[Danzig]

Originally Posted by Cannon Shell

http://www.dailyfinance.com/2009/08/...dit-card-laws/

Since you wont bother to read the link I will highlight some things for you.

When the new credit card laws officially start today, millions of Americans will see a host of improvements on their accounts; unfortunately, many have already begun to see higher interest rates.

People with cards from American Express (AXP), JP Morgan Chase (JPM), Citigroup (C), Discover (DFS), Capital One (COF) and others have been reporting increases even if they've never made a late payment and have excellent credit scores

For people who have lost their jobs, rapid interest rate increases and minimum payment changes put even more strain on their budget and will push them even faster toward bankruptcy


Many credit card issuers are getting rid of fixed rate cards completely and instead offering variable rate cards set to an index. That way they don't have to send notices at all. As the index rate goes up, so does the credit card rate. This method enables them to avoid the protections in the new law.


cardholders can expect to see more fees added on to their accounts. For example, some cards are starting to charge a fee to reinstate rewards points if customers are late on a bill, and it seems likely that they'll find other fee innovations before the new law takes effect in February 2010.

Ultimately, with higher fees and interest rates pushing more customers in default, everyone loses

from what i've read, a lot of folks with good credit are seeing their rates go up-everyone will see that happen. it's not as tho the companies will not attempt to keep their bottom line where it is...