Posted on 05/02/2008 11:05:17 AM PDT by Ernest_at_the_Beach
increasing the annual percentage rate on an outstanding balance unless certain exceptions apply.
(Excerpt) Read more at marketwatch.com ...
“The Federal Reserve is expected to approve on Friday a proposal that would restrict various billing practices of credit card companies, including double-cycle billing and unreasonable ‘late’ charges.”
In agreement with this. It’s amazing how they can “lose” or “delay” posting your payment for over a week...and the suddenly your rate is jacked up.
Of course, best bet is just ditch your CCs.
Citibank pulled this crap with me recently. So after 19 years without a late payment, I ditched them.
Didn’t cancel the card, just put it in the safe until it expires. Let them send me zero balance statements for a couple years.
Good move.
Plus, not cancelling immediately while using a card from a new source shouldn’t ding my credit rating.
Most won't send zero balance statements but if you can put, say, an 11 cent credit on one by a slight overpayment they will have to keep sending the statements. At least in my experience they don't refund negative balances less than a dollar.
Agreeing with this. Noticed that credit card bills are mailed about two weeks before the due date. That, coupled with mailing the remittance with enough lead time to avoid the late payment fee/interest rate hike, means a turnaround time of five days. Going on vacation for 11 days & I have to make sure the check(s) are in the mail on time - hard to do since I won’t get the bills until after I leave.
I do it all on the net now — roughly 12 payments/month to various places. Haven’t had a single problem since I stopped mailing the payments.
How about the days between when your payment is charged to your account by the “processing center” and when it appears on your statement? Someone is making lots of money there..... Lots of late charges are accrued with this delay.
It happened to me, when I knew I had paid with enough lead time for the mail, etc. (Which sucks since 9-11).
When I checked my payment against my bank statement and the date it was applied to my c card statement, there was a 4 day difference. I told them that they HAD to remove my “late fee” and any reference to my “Late fee” in their records. I really got snarly with the c card rep on the phone. He tried to say the delay was out of the control of the c card company, and I reminded him that the c card company had hired the “processing center”—not ME!!!! As a hireling of the c card company, they were absolutely responsible!!!
I got my fee refunded, and I got my point across. Let’s see if they can tightened up on this practice in Congress.....
Let’s hope they outlaw universal default, too.
I saw this Yingling on a special called “The Secret Life of Credit Cards”, and he’s just a shill for bankers.
Truman was right about bankers, you know.
I will probably switch to doing it on the net at some point. Thanks!
That'll work until they decide to start charging you annual fees. Also if you want to cancel the card you can't just call them up and say "cancel the account" because they will lie to you and tell you they will and then they won't. You need to request that they send you a written statement, via U.S. Mail, telling you that they have cancelled it. They must comply with that request.
Online banking is the way to go- most payments made online get posted the next business day, two days tops.
Carolyn
These guys rank up there with the oil companies in coming up with the smarmiest excuse on why they should be allowed to continue screwing the consumer.
Appreciate the information. I’m going to look into it.
Kickin’ and screamin’ I go into the 21st century... LOL
BUMP!
How about predatory lending practices? July 1998, college orientation, and the line we had to wait in for our student IDs was lined with lenders, credit card companies, etc. I got my first 2 credit cards in that line, and over the years, I ran them up, paid them off with student loans, etc. etc.
Thankfully now I’m out of CC debt, but the card and student loans are still there.
CC's are for responsible people, not overly-dependant dweebs. Think of it this way, did the CC company front the money for the goods you wanted to buy? Of course. Shouldn't you be prepared to pay them back on time? They did their part, now do yours.
Rant off.
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