Updated over 16 years ago on . Most recent reply
Congress and Credit Cards
Well, a couple of us did say we liked the way congress had limited credit card interest rate increases. The trouble is, they put the credit card companies on notice and then gave them a year to get ready.
I just got a notice from my CC company that my card is no longer fixed rate. It's now variable rate with the rate adjusted every month.
Then they said that the good news was that my rate currently remained at 8.9%. What? My rate is not 8.9%. So I got out my last CC bill, and sure enough, they'd raised my rate by 2%. I must have received some sort of notice and missed it.
So I got on the phone and started searching for a card with a fixed rate. Apparently, they no longer exist.
A banker whom I talked to said that all credit cards are now variable as a way to get around the new CC legislation.
So, it looks like any benefit to the new legislation has been wiped out.
By the way, y'all, you might check and see what your current card terms are. They might not be as good as you think.