Stop Unfair Practices in Credit Cards Act

**LP25** · February 18th, 2008, 12:19 PM

"The Stop Unfair Practices in Credit Cards Act" is currently in the House. I am going to guess that BofA and Citigroup had a lot to do with that. This Act should take care of the credit card abuse we've had to endure. Double interest rates? Late Payment Fees? Paying a fee online to pay your bill, etc.

Here's the link if you want to read up on it: http://www.netnewspublisher.com/unfa...nterest-rates/

If the link doesn't work, just goole the Act and you should be able to pull it up.

Have Fun!

**hjm331** · February 18th, 2008, 12:36 PM

LP25, nice post. I'm glad you posted this link here on FG, it just made my day! lol

**liowkc** · February 18th, 2008, 04:02 PM

It is good to cap interest rate that card companies can charge but 19.9% is still way too high. The best thing to do is to make fulll payment and pay 0% - nobody needed to patronise these loansharks.

**Meya** · February 18th, 2008, 04:03 PM

• Charging over the limit fees when the issuer approves the transaction that exceeds the limit

I love this post Lp25, this is what GEMB done to me in January. I had went through hell and hot water to get this cleared up. I am so happy to hear that I was not the only one this had happened to. I am not saying that I am glad it happen to them, but I thought I was mearly the only one. Members this is soemthing that you should look into when you are approved for installments or that lucky credit when you apply for something, i dont care if it was a TV.

**LP25** · February 18th, 2008, 10:54 PM

Originally Posted by 100379

LP25, nice post. I'm glad you posted this link here on FG, it just made my day! lol

LOL, I'm glad to hear it. Actually, I was surprised to find it myself because I was getting fed up with all these extra charges. The most recent was Walmart (Discover).

I have several credit cards and I have been making full payments monthly. Last month I made a payment with Walmart (Discover). I just got my new bill with late charge fees on it when it should've been $0.

I pay all my credit cards on the 1st so I don't have to remember what day of the month which card needs to be paid. The due date for Walmart is the 4th. They received my payment on the 2nd but did not complete the transaction until the 5th, causing my account to show this late payment fee.

When I called to have it taken off, the rep told me that regardless of when they received the money, if the transaction is not processed then I will be charged the late fee and that there will be interest fees added on top of that.

Can we say LIVID? I asked the rep where the interest fees would be coming from and she said from the late charge fee. I told the rep I had the card over 2 years, never late, never over the limit... but I want to closed the account. She had the gall to tell me she'll take my final payment over the phone but there is a $5.95 charge to make the payment and any fees the attach to my bill is within their rights to charge the consumer. I was close to going ballistic!

My husband told me to calm down because I looked like I was ready to introduce the rep to a medical examiner. LOL (That let all the puff outta me)

I decided to google how to get back at these credit card companies.. and found the link. I'm not really sure how it'll turn out, but it's nice to know they are going to give it another try on the floor.

**Meya** · February 19th, 2008, 04:06 AM

I looked like I was ready to introduce the rep to a medical examiner.

Yeah, I understand, it would be better if we just see Porgy with the money instead.

But here is one more thing I noticed, I had paid two of my accounts before the closing date, Walmart, and Travelocity, do you know that they had the nerves to charge me intr with large balance instead of the zero balance?

I had purchased a new stereo from Walmart simply becasue I have not used the card in a while, and purchased my husbands family member airline ticket online with my Travelocity card becasue I have definitley not used that one in a while. I just wanted to keep some type of charge on them every now and then, but they think that "Ohhhhh Mrs. Meya is alive and well, I dont think she know what is going on with the credit crunch lately, so let s***her up." WRONG!!!!!!

I paid it down to zero at least 1 week before the statement closed. Ohhhhh, who do they think they are messing with? I will be on them early in the morning. Why do you think I am up at 2:58 am pst? I cant sleep when someone think they are on top of me. I can have the worst attitude when I know that I am right.

**sophie** · March 25th, 2008, 12:28 PM

I am glad you called an investigated the issue. It seems like all companies are ready to rip you off and sometimes their explanations on how they are ripping you off are stupid and annoying.

**Meya** · March 25th, 2008, 01:11 PM

Tell me about it! That is why I love to read the postings that comes in here. Not only do I gain financial knowledge, I learn how to speak up and set the banks straight. They don't want to mess with us Sophie, we are FG teamsters...

**pamela2** · March 25th, 2008, 01:44 PM

amen on that part we stick together on here.

**Meya** · March 25th, 2008, 02:47 PM

ahhhhh, look who is back! ToysrUs and oldnavy....lol. Hey did you see the added credit cards thread? FG added your dream cards.

**smcc** · May 19th, 2009, 05:47 PM

Well as many of you know the Credit Card Act passed in Congress and will be sent to Obama to sign.

For all of you who pay your bills on time, you will be glad to know that some banks will charge Annual Fees to carry their cards. They will also start charging interest from the moment you make your purchase. As the segment was shown on World News Tonight, someone made the comment, "The banks will make their money one way or another"

**Brian23** · May 19th, 2009, 09:00 PM

This topic is really a double edged sword in my opinion.

Currently, banks can charge whatever they want (interest, fees etc etc).

Reformed policy, banks will have caps on what they can charge based on the government limits.

Although I agree that banks have become downright predatory in their fees to good paying customers. The only thing I fear is if the federal government puts a cap on what can be charged on a credit card, banks are going to be tighter than ever in loaning to customers. Especially customers like myself in the sub-prime market. I myself, have a little over (2) years left before my entire credit profile is expunged of negative marks. What about those people that have to start over as I did 5 years ago? Where will they be able to start re-building their credit profile?

I am just fearful of what the reprecussions are going to be in this......

**Meya** · May 19th, 2009, 09:07 PM

You got a point there

**smcc** · May 20th, 2009, 05:04 AM

Brian23, like what you said, but have a question. Lets take AMEX, will banks go the way of AMEX, start issuing Charge Cards, i.e (Green, Gold, Platinum) where you HAVE to pay it off in 30 days ?

I would rather go that way, then based on your spending and repayment history you have the ability to purchase what you want/need. This in itself will curtail spending by the consumer knowing that unless you can pay if off in 30 days you will be more reluctant to charge.

You still are going to have to pay an annual fee, so the banks will make thier money and at the same time you have the ability to not be "capped" as far as the ability to purchase

**Brian23** · May 20th, 2009, 08:34 PM

Originally Posted by smcc

Brian23, like what you said, but have a question. Lets take AMEX, will banks go the way of AMEX, start issuing Charge Cards, i.e (Green, Gold, Platinum) where you HAVE to pay it off in 30 days ?

I would rather go that way, then based on your spending and repayment history you have the ability to purchase what you want/need. This in itself will curtail spending by the consumer knowing that unless you can pay if off in 30 days you will be more reluctant to charge.

You still are going to have to pay an annual fee, so the banks will make thier money and at the same time you have the ability to not be "capped" as far as the ability to purchase

Agreed, very good point.

But, on the topic of AMEX, look at the compay that they've become.....now they are barely lending to anyone and are reducing CLs and closing accounts for long time customers.... And yet the federal govt hasn't even done anything yet...