Comments on: Credit Cards Rates, Fees Keep Going Up

By: Elza Pisarro

Elza Pisarro — Sat, 12 Sep 2009 18:54:36 +0000

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.

By: Terrin

Terrin — Sat, 12 Sep 2009 03:02:20 +0000

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.

By: Jen Stryker

Jen Stryker — Thu, 10 Sep 2009 13:40:28 +0000

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

By: 411realty

411realty — Thu, 10 Sep 2009 03:34:42 +0000

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?