That's right Credit Card Companies

SUCK THAT GOVERNMENT DICK!

So for anyone who doesn't have a credit card or keep up with politics, Obama's regulatory standards for credit card reform are becoming active (at least one good thing has come so far), and if you like me own a card, would love to see corporate exec's squirming in their golden armchairs.

If you don't have one, you will someday..unless you're a hobo. The new regulations greatly side with the consumer and this means a lot of good new changes.

If you wanted to build good credit eventually if for example, you're going to purchase a car, house, open a business, etc. it's a good time to look into it.

Here are just some of the new regulations explained (painfully im sure), by Discover Card...

SUMMARY OF CHANGES
INTEREST RATES
●
Annual Percentage Rate (“APR”) increases for paying late or exceeding your credit limit.
We will no longer increase your APRs on your existing credit card balances if you pay late or exceed your credit limit. Your APRs on new transactions may increase to a Default Rate only if you fail to make a payment when due. However, if we increase your APRs for new transactions to a Default Rate, we may, as described below, periodically review your Account to determine if your APRs should be reduced. Click here to see the manner in which we determine a Default Rate.
●
Grace Period. Your grace period for new purchases is changing, which may help reduce your finance charges. (Click here for more information on "How We Calculate Periodic Finance Charges")
FEES
● Overlimit Fee. We will no longer charge an Overlimit Fee. (Click here for more information)
● Pay-by-Phone Fee. We will no longer charge a Pay-by-Phone Fee. (Click here for more information) ● Balance Transfer and Cash Advance Transaction Fees. If you make a balance transfer or take a
cash advance, the maximum transaction fees will be increasing to 5% of the amount of each new
balance transfer or cash advance, as applicable, with a minimum of $10. (Click here for more
information)
PAYMENTS
●
How Payments are Applied. Payments made in excess of the Minimum Payment Due will now generally be applied to high APR balances first. This may help you pay off your high APR balances sooner. (Click here for more information)
●
Minimum Monthly Payment. The Minimum Payment Due calculation is changing, which may result in a higher required monthly payment. Making a higher monthly payment will help you pay down your balances faster. (Click here for more information)
●
Payment Processing Time. Mailed payments received at our processing facility will be credited to your Account on the same day if received by 5PM local time, instead of the current 1PM cut-off time. (Click here for more information on "Monthly Payment Options")

p.s. sorry for the length
p.p.s. thats what she said

 

Though on the flip side for young people/people with crappy credit, your credit limit will be far lower, getting a card will be much harder, and your interest rate is going to be awesomely high in the near future

C'mon, you think they're going to make less profit because of regulations? Republicans while being insane like Kanye are right about some things.

 

Okay look at what you wrote...young people or not, the people with crappy credit have a lower credit limit because they were irresponsible. Yes, it will be harder to get a card...is that bad? No. People who are irresponsible (crappy credit) won't get the opportunity to max out another card. This is in every way a good thing. It stops credit card companies from giving cards to irresponsible people and creates fairness for the responsible card holders.

Also, the interest rate wont be way higher because or the regulation. The principle here is that if you can't handle a credit card, you won't get one, and therefore astronomical rates wont be charged to irresponsible spenders.

 

No, credit card companies still want to make their money. The interest rate can't go up on current cards unless there's warning, you damn well better believe people are going to start to get letters about interest rate hikes that will come in the future, and all new cards will have a much higher rate. It also makes credit harder to get, for better or worse, for most of the people here considering everywhere here is generally between 18-26, probably with massive student loan debt and mediocre credit history.

 

I've attempted to get a couple credit cards under my own name since I turned 18. I have absolutely no credit and just need something to buy gas with so I can build up my credit with things that I have to buy anyways.

Both credit card companies turned me down, one of them was from my own bank! If it is this hard for someone with no credit to get a piece of plastic now, I won't bother trying to get one later.

I don't care if people are irresponsible and don't realize that the piece of plastic in their wallet does not equal cash. The government has no right regulating this shit. Just more power for them to eat up.

 

credit is stupid, my dead son has crappy credit. thats how stupid credit is.

 

Those regulations are not strict enough,but it's better than nothing.I do not use credit cards that much,,but credit card companies should be regulated,and all loopholes closed.Remember credit card companies and other big businesses 'used' to be highly regulated--until the big failure of de-regulation.Deregulation has only benefitted the very rich,and is a slap in the face to everyone else.

 

As far as I'm concerned maybe people should better control over their own finances and actually read the fine print of what they're signing instead of trying to resolve themselves of responsibility by having the government do it.

 

Credit card companies do not like people like me,who hardly use them,and when I do I always pay the full balance on time.---However what right does a credit card company have to lets say charge people an over the limit fee of 35 dollars if a person accidentally went over by 1 cent.Or even a late fee of 35 dollars if the payment is one day late,or interest fees that would shock a loan shark.Not to mention so many other things they(CC companies) get away with.They have literally been allowed to become legalized loan sharks.People should not fall for the big business con-game,that regulations are bad. Proper regualtions on ALL big businesses always worked well in the past.

 

You know if people read the fine print of what they signed and were like fuck this, then went to companies that didn't do that, either the predator companies would have to follow suit or die out. It's the free market in all it's glory. We don't need regulation, we need a freakin smarter country.

 

This. I didn't read the fine print of my debit card that was attached to my checking account. I saw that overdrawing funds was a $22.00 charge but I didn't notice that it went up to $35.00 after a couple and it was for EACH item that goes over even though they have no control over how things post.

Since then I've always kept a large balance in my savings account that is attached for overdraft protection. The first thing I did though was to close my Wachovia account. When I was asked why I was closing the account I just told them their piss poor customer service was of no help when I was unsure of their policies or had issues relating to a charge. Since they were broke as fuck they wouldn't budge on a single overdraft fee.

Went to Wells Fargo, told the guy setting up my account exactly what I was sick of and he set me up, gave me his card, wrote down the days he was in the branch and knocked off a $12.00 rewards fee for me. The only time I've been in the branch since changing banks, the guy that set me up remembered my name and asked me if I had any problems setting up my accounts.

Don't like a CC companies policies or their overall customer service?
Get off your ass and settle things with them and then find someone else, read everything you sign and enjoy. Or don't use plastic.

 

Syd, you make great points and without a free market, we wouldn't even have credit card companies.

But, regulation to a degree is a necessity. Without it, you end up iwth things like the recession we are in now. Banks mortgaged bad loans in an inflated market and gave people false confidence that they could afford the properties they were buying. (Not everyone was misled, some people were stupid a.k.a people with $40,000 income taking 40+ year mortgagees on $600,000 homes).

De-regulation is good, but it leads to people like Bernie Madoff who pulled off the largest Ponzi scheme in U.S. history. Lack of oversight by the SEC and loopholes in the free market economy led to it and others like AIG.

Even the president of the U.S. has someone who keeps him in check...the House of Representatives can override a presidential veto.

Yes, credit card companies need regualtion because they were "fine-printing" things that turn out to rip consumers off, and force them to spend multiple times in interest on their original balance.

 

Regulation is good, over regulation is bad, people cite Madoff and Enron as the 2 classic examples, but Enron was a case of existing common sense regulation not enforced, and Madoff cooked his books, everything he did was illegal to begin with, those weren't loopholes, that was crafty business making. Fraud is never legal, and had he been found out earlier it would've been just as illegal. AIG wasn't loopholes either, they're an insurance agency. It's own credit rating went down making money harder for it to get, and couldn't get the credit to swap it's own debts once it needed collateral at the same time that it was having to pay out massive sums to other failing businesses under its wing. Not really a loophole, same as GM, just bad management. This company like others was convinced the housing bubble would never end(apparently no one who works in these giant businesses has ever taken a history class)