Credit Card terms and rules are changing

[Kento-Moto]

I got a notice from my Sears MC that they were adding a $49 per year membership fee. I canceled the card.

Many rules rae changing on Feb 22nd. You may wanna check your cards.

5-smart-moves-to-make-before-the-new-credit-card-law-takes-effect: Personal Finance News from Yahoo! Finance

[Vonderbach]

Just remember, you can decline every change and freeze your account or close it completely. You do not have to oblige these companies.

[afterhours]

silly company's......forcing you to use thier credit cards.

[Vonderbach]

silly company's......forcing you to use thier credit cards.

Sarcasm aside, it's the "change" in terms that is somewhat deceptive.

[twotonevert]

I have frozen or cancelled the ones I have and am working my best to pay them off and be done. My divorce hosed me in the fact that I had to rely on my credit cards to get by. I am paying the price now, but the debt will be gone in a couple of years. The good thing is I no longer need them.

[Acehole]

NO credit cards. Only a Visa bank card with an emergency credit backup. If the money isn't in the bank, it doesn't get spent! My

Only issue with this philosophy is a lower credit score than if you had 1 or more credit cards. The credit people WANT you to play and pay for the game!

[ike]

Got rid of all but 2 cards (due to the credit card business nonsense going on) and I keep a zero balance on them. Cash is king...

[afterhours]

Sarcasm aside, it's the "change" in terms that is somewhat deceptive.

did they bill the "membership fee" without informing you?

no. OP was informed just as all customers were

were is the deception? make a decision. if you feel it is wrong for them to charge a fee to use thier money, then cancel the card and pay your balance....and live happily ever after.

or use your freedom to find a card w/o such fees, due a balance transfer and "live long and prosper".

i do not see a deception.

[Vonderbach]

I have anecdotal evidence as I was a victim of deception. I know...it's one time, one company, but there's more stories to go around. These companies are for profit, they can't come out and tell you they're trying to screw you....nobody would buy that. Deception is not illegal, and I encourage them to make a profit. And to be honest, if the government were not involved in the first place, we wouldn't have to deal this way.


Wait..ok, some people still would.

[Kento-Moto]

I work in the Credit Card industry and make no mistake, VISA & Master Card set the rules. Individual card issuers, ie. BOA, Wells, Chase ... all have their good and bad points.

They make a ton of $ off those who dont pay off your balance by the end of the month. They also make a ton off the merchants or businesses that run your card. There are different programs to get you to try or use their card, but they cover their rears everytime by send you the fine print disclosers that nobody reads or understands... They even charge the merchant a higher fee when a consumer uses his or her rewards or frequent flyer credit card! So they dont pay for your next rewards airline ticket, it was all the places you used that card that is paying for your trip, to me thats sneaky, but I still use my rewards card each month on everything from Gas to groceries, then I pay the total once each month.

I say Congrats! to all of you who are either not using them or paying them off.

[BY1Wheel]

Thanks for the info.

[aussiekeeper]

Funny this has been brought up today.........Yesterday I received my CC bill from Discover. Minimum payment $224.00, amount payed to principal, $21.00.
I went directly to my lawyer. The other CC cards have been following suit in the last month. I have 68,000 in medical bills on them. Filed ch13 last night.
I am over it already. The lawyer told me he has little old ladies with the same story. They are processing over 100 cases per week. I have never been late or otherwise with these accounts. When will the banks GET IT?????

[2hip]

I use my Am Exp card for every thing I can...and I mean everything...food, gas, lodging , motorcycle gear, car insurance, Verizon, cable, dish network...on and on...it paid for my wife's ticket to Russia this year...never pay a cent of interest because i pay it off every month...The other cool little thing I do...is American Express allows it's members to have American Express auto pay everything..so for example...if my Verizon bill is due...Verizon bills Amer Express...they pay it and I only get the bill from Amer Express at the end of the month...and actually use their money free for a month...so the Verizon bill that was paid on Jan 20th doesn't get billed to me until Jan 28th...and is due Feb 28th..I don't have to remember to pay it...i don't have to pay for postage..I don't lick a nasty envelope an slice my tongue half way off It has gotten down to paying only 2-3 bills a month that I have to pay on line or send a paper check in with...for example PGE won't allow Amer express into their picture...whaz up with that I am never late on bills..get a bill from the company that is submitting the bill to Am Ex each month and accumulating points for tickets like crazy...the only downside is that Amer Express tags me 150.00 yr to use this service. But I got a 1500 dollar ticket out of it...saved lots of money on stamps and lots of time dealing with paying bills...2hip