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Have your interest rates gone up out of the blue? Are you getting charged late fees, annual fees, non use of credit card fees, etc, recently? Are you finding out that your account that you don't use was closed without notice? Are you getting robo-calls or constant collections calls for demands to pay double your minimum payment?

Well...you are not alone! Bank of America, Chase Bank, Citibank, and several financial companies are RAISING RATES AND DEMANDING FEES in record numbers and a lot of consumers are ticked off.

These companies are trying to find ways to get money in light of new federal restrictions that began taking place in August.

Interesting article on 5 things credit card companies are doing:


1. Rate Hikes
2. New Fees
3. Higher Minimum Monthly Payments
4. Fewer Rewards
5. Slashed Credit Limits and Canceled Accounts


http://money.cnn.com/galleries/2009/news/0910/gallery.credit_card_evil_things/in...

the interest rates have gone up on all of our bank cards, and by quite a lot, we got a visa thru a credit union, i have been a member for years, just a small savings, the int rate is low, you need to keep all of your credit cards active, if you don't, your credit score goes down, close an acct and it also goes down, what a system

Oh yes, I have two credit cards and the one I have with Chase have lowered my available credit and raised the APR. I have never been late paying since I have had this card (for 8 years) and I usually pay early. Of course, they don't give a rat's posterior about that.

The first changes from the new law took effect on August 20.

On February 22, 2010, most major elements of the law (including regulations on rate hikes and younger applicants) will take effect.

In August 2010, the remainder of the provisions will become effective.

It stinks! But - - they are all trying to crowd in everything they can before it is too late - - well, to me, it IS too late!

By the way, another good link where it is all explained is:

www.insidearm.com/go/arm-news/-new-federal-laws-regulating-credit-card-companies...

i just read on yahoo news some banks are going to be charging $19 for non use
we also saw on 20/20 a while back, some banks were closing the accts of people who shop at walmart, seems like they are more likely to not pay the bill, are you kidding me!!!!! even if you always pay your bill, they can close it because of where you shop???

I know I'm probably the rare person, but I do not own a credit card. My ATM card can be used for credit card as well, but the funds are immediately taken from my checking account. One benefit is I don't spend more than I actually have (which sure isn't much). Instead, I put any discretionary money that I can squeek out each month into a jar and use that for emergencies.

eppy, you need to be careful about using a debit card in some situations, when we buy something on line, we do not use a debit card, don't want some hacker to get into our checking acct, using a credit card can also assist you in disputing a charge

I have one credit card that I use for ALL online purchases because I'm not very trusting of technology. I use my American Express because it's not associated with my bank accounts whatsoever. I haven't seen any change in fees, but I never carry a balance so I don't pay much attention to the interest rates.

this is exactly what happened to me ospery!~i had ah credit card called advanta. business card. wuz spossed ta be 7.99 for all purchases. i have it on autopay so i dont pay alotta attentiion ta the bill. they went outa business ah few months ago. i wuz checkin out the bill and my apr wuz at 29.99. i almost had ah heartattack!~ wth? the same with chase. and i have asked them to lower it and they say no. i have had it fer years and always paid on time. i cannot understand this either. its bs.