Comments on: Summary of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009

By: Tammy

Tammy — Tue, 17 Nov 2009 00:34:30 +0000

In theory this is great, but those evil credit card companies are punishing current card holders by significantly increasing rates for no reason just to have inflated rates when this goes into effect. Ban Citibank. I was so happy with them until for no reason i get notice that my 7% apr is jumping to 29% apr..I have barely any balance and have always paid early..they still offer new cards at a lower rate, btu a loyal customer since 1985 gets teh shaft. Close those loopholes!

By: Scott

Scott — Sat, 13 Jun 2009 19:28:31 +0000

I just received my Discover today and the rate went from 8.9% t 15.74. I have a balance of about $5800.00. When I called to ask them if they could do anything about it, the only thing they could do was give me a 6 mo. 0% on new purchases. Yeah, like thats going to happen. They told me the reason for this was as of June 1 Congress passed this new Bill that prohibits them from charging higher rates to the deadbeats so they have to “spread the wealth”. Socialism at its best! Thank you Obama from me ripping me off. And a big thank you from all of the dead beats who over charge and dont pay their bills on time

By: Grant

Grant — Wed, 20 May 2009 22:23:58 +0000

I’ve heard a rumor that the “grace period” will no longer exist. That is, even if you pay off your card every month, you’ll be charged interest on a daily basis for every dollar on the card. Guess we’ll just have to wait and see.

I, for one, would most likely start using my credit card significantly less if subject to interest charges, and just use my (free) debit card, except for online purchases (and others where I want the consumer protection of a credit card.)

The credit card companies are not going to take a hit in their profits. They will find other, new ways to make their profits, such as less valuable rewards programs, higher interest rates for everyone, and more annual fees.

By: Lakita

Lakita — Wed, 20 May 2009 14:11:49 +0000

This is great! Though I’m worried that creditors will start increasing rates before this goes into effect! Glad mine are almost all paid off!!!

Matt Jabs (DebtFreeAdventure) just yesterday wrote about how his rate was jacked up — the reason….poor economic conditions!!

Wonders if the act will be grandfathered to undo abusive practices?

Thanks for the info!
Kita