Vote this Thursday on credit card rules

For just about anything you want to get off your chest about credit cards.
10 posts
User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Vote this Thursday on credit card rules

Postby fffresh » Sun Dec 14, 2008 4:08 pm

It is predicted that this Thursday the Federal Reserve will vote on credit card reforms. The statues would dictate such issues as universal default, grace periods, double-cycle billing.

I would strongly advocate setting the minimum payment period as 25 days from statement closing, and banning double cycle billing.

I do believe universal default should continued to be allowed under certain circumstances. If a customer suddenly defaulted on their other lines of credit, the creditor should have the right to raise the interest to reflect the increase risk. However the amount they can raise interest needs to be restricted to only a few points above the customer's current rate.


User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Mon Dec 15, 2008 12:49 am

The ban on credit card two month billing definitely needs to be banned.

Grace periods need to be set at a minimum of 25 days. There also needs to be some sort of guideline that takes into account mailing time. After all, mailing a bill there and mailing it back could use up 10 to 12 days alone.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Mon Dec 15, 2008 7:13 am

One of the sleaziest fees - "Express Payment" fees - almost $15 should be banned. This is a fee that is imposed if you make an online payment one day and want the payment processed and posted on that day - of course during normal business hours.

AnthonyBarone
Centurion Member
Centurion Member
 
Posts: 123
Joined: Thu Apr 17, 2008 2:04 pm
Location: White Plains, NY

Postby AnthonyBarone » Mon Dec 15, 2008 12:28 pm

I haven't heard of this express payment fee thing but they ought to stamp that one out too.

I say if they're open the payment that day counts. None of this ring around the rosey game of only counting them before noon or some slimely game like that.

User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Mon Dec 15, 2008 6:15 pm

Unfortunately I read nothing of rush payment fees being addressed. This should be indirectly addressed by the grace periods being extended though, making a last minute payment much less likely.

robert.loehmann
Gold Member
Gold Member
 
Posts: 26
Joined: Thu Aug 07, 2008 1:08 am
Location: Toledo, Ohio

Postby robert.loehmann » Wed Dec 17, 2008 11:27 pm

The congress already passed a similar credit card bill of rights in the past but the senate refused it. This latest measure by the Federal Reserve wouldn't take effect until 2010 or later. We need reform now not years down the road.

User avatar
Cucumber
Centurion Member
Centurion Member
 
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

Postby Cucumber » Thu Dec 18, 2008 12:22 pm

When do we know whether or not this happened today? :confused:
OBAMA
Stop talking crap about him!

bozell
Platinum Member
Platinum Member
 
Posts: 56
Joined: Mon Jun 30, 2008 9:46 pm
Location: c-town

Postby bozell » Fri Dec 19, 2008 1:24 am

everything passed today but its not taking effect until 2010. what do the they expect us to do in the mean time. reform now!

indianamom
Gold Member
Gold Member
 
Posts: 35
Joined: Sat Oct 18, 2008 10:52 pm
Location: Bloomington

Postby indianamom » Fri Dec 19, 2008 3:52 pm

I was delighted to hear about this on the news last night. :)

They really ought to do something though before then like you guys say. Why is it that congress keep passing this Credit Card Bill of Rights but the Senate keeps passing on in. This is probably because those Senators like that Biden were in the pocket books of the banking cronies. The only real way out of all this corruption is to outlaw lobbying and fundraising all together but of course that will only happen when hell freezes over!

User avatar
Cucumber
Centurion Member
Centurion Member
 
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

Postby Cucumber » Sat Dec 20, 2008 12:09 am

Are there any plans for congress and senate to do anything sooner before 2010? In this economy the last thing we need is consumers getting ripped by scandalous creditors.
OBAMA
Stop talking crap about him!



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests