Chase Bank Sucks!!!

[TFOGGER]

I think it's better to just leave the card open with a zero balance. You can't pay interest on zero dollars, it greatly helps your debt to credit ratio, and it makes them work for your money when they stare at your zero balance year after year.

I just had one of my cards closed out by the creditor because I held a zero balance on it for more than a year. bastids!

[twitchyfinger]

ALL banks suck!!! Same with insurance companies also!!! Two of my biggest pet peeves in live. I will stop now just to keep my stress level down.

[Bailey Guns]

I've got news for ya...it ain't just Chase. The interest rate hikes are a direct result of the pending Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009.

This is the bill that was passed earlier this year. The bill that Democrats were so determined to pass that they allowed the Republicans to attach the amendment that will allow concealed carry in national parks. It takes effect early next year.

The bill was passed to - you guessed it - PROTECT the consumer. A classic case of, "We're from the government and we're here to help you." In other words, it was and will continue to be a total goatfuck piece of legislation. In a really small nut shell, the bill puts restraints on when and under what circumstances credit card companies can raise rates. It was the brainchild of Sen Chris Dodd (yeah, that guy. The one who got all the sweetheart mortgage deals from Countrywide and who has a buttload of other ethics issues to deal with). It was co-sponsored by our own Sen Udall.

Go figure that those two geniuses couldn't foresee credit card companies raising rates in advance of the legislation taking effect. But that's what's happening. It's a preemptive strike by the credit card companies because of the restrictive legislation coming straight at them.

I just got an email update from Udall regarding this. As usual, he's using the tactic of blaming the big, bad credit card companies. What he understands but hopes you DON'T understand is that this is his and Dodd's fault along with the other idiots who supported it and Obama who signed it. Now he's introduced...yep, with Dodd...more fucked up legislation to "fix" the initial fucked up legislation.

This is just like during the 94 AWB. The Democrats laid out the rules...guns can't have threaded barrels, folding stocks, pistol grips, bayonet lugs, etc... The gun companies COMPLIED with the law and took those features off their guns. The Democrats, because they were stupid and didn't know jack about guns when they authored the law, cried foul. The Democrats accused the gun companies of CIRCUMVENTING the law when, in actuality, the gun companies were following the law to the letter.

The same thing is happening here except it's credit card companies instead of gun companies.

And we wonder why government doesn't work.

Here's a link to the Credit CARD Act of 2009: http://www.whitehouse.gov/the_press_...-Card-Holders/

Sorry...it ain't the credit card companies to blame here. I'm not saying they're good and looking out for my best interests but they're not the only bad guy in the equation. You have to look no further than Democrats in congress. Go fuckin' figure.

[Irving]

Well, you can blame the credit card companies for raising rates on EVERYONE, regardless of if they have poor account history or not. They didn't have to do that. On the other hand, they are certainly getting their point across about the bill. You know how they say, "Vote with your wallet?" Well the credit card companies are doing just that, only with all of YOUR wallets! Haha.

It's a wonderful tactic and hopefully it will work to get people to pull their heads out and repeal that dumb law.

[Hoosier]

To the guy who's rates got jacked: Call them and tell them to lower your rate or you'll stop spending money with them. I just checked my Chase card... it was 7.24% on the November invoice, now it's 13.24%. I am on the phone now... Well, that was interesting. They won't change it back down. However, they said that since I pay the card off, I shouldn't be incurring any interest penalties. I am going to have to go back and look at my statement more closely to see if that's true.

To those people winging about the CARD act, I'd be interested to know what particular provisions of that bill you don't like. When it went through congress I looked at the highlights of it, and everything seems to be actually in favor of you and I. The credit card companies are now having to be up front about the raep you get from having a revolving balance, instead of hiding it in fees and other sneaky small print.

Also, it passed with 90 votes in the senate, so don't act like the GOP isn't in cahoots here, either. As a libertarian I am getting tired of these republicans acting like they're the party of small government.

[Irving]

To those people winging about the CARD act, I'd be interested to know what particular provisions of that bill you don't like.

How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?

[Hoosier]

How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?

I'd rather see the fees and penalties up front rather than in the small print and "gotchas" if you don't check your bill carefully. Also, I don't fault the law increasing my rates, I fault the banks who raised them. It's like people blaming guns for violence. The bill didn't stipulate that the rates be raised. It stipulated that they stop "cheating". In order to not-cheat and keep making the insane profit they're use to, they have to show how expensive revolving credit really is.

They seem to believe their profits are sacrosanct and that they can blame the fact that they're required to be honest as the reason why. I have stock in JPM and still don't think that increasing their rates is going to be beneficial to them in the long run. If they were smart, they would have left rates the same, taken the short term loss and the long term gain (of people switching away from the banks that did raise their rates).

I'm tired of knowing that every legal agreement, terms and conditions, and "Notice of Policy Change" I get is these lawyers finding new ways to screw me. Sorry, I'm not going to shed any tears for these banks "having" to raise their rates because of the big scary government.

H.

[Elhuero]

How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?

Thank your lawmakers.

[Bailey Guns]

To the guy who's rates got jacked: Call them and tell them to lower your rate or you'll stop spending money with them. I just checked my Chase card... it was 7.24% on the November invoice, now it's 13.24%. I am on the phone now... Well, that was interesting. They won't change it back down. However, they said that since I pay the card off, I shouldn't be incurring any interest penalties. I am going to have to go back and look at my statement more closely to see if that's true.

To those people winging about the CARD act, I'd be interested to know what particular provisions of that bill you don't like. When it went through congress I looked at the highlights of it, and everything seems to be actually in favor of you and I. The credit card companies are now having to be up front about the raep you get from having a revolving balance, instead of hiding it in fees and other sneaky small print.

Also, it passed with 90 votes in the senate, so don't act like the GOP isn't in cahoots here, either. As a libertarian I am getting tired of these republicans acting like they're the party of small government.

Interesting to note according to you that those of us (me) with an opinion different than yours are whining. But, of course, you stating your opinion isn't whining. Thanks for clarifying that.

So, in my opinion, to those people whining about those of us whining about the CARD Act, you completely missed the point. My point was, the government told them, through the CARD Act, their business practices were going to be changing dramatically in 2010. And the credit card companies don't have to do jack, in terms of the CARD Act until 2010. So, big surprise, they beat the gov to the punch. Do I like it, necessarily? No. Do I understand it? Yes. This is what happens when we have incompetent representation in government...republican or democrat or libertarian. The government morons like Dodd and Udall are just smart enough to fuck things up for the rest of us.

If we truly had a free market in place, consumers wouldn't have to worry about this kind of nonsense as the market would sort it out.

Now, I'm not defending the credit card companies. I'm saying they're doing exactly what they're allowed to do by law. And I'm not saying the democrats are totally to blame. I think the democrats must take the bulk of the blame, though. Yes, it passed with strong bipartisan support. But it got the republican support from the CCW in nat'l parks amendment. As a libertarian, you can be proud that no libertarian senators voted for it...I guess.

And, since you brought it up, what has the libertarian party done for anyone lately, in terms of legislation on a national or state level? Being a libertarian just doesn't mean a whole lot to me. Frankly, I like a few aspects of the libertarian platform...mostly their stance on free markets and private property.

I also find it interesting that you're complaining about credit card companies raising interest rates while at the same time you mention you're a libertarian. From the Libertarian Party website and straight out of their Statement of Principles: We oppose all controls on wages, prices, rents, profits, production, and interest rates.

[Marlin]

Simple enough,, Get rid of the CC's,, Then You don't have to worry about the intrest rates.. I haven't had any in at least 10 years...