Comments on: Those New Laws Regarding Our Credit Cards

By: Credit Card Assist

Credit Card Assist — Fri, 25 Jun 2010 06:20:31 +0000

The new CARD act has put enormous restrictions on card issuers … and rightfully so. Many of the old promotional ploys used in the past such as 0% APR, no fee balance transfers, cash back rewards have all been curtailed dramatically by card issuers because far more attention has been brought to onerous finance charges and late fees. Card issuers can no longer whack consumers over the head like they used. I expect to see some new “tricks” develop as these old tactics seem to be providing less profit to these companies than they have in the past.

By: Is Passive Income Real?

Is Passive Income Real? — Tue, 16 Feb 2010 13:02:42 +0000

[...] in rules and regulations – The new CARD Act is going to take effect soon. New rules are being enforced on credit card issuers. Folks who issue credit cards for people with bad credit will see their whole economic model turn [...]

By: Michael

Michael — Mon, 15 Feb 2010 23:09:48 +0000

It is likely the credit card companies will find a way around this somehow.

The important point is that a credit card is really under ones control. One simply pays it off and does not incur any further debt no matter how ‘enticing’ the offers are.

The entire purpose of any offers is to encourage the consumer to have more debt as that means more interest paid and therefore more profit.

By: Sunday Link Love-Happy Valentine's Day! | Ultimate Money Blog- Save Green and Live Green!

Mon, 15 Feb 2010 00:07:15 +0000

[...] Out of Debt Again- Those New Laws Regarding Our Credit Cards [...]

By: sewingirl

sewingirl — Sun, 14 Feb 2010 21:27:07 +0000

Just makes me glad to have a zero balance.

By: Mrs. Accountability

Mrs. Accountability — Fri, 12 Feb 2010 17:45:04 +0000

Hi Little House: I hope so, but somehow I doubt it for some folks.

By: Mrs. Accountability

Mrs. Accountability — Fri, 12 Feb 2010 17:42:54 +0000

Hi Funny, I had heard about it for some companies, but never experienced it myself. Then again, I don’t think I’ve ever done one of those big purchases on credit. Yeah, the interest is miniscule!

By: Mrs. Accountability

Mrs. Accountability — Fri, 12 Feb 2010 17:38:35 +0000

SMT: Glad you got your living room furniture paid off on time! I have heard that some companies do charge the full interest but had never experienced it with any of the companies I’d used. Thanks for sharing your experience!

By: Little House

Little House — Wed, 10 Feb 2010 14:46:53 +0000

I received the SAME letter yesterday from Home Depot. Apparently the new credit card legislation is affecting this no interest promotion on all cards. Maybe this will encourage people to pay off their cards before interest fees accrue.

By: Funny about Money

Funny about Money — Wed, 10 Feb 2010 00:52:07 +0000

I thought that had always been true: if you don’t pay off one of those 12-month-no payments-no-interest deals by the due date, you get socked with a year of interest.

The operative message here seems to be that those great don’t-pay-for-six months or a year deals herewith go away, thank you very much Uncle Sam. I’ve always used those for big-ticket purchases, stashing the payoff amount in an account that earned a little interest.

Doesn’t much matter these days, anyway, since the “little” interest is so little it’s not worth the effort to move the money into a CD or money market account. bleh!