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Really? I believe I've had that card for....you know I can't even remember, I'll guess & say about maybe 10 years.
I have had the same (2) cards for atleast 10 years more like 15. Never been late and never ever went over limit. Look I am not trying to beat up on you. Learn from this lesson. Cut up the credit cards or protest by changing company's to a lower rate. Avoid CC from Delaware. Join a credit union if you can and get a card through them.
you should double check that-- it is a great deal. Not all cards are like that.
Sometimes they are libor +5 or something like that. However if you miss a payment they have clauses that can raise the rates incredibly. One time i was on vacation and forgot to pay the card next statement the rate jumped like 15%. There are all kinds of nuances with credit cards that consumers should be aware of. Are they all fair- hell no . But i cannot say the credit card companies did anything illegal.
Used to be you paid a late fee. A one time late payment doesn't sound like reason enough to double the interest rate though.
Normally what happens if you are late is the computer software automatically kicks in the higher interest rate, late fees, etc.
Usually, you can get those immediately reversed if you have a good credit history with the company.
I never keep a balance, always pay it off. I also never pay a yearly fee, if they insist, I tell them to close the account.
If they accidentally charge a late fee (say a bill falls due on Sunday), I am knowledgeable enough to know that you have until the next day to pay - although sometimes the computer software will kick in that late fee, which are always reversed, if they argue, I tell them to close the account, sue me for the late fee, which I will file a dispute for.
If you have excellent credit and a history, you have a lot of leverage.
If a sign says beware of dog. You ignore the sign enter the yard and are bitten. Whose fault is it?
That is what that warning is about. Fair warning if you are late or violate the terms of service we will without notice raise your interest rates. I myself? I pay attention to warnings.
That's twice in one week. First the Senate voted NO on letting bankruptcy court judges revise interest rates on bad mortgages, now this. Anyone watching this needs to get the message that our 2-party system is a 1-party system and nothing is going to change, and nothing is going to get better for the average citizen, until we get a viable third party in the majority and take this country back from the vested interests, especially the banks.
We already have TWO parties effing us fairly efficiently already...do we REALLY need a 3rd party to screw us even more?
I propose we run our government like a SUCCESSFUL corporation, and require EVERY employee from the President on down to the porter, INTERVIEW for the position before a diverse panel of INTELLIGENT beings, i.e. economists, accountants, doctors, scientists, military professionals, etc. As part of their interview they have to come armed and ready to present THEIR proposal as to how they would fix problems within the department they are applying to, and in their area of expertise. After all the interviews are complete, the panel then sits down and votes to hire ONLY THE MOST QUALIFIED get the job, regardless of political affiliation, race, gender, age, sexual orientation, etc.
Sorry but, Usury limits are established by the individual States. And the amount you cite, while I agree it is high, is not "usury" which is illegal.
I found this out the other day when I called to complain and close out my cc. I mentioned to them that I live in the State of Florida and that we USED TO have usury laws which limited interest rates to 18%. The representative informed me that even though I live and work in Florida, the interest rate is based on the State in which the cc company has incorporated. In my case, the cc was issued from Delaware, (which I have noticed almost all the cc offers I get are from companies out of Delaware, btw), which has NO USURY LAWS!!!
An interesting fact should one be inclined to accept a cc offer...if it comes from Delaware, they can charge you whatever the hell they feel like it. Armed with this information, I have closed my cc from Delaware and am shopping for a locally issued card.
We already have TWO parties effing us fairly efficiently already...do we REALLY need a 3rd party to screw us even more?
I propose we run our government like a SUCCESSFUL corporation, and require EVERY employee from the President on down to the porter, INTERVIEW for the position before a diverse panel of INTELLIGENT beings, i.e. economists, accountants, doctors, scientists, military professionals, etc. As part of their interview they have to come armed and ready to present THEIR proposal as to how they would fix problems within the department they are applying to, and in their area of expertise. After all the interviews are complete, the panel then sits down and votes to hire ONLY THE MOST QUALIFIED get the job, regardless of political affiliation, race, gender, age, sexual orientation, etc.
But But what about af action? What about you know hiring people because uncle Johnny is connected?
Is anyone else as disturbed by this quote from the article as I am? "The banking industry, which had some heavy-weight representatives monitoring the vote off of the Senate floor, warned that an interest rate limit could cause a sour reaction in the financial markets."
WTF?! Flat out extortion!!!
LEGALIZED extortion, at that. Hmmm, haven't members of the mob gone to jail for this??? We are certainly a country of double standards in sooo many ways. sigh.
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Illegal, sadly NOT...
