AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

[pizzadude]

---

@dalebb wrote:

---

---

That's what got us in trouble to begin with

---

Yeah, you got a point there......

But you KNOW that banks and CU are already coming up with new & creative ways to skirt around the latest set of regulations, I'm just sayin' it would be nice if they would put some of their energy towards things like PCs that actually are mutually benefical to the us and to creditors.

[CS800]

---

@dalebb wrote:

i have talked till im BLUE in the face, seems ther is no ways around this law

---

Thats generally the way with CC companies. They sometimes dont even want to hear anything else. But as you said its the law

[dalebb]

I can see how it makes sense, not everyone knows what we have learned, so u could get suckered into something u can't afford

[CS800]

On the good note, you got the 3X CLI. Are you going to try for another CLi in 6 months?

[dalebb]

---

@CS800 wrote:

On the good note, you got the 3X CLI. Are you going to try for another CLi in 6 months?

---

yes ofcourse,, what do i have to lose? i have the date on my dry board

[stan_the_man]

---

@pizzadude wrote:
I would be surprised if it is a law that is behind this. I suspect that it is just Amex's own internal policy, likely some bean counters couldn't figure out how to credit and adjust annual fees.....

If someone knows about a law forbidding PCs within one year of a new account opening please speak up.......

---

It's the CARD Act. It forbids any change in terms that increases fees in the first year you have a card -- even if the consumer requests the change.

There is no way around the restriction, unless a new tradeline is opened. Period.

[stan_the_man]

---

@pizzadude wrote:
Thanks marine ! That is helpful....

The credit card act was designed to protect consumers from adverse actions from their creditors ~ not to stop consumers from initiating or requesting changes to their existing cardmember agreements, like PCs.

Banks could absolutely come up with a way to allow you to switch products, it might require some out of the box thinking or creativity though ~ something that financial institutions dont specialize in.

---

The CARD Act was designed so that Congress could tell us all how to run our financial lives. It also ensures that Congress keeps racking in campaign contributions and gets continous attention from financial instrustry lobbyists.

[LS2982]

---

@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

---

+1

[stan_the_man]

---

@dalebb wrote:

I can see how it makes sense, not everyone knows what we have learned, so u could get suckered into something u can't afford

---

Most of those folks who got suckered should have known that First Primier was going to find a way to make money off of their otherwise unprofitable account -- especially considering that 40% CO rate FP had for CCs.

[stan_the_man]

---

@LS2982 wrote:

---

@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

---

+1

---

No bank wants to be the test case for a U.S. Attorney or the AG of a state like NY using bullying tactics to flex their legal muscle so that they can make a name for theirselves on the way to the Governor's mansion or the U.S. Senate.

Even being right can be expensive if the lawyers end up costing you $100 MM to defend the suit. Meanwhile, you keep earning negative media in the form of hundreds of headlines about how bad bank X is -- even if it was the customer's choice.

Better to lie low, and let the next guy take the lead.