Wednesday, August 4, 2010

Stupid credit card tricks

Got to give the CC companies their due (heh)—they are quick. Seems like yesterday, they got the hammer brought down and ALREADY they have found new ways to do us in.

Jessica Silver-Greenberg writes about this in the WSJ on August 1, 2010.

We don’t even have the Bureau of Financial Protection Do-Dah-Day or whatever, and and the big card issuers are already…

Sending us letters upping cash advance and balance transfer fees by 33%.

Slapping on annual assessments.

Getting all crafty with variable rates, whatever those are.

Accepting payments on weekends so the last day before a fine can be a non-postal day.

Cheating on the 21 days the law says must pass between mailing and payment due. Us? Really?

Creating fake non-activity fees (you don’t pay if you use it a certain amount—meaning activity).

Offering low limit, prepaid cards, then when you send in the $300 or whatever, taking $170 or more in fees upfront.

Adding on foreign currency fees if anyone involved is not in the U.S.

What's in YOUR pocket? Probably lint.

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