Home > protect credit rating > tell me the new credit card rules and which government agency takes complaints?

tell me the new credit card rules and which government agency takes complaints?

Monday

When I got my credit card bill in February. my interest rate was 14.99%. Well, to my surprise and displeasure, when I got my bill today, there was a message in the fine print that said effective Feb.
22nd the purchase rate on my account was going up to 24.99%. And that is what I paid on my March bill in interest. I thought there were new rules in place to stop this type thing.
It’s bad enough that Fed Funds rate are under 1% and credit card rates are 14.99%. But, I did not read the fine print on my statement in February because normally when there is a change in terms you get a little booklet separate from the bill. Sometimes you can opt out.
Why was my company able to do this and what government agency is out there to protect people from what was done?

New law permits increase in rate on New Charges only. the increase can not be applied to carried balance

Categories: protect credit rating Tags:
  1. Common Sense
    March 29th, 2010 at 15:26 | #1
    Reply | Quote

    The new rules still allow rate hikes. Read your card agreement…thats why it was given to you.
    References :

  2. Age of Reason
    March 29th, 2010 at 15:51 | #2
    Reply | Quote

    New law permits increase in rate on New Charges only. the increase can not be applied to carried balance
    References :

Comments are closed.