CARD bill experience - so far positive

[georgerussia 0]

Recently we discussed the Credit Card Accountability, Responsibility and Disclosure (CARD) which has been voted and signed by this year. At that time there were multiple discussions around about how credit card companies will start collecting annual fees, jack up other fees and so on.

I already received agreement amendment for all the cards we had, and carefully went through them. All of them are basically stating the same things that since Feb 13, 2010:

- APRs on existing balances will only be raised if minimum payment was missed for 60 days;
- There is no "over credit limit" fee anymore;
- The payments covering more than interest will apply to higher balance first;
- Payment date will fall on the same date each month, and will be at least 25 days from the statement date;

None of my issuers implemented annual fees, or killed a reward program, and so far all the changes I see are positive. I would not benefit on any of them though, but I indeed see how some people would. So at this moment it looks like the government can do a good job for the benefits of consumers by forbidding some ugly private industry practices, and despite all the hype sponsored by the industry, none of their promises were implemented.

Of course I have very limited experience with four issuers, so I wonder if anyone got annual fees or canceled rewards?

* Don't pray for me if you wanna help - just send me a check. *

[kelpdiver 2]

Annual fees can come later. I suspect they'll first show up on inactive accounts, so if you're like most and only use one or two, it's probably good to charge to the others every 6 months.

One of my cards immediately redesignated my APR as a promotion rate valid through next year. This would allow for an increase next year if they decided they no longer valued my business.

[georgerussia 0]

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One of my cards immediately redesignated my APR as a promotion rate valid through next year. This would allow for an increase next year if they decided they no longer valued my business.

I wonder if they can do it, as the report I read claimed that APR on existing balances cannot change unless you miss 60 days. I would guess it should kill "promotional APR", right? I didn't read the actual bill though (I never carried balance on a credit card in my life, so the bill was quite irrelevant anyway).

* Don't pray for me if you wanna help - just send me a check. *

[kelpdiver 2]

it appears they think they can do it.

Very similar was a trick some SF landlords tried to do where the first year rent was "discounted" so they could get a second year increase. I don't believe that jives with rent control, however.

[georgerussia 0]

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it appears they think they can do it.

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It, of course, depends on the language in the bill, but unless it clearly makes difference between regular and "promotional" rate, they're just looking for a nice class action lawsuit.

* Don't pray for me if you wanna help - just send me a check. *

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