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Credit Cards Rates, Fees Keep Going Up

Posted in Credit Card Deals by Jen Stryker
September 9, 2009 09:30 AM - 4 Comments

Well, you can’t say they didn’t warn us.

The banks are making good on their threat to raise interest rates if Congress approved the Credit Card Accountability and Responsibility Act of 2009.The banks threatened to go on a rate-raising, fee-hiking, rule-writing rampage if Congress approved the Credit Card Accountability and Responsibility Act of 2009.

It did and the result has been an unending stream of letters from my credit cards making good on that threat.

But I still find it ironic that the most recent arrived the day after the first few provisions of the law intended to protect me from the credit card industry’s worst abuses took effect.

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  1. 411realty said:
    on September 9th at 10:34 pm

    Courtesy of http://www.govtrack.us I recently contacted my credit card company (Chase) requesting a lower interest rate as my husband did not realize it was at 27.35%. I was told they were not able to reduce the rate due to the pending credit reform acts. I asked for a manager and instead of tranferring me, she hung up. But is this true? I’ve read anb read but where does it say they are unable to lower the rates, especially when we haven’t been late for over a year. (And the only reason I was late before, was because my daughter was in the hospital for 5 weeks) I called back and got the same answer, they could not lower the rate…Is this policy or is it law?

  2. Jen Stryker said:
    on September 10th at 08:40 am

    I assure you, there’s nothing in the CARD Act that forbids credit cards from lowering rates. It’s Chase policy, pure and simple.

  3. Terrin said:
    on September 11th at 10:02 pm

    The sick thing is the Banks are currently borrowing the money from the FED at zero percent interest. So that 27.35 you are referring to is all profit.

  4. Elza Pisarro said:
    on September 12th at 01:54 pm

    I have several cards with an apr of 29%. When you try to lower them and the account is closed it is impossible. Other accounts ask you if you want to opt out and close your account and they will lower you. Unfortunetly you need these pesky accounts or youcannot even rent a motel room. The law has to be set to not be able to charge over 14% as all you do is pay off the interest. We should all just stop paying.

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