Sunday, May 24, 2009
So Much For Obama's Credit Card Protection
Remember that credit card legislation that President Obama signed into law that was supposed to save us from high fees and rates jumping on us? Well, as many experts predicted, the banks that issue these cards are finding ways around the law. Among them, I can tell you that Capital One just told me that my card's APR - which was just at 8% - will jump to 15% in just over a year, and I haven't even missed a payment yet. They can't hike it on me now, but I'm sure many Cap 1 cardholders have seen the last of low promotional rates. This is what happens when government sticks their fingers in something they don't fully understand. I've also been able to get late fees or pay by phone fees waived if I barely miss a payment, because I have a good payment record, but I've been told by a customer service rep that they won't be doing that sort of thing anymore. Gee, thanks for nothing, Mr. President!