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