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Discussion Starter · #1 ·
Just got this E-mail from consumer reports said to pass it on so I guess its OK to post? mods? U think gas is high wait til you charge it & grocerys at 28% WOW

-----Original Message-----
From: Consumer Reports Advocacy [mailto:[email protected]]
Sent: Monday, March 17, 2008 9:30 AM

Subject: Kiss credit card gotchas goodbye

Dear J,

Bank of America recently announced interest rate increases, even for
responsible card customers—some people reported new rates as high as
28%! And the bank didn't make it easy to object.

To decline the rate hike, the bank required card holders to write a
letter agreeing to stop using the card and pay off the existing
balance at the old rate, according to news reports. They couldn't
telephone, nor did Bank of America provide a form or a return
envelope to help meet the short deadline. If the company didn't get a
quick response, rates would automatically rise.

Bank of America is not the only bank to hit card holders with high
rates and fees. Banks get to raise your interest rates, as well as
the fees they charge for most services, because fine print clauses in
your credit card contracts allow it. They don't even have to tell you
why they did it.

Tell Congress to protect card holders from unfair rate hikes,
exorbitant penalty fees and other fine print "gotchas."

As the economy softens, some Wall Street analysts believe that big
banks want to make up their investment losses by raising rates to
good credit card customers.

A bill proposed in Congress would help rein in that practice and
limit other "gotchas." The bill would protect cardholders against
arbitrary interest rate increases; hidden interest charges, due date
traps and more.

This bill is long past due! Tell your lawmakers that you support the
Cardholders' Bill of Rights.

And please, take one more moment to forward this message to people
you know who use credit cards so they can join you in action for
reform, too!

Jim Guest
Consumers Union of the U.S.
101 Truman Avenue
Yonkers, NY 10703-1057

If you do not wish to continue receiving e-mails like this one, you may click here to opt out.

© Copyright 2008 Consumers Union of U.S., Inc.
Consumers Union, 101 Truman Ave., Yonkers, NY 10703

40 Posts
Cash is King... Credit card has never touched my wallet nor will it ever. My brother dug himself a nice hole to crawl out of and gave me a very convinceing warning. Not that everybody shouldn't have one, I just don't trust myself with my hobbiest impulsive tendancys.

EDIT: I should say I'd rather not tempt myself unessicarily while walking through the flatscreens at bestbuy or any part of Cabelas or Bass Pro for that matter.

Premium Member
8,116 Posts
I've got very good credit, BUT I don't have the very top score...Why? Becuase I too never believed in credit cards and did not get my first one until I was almost 30 yrs. old. I found out then that if you travel and plan on renting a car, you have to have a credit card. Funny thing is that every once in awhile I'll access my credit report and virtually the only dink I have is.... "did not establish credit until after age 28" or something like that.
For the most part, I pay balances off every month. In fact, my Cabela's card is used for business expenses, so I often max it out more than once during the month. I've had months where I would max it out in a week, pay it off online, max it again, repeat... May be why I have over $500 in Cabela's pts. accrued after only having that card for a little more than a year. Anyway, the point is, to make the cards work FOR you instead of against you. I have another card that now pays even better than Cabela's so I've started using it. I get 3% back on most every purchase. Used wisely, credit cards are not a bad thing.

40 Posts
That's a great point... I don't expect to rent a car by myself anytime soon but I'm sure if the situation came up I'd really wish I had one. Maybe now that I have a steady and foreseeable income it wouldn't be as bad of an idea as it would have in school. Never say never I guess.
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