Am I hearing this correctly, there is a possible law for credit card fees? Meaning pay up or close the account? Is this for all cards or are certain banks doing it and which banks are doing it? I know they now want to start punishing people who pay every month or on time, that I read back in Nov/Dec.
(Unless this was discussed on another thread -clue me in, I didn't find it in a search)

Is this what you are referring to?

meaning "use it or lose it"? I think there is. I've had two cards I never used closed on me because of some mumbo jumbo about "risk".

Some years back I went to pay for something with my Discover card. Got the dreaded "Call Center" notice on the checker's screen. So they called. The account had been closed. But not by me.

Turned out that I hadn't used the card in 13 months and Discover closed it out, but failed to ever inform me of that fact. After being an account holder (and user of the card) for 15 years, I had suddenly become a big risk.

Nowadays, if you have cards that you don't use, your own biggest risk is your credit score will drop.

Not exactly what I was asking. I had heard that the credit card companies now can charge like $60.00/$100.00 or whatever for the year for the use of their cards and it is mandatory, meaning if you call to complain, you can stop doing business with them but if you choose to move your balance someplace else or open another card, Bingo!, there is that $60.00 or $100.00 or $150.00, whaterver, fee-back again! Is this true? I think they want revenues back, permanently and that they're sick of people transfering. (again, phrasing I heard, not mine). The transfering almost sounds like check kiting.

The other part I did know about as far as closing accounts. What I read back in Nov./Dec, about the time the link "by the numbers" was referring to was being hashed out was meanwhile, banks have started charging annual fees to card holders who don't put more than a specific amount on their cards, typically $2,400 a year. Other banks are charging inactivity fees if customers don't use their credit cards during a specific period of time. You're nailed now if you stay out of debt! Jeesh!

Whatever reason, I guess credit cards aren't free anymore especially ones with rewards...???

The Federal Reserve has a summary of the new credit card rules going into effect on Monday.

I am down to one single credit card - American Express. All others closed. I have about a $300 balance on my Amex right now and will not allow it to go above $1,000 for the forseeable future.

For more than 18 years, I paid it off every month but back around 2005, I signed-up for their "extended terms" [the ability to carry a balance].

This card has always charged an annual fee and I am OK with that as the interest rate is quite fair.

Why don't you just use your debit card(s)?

You can use them as credit if you wish and I don't believe you would lose any of your credit consumer rights by doing so.

Hotels and rental car agencies have different rules for credit and debit cards. Much more stringent authorizations for debit cards.

I have one card, for emergencies. I do everything in cash -(cash/checking/debit). Sooooo in the event I need, lets say a furnace Monday - I can do it and then repay it when monies can be moved around. I think most people do it this way, then probably use cards for rewards, and then there are those that live off of cards or abuse them. I don't think Capital One likes me very much!! But nothing has been charged yet. I last used for airline tickets -hence an emergency that we paid for when we came back and moved money around.

I'm not a "money mover arounder". Last year, I installed a brand-new 93% efficient furnace. Worked a "12-month no-interest" deal with the company that installed it through CitiBank.

Paid it off in six months.

I really never understood why people used credit cards without intending to pay it off on the next billing cycle.

What's the interest rate on these things 18%+. Seriously your paying so much more to "have it now". Unfortunately people get wrapped up in this debt, the card companies collect the juice, Heck, you'd probably be better off borrowing from a loan shark.

quote:

Heck, you'd probably be better off borrowing from a loan shark

Banks (credit cards) ARE the new loans sharks, haven't you heard?

Banks: The New Loan Sharks
These Rates Would Shock a Loan Shark

Banks, bankers suck.

Gus, do you read the posts or just sound off? I never said anything about credit cards or their use, but that the interest rates now charged are loan shark rates. BTN didn't say "get Debit cards or carry cash," BTN has an AMEX. Keep your advice, don't need it.

Shrugged, did you read the article before posting it. Clearly they're referring to the rates they charge credit card holders.

Cards aren't what they used to be but often you can still get 0% on large purchases over 12 months or so. Which is basically paying you inflation plus what you can earn with the cash invested. Did that for years on major household purchases. Nowadays it seems you can "dicker" with retailers if you're paying cash and get the equivalent or better deal.

"..did you read the article...Clearly they're referring to the rates they charge credit card holders." Yes, precisely taxpayer.

GEM's post was about credit card interest rates, and how at rates of 18%+, you'd probably be better off borrowing from a loan shark. Having just seen articles comparing banks in the UK to loan sharks, I thought I'd share it.
3,000% - banks are the new loan sharks

My point: banks are the new loan sharks. Whether or not someone wishes to use cash, debit or carry one credit card, twelve or none, is irrelevant to MY post, and point.

You didn't just use Jimmy Carter in a sentence did you? Without swearing?

Carter- probably the last President who gave a sh** about us. Not perfect but why Reagan wasn't tried for treason for the Iran/Contra thing is beyond me.

Selective memory Gus, circa 1981 or so would have been Reagan. Reagan's February 23, 1981 prime was 19 percent, today it is 3.25 percent. Went up to 20.50 on his watch if I recall, didn’t it? With a 17.25 percent differential, if you are tying rates to prime historically, I’d say the rates banks are charging today is rape compared to the peck on the cheek of the ‘80s. Calling bankers loan sharks now is a compliment.