Comments on: Credit CARD Changes: Watch for the Fine Print http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Wed, 23 May 2012 05:51:16 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Miranda http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24839 Miranda Mon, 15 Mar 2010 12:52:06 +0000 http://moneyning.com/?p=4622#comment-24839 The CARD Act doesn't protect against interest rates being raised due to missed payments. Even though you didn't get your statement, the promo interest period ended with the late payment. And even if they waived the late fee, they might still count it as a missed/late payment and decided the intro period was void. That is something you would have to take up with the credit card company. The CARD Act prevents you having to pay higher interest on older debt when they change the interest rate going forward, but anything they did before the CARD Act went into effect on February 22, 2010, remains in effect now. So, it sounds like they made most of the changes before Feb. 22, and are carrying forward from there. That's really something you will have to address with your card issuer. The CARD Act doesn’t protect against interest rates being raised due to missed payments. Even though you didn’t get your statement, the promo interest period ended with the late payment. And even if they waived the late fee, they might still count it as a missed/late payment and decided the intro period was void. That is something you would have to take up with the credit card company. The CARD Act prevents you having to pay higher interest on older debt when they change the interest rate going forward, but anything they did before the CARD Act went into effect on February 22, 2010, remains in effect now. So, it sounds like they made most of the changes before Feb. 22, and are carrying forward from there. That’s really something you will have to address with your card issuer.

]]> By: Yung Lee http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24822 Yung Lee Sun, 14 Mar 2010 23:44:11 +0000 http://moneyning.com/?p=4622#comment-24822 Dear Sir, Could you please tell me what do you mean by "retroactive hike"? I still can't fully get it. For instance, my ending balance was $1293.34 on 12/07/09. They suddenly charged me $13.65 for finance charge interest while we were still within the promotional period. Later in their 2/4/10 statement they charged me 39..09 for late fee because I didn't receive their paper statement. And another finance charge of 12.60 was made. Then on their 3/3/10 statement, they canceled the late fee payment but still collected the finance charges, the interest rate seems to be based on the whole balance 8/07/09 when we began the promotional interest of 0% APR for one calendar year which is still effective by now. Can you please explain what's wrong with the new card act? Thanks. Dear Sir,
Could you please tell me what do you mean by “retroactive hike”? I still can’t fully get it. For instance, my ending balance was $1293.34 on 12/07/09. They suddenly charged me $13.65 for finance charge interest while we were still within the promotional period.
Later in their 2/4/10 statement they charged me 39..09 for late fee because I didn’t receive their paper statement. And another finance charge of 12.60 was made.
Then on their 3/3/10 statement, they canceled the late fee payment but still collected the finance charges, the interest rate seems to be based on the whole
balance 8/07/09 when we began the promotional interest of 0% APR for one calendar year which is still effective by now.
Can you please explain what’s wrong with the new card act?
Thanks.

]]> By: CD Phi http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24302 CD Phi Wed, 24 Feb 2010 20:54:21 +0000 http://moneyning.com/?p=4622#comment-24302 I think it's great how these sort of help to protect the consumers. However, I can see how this will hurt those who have good credit because there may just not be as many perks anymore. I think it’s great how these sort of help to protect the consumers. However, I can see how this will hurt those who have good credit because there may just not be as many perks anymore.

]]> By: American finance solution http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24281 American finance solution Wed, 24 Feb 2010 07:43:11 +0000 http://moneyning.com/?p=4622#comment-24281 I have been searching for a website like this in the field I am interested in. I am a big fan. I was thinking about creating my own blog about similar ideas for like-minded people. Some good ideas here. Thanks, I can only hope mine turns out as good as this one <a href="http://americanfinancesolutions.com/" rel="nofollow">American finance solution</a> I have been searching for a website like this in the field I am interested in. I am a big fan. I was thinking about creating my own blog about similar ideas for like-minded people. Some good ideas here. Thanks, I can only hope mine turns out as good as this one
American finance solution

]]> By: Patrick http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24268 Patrick Wed, 24 Feb 2010 02:33:56 +0000 http://moneyning.com/?p=4622#comment-24268 Everyone's so worried about their credit scores, but if you think about it, there's nothing bad about NOT lending. Who cares about some score when you are debt free and don't need to borrow money? Stop thinking about credit as something good because it's not. Everyone’s so worried about their credit scores, but if you think about it, there’s nothing bad about NOT lending. Who cares about some score when you are debt free and don’t need to borrow money?

Stop thinking about credit as something good because it’s not.

]]> By: Alcoholic Millionaire http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24260 Alcoholic Millionaire Tue, 23 Feb 2010 19:52:25 +0000 http://moneyning.com/?p=4622#comment-24260 I recently fired 2 of my credit card companies. Man it was fun. If you breath on an application a card will magically appear in the mail, but to close one of those suckers down sure does make them squirm. I personally am fed up with these companies and no longer want to play the games. I recently fired 2 of my credit card companies. Man it was fun. If you breath on an application a card will magically appear in the mail, but to close one of those suckers down sure does make them squirm.
I personally am fed up with these companies and no longer want to play the games.

]]> By: Joshua http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24252 Joshua Tue, 23 Feb 2010 17:17:33 +0000 http://moneyning.com/?p=4622#comment-24252 The credit card act is another one of those things where it helps one section of the population but hurts another. Less profits will just mean less rewards that responsible credit card users have been enjoying for years. If you ask me, it's another clever way of wealth shifting that politicians like to do. The credit card act is another one of those things where it helps one section of the population but hurts another. Less profits will just mean less rewards that responsible credit card users have been enjoying for years. If you ask me, it’s another clever way of wealth shifting that politicians like to do.

]]> By: Sandy http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24250 Sandy Tue, 23 Feb 2010 17:01:14 +0000 http://moneyning.com/?p=4622#comment-24250 I'm sure they will find a way to make more money off us. I just canceled my citi card that told me I'm going to be charged money every year just for the privilege of potentially giving them business. It sure puts a new definition of "customer service". I’m sure they will find a way to make more money off us. I just canceled my citi card that told me I’m going to be charged money every year just for the privilege of potentially giving them business. It sure puts a new definition of “customer service”.

]]> By: Daniel http://moneyning.com/credit-cards/credit-card-changes-watch-for-the-fine-print/comment-page-1/#comment-24247 Daniel Tue, 23 Feb 2010 15:02:51 +0000 http://moneyning.com/?p=4622#comment-24247 I think the main takeaway from these changes is that those in debt who are trying to get out will be rewarded by not being hurt by retroactive charges and paying off the highest interest debt first. But for those who are unable to dig themselves out and are digging deeper holes: sure, your interest is accruing at a slightly slower pace, but people will still accrue debt and hopefully they realize that this is not the solution to their problems. I think the main takeaway from these changes is that those in debt who are trying to get out will be rewarded by not being hurt by retroactive charges and paying off the highest interest debt first. But for those who are unable to dig themselves out and are digging deeper holes: sure, your interest is accruing at a slightly slower pace, but people will still accrue debt and hopefully they realize that this is not the solution to their problems.

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