What the Credit Cardholders Bill of Rights Means for You

What the Credit Cardholders Bill of Rights Means for You

www.mint.com

Minors:
For consumers under 21 years old, the signature of a parent or another responsible adult who will take responsibility for the debt is required, or proof must be found that the under-21 consumer can repay the credit.
Creditors are prohibited from providing credit to consumers under age 18. (unless they are emancipated under state law, or the consumer’s parent or legal guardian is designated as the primary account holder).

But…Everyone with a Card has a Chance to be Impacted by the Following Rules

Existing balances:
Creditors cannot retroactively change the rate on an existi

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[edit on 22-5-2009 by breakingdradles]

If all this goes through, and you pay your bills on time, you are the one who is going to get screwed!!

No more airline miles, points ect., and reinstating annual fees.

As the author says, we have the ultimate power... If they take away your perks, switch cards!

At my work, an entrepreneur who buys a lot of parts from us, told me about how his CC company, VISA, had lowered his limit from $200,000 to $150,000 without telling him. He went to purchase $25,000 of materials and was denied. When he called they admitted he had never had a late payment and was a perfect customer...

They blamed it on everyone else! He is getting screwed because someone else can't pay their bills!

This is just the first of many I'm afraid =

www.mint.com
(visit the link for the full news article)

reply to post by breakingdradles


I belive this bill has been passed or will be, for one purpose more control over are finacial abilities. You want to pop these a**holes bubles rip up your credit cards, pay it off, and never ever get one again. Can you imagine if just 1 million people did this what a statement that would make.

reply to post by breakingdradles



I had an Amex I used for buying plane tickets for work if I had to catch an emergency flight. I went a month ago to hire a plane and was told I was declined. I called and was told they had lowered my limit from 13k to 2k. I had never missed a payment and was told it was because too many people had not paid there minimum balance. I told them 2k was usless to me and that I wanted to cancel my card. They argued with me and asked me not to leave, I had to demand a supervisor and demanded to cancel the card. It still took an hour of argueing to get them to actually do it. I finally got a notice the other day telling me it was finally done (and they gave me the $92.35 I had overpaid my bill by back).

I had Master Card do the same thing last week, though they were nice enough to send me a notice telling me that they were doing it in 30 days and that it was because of 'global economic issues'.

Originally posted by poedxsoldiervet
reply to post by breakingdradles

 

I belive this bill has been passed or will be/quote]

Obama is supposed to sign the bill tomorrow!!

Too late to do anything about it now unfortunately.

This means nothing to me.

T have never had a credit card.

And at 58 years old i will not get one unless they tell me i have only a few months to live then i might get a few just so i could run up a large credit card debt just before i die.
This would leave the bank holding the bag with no way to collect.

This bill means nothing. By the time is enacted all the rates will have been risen and all credit lines cut. Its not about money really, it is about destroying the middle class. If they really wanted to help they would just buy the debt from the banks and refinace it under reasonable terms. That is the only way we got out of this mess and the only way to get the banks in line.