CHA-CHING! Credit card companies engaged in deceptive practices?
Getty Images
A new Pew study examined over 400 credit cards and found that all of them engaged in one or more practices PEW categorizes as “unfair and deceptive”. According to their research, credit card companies are hiking fees and raising interest rates (the median interest rate last year was 27.99%). Congress is working to push up the effective date of new regulations designed to help, but will they be enough?
Also on this episode
Guests
Rep. Carolyn Maloney (D-NY)
Nick Bourke, author and manager of Pew Safe Credit Cards Project
Comments disabled after 14 days
Sponsor
Sponsor
Staff Pick
Eric Johnson
Tender Greens
Tender Greens is like your favorite rock band where you want to keep it a secret but also hope for tremendous success. And successful it is. Healthy and tasty salads and veggies, lean cuts of steak, chicken and tuna all served up in a 'fast food' style and price tag - but in a much better environment and quality. The flatiron angus steak with Yukon Gold potatoes top out my list. I also love to get the line caught ahi tuna with a baby spinach and goat cheese salad - quite tasty when I'm shooting for lighter fare. Makes for a nice and not-too-expensive dinner, and an excellent lunch as well.
Sign up for the A&C Newsletter and have these staff picks sent directly to your inbox.
Sponsor
Day In A Page Radio/Story Archive
3 weeks, 1 day ago
Just cut up your credit cards- use your debit card and live close to the bone!
Banks, etc., won't listen otherwise. Check out the Bank of America YouTube debtors revolt- now she's taking on Chase. Move your money to a credit union.
Pay with cash.
3 weeks, 1 day ago
i recently got notices from my credit card companies that they would be changing my card to an adjustable rate and that i could opt out. when i called, i to opt out i found out that i would have to pay off my balance immediately, so i don;t really have a choice, another card sent me a notice that they are going to start charging an annual fee, with the same conditions. how is it legal that credit card companies can change their contracts arbitrarily? as a consumer i don't have that kind of power. are adjustable rates still legal? isn't that what triggered the housing crisis?
3 weeks, 1 day ago
I have 830+ credit.
4 major credit cards, all in the last 45 days have raised my rate up to 100%, from 11.99 to 24.99 the highest. And the fee structure has been raised, cash advance fee is not 5%. I never use cash advances.
As some of the cards have not been used for over 60 days, it was not for late pay, or other problems.
It was for "adverse market conditions"
I will as I have time seek out better deals, and close the cards I don't like slowly over the next number of years to keep the credit score up.
The folk who Need credit will have a grinch of a Christmas.
Would you go into hock for 29% APR?
3 weeks, 1 day ago
Re: automating min. payments.
Do so well in advance of the due date and check frequently.
CC companies are creeping up their due dates and entrap credit card holders into a late fee, interest rate hike scenario.
3 weeks, 1 day ago
This is not specific to credit card providers (which, after all, are banks), but it is about the practices of banks in general. My husband and I banked with WAMU until it was bought by Chase. We do all our banking with them, including our IRAs. The other day we got a notice from Chase that there would be an annual fee of $30 to cover the cost of the IRA. WAMU never charged a fee. One could ask why Chase can't manage this without a fee -- are they more inefficient than WAMU, or just more greedy? We are seriously considering moving our IRAs to another institution.
2 weeks, 4 days ago
If you have credit card debt, you're an idiot. I know, I had credit card debt, and I was an idiot.