vonhef

If they honor their agreement. I have had credit cards in the past that were at a lifetime fixed rate. Never to change (so they promised)... only to have them after 4 or 5 years come back and change the terms of the original agreement. We never missed a payment, never were late. When asked why they changed the agreement, said "They can't offer that anymore". I guess "lifetime" didn't mean my lifetime.

Any Clime

not that I would want to give BO, or the Dems any credit, but they did sign in some key legislation about credit recently (so I though). This included that CCs have to notify you of rate changes in advance. Although, they will just pepper you with other stuff so that you throw away your notice. They also banned them from sucking in kids on campuses too. This...well, this I agree with.


Digressing...
And also, we should add that this does nothing to fix the credit crisis the legal pushes of BO (pre prez) and other libtards did forcing banks to open lending. 20 years of that went well.

MancationJEEP

blacksheep

Mark Doiron

The most significant change, relative to OP's situation is consumers now have the right to opt out of certain significant changes in terms on their accounts. Opting out means cardholders agree to close their accounts and pay off the balance under the old terms. They will have at least five years to pay the balance.

Of course, if OP gives them cause to raise rates (such as a late payment), that's a whole different ball game--he's basically at their mercy. And banks have no mercy. I hope that he got this credit card through a credit union (99.999%*** of all consumer banking can be done through a credit union, where you are part owner/member rather than a mark--er, I mean customer).

Here's more info on the opt out provisions:

creditcards.com/credit-card-news/credit-card-act-takes-effect-1282.php

Regarding the Dem's and President Obama receiving credit: It pains me to admit this, but the Republicans were also strong supporters of this legislation--at least once it came down to a vote--357-70 in the House, and 90-5 in the Senate and 279-147 in the House for the amended bill out of the Senate (that would have been my senator, Tom Coburn, giving gun folks the right to carry their weapons in national parks). Imagine that: Bipartisanship.

***Okay, I made up that number. But it's probably pretty darned close to correct.

spartan99

Not a numbers guy are you...


Car loan- 6% APR
Credit card loan- 1.99%

Think back to 1st grade where the aligator eats the bigger number. The bigger number in this case is 6.

I love this board. I could post that the sky is blue and all hell would break loose with controversy.

spartan99

Another flash of brilliance. No where did I ever state that I'd drop my coverage, yet this poster assumes I'm going to drop the coverage. I have absolutely no clue how such a conclusion was drawn , but it is extremely entertaining.

spartan99

The rates are higher when you have a lien on it because they make you buy full coverage. Once I get the pink slip I'll inform them that I simply want liability or whatever it's called when it comes to repairing my vehicle when the accident is my fault. If it's my fault, I'll pay out of pocket for my car's damage and in exchange I get a lower premium. Coverage for the rest remains the same, of course.


And yes those who posted about terms and conditions are correct. That's where the good credit comes in. My credit score's in the 800's and you're treated far differently with that kind of score than if you have a score in the low 700's or below. I am maticulous about payments: late payments aren't in my vocabulary, hence the 800's credit score. So the whole late payment scare isn't an issue at all. My payments are less than a few hundred dollars per month with only $15 going to interest and the rest going to principal. Whether I pay it off early or not, either way I save a ton of money. For those of you who can't get past the math, no further info from me will assist you in grasping the concept.

Again, you must have outstanding credit for this to even be an option. But if you do it's a great way to go.

spartan99

This doesn't apply to me.

tcodtj

That would be dropping coverage now wouldn't it.