree with you 100%. But I believe that many in Congress are very comfortable with adverse consequences to those who are perceived as wealthy.

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Falcon5768

September 24, 2009 3:46 PM

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@Big Poppa Pimp: god forbid we blame the greedy fucking bastards who designed the cards to hurt the lower and middle class and purposely hid things in fine print no one but a lawyer could read.

LETS BLAME THE POOR THEY SUCK.

God you are too stupid for words.

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September 24, 2009 4:55 PM

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@Falcon5768: Never blamed the poor, just the stupid and risky. You should learn how to think independently and not as a politicized hack. I agree that the credit card companies behave poorly but more regulations make a bad situation worse and less capital available. Thanks for making an ass of yourself. I am smart enough to read the rules but apparently you are not and have a low opinion of your fellow Americans. YOU SUCK.

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nova3930

September 24, 2009 3:56 PM

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Yeah it was terrible how the CC companies all sent out goons with guns to force people to get CCs and run up the bills. Somebody should put a stop to that to protect the downtrodden.

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blakek

September 24, 2009 3:51 PM

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@Falcon5768: I don't think he's blaming the poor, I think he's blaming the regulators for being incompetent. They are.

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TheSpatulaOfLove

September 24, 2009 3:26 PM

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@Big Poppa Pimp:

\"Just another stealth and clumsy effort at redistributing wealth that has brought plenty of unintended consequences.\"

*rolling eyes*

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September 24, 2009 4:58 PM

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@TheSpatulaOfLove: Do you think Barney Frank is really looking out for your best interests or does he have other ends in mind?

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notsofresh

September 24, 2009 3:36 PM

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@TheSpatulaOfLove: The government! The Government! THE GOVERNMENT!!!

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September 24, 2009 3:31 PM

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How about implementing it retroactively to about 6 months ago, before all my credit card companies sent out their fuck you letters

3 replies

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H3ion

September 24, 2009 10:31 PM

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@Letsgohokies: Doesn't have to be retroactive. Just make the effective date the date the bill was introduced. That would have been before the CC grab fest.

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September 24, 2009 7:16 PM

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@Letsgohokies: Yeah. We don't use words like \"retroactively\" 'round here...

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September 24, 2009 4:45 PM

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@Letsgohokies: Watch the language.

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September 24, 2009 3:34 PM

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Surely more reasons to let fail banks that are too big to fail. Maybe add an addendum to the law that existing balances can only be charged interest at the rate in effect when the charge was made. Even better ... reestablish the usury laws.

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Wang_Chung_Tonight

September 24, 2009 3:45 PM

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I just got a notice i'm going to variable rates. At least, if I understand ti correctly, the cc companies are going to be forced to tell us exactly what's going on an shoot straight. Its gonna be like \"Liar Liar\"

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arstal

September 24, 2009 3:49 PM

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If the banks can't make a profit on credit cards, then the banks shouldn't issue credit cards.

If they can, then they should be forced to abide by reasonable regulations, which are in the CARD Act.

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gStein_*|bringing starpipe back|*

September 24, 2009 4:00 PM

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because moving the date up 2 months will TOTALLY stop banks from changing terms before the date...
they still have 2 months before the new proposed effective date

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September 24, 2009 4:18 PM

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Everyone here knows this but I'm going to say it anyway:
If you have to put your holiday gift shopping on a credit card that you cannot pay off immediately, please do not buy the gifts. While the moment of unwrapping can be wonderful, the months or years of paying it off at 30% isn't worth it.

If you have a good supportive family, the best gift would be have a zero balance.

And, if you have a fun loving family, they will drive while you moon the bank after you pay the bill down to zero.

3 replies

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September 26, 2009 7:16 AM

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@ColoradoShark: I like the mooning part. Mainly because my mudda would TOTALLY play getaway driver. Hell, she'd probably moon AND drive. How she would physically accomplish this, I don't know. But I'm fairly certain that's how it'd happen.

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September 24, 2009 6:33 PM

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@ColoradoShark: *claps* Dude, you rock.

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martyf

September 24, 2009 5:14 PM

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@ColoradoShark: \"If you have to put your holiday gift shopping on a credit card that you cannot pay off immediately, please do not buy the gifts. While the moment of unwrapping can be wonderful, the months or years of paying it off at 30% isn't worth it.\"

Really, absolutely the best advice of all.

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haunted

September 24, 2009 4:55 PM

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CC companies having two months more to do the screwing therefore killing any possibility of consumer Xmas shopping is helping the economy not nosedive how?
Why can't the law be, new rates can't be more than X percentage above or below the lowest rate the consumer had in the last 1, 1.5 years?

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September 24, 2009 5:00 PM

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@notsofresh: It's all Bush's fault anyway, isn't it?

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September 24, 2009 5:23 PM

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Forget the change of interest rates -- I want my rewards back! Some of my cards' rewards points systems have turned from great (2% on everything, 5% on some things) to mediocre (1% on everything, 3% on some things).

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AustinTXProgrammer

September 24, 2009 5:40 PM

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I enjoyed my rewards and did very well, but too many people are falling into the card trap. Some decent regulations to keep the lemmings from being led off a cliff will likely benefit us all in the long run with a more stable economy not based on out of control debt!

I used to be libertarian, now I just don't know. We can't replace consumer debt with government debt and do any better though.

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wagenejm

September 24, 2009 6:41 PM

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The problem with any governmental regulation is that they are almost never implemented immediately, so it gives the offenders causing the need for regulation a period of FFA where they can do whatever they want until the legislation kicks in.

It's like gorging on food the night before you begin a new diet and exercise program. It's natural human behavior to want to get away with as much as you can for as long as you can.

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Jevia

September 24, 2009 7:30 PM

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Seriously, didn't it ever occur to Congress that the credit card companies were going to screw consumers as much as they could prior to Feb. 2010? Like duh!

I'm just happy that my card issuers haven't totally jacked up my rates, most are still below 15%, and the couple with balances were to remain at low interest 'until paid off' so as long as I don't put anything more on those cards (at least before Feb. 2010), I don't have to worry about \"paying off the lower interest balances first\" deal.

The cards I have with higher interests, I simply never use (or will use once in a while and pay off in order to keep them \"active\").

1 replies

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September 24, 2009 11:43 PM

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@Jevia: Isn't it just hilarious that the original reason for the delay in implementation was whining by the credit card CEOs that \"we can't make all those changes that fast!\" Yet they can somehow jack rates and make unfavorable changes instantaneously. Hmmmm .....

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September 24, 2009 8:53 PM

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I applaud the effort although I fear a lot of the damage has already been done.

1 replies

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September 26, 2009 7:18 AM

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@mazzic1083: I like to say, \"Good initiative, bad judgement.\"

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