With all the different threads on credit cards I thought some of you would appreciate this. And they still don't get any worse than Cap One. These practices read like the Cap One application.

http://money.cnn.com/2008/12/16/pf/credit_...rules/index.htm

 

interesting...don't carry a balance folks!

 

this wouldn't be an issue in need of legislation if people just learned to control their spending. i worked for a financial institution for awhile and had access to people's credit card statements - good lord. i don't think i saw ONE PERSON in my many months of work that wasn't carrying a balance of 2k+

 

I like the rules the way they are now. I've never carried a balance that I paid interest on in 4+ years that I've had credit cards. It will simply ruin the 0% introductory offers which I like.

 

0% FTW.

Credit card arbitrage FTMFW (use your 0% credit and place it somewhere else to make money, even something as simple as a short term CD).

 

The U.S. Congress.. protecting ****ing retards from themselves since 1788.

 

If you think this is protecting retards or like the rules as they are now, then you really haven't read what they can and do to people.

Let's say that credit card A reports you as 30 days late to the credit bureau by mistake. Credit cards B,C,D,E,F,G, etc. automatically raise your interest rate on their cards to the default rate of 29+%. It was a mistake and you were never late on any of the cards, but your rate has been raised on all the cards. Even if you do get them to correct it you'll never get any of the cards back down to the interest rate you had before.

You go over your credit limit due to a billing error or compounded interest and your rate goes to the default rate and you can never get it back down to the original rate.

You aren't late, but due to the way the holidays fall your check is past the due date by one day. You now get a 29+% default rate and you can never get it back down to the original rate. Right now it is sometimes difficult to determine what they say is the due date. They may show you 2 to 3 dates, which one is the due date that triggers these events? They will now have to clearly spell out what is the due date.

Let's not even talk about all the extra money you are paying because they average out the balance from the 2 previous bills and charge you interest on that even tho you've already paid it off.

Then there's the cards that have 2 different interest rates. One rate for normal charges and another higher interest rate for a travel expense, ATM withdrawal, cash advance, etc. All your payment goes towards the lower interest rate portion of the card and nothing towards the higher interest rate until the regular card is paid off. So you pay off the 6% rate but they continue to charge you for the 12-19% rate portion. You can't even pay an extra amount and specify that it go towards the higher interest rate portion.

And there's much more.

I just wish they'd pass legislation that there has to be a clear way to contact your creditors about credit reporting issues. One of our services is to help people get their credit corrected (for free I might add) and reported accurately so they can get a mortgage. So many of the credit card companies especially don't give you a way to reach someone to discuss the problems. Cap One, anything Citi and Dillards are the worst. I'm working on a Cap One right now and they've changed all their phone numbers since the last time I worked on a Cap One a month ago. They've even changed the system of how you reach a person.

http://www.consumeraffairs.com/credi...apital_one.htm
http://creditforum.org/showthread.php?t=251

 

^ 2 words: Personal responsibility.

You don't NEED to have credit cards.
You certainly don't NEED to carry a balance.

Credit card companies outline their terms and conditions, it's up to you to understand them, and not get taken for a ride.

 

I'll say this as someone with high balance credit cards.

there was a point in my life where I was unemployeed for a few months and pretty much had to live off credit cards.

now 4 years later, I'm still trying to take down the balances.

it may be easy to sit there and talk about keeping your balance low, but sometimes shit happens....

 

I just found out my current credit card interest rate is almost 20%. I'm attempting to reduce the limit to $1k or 2k now and open a credit line. I should call and ask if it's been approved...