Comments on: Yet Another Bill to Cap Credit Card Rates is Doomed http://ecreditdaily.com/2010/01/bill-cap-credit-card-rates-doomed/ Tue, 07 Feb 2012 20:24:20 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Deby Davis http://ecreditdaily.com/2010/01/bill-cap-credit-card-rates-doomed/comment-page-1/#comment-616 Deby Davis Tue, 12 Jan 2010 16:03:26 +0000 http://ecreditdaily.com/?p=1437#comment-616 On my Chase card, the minimum payment is $75 and I pay $30 per week. I apparently missed having the full $75 in by some due date by a day or two and now get to pay about 26% on my $2200 balance. When I asked if they could lower the rate to let me pay this off, I was told my APR was appropriately raised when I became late and that I could again request a rate change after 6 months of timely payments. This was my reply to that. "When do you show this late payment that allows you to charge me this higher rate? I know that I wasn't a full payment behind and I know that it wasn't 30 days late. A PORTION of a payment was late BY A FEW DAYS. If I thought Chase could overcome its extortionary tendencies, I would try to appeal to your sense of decency and ask you make an exception and restore my previous rate. I know that won't happen and that you are leading the race to get every unearned dollar you can before the credit card reform laws take full effect Feb. 22. I am also certain that after six months of timely payments, you will find another way to steal from me. In the mean time, would you please tell me what date will mark 6 months from the time of my heinous crime of negligence that resulted in this higher rate? That way I will know when to expect the next kick in the teeth." We absolutely need credit card reform and it needs to happen yesterday. It would be one thing if I were a deadbeat, but I'm not. I even agree to pay 11 or 12% interest because I need whatever items I purchase using a card and don't have the total amount of cash. That should be enough, but it's not. On my Chase card, the minimum payment is $75 and I pay $30 per week. I apparently missed having the full $75 in by some due date by a day or two and now get to pay about 26% on my $2200 balance. When I asked if they could lower the rate to let me pay this off, I was told my APR was appropriately raised when I became late and that I could again request a rate change after 6 months of timely payments. This was my reply to that.

“When do you show this late payment that allows you to charge me this higher rate? I know that I wasn’t a full payment behind and I know that it wasn’t 30 days late. A PORTION of a payment was late BY A FEW DAYS. If I thought Chase could overcome its extortionary tendencies, I would try to appeal to your sense of decency and ask you make an exception and restore my previous rate. I know that won’t happen and that you are leading the race to get every unearned dollar you can before the credit card reform laws take full effect Feb. 22. I am also certain that after six months of timely payments, you will find another way to steal from me. In the mean time, would you please tell me what date will mark 6 months from the time of my heinous crime of negligence that resulted in this higher rate? That way I will know when to expect the next kick in the teeth.”

We absolutely need credit card reform and it needs to happen yesterday. It would be one thing if I were a deadbeat, but I’m not. I even agree to pay 11 or 12% interest because I need whatever items I purchase using a card and don’t have the total amount of cash. That should be enough, but it’s not.

]]> By: Are Credit Card Rates to be Capped? http://ecreditdaily.com/2010/01/bill-cap-credit-card-rates-doomed/comment-page-1/#comment-603 Are Credit Card Rates to be Capped? Mon, 11 Jan 2010 02:07:49 +0000 http://ecreditdaily.com/?p=1437#comment-603 [...] read rest here… Yet Another Bill to Cap Credit Card Rates is Doomed | ecreditdaily.com. [...] [...] read rest here… Yet Another Bill to Cap Credit Card Rates is Doomed | ecreditdaily.com. [...]

]]>