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February 19th, 2010
02:00 PM ET

New face of credit cards

Starting Monday, credit card companies will be playing by new rules. That's good news, but what has happened before the deadline has some consumers fuming. Our Gerri Willis has the report.

CNNMoney: Beware new credit card traps

Filed under: Business
soundoff (10 Responses)
  1. hampster

    No matter how you cut the pie the credit card companies (Banks) will always have the upper hand. The American credit card user will still get screwed in the long run.

    February 22, 2010 at 2:10 pm |
  2. Scott Fischer

    I was puzzled when I opened my Macy's credit card this month to find a $2.00 interest charge considering I had made one purchase on the current billing cycle and had a zero balance on the previous statement. Then I noticed the fine print: this $2.00 charge would be credited next month if I paid the bill in full, which is something I was planning on doing anyway. What this charge means is Macy's is charging preemptive interest in the event I did not pay the bill in full so they can get an extra month of interest.

    Macy's card is a high interest card that I primarily use for convenience so I can pay the bill when I pay my montly bills. This charge won't affect me most of the time. However, there are times when I do make a large purchase that I choose to pay off in installments months over a couple of months.

    February 22, 2010 at 10:00 am |
  3. Haley

    I am very fortunate to have a career in healthcare today, however I am
    employed by one of the largest " Healthcare Companies in America,"
    that makes billions of profits every year and pays their top CEOs and
    executives enormous bonuses, and this very company is attempting
    to disarm our union, cut professional staff, increasing nurse to patient ratios, and have even had the nerve to ask for concessions as high as
    10% in some states. I assure you we the professional working middle class are not reaping the benefits or the profits.

    February 22, 2010 at 8:50 am |
  4. Joseph deanda

    It is difficult for me to understand how we, Americans, continue to accept the same old business comming out of our " elected " representatives to continue doing business as usual. As private businesses cut on their 401 K contributions to help save jobs and their businesses, Government contributions to their local, state, and federal employee programs continue, with funding coming out of tax dollars collected from non-government emloyee taxes. What a deal, only in The land of the Brave and the Home of the Stupid."
    We seem to have forgotten that only we "The People" can change this with something as simple as TERM LIMITS.

    February 22, 2010 at 8:45 am |
  5. J. L. Smith

    Duh! Dump the credit cards. Use cash.

    February 22, 2010 at 8:43 am |
  6. Tim Tracy

    The question of is our government broken, I don't think so. I think what has happened is a product of transparency. With the Obama Administration debates like Health Care have become very public. I think we are all becoming aware of what always happened in Washington and it has made us more aware of the difficulty with a democratic government and role politics plays in our system.

    February 22, 2010 at 8:36 am |
  7. Andrew Eddins

    John Roberts was right!

    I am 51 years old and I never had a credit card until my mid-twenties. I couldn't get one! I had to start with a Sears card and that was hard to get. Once I had that card, I was finally able to qualify for a bank credit card. I had college loans, etc., but never any credit card debt as a twenty-something.

    February 22, 2010 at 8:29 am |
  8. Larry Bradenton, FL

    What the credit card companies have already done I consider discrimination. Recently Bank of America added an annual fee to my credit account. I found out that only 1/10th of 1% of their card holders recieved this annual charge. I have never been late or over the limit. When I signed up my card I was told there would be no annual fee.

    February 22, 2010 at 7:24 am |
  9. Brad

    Hi! Can you please exlpain how our overpaid congress approved new legislation for banks that did not include stopping card companies from changing fixed rates to variable rates? How could people who seem to be so smart not forsee an action like this? My opinion is that they did forsee this and other loopholes and chose not to close them thanks to bank lobbying groups.

    February 22, 2010 at 7:03 am |
  10. Peg Sanders

    I wish Tiger Woods would just retire. He had his moment; he was a wonderful golfer, he seemed to be a devoted family man, and lots of people, including me, admired him. Now all that is over, apology or no apology. Let him retire to the privacy that he wants and that he so definitely deserves.

    February 20, 2010 at 8:43 am |