Senate Hearing on Credit Card Practices on CSPAN2 now.....

[Blackhatjack]

Heads of credit card companies are trying to defend the indefensible practices, Chairman Levin is giving them the opportunity to explain.

No one can answer why the consumer is charged interest on the amount they paid on time? Two cycle monthly billing. Successive over the limit fees for 3 mos. Universal default rate increases.

These are the purveyors of financially indentured servitude upon the American consumer.

[Selatius]

1. There should be the same restrictions imposed on them as the banks

After the Savings and Loan scandals of the 1980s, one of the great failures of legislation aimed at that was that it wasn't also aimed at credit card companies. A bank can't charge you 22 percent, but a credit card company can?

[Blackhatjack]

3. They are owned by the Banks ..... and fee income is largest profit...n/t

[woodsprite]

2. We've just been notified if we carry a credit , no matter how small,

we will be charged a processing fee on Bank of America's credit card. I guess if you overpay by a $1.50, since they don't cut you a check back to zero the account out, you have to go find something to charge that is that amount or higher OR pay a monthly fee until you use the credit card again.

[ThoughtCriminal]

4. Read those "Change of Terms" notices

that your credit card company sends you seemingly 4-6 times a year. Each one screws you just a little bit more. The most recent one from Chase informed me that they were going to start charging interest from the time of purchase. I dumped them immediately.