What the New Credit Card Rules Mean for You

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I have two Bank of America credit cards. The account says " We will not charge interest on Purchases on the next statement if u pay the New Balance Total in full by the Payment Due Date, and you had paid in full by the previous Payment Due Date. There is no grace period on new purchases of 21-25 days as with other credit card issuers. You must carry a zero balance for two months to avoid interest charges. If you want to pay off your balance in full, the " New Balance Total" is not the total amt. due on your account. You will still be charged interest the next month if though you paid off the entire "New Balance Due" the month before by its due date.

John of NY 6:25PM February 10, 2012

I made several cash advances using the checks that they send to you with a 3.99 interest rate fr the life of the loan. I currently have a 7,000 balance and the interest rate is now 30.00%. I was a few days late one time and the interest rate has been climbing. As soon as the card is paid off, I will cancel it. I've been a valuable customer since 1994.

harriet lawyer of GA 10:52PM November 17, 2010

credit can be good, but it can also be really bad, especially credit debt from credit cards.
perhaps someone here can help me, I still don't understand why people would spend more than they can pay off. Sorry Babara, if you say you have excellent credit, then why couldn't you pay off the total amount and more importantly, why was the debt escalated up to this point?

ros ros 9:32PM October 22, 2010

Discover card does not care about their customers. We have excellent credit and they told us we can pay our total amount or be subject to an increase prior to the February 2010 CC laws changing. We couldn't pay the whole amount off so they assessed a 24.99 total interest rate plus a 18.99% to another portion of the total amount which was previously 6.99%. So every payment we make, now, over $100.00 goes to interest and it takes it twice as long to pay off. It is my fault for trusting them not to screw us. We closed the card and we keep paying. And one day it will be paid off and I will not ever get another Discover card again nor will I touch Discover with a 10' pole. I am recommending to everyone I know - stay away from Discover card.. stay far far away.

Barbara Lanier of GA 2:50PM October 08, 2010

I paid my Discover Card payment ONE DAY LATE!! They increased my interest rate to 24.99%!!! I have been a loyal Discover Card customer for 6 years, and they still did this to me. I am not saying they CAN'T do this. It is legal and my own fault for being late, but whatever happened to customer service? To rewarding excellent customers who just made a mistake once in 6 years? Needless to say, I transferred my balance to Capital One, where I can get a rate of 5.99% for one year. The Discover Card will be closed, and they will get a piece of my mind as well, although I know they don't care. But it will make me feel better! Believe me, I'll pay Capital One off in under a year and use my card ONLY for emergencies.

Leanne of MO 12:46PM October 07, 2010

Many years ago you could deduct the interest paid on credit cards from your income taxes. I think we should go back to this since the banks are charging such high interest rates.

Sandra of TX 12:48PM October 06, 2010

Credit Cards banks being screwing us for a long time now and Obama is finally screwing the credit card companies. I think that Obama should put a cap on credit cards loans to 5 percent, do you agree?

Eye Source of CA 12:04PM October 06, 2010

Sears was able to raise the interest rate on their credit card to 24%---what reform is this??????????????......if what you bought was at a certain rate....the rate shouldhave remained the same..........here again......corporations in control......we need a class action suit to rectify this...................

Webster Hill of PA 10:35AM October 06, 2010

Credit Unions don't try to squeeze every cent out of your wallet.
The banking industry does not want for you to know the truth about Credit Unions. Apparently, US News doesn't want for you to know about them either.

almost debt free of TX 4:42AM October 05, 2010