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News Credit card regulations

  1. Apr 23, 2009 #1


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    The gov. is starting to address how to get regulations on credit cards.
    Unfortunately, few realize that the businesses are paying large fees to the
    "money changers" which results in higher cost for the consumer.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=auMTEm_3PAgM&refer=home [Broken]
    Obama Demands ‘Clarity and Transparency’ on Credit
    http://www.theglobeandmail.com/servlet/story/LAC.20090423.RINTERAC23ART1919/TPStory/?query=credit+cards [Broken]
    U.S. credit card firms push for access to debit
    Visa, MasterCard also urge Ottawa not to legislate on fees, rates
    http://www.theglobeandmail.com/servlet/story/RTGAM.20090422.wcreditcards0422/BNStory/Business/ [Broken]
    Ottawa to regulate credit card firms
    David Lorne from White Rock, Canada writes:
    Peter Grimm from Canada writes:
    Nickstar One de Bantario Banada from Canada writes:
    Last edited by a moderator: May 4, 2017
  2. jcsd
  3. Apr 24, 2009 #2
    I thought this was interesting


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  4. Apr 25, 2009 #3
    Always read the fine print:

    Last edited: Apr 25, 2009
  5. Apr 25, 2009 #4
    The low interest rate balance transfers can be a scam. Read that fine print. Make more than the minimum payments.

    A person owes $5000 to BOA at 10%. They take a 2.9% balance transfer offer from BOA to pay off $5000 on another card. Nothing is paid on the higher rate balance until the 2.9% balance is paid off. Using the minimum payment schedule this will take about thirty years.

    Being late on one payment will jump the interest rate up to as much as 27%.
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