Anyone getting their APR jacked up?

[HAL 9000 96]

Looks like it'll be tougher to get credit card. Is that the case MaWilson?

I don't know, what card are you applying for? What's your credit score?

Tha'ts the funny thing too... my FICO score is higher than 790 a few months ago and I haven't done anything to ding that.

[Spoom 8]

Weird. I have RBC Visa Low Rate Option at 11.9%. I had to apply for it, but they had no problem with charging me less interest earlier this year, so technically my APR has gone down (used to be something like 18%).

30%? Time to get another credit card and balance transfer.

[HAL 9000 96]

It will be their choice to keep my loyalty. My other creditors will be getting called as well to play down those rates too.

[one...two...tree 2,762]

Blood sucking bastads!

[HAL 9000 96]

Oh I have a feeling this time tomorrow they won't have anything left to suck on. And further their descent into collapse unless they realize how unsustainable messing around with good consumers can do to their bottom line.

[mawilson 2,133]

Oh I have a feeling this time tomorrow they won't have anything left to suck on. And further their descent into collapse unless they realize how unsustainable messing around with good consumers can do to their bottom line.

Not much. They're not making any money off of "good consumers" (i.e. guys like you and me

who pay off their balance in full each month).

[alienlovechild 75]

I was going to thank Obama for the Credit Cardholder's Bill of Rights Act of 2009 but the new law doesn't take effect until Feb. 22, 2010. I suppose the banks are trying to stick it to the more reliable customers earlier to pay for the the people who are more heavily in debt.

According to the bill that was passed, here is a summary from the Library of Congress of what it means to consumers:

• Creditors cannot increase the annual percentage rate (APR) during the first 12 months of opening up an account.

• Creditors are required to provide consumers with a 45-day advance notice of changes in rates and significant contract changes. Rates that change due to a change in the index that the rate is based on are excluded from this 45-day notice requirement.

• Promotional rates need to be in effect for at least six months from the beginning date of that promotion.

• Creditors need to provide a 30-day advance notice of an account closure.

• With certain exceptions, credit card issuers are prohibited from charging a finance charge based on the double billing cycle method.

• Creditors are prohibited from charging a fee on an outstanding credit card balance at the end of the billing period if the fee is attributed to the interest accrued on an outstanding balance that was fully repaid during that preceding billing period.

• Consumers have the right to reject a new credit card after the creditor notifies a consumer reporting agency of its corresponding account.

• Creditors are required to remove information provided to a consumer reporting agency about newly established credit card accounts if the consumer has not used or activated the account and and if the consumer contacts the creditor within 45 days of its establishment to close it.

• If two or more different APRs apply to different portions of an outstanding balance, the amount of any payment above the required minimum payment needs to be applied to the balance with the highest APR first and then to lower APR balances.

• Creditors are required to provide a grace period for payments even if the cardholder takes advantage of a promotional rate balance or deferred interest rate balance.

• Creditors are required to send credit card statements at least 21 days before the due date of the outstanding balance.

• 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).

• For college students who do not have a co-signer, the maximum amount of credit extended will be limited to the greater of 20 percent of the student's annual gross income or $500 dollars. The aggregate amount of credit extended from all of their credit cards will be limited to 30 percent of the student's annual gross income (for the recently completed calendar year).

• Creditors are prohibited from opening a credit card account for any college student who does not have any verifiable annual gross income or already maintains a credit card account with that creditor, or any of its affiliates.

• Creditors are prohibited from charging a fee to make telephone and web-based payments. However, a fee may be charged for expedited telephone payments made on the due date or the day before the due date.

• Creditors are required to post their written credit card agreements on the internet.

http://www.boston.com/business/personalfin...the_credit.html

Edited October 20, 2009 by alienlovechild

[HAL 9000 96]

Oh I have a feeling this time tomorrow they won't have anything left to suck on. And further their descent into collapse unless they realize how unsustainable messing around with good consumers can do to their bottom line.

Not much. They're not making any money off of "good consumers" (i.e. guys like you and me

who pay off their balance in full each month).

Well to their credit I was keeping a balance with them. That's 'good' for them... not so good for me. LOL. Looks like I'll have to stick with our definition of good from now on.

[Niels Bohr 72]

I stopped using credit cards when I bought this house. No more. I live within my means. Well, my income is enough to live without worrying about bills.

Edited October 20, 2009 by Niels Bohr

[HAL 9000 96]

So nobody else getting notice yet? I have a suspicion I am in a small set of customers targeted as part of a market reaction.

[Niels Bohr 72]

So nobody else getting notice yet? I have a suspicion I am in a small set of customers targeted as part of a market reaction.

Did you attempt to call them up to cancel? Maybe this will lower the rate. I know when I had credit with Capital One, I called them up to lower the rate, and they did.

[HAL 9000 96]

So nobody else getting notice yet? I have a suspicion I am in a small set of customers targeted as part of a market reaction.

Did you attempt to call them up to cancel? Maybe this will lower the rate. I know when I had credit with Capital One, I called them up to lower the rate, and they did.

I've done this before. No problems there. This I feel is like I stated in my last post: a market test. I will, of course, call them when I get home so I can sit and write without bothering the real scientists in my lab.

[Ban Hammer 13,332]

So nobody else getting notice yet? I have a suspicion I am in a small set of customers targeted as part of a market reaction.

nah, i think it's part of a vast right wing conspiracy!

[HAL 9000 96]

[Amby 490]

hmmm...no notice but citi just raised my credit limit a few weeks ago