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Christmas could come early for consumers with Congress considering moving up the date for full implementation of the Credit Card Act to Dec. 1, from February 2010.
Among the new rules: a provision that forbids card issuers from retroactively changing rates on existing balances, unless it's spelled out in a card agreement or an account is 60 days delinquent.
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[A representative of] credit-education site Credit.com suggests that people with one or two credit cards consider opening an additional card with more favorable rates and terms.
One of the scummy practices that this would finally put an end to:
About a year ago, I mistakenly made a payment on a Citibank credit card from a brokerage account which had no money in it. They refused to honor the payment. Citibank immediately slapped me with a $35 fee AND defaulted $14,000 worth of balance which had been at a fixed 4.99% balance transfer rate. I did all I could to get money into the account, even going to a branch in person and dropping off a cashier's check, but regulations meant that the money still didn't post that day. After pleading my case with Citibank, I got them to reverse both the fee and the default, and to their credit, the brokerage reversed their fee as well since I made a good faith effort to cover the payment.
HOWEVER. Instead of actually reversing the fee, Citibank issued a $35 credit to my account. Guess where it got applied? Yep, it got applied to the balance which was at the lower interest rate. So I've been paying interest on a nonexistent fee ever since, since the payments always get applied to the big balance with the low interest rate, and not to the fee which remained on the account at the regular purchase APR. When the CCA goes into effect, my payment will finally be applied in the proper way to wipe out the fee and interest, which has now ballooned to $58. By the time that happens, I'll essentially have paid the fee anyway, even though it was "waived."
About a year ago, I mistakenly made a payment on a Citibank credit card from a brokerage account which had no money in it. They refused to honor the payment.
Well, OF COURSE they refused to honor your payment.... since you really did not make one!
(Tough to consider it a payment when no money transfers)
Not allowing credit companies to make the DUE DATE of the bill on a day that they don't accept and/or process payments.
I went online on the due date of a credit card to make the payment and a "late fee" was already there. Then I called them up and found that they don't accept payments on the weekend. The guy said he would have the late fee taken off, but it is still unfair to make a due date on a day that they don't accept payments.
The credit card companies will just move facter in limiting credit. It will just mean moving ahead with what they already are planning.They can refuse charges anytime.
I did...
and it was all based off the fact that you did not make a payment.
Of course there will be hassles when you do that.
The issue I have is that they waived the fee, which I appreciate, but the way they did it meant that I basically paid it anyway.
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Good posting for those who hadn't heard about it yet.
