Comments on: The End of Credit Card Rip-offs?

By: Facebook User

Facebook User — Sat, 16 Jan 2010 23:26:07 +0000

Seriously? Banks are going to find ways to make their money off the backs of their most needy customers. Check out ten ways credit card companies still cheat the system – http://debtbeat.com/2009/11/credit-card-companies-screw-us.html

By: ganesh varma

ganesh varma — Thu, 24 Dec 2009 06:32:02 +0000

The credit card companies, similar to the insurance industry, are blood-sucking leeches. Stay as far away from them as you possibly can…
can you tell me how is it possible?

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By: stepone

stepone — Mon, 21 Dec 2009 19:47:24 +0000

Warning! Warning! Warning!

A warning for people who are trying to reestablish your credit, if you do not want to be charged for breathing stay away from FIRST PREMIER BANK credit cards. I was charged 500% interest and charges to cancel the card. What they do to consumers is illegal!

By: juanita

juanita — Mon, 30 Nov 2009 21:47:40 +0000

The only thing that consumers should be complaining about is that reduced credit limit which lowers the credit score because it happened to everyone without reason or warning. it lowered credit scores which raised interest rates. the rest of these, like overdraft fees and due date switches and even high interest rates can be prevented by the consumer because they should be paying their bills on time or opting out and getting a lower rate card. If the consumer is overrdrafting or not watching their real due date, it is their fault.

By: Derek

Derek — Sun, 29 Nov 2009 00:01:31 +0000

What’s sad is this bill barley got passed, and is a shell of the original. The credit card lobby is very powerful.

You can see the credit card and bank executives SHAMELESSLY admit in interviews here that they are targeting the poorest of the population, who are the ones that can handle the extra fees the least. Some of these execs would eat their own children if it made a profit. Frontline did an entire program about shady/predatory credit card companies:

http://www.pbs.org/wgbh/pages/frontline/creditcards/?utm_campaign=homepage&utm_medium=bigimage&utm_source=bigimage

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By: bob m

bob m — Fri, 27 Nov 2009 05:29:29 +0000

I am sorry. It looks like someone went to a lot of trouble to write this, but I did not read any further than, “according to the NY Times.” NOTHING that trash says is of interest to me. And anything passed by THIS congress is sure to be just another loss of freedom.

By: John D

John D — Fri, 27 Nov 2009 02:02:43 +0000

The credit card rules need to be returned to what they were before Joe Biden made his back room deals in the 80’s to get the credit card companies to locate in Delaware in exchange for allowing them to do whatever they want to the consumers.

Sure, people that didn’t pay their bills could not get credit cards back then, but was that a bad thing?

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By: Iqbal Qasim

Iqbal Qasim — Wed, 25 Nov 2009 07:34:11 +0000

@jesse: “If you don’t like overdraft fees, opt out of overdraft protection”

It is impossible to “opt out” – unless you consider closing the account to be “opting out” – try it yourself, the banks make beaucoup bucks from overdraft fees, so they became “a non-optional courtesy” and note the term “courtesy” – they call it a courtesy to avoid having the fees come under TILA (truth in lending act) requirements for full disclosure.

Go ahead and be all ayn rand, that’s exactly the kind of sucker attitude the banks want people to have while they spend millions of dollars on lawyers and psychologists to manipulate suckers into paying these fees and believe the problem is their fault, not the banks’ for deliberately designing the banking system to be a minefield.

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By: brian

brian — Sun, 22 Nov 2009 08:05:36 +0000

my bank account went over by ~20 dollars in small transactions (they let the account get low and then put all the small transactions in last so you get more overdraft charges)
they tried getting me to pay $170, in addition to my $9 a month just for having the account

i congratulated them on finding a way to take money away from someone that already did not have any

i also decided to just simply not pay the overdrafts, in retaliation they said they wouldnt cash my checks anymore. so now instead of paying $9 a month in bank fees i just pay 50 cents flat rate and cash my check. no muss no fuss, there is no way to overdraft when you only deal with cash

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By: Scheffy

Scheffy — Sat, 21 Nov 2009 18:42:28 +0000

Call me a pessimist, but I think this is just going to displace the underhanded and sneaky fees that get charged to consumers instead of getting rid of the practice altogether. These are companies whose sole purpose is making money, i.e. squeezing every last dime out of their customers, and therefore have armies of lawyers that exist to manipulate their terms of agreement to the companies benefit, morals be damned. If you have some other entity that doesn’t specialize in this stuff (Congress) come in and take away some of their easy money, their lawyers are just going to regroup and rewrite agreements to create new shady practices.
The silver lining could be that these companies may essentially drive themselves out of business. Chase away all the people that are never late on payments by dropping their credit limits and pumping up their rates, and suddenly your only customers are default-prone credit bombs waiting to go off.