Feburary 22, 2010 is when the new fair credit act takes effect. Are you aware of what it covers?

I got a call from one cardholder saying that there was a lower payment for an over limit fee that I needed to agree to. It seemed like a no brainer to me. Less penalty or more. I like the aspect of not raising rates for late payment and that a Saturday payment can’t be late on a Monday. That always bothered me. In addition raising interest rate on an existing balance I found distasteful- I closed an account because they wanted to do that and I wanted to freeze the interest rate on the existing balance. These all seem like excellent initiatives. We all need to be careful what the slick offers there will be in the mail or phone to find some loopholes. Well done by Obama. Finally something for the middle class.

Ugh your question reminds me that I want to cancel my Capital One card (even though I think it’s cool that you can have your own photos printed on your card) and get something else.

@SeventhSense – you should have heard the rep I got on the phone. She kept repeating my name and saying “I can’t comment on that”. “We’ll let you know when we know” This last one made me lol. Everyone in the nation knows except for the bank who is going to bound by the new law? Riiiiiight!

@Merriment
They are just so slick sometimes. Flood you with more credit and offers to use checks and then raise your rates. Make a payment due on a Sunday so you imagine Monday is fine and find that it’s late and you’re slapped with a hefty fee. Abusive but legalized usury as always.

I do not like Citibank, i do not trust Citibank, they will tell you a lie from both side of their mouth and believe the lie they have just told you. never trust Citibank. make sure you have copies of any transactions you have with Citibank. write down dates and times and names of people you concerse with. they are treacherous.

@SeventhSense – yes they are slick as snot!

@john65pennington – I don’t trust them either and today I really just put them through their paces for the hell of it :) I’ll never forget the name of the gal I talked with because she followed their “script” and she said my name a zillion times. So I returned the favor by punctuating my speech with her name literally every other word. Bottom-line is I’ll be paying them off this month so my “relationship” with them is at an end. And I’m ecstatic!