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Credit Card Fees Informative - Credit card firms rethinking fees...

Review by Ponie on 2007-03-22
I've read numerous complaints regarding fees/interest rates charged by credit card companies. Many have said 'there ought to be a law.' Susan Tompor's article in this morning's Detroit Free Press states Congress plans to do something about it.

'Last week, Senate Banking Committee Chairman Chris Dodd, D-Conn., said that a bill would be necessary to prohibit some credit card practices.'

'A recent heaaring held by Sen. Carl Levin, D-Mich., highlighted some hardships. Levin intends to write a bill to outlaw some credit card practices, to.'

Some changes already made:

'Chase Card Services, a division of JP Morgan Chase, has eliminated two-cycle interest calculations...'

'Citigroup Inc. will no longer raise interest rates and fees for current customers "any time for any reason." The change takes place immediately and goes into effect for current cardholders by April.

'Citygroup also stopped universal default--where rates on a City card can go up if a consumer makes a late payment or defaults with another lender.'

Tompor's complete article can be read at:
http://freep.com/apps/pbcs.dll/article?AID=/20070322/COL07/703220422/1002/BUSINESS
Comments:7 Replies - Latest reply on 2007-07-09
Posted by Ponie on 2007-03-22:
Need more coffee--that should be 'hearing.' Any other typos--please try to figure out what I was thinking. :)
Posted by MRM on 2007-03-22:
Thank you Ponie for the informative review on credit card fees. There needs to be a reform on how card companies charge outrageous fees for using the card.
Posted by Slimjim on 2007-03-22:
Good post ponie
Posted by voiceoff on 2007-03-25:
Too little too late. But better late than never.
Posted by FYI10 on 2007-07-09:
To most business savvy consumers, this is old news.
Posted by Anonymous on 2007-07-09:
So are your posts homie!

Steve
Posted by Skye on 2007-07-09:
Touche' Steve.

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