Magox Posted June 24, 2009 Share Posted June 24, 2009 JP Morgan, making it's move http://www.bloomberg.com/apps/news?pid=206...id=a3Afcp559Pls here's a snippet: JPMorgan Chase & Co. is raising some balance-transfer fees on credit cards to 5 percent, the highest among the nation’s largest banks, citing increasing regulations and costs after the U.S. put new curbs on the industry. JPMorgan, the biggest credit-card issuer, disclosed the increase in a notice mailed to customers this month that referred to “new federal regulations.” The New York-based lender starts charging more in August, just as the law designed to curb interest-rate increases, fees and marketing practices begins to take effect. The credit-card law President Barack Obama signed May 22 prompted warnings from industry executives that they’d be forced to raise fees, curtail credit and restrict consumer rewards. Hearings are scheduled today in Congress on Obama’s proposed Consumer Financial Protection Agency, which would have authority over increases like the one JPMorgan is planning, House Financial Services Committee Chairman Barney Frank said. “What Chase is doing is strengthening the argument for the new entity,” Frank, a Massachusetts Democrat, said in an interview today before the hearings. Banks should be able to impose fees to cover their costs, not to create a “new profit center,” he said. Link to comment Share on other sites More sharing options...
Live&DieBillsFootball Posted June 24, 2009 Share Posted June 24, 2009 Here's an idea...don't take cash advances or balance transfers on your credit card. Here's another...pay a lower fee to some other bank to transfer your balance from Chase. Link to comment Share on other sites More sharing options...
GG Posted June 24, 2009 Share Posted June 24, 2009 “What Chase is doing is strengthening the argument for the new entity,” Frank, a Massachusetts Democrat, said in an interview today before the hearings. Banks should be able to impose fees to cover their costs, not to create a “new profit center,” he said. [/b] WTF? And government has no intention of dictating how businesses should be run? And in legalizing pot, wouldn't Barney be creating a new profit center too? Link to comment Share on other sites More sharing options...
Magox Posted June 24, 2009 Author Share Posted June 24, 2009 WTF? And government has no intention of dictating how businesses should be run? And in legalizing pot, wouldn't Barney be creating a new profit center too? Ya, I got a kick out of that statement, and I'm also impressed with their amazing foresight Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 24, 2009 Share Posted June 24, 2009 Here's an idea...don't take cash advances or balance transfers on your credit card. Here's another...pay a lower fee to some other bank to transfer your balance from Chase. Here's another...don't buy a house you can't afford. Here's another...don't build cars no one wants. Personal accountability is about to become a dinosaur. You know what I have found particularly ridiculous about all of this? The government is so bent on protecting the people from scams and high costs associated as penalties for people's own idiocy, irresponsibility and laziness, but they have not done anything yet to address the check cashing stores, or paycheck advance stores, where they'll advance you your paycheck up to $500 with APRs in the 400% range. But Visa? Mastercard? Amex? those bad guys really need to stop the nonsense. Link to comment Share on other sites More sharing options...
DC Tom Posted June 24, 2009 Share Posted June 24, 2009 Here's an idea...don't take cash advances or balance transfers on your credit card. Here's another...pay a lower fee to some other bank to transfer your balance from Chase. Gotta agree with this. The balance transfer fee is OPTIONAL. You don't have to pay it - you don't have to transfer balances between cards. All the same...Franks is an idiot, arguing that corporations should be break-even entities and not allowed to make profits. Not the least of which is because, if they don't make money, what the hell does Franks expect he's going to tax to pay for that new regulatory entity he's suggesting? Link to comment Share on other sites More sharing options...
blzrul Posted June 24, 2009 Share Posted June 24, 2009 I found a new credit-card practice to make $$ that I posted on the consumer forum. My company, after 10-15 years of having my payment due on the 23rd of the month, quietly changed the date to the 19th. No mention of "please note your new due date" etc. Too bad for them I read my statements and they didn't get to charge finance charge and late fees on my balance. I am sure that other people who use their credit cards a lot but pay the monthly balance entirely are going to have this happen to them too - because the credit companies want people who carry balances so they can soak them. Link to comment Share on other sites More sharing options...
DC Tom Posted June 24, 2009 Share Posted June 24, 2009 I found a new credit-card practice to make $$ that I posted on the consumer forum. My company, after 10-15 years of having my payment due on the 23rd of the month, quietly changed the date to the 19th. No mention of "please note your new due date" etc. Too bad for them I read my statements and they didn't get to charge finance charge and late fees on my balance. I am sure that other people who use their credit cards a lot but pay the monthly balance entirely are going to have this happen to them too - because the credit companies want people who carry balances so they can soak them. Mine did that too. Another thing one of them just tried...lowering the limit to just below my balance, presumably so they could charge an overlimit fee. Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 24, 2009 Share Posted June 24, 2009 I am sure that other people who use their credit cards a lot but pay the monthly balance entirely are going to have this happen to them too - because the credit companies want people who carry balances so they can soak them. Maybe if these people didn't spend money they didn't have, they wouldn't get soaked. One of my favorite SNL skits. Link to comment Share on other sites More sharing options...
DC Tom Posted June 24, 2009 Share Posted June 24, 2009 Maybe if these people didn't spend money they didn't have, they wouldn't get soaked. One of my favorite SNL skits. I've got to send that to my wife. Link to comment Share on other sites More sharing options...
Reed83HOF Posted June 24, 2009 Share Posted June 24, 2009 Maybe if these people didn't spend money they didn't have, they wouldn't get soaked. One of my favorite SNL skits. I really thought it was going to be this clip when you said get soaked...plus it kinda fits in well with republican politicians... The best SNL commericial Link to comment Share on other sites More sharing options...
Chef Jim Posted June 24, 2009 Share Posted June 24, 2009 WTF? And government has no intention of dictating how businesses should be run? And in legalizing pot, wouldn't Barney be creating a new profit center too? I think I finally realized why Frank wants to legalize pot. Link to comment Share on other sites More sharing options...
IDBillzFan Posted June 24, 2009 Share Posted June 24, 2009 I think I finally realized why Frank wants to legalize pot. It's simple, really. If everyone gets high, everyone will finally understand what the!@#$ he is slobbering about. Link to comment Share on other sites More sharing options...
blzrul Posted June 24, 2009 Share Posted June 24, 2009 Mine did that too. Another thing one of them just tried...lowering the limit to just below my balance, presumably so they could charge an overlimit fee. I'm expecting that too. I only use the card for web purchases and to get the cashback award, which I then donate to JDRF. Otherwise I'd just pay cash. Looks like pretty soon I'll just have to go back to that. I have three boxes of checks languishing in a closet somewhere, at least they'll get used up too. Link to comment Share on other sites More sharing options...
DC Tom Posted June 24, 2009 Share Posted June 24, 2009 I'm expecting that too. I only use the card for web purchases and to get the cashback award, which I then donate to JDRF. Otherwise I'd just pay cash. Looks like pretty soon I'll just have to go back to that. I have three boxes of checks languishing in a closet somewhere, at least they'll get used up too. I never use cash; always credit cards (Discover in particular - the cashback bonus translates into lots of books). And I pay them off every month - which is why my interest rates are around 29% right now. My wife, on the other hand... Link to comment Share on other sites More sharing options...
blzrul Posted June 24, 2009 Share Posted June 24, 2009 I never use cash; always credit cards (Discover in particular - the cashback bonus translates into lots of books). And I pay them off every month - which is why my interest rates are around 29% right now. My wife, on the other hand... I only let my husband have one credit card, wtih a low limit, that he rarely uses. I alone use the Discover which has a 25k credit limit. Highest purchase I ever made on it - my son's funeral. Doesn't that suck. Lost him eight years ago today. Now he's bugging the CRAP out of BiB wherever they are. Link to comment Share on other sites More sharing options...
DC Tom Posted June 24, 2009 Share Posted June 24, 2009 I only let my husband have one credit card, wtih a low limit, that he rarely uses. I alone use the Discover which has a 25k credit limit. Highest purchase I ever made on it - my son's funeral. Doesn't that suck. Lost him eight years ago today. Now he's bugging the CRAP out of BiB wherever they are. My sincere sympathies. Have a glass of wine, on me. If you can spot me...I'll pay you back later. Now he's bugging the CRAP out of BiB wherever they are. Bright side to everything, I guess... Link to comment Share on other sites More sharing options...
Magox Posted October 7, 2009 Author Share Posted October 7, 2009 If you take away revenues from one end, then it's only natural to see added revenues from somewhere else. http://www.bloomberg.com/apps/news?pid=206...id=a6fYQA6UmP0E Wells Fargo Will Raise Credit-Card Rates Ahead of New U.S. Law Oct. 7 (Bloomberg) -- Wells Fargo & Co. plans to raise interest rates on a majority of credit-card customers by 3 percentage points before new rules limiting such increases take effect, according to a company executive. “This is something we’ve been contemplating for quite a period of time,” Kevin Rhein, group head of card services for the San Francisco-based bank, said today in a telephone interview. Wells Fargo began advising customers this week that the change takes effect on Nov. 30. That’s one day before House Financial Services Committee Chairman Barney Frank wants curbs on rates and fees under the new U.S. credit-card law to become effective. The Massachusetts Democrat plans a hearing tomorrow on moving up the date to Dec. 1 from February to head off increases by card issuers. Just goes to show you that Congress doesn't have the faintest clue of how business works. Link to comment Share on other sites More sharing options...
DC Tom Posted October 7, 2009 Share Posted October 7, 2009 You whine about "profit centers" but its OK for you to put those smelly fingers of yours all over my money for ridiculous taxes, tolls, fees like "road use taxes", gotcha red light camera's etc? Go suck a dick. That's different...the government doesn't have profit centers, they operate at a net loss. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 7, 2009 Share Posted October 7, 2009 You know what I have found particularly ridiculous about all of this? The government is so bent on protecting the people from scams and high costs associated as penalties for people's own idiocy, irresponsibility and laziness, but they have not done anything yet to address the check cashing stores, or paycheck advance stores, where they'll advance you your paycheck up to $500 with APRs in the 400% range. Some states they have addressed it... Predatory lending... Pawn shops sound like a better option more and more. Link to comment Share on other sites More sharing options...
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