Credit Card Hearing Starts With a Surprise

They are no better than the common bookie or gangster, I am shocked that Congress has not made nurmerous arrests if the CEO of "ALL" credit card companys and thier deceptive practices

JoJo of NJ 6:02PM May 21, 2008

Today I received a notice of change of terms from Capital One. The notice also stated that if I didn't accept their higher fee schedule there was a list of punitive action they would take including the forfeit of rewards already earned.

Huh, that would be theft. It is unfortunate that a company that obviously has made money in trade for services provided to a customer ( the documented earned reward by the customer), would treat a customer in such a way.

Watching Rep. Carolyn Maloney receive testimony from Sr Executative Vice Presidents of the major credit card companies (4/17/2008 congressional hearing), I noted these men were visibly in their 40's. These were straw-men. Where were the real senior people who were responsible for the direction of the company?

I urge Rep. Maloney to not believe the retoric of benificial service to their customers (4/17/2008 congressional hearing). I can't believe beneficial service is part of the equation when even a person's dog is solicited to get a credit card. It's about the money, and any way they can get it. Note that Capital One gave me their documentation that Customer relations are disposable.

Bud of CA 5:33PM April 18, 2008

We, the public, can fight abusive credit card banks, which truly operate as criminal enterprices. Household Bank, now HBSC, held my payment checks until overdue. I caught them by sending payments “signature returned” and then stopped payments completely. They wrote off the $4000 plus balance. Providian charged an over limit fee resulting from their annual fee. I objected, and they settled for 1/2 the balance $900 balance. Later, I received a small check from the class action suit against this practice. Capital One tried to charge me a $35 late fee, and then $35 over limit fee because I submitted my online payment 10 minutes late -- due to my internet service was temporarily down. I yelled at them to refund those fees and after they did, I paid off and canceled the card. Bank of America turned me down for credit card processing because I’m an astrologer. I stopped making payments on their credit card, with a $1500 balance.. Upon learning I’m a Vedic Astrologer, part of Hinduism, they stopped collection efforts on the card.

Most recently, both Wells Fargo Financial and Wells Fargo Bank set credit card payment dates on holidays—an obvious attempt to gain extra late fees. I objected and stopped making payments to both—balances of $2600 and $1000. What's most sad about this is that Wells Fargo has historically been ethical, but greed overwhelmed them too.

Doug Riemer of AZ 5:41PM March 19, 2008

The proposed 45-day advance notice seems fair and adequate, although I strongly disagree that rates should not be increased due to unrelated credit activity. Credit card companies obviously apply interest rates as risk-based pricing. If I were to lend money to an individual with multiple open accounts, high balances, and a spotty repayment record, I would demand to a high rate of return; or I wouldn’t lend. How is it fair to restrict the lenders from adjusting their required returns (interest rates) as consumers subsequently deteriorate their credit profile (miss payments, etc.)? I contend that limiting issuers’ ability to adjust rates in the future will undoubtedly lead to higher rates and stricter parameters at the origination of credit card accounts.

Credit is a privilege and a convenience. Those who don’t agree with the interest rates or policies of the issuers are free to live on a cash basis.

Ian of FL 2:44PM March 17, 2008