The New Credit Card Rules: Winners and Losers

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Though they past a law that the creditcard company were to pay down the high intest% before the low one .That how the credit are give it to us .take the min payment put it all to the lower intest%rate and add the high intest to ur high bal CHASEBANK
THAT HOW THEY TAKE CARE OF PEOPLE THAT HAVE PAYED THERE BILLS ON TIME FOR 10YRS I SHOULD FILL BK RUPTCY

Michael antebi of NJ 11:58AM December 19, 2010

I recently opened a Bank Card acct. I charged items, and made an online pyt for the then current balace $162.00. I made a payment for that amount early, before I had a statement received or posted online. I saw the amount drawn from my bank acct, and saw an online posting stating it was received. After several days I checked and still saw my balance was now almost to the limit of the acct. They had not given me credit for the amount I paid and had not subtracted it from the balance. I called the bank, they said it would take 14 days for my payment to clear. ?????? WOW It was a debit transaction, and did not show as pending, so I did not have the funds in checking and could not use the credit card account even though I paid the balance ahead of time. I called them 3 times and was told the same thing. This is in conflict with their posted practices, and statement that they would post within 24 hrs to comply with new Federal Regulations.
Had I known the funds were going to be held, I would have made a smaller pyt.
Way to go OB

John Richardson of WA 3:06PM September 20, 2010

the card companies want you maxed out. its like they get a golden ring when you reach MAX.every one gets a well done. now 2010 every friend that reaches MAX. gets a well done from his neighbors..they get every thing a maxed card can get T.V. Clothes. trips. restaurants...cash in pocket. and everyone knows its over the company. will get min pymt. and then intermitten pymt...then nothing.... and evvery one knows they will do it next and hahaha an theaten bk ruptcy

lonnie of NV 11:25PM September 17, 2010

the card companies want you maxed out. its like they get a golden ring when you reach MAX.every one gets a well done. now 2010 every friend that reaches MAX. gets a well done from his neighbors..they get every thing a maxed card can get T.V. Clothes. trips. restaurants...cash in pocket. and everyone knows its over the company. will get min pymt. and then intermitten pymt...then nothing.... and evvery one knows they will do it next and hahaha an theaten bk ruptcy

lonnie of NV 11:11PM September 17, 2010

ive never had a credit card and no one will ever give me one. when i need it the most i get declined because of no history of paying a credit card. how can i get history if they dont start me off with one. even with a good credit score i was still denied. they should really consider us. the reason is, since we never had one we would probably not want to ever ruin the fact of having one. the people that get approved always seem to pay late or file bankruptcy. i mean what the hell. give us a chance. it also ruins our credit score. and why would they check that if its only dealing with paying a credit card.

james of CA 9:40PM September 17, 2010

I agee they should help these folks that have trouble making ends meet, but I know people that have trouble making ends meet and when they do have a little money to pay their bills they blow it on something else instead of paying their bills. So my question is why should someone that does pay their bills on time or pay off credit cards each month pay high interest rates?
I think the credit card companies brought all this on themselves when they started issuing credit cards to just anyone. I can remember 25 years ago you had to have a job and able to pay you bills on time. Then in the last 10 to 15 years anyone could get a credit card whether they had a job or not. And now they are up to their ears in bad credit card debts from these folks that didn't need a card to start with. I'm sorry steeling is steeling. I worked in collections for credit cards and it amazed me that people would max out their credit cards and never pay them. This is the root of the problem. Now we are having to pay for the credit card companies screw up.

FB of TX 7:51PM September 17, 2010

Actually it's not true, as is referred to both in the article and Thurston's comment, that the credit card companies make no money off of those of us who pay our balances in full. For the convenience of being able to accept credit cards, merchants not only have to pay for the credit terminals, but they have to give the credit card company a percentage of everything charged. This percentage varies depending upon the negotiated agreement (ie, Walmart does higher volume so they're going to be paying less than a mom & pop store does) and the company itself (if you wonder why less places take American Express cards, it's because they charge a higher percentage). The credit card company is making money from your purchase, you just aren't quite as profitable as someone who spends beyond their means, and they're likely to want to make up for lost profits elsewhere by charging you an annual fee (which will often go away if you call them up and ask nicely). So Thurston, the credit card company still makes money when you make your purchase, it's just something that doesn't really affect your bottom line (the slight increase in prices merchants end up making to offset fees is the same regardless of if you use cash or your card). You're not really sticking it to them.

L of IN 11:39AM September 17, 2010

I've been using their money for years and they've never make a penny off of me. Just pay off your balance on time each month. However, I guess all the losers that can't seem to live within their means keep the credit card companies in business. Too bad I'll likely get stuck with a fee now for being responsible.

Thurston of MN 8:28AM September 17, 2010

they should have zero interest and no fees for people who have trouble making ends meet, and high interest rates and lots of fees for people who have tons of money.

a o of CA 1:31AM September 17, 2010

"Consumers prone to taking on too much debt" (Winner) and "People who routinely carry large balances" (Loser) sound very similar as a same group of people.
"Cardholders who rarely use their cards" would have to consider Prepaid Credit Card, now that CC companies are less interested in this group of customers.
"People who pay off their balances on time" may be on the losing end of the new rules, but they are generally on good personal finance status. So don't feel so bad.

KS Chin 9:38PM September 16, 2010