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lastemperor10
Joined: 05 May 2009
lastemperor10's page
Posts: 1
27 Magic Points
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Subject: New Credit Card Interest Rate Reduction Law?
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Tue May 05, 2009 10:01 pm
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| A relative of mine told me that there was going to be a new law requiring credit card companies giving lower interest rate, this was to happen this week. Anyone have any further knowledge if this is accurate? Thank you. |
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rachael
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Subject: low interest credit cards
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Wed May 06, 2009 6:24 am
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Hi lastemperor,
If you already have a credit card account you can call your institution and ask them to convert your account to the lowest available rate.Ask them to consider you payment history and long term customer relationship.If it does not work you can look for solicitations in the mail or contact local banks.You can even contact Visa or MasterCard and ask for a list of preferred issuers. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Wed May 06, 2009 9:12 am
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The US House of Representatives has recently passed "Credit Cardholders' Bill of Rights " which stops the credit card companies to raise interest rates on existing card balances. The credit card companies are also required to give at least 45 days' advance notice if they want to change the terms and conditions on the existing cards.
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Where there's a will, there's a way !! |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Thu May 07, 2009 9:44 am
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Yes, the bill has protected customers from sudden rise in the interest rates on credit card debts. However, the bill is silent about the sudden cuts in the credit limits which most cc companies are now doing after taking into account the income of the consumer.
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Carol |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Thu May 07, 2009 10:28 am
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| I was wondering about why they did not add something in that bill about the sudden cuts in credit limits. I would assume a cut in credit would have adverse effects on a persons score. Is this correct? I also thought in that bill they were changing something with the billing statements. I heard the way they bill sometimes adds more moeny to a consumers bill due to the number of days in a billing cycle. Any clarity on that? |
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