Comments on: Credit Card Reform Has Changed the Game

By: rama

rama — Thu, 25 Feb 2010 22:01:14 +0000

Another provision of the Credit CARD Act of 2009 is for new interest rates to apply only on the new charges that we make on our cards. This means then that whatever balance that we have before will retain the old interest rates. Naturally, such issuer stipulation will help us save some of our money which we could then for debt elimination in whatever other financial transactions we have made.

By: rama

rama — Thu, 04 Feb 2010 09:54:57 +0000

Temptations to incur debts come in many form. I can name one very alluring yet dangerous temptation- The Credit Card.

Credit card is such a temptation for both young & old. Well, it was for me. God knows how hard it is to have financial debacles. I know the feeling well having been in neck deep in liabilities before. I consulted all the so called experts out there. Even asked for advice on how to do debt elimination without bankruptcy. Geez! It was definitely a nightmare! So, I persevered & scrimped & saved to be able to fully pay my debts. And, I did eventually won over my debts ;)

By: Tazzee

Tazzee — Wed, 04 Nov 2009 15:45:23 +0000

I’m a Bank of America customer and I’ve never had problems with them. This would be a problem. I haven’t received a notice from BofA regarding this change but I will be contacting them to see if my CC will be affected. I don’t use it that often, maybe once a year and I’ll be derned if I’m going to pay a fee.

I only use my Amex and a Chase card for places that don’t accept Amex. I can’t wait to see how your cash only process works. Do you have bills that are charged directly to your CCs? I guess I could try cash only with the exception of that – my cell phone, gym fees and a few other bills go straight to my Amex.

By: frugalscholar

frugalscholar — Tue, 03 Nov 2009 09:23:26 +0000

I’ve often read that people who switch from credit cards to cash spend a lot less money–20% is the oft-cited figure. I’d be interested in hearing if this is the case for you. In my previous experience, I’ve found that I spend more when using cash because it burns a hole in my pocket. I look for reasons to spend it, crazy I know. This month isn’t going very well so far. I’ll post an update soon. [-SM]

I have a BOA card which I’m required to use for business airfare. I only use it once a year. I wonder if corporate cards will be affected….

Final comment: I think credit unions tend to have no-fee credit cards, so that might be the way to go.

By: Alonzo

Alonzo — Mon, 02 Nov 2009 23:03:56 +0000

Love your blog.

Seems big businesses have us coming and going. The real cynical thing is that credit card companies have already figured in an attrition rate when they implement policies like this. They know a certain number of “deadbeats” are going to go elsewhere and figure these lost earnings into the higher fees they charge everyone else.

Furthermore, they know that most big banks will follow their lead giving deadbeats fewer alternatives.

That’s why I for one try to do all my business, including credit card, with my credit union. Fewer fees and more favorable rates.