The Chronicles of George

[RRabbit42]

"If you make a late payment, we'll charge you $39 and may raise your interest rate to the maximum of X%".

Talk about an impotent threat. They already raised the APR to that amount.

Just adding more insult to the injury. Only about 2 or 3 more payments and it's gone. I've thought it over and I'm closing the account. It's not worth it to even have a tiny amount floating on the card just to keep it open and keep that credit history. I will do just fine with one less card.
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When you get to the checkout without enough money, do you tell them you're money illiterate? When the cops pull you over, do you tell them you're car illiterate? -- TF

When you decide to be an idiot, you might not want to CC: management. -- pj5081

[Rizak the Really Horrible]

US ONLY:

Today is the day that most of the consumer protections from their new Credit Card Act of 2009 comes into effect.

* Bills can be paid online or over the phone without incurring a processing fee.
* Customers must be over 60 days late on payments before their interest rate can be raised on balances; if the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
* Overlimit fees can't be charged unless cardholders are told that the purchase will put them over their limit and they authorize it to go through anyway.
* If your card has more than one interest rate on balances, then payments must be applied to the highest interest rate first.
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In order to solve your problem, I must use my brain.
Yes, my WHOLE brain.

[dakboy]

[RRabbit42]

The main article is on Yahoo! Finance, but here's some highlights:

Credit card statements will now have notices about how long it takes to pay off a balance when you make the minimum payment. The example given is that $3000 at 14% takes 10 years.

As reported before, we can expect annual fees to come back. Citigroup will put a $60 annual fee on many cards April 1st.

Paper statements may now cost you $1 as a processing fee.

Fifth Third Bank will be charging a $19 inactivity fee for customers who don't use their card for 6 months.

JPMorgan Chase now charges 5% instead of 3% for balance transfers.

On the plus side, new limits go into effect for college students and others under 21, so there should be fewer instances of "give them a card regardless of if they can pay it or not".

[RRabbit42]

JPMorgan Chase has decided to stop participating in the FDIC's Transaction Account Guarantee Program. It comes into effect if you have more than what the FDIC covers ($250,000 per contributor).

Accounts affected: non-interest bearing transaction accounts (including "certain checking with interest (NOW) accounts") and IOLTA, IOLA and IOTA accounts

Full details here. It's not specifically about credit cards, but is still worth knowing about.
_________________
When you get to the checkout without enough money, do you tell them you're money illiterate? When the cops pull you over, do you tell them you're car illiterate? -- TF

When you decide to be an idiot, you might not want to CC: management. -- pj5081

[RRabbit42]

What a "surprise". My final payment to that card was delayed 2 days as "pending". I don't know if my bank has the ability to check the history of a transaction before it is posted, but my guess it wasn't from their side.

Good thing I got the payment in a few days early.
_________________
When you get to the checkout without enough money, do you tell them you're money illiterate? When the cops pull you over, do you tell them you're car illiterate? -- TF

When you decide to be an idiot, you might not want to CC: management. -- pj5081

[Nick Burns]

Just keep an eye on those credit charges/fees!

Macy's Adds Monthly $2 'Educational Interest' Charge To My Credit Card Bill

[MikeP]

[Nabiki]

My credit union sent me a letter telling me that they had checked my credit and were adjusting my interest rate. Starting next month my interest rate has been lowered to 8.99%
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"I wonder if it's lighter because we folded it?"
"I heard you say that, but I didn't know you meant it!"

[RRabbit42]

I don't know if it's coincidence or the economy getting slightly better, but the credit card I just paid off has started sending me balance transfer offers again. I'm betting on "we're about to lose him so we better entice him to stay".

As it turns out, I will be keeping that card in case I start looking for a house in the next 6 months. That seems to be the cut-off for when closing an account can hurt you. So, I'll make a few piddling little purchases with it just to keep some activity on it and see if I can get the interest rate dropped back down.

It feels pretty good to be in control of how I want to use this account, rather than being stuck with it looming over my head.
_________________
When you get to the checkout without enough money, do you tell them you're money illiterate? When the cops pull you over, do you tell them you're car illiterate? -- TF

When you decide to be an idiot, you might not want to CC: management. -- pj5081

[Woodman668]

If you are getting rid of all your credit why does it matter if your credit rating takes a hit for getting rid of your credit?

And if your FICO score is supposed to show how responsible you are why does it go down if you cancel credit?
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Catapultam habeo. Nisi pecuniam omnem mihi dabis, ad caput tuum saxum immane mittam

[dakboy]

[Woodman668]

That was kind of my point though, it just shows how much money they can make off of you. If you were to pay that card off in two payments and cancel it your score would go down.

My point is if you are cancelling credit, why should you care if the score goes down. And if you are in a decent position to buy a house right now then you can deal with the mortgage agent on stuff like that anyway.

They'll look at your score and say, hey, looks like you closed some accounts, and you'll say, why yes I did. And they'll ask why or you will volunteer, Frankly, with buying a house coming up I wanted to remove all other possible sources of debt.

If your mortgage agent doesn't take the time to talk to you like that run and get another one. Don't get a mortgage from someone who grants a mortgage based on a multiple choice questionairre and a FICO report.
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Catapultam habeo. Nisi pecuniam omnem mihi dabis, ad caput tuum saxum immane mittam

[Rizak the Really Horrible]

Don't worry about it. They'll keep sending you new card applications and pre-approved ones for at least 10 years after.
_________________
In order to solve your problem, I must use my brain.
Yes, my WHOLE brain.

[RRabbit42]