No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Here's 1 provision of the bill that I found on Wikipedia-
"Prevents card companies from retroactively increasing interest rates on the existing balance of a cardholder in good standing for reasons unrelated to the cardholder's behavior with that card (the so-called "universal default" rate increase)".
They are however doing every little thing they can to jack rates up before the bill goes into effect this February. Cap1 sent me a notice back in May I believe that my rate was going up. I opted out of the interest rate change and they restricted my account. Good ole' Capital 1!
You can see all provisions on Wikipedia and you can also view the text of the bill. Look for "Credit CARD Act of 2009". I'm not adding a link due to SPAM
Better to read "The Bill" than somebody's summary. The summaries are frequently wrong!
@Anonymous wrote:Here's 1 provision of the bill that I found on Wikipedia-
"Prevents card companies from retroactively increasing interest rates on the existing balance of a cardholder in good standing for reasons unrelated to the cardholder's behavior with that card (the so-called "universal default" rate increase)".
They are however doing every little thing they can to jack rates up before the bill goes into effect this February. Cap1 sent me a notice back in May I believe that my rate was going up. I opted out of the interest rate change and they restricted my account. Good ole' Capital 1!
You can see all provisions on Wikipedia and you can also view the text of the bill. Look for "Credit CARD Act of 2009". I'm not adding a link due to SPAM
Yes, it is true that many, if not most, CCC's are adjusting their rates and terms in order to protect themselves from being locked into their current TOS and rates once the new regs kick in. That is one of the consequences of regs. For every action, there is an equal and opposite reaction. The new regs say "you can't adjust rates on existing balances unless there is a default and unless the terms are variable rate and a movement of the market prime.
Therefore, nearly all rates are adjusting to variable, and many are adjusting the rates up in order to avoid being locked into artificially low rates. Many financial experts predict that rates will have to go up due to inflation in the future.