MONEY AND WORK

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August 18, 2009

CREDIT CARD COMPANIES RIP OFF CONSUMERS BEFORE NEW RESTRICTIONS GO IN PLACE

ABC News - A recent study of 150 credit cards by BillShrink found that interest rates on purchases and balance transfers for card holders have grown nearly 20 percent from January to July of this year.

Among the companies raising rates the most, according to the study, were:

Capital One, raised purchase and balance transfer rates by an average of 50 percent, cash advance rates by 20 percent and penalty rates by 30 percent.

Citi, which increased its purchase and balance transfer rates by an average of 27 percent. Citi card holders with poor credit have seen their rates increase at least 50 percent.

Discover, which increased its purchase and balance transfer rates by an average of 30 percent. (Discover told ABCNews.com that the company's online balance transfer rate is zero for the first 9 months following the transfer.)

US Bank has increased its purchase and balance transfer rates by an average of 33 percent. . .

2 Comments:

Blogger john j said...

I CAN'T BRLIEVE THAT CONGRESS DIDN'T REALIZE THIS WOULD HAPPEN WHEN THEY PASSED THESE NEW CREDIT CARD LAWS .WHY DON'T THEY DO WHAT THEY DID WITH THE BANKS TAX THESE EXTRA FEE AT 100 PERCENT OR PASS A LAW THAT MAKES THE CREDIT CARD COMPANIES ROLL BACK THEIR FEES THEY MADE CONGRESS LOOK LIKE A BUNCH OF JACKASSES
REGARDS
JOHN

November 14, 2009 8:45 AM  
Blogger john j said...

what we need to do is the consumers needs to get together in their neighbohood banks and tell the local banks this is our money and we don't want to pay these fees and were not going to but our money in your bank until until we have reasonable fee say like no more than five persent .If you want change you have to do it yourself .The politicans are not going to do anything their getting paid off by these people

November 14, 2009 9:18 AM  

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