House introduces 'Credit Cardholders’ Bill of Rights'

Not a minute too soon.

Chase, one of the biggest card providers / processors, makes it impossible to resolve their errors. Even letters to Jamie Dimon are ignored.

Their will be an avalanche of public support for this and stricter regulation of an industry whose supposedly responsible leaders act as they do.

I am sick of credit card companies. Washington Mutual is the worse. I had 2 cards with them and they raised the rates to 31.99% interest when I have never been late on a payment and never gone over my limit.
I would think I have been a perfect customer but they are forcing me to get rid of them. I hope they go out of business

I'm technically bankrupt. . .yesterday I received approval for $50,000 limit credit card. Wheee!

GE MONEY BANK is a rip off!!! They charge over the limit charges!!1 Please help the consumers!!!

It is about time. Lets see if this goes through this time. Credit Card companies have been very resistent to regulation and to help assure that they were immune to regulation have have had a large army of lobbyists who contributed in the past heavily to Congressmen's political campaigns which is why bills like this have never been successful.

Hopefully this will go through as President Bush II says that he will sign it into Law.
I am glad to learn about the above cards as they have sent me offers in the mail. They seem shocked when I turn them down---it is usually them turning folks down. Oh the small pleasures of giving them a bit of their own medicine.

Right, if you have multiple credit cards, they will all raise their rates to the maximum after one of them does, in my case it was WaMu, a credit card company that has literally ruined my life. I can't afford to get my kids glasses or take them to the denitst, and am 1 month behind in my house payment because of these crooks. My minimum payment is my entire pay check for that week, they get 25% of my income and I can never pay them off. Hasn't anyone heard of usury laws? And it was the legislators who set these ridiculous maximum rates, so don't expect them to provide any meaningful change or relief.

5/4/08 Hello! Hell I can't even get a credit card and now the rules are changing which will make it harder for me to get one! I have been paying my bills for 5 years now, trying to clean up my credit report and just when I am getting ready to apply for a credit card these people in Washington, D.C. now change the rules! Will I still be able to get a credit card TODAY and can you put me in touch with a cc company that can help me get my FIRST CREDIT CARD? Please help me I need one for my new website business at
www.pacalaws.com. Thank you very kindly.
Regards,
Rebecca
piercingeyes77@yahoo.com

I have been fighting Tractor Supply Corp and Citi Bank...over erroneous late fees, interest and finance charges. I have written numerous letters explaining these incorrect charges as well as calling and talking to account representatives who have no idea how to handle the account. What "appears" to be late charges are continually being thrown into the "collections" box and they keep billing me and hitting my credit report because I won't pay it...the original agreed upon amount has been paid...how do you fight these giants? This was a promotional program of one year same as cash. No one from Citi bank or TSC ever replies to my inquiries. I have now contacted the Office of the Comptroller of the Currency and am hiring an attorney to file suit. Any other ideas someone can give to me to clear my name with the three reporting agencies?

I have an advanta Business card that WAS at 9.9%, but out of the blue they raised it to over 26%! I don't have a late payment on my entire credit report, much less with them! Luckily, the vast majority of the balance was at a 2.9% for life balance transfer rate that they couldn't touch, so only a hair of my actual ablance was affected. FYI, if they try to raise your limit to some insane amount, just tell them that you refuse to accept the change and to close the account (you have to do it quickly, though). They are required to maintain the original APR and allow you to pay it down gradually at your old APR, but you won't be able to charge any more on that card. That's what I did with both Discover and Chase when they double/tripled (respectively) my APR for no reason. Then just go find yourself a new card from a respectable bank, like USAA. I told them I was moving, and they lowered my APR down to 4% on my entire balance for the next year to help me out!

I would like to see this proposal enacted as soon as possible. Credit card companies have been allowed to do anything and everything to entice and ensnare and even destroy anyone who gets into their hands. Example: Here is exactly what I received unsolicited from DISCOVER MORE CARD. In bold print on the front of the letter �0% + For Life = No Worries. �enjoy a low 0% APR FOR LIFE� �on transferred balances� �Make your money worth more� �Customer service that puts you first� �Apply today�. However in tiny, tiny print scrunched up on the back of the letter, scattered among mundane regulations, it become apparent that in order to get %0 interest on your balance transfer you must make 2 regular purchases (15.99% APR) or cash advances (23.99% APR) every month. And, get this, IF MORE THAN 90% OF YOUR NEW BALANCE CONSISTS OF SPECIAL RATE BALANCE TRANSFERS, WE MAY INCREASE YOUR MINIMUM PAYMENT DUE TO 4% OF THE NEW BALANCE. And the clincher, �we apply payments to balances with the special APR prior to the balances with the standard APR and those prior to the cash advance APR.� In this tiny tiny print, they do advise that �Therefore your savings will be reduced by making additional transactions or having balances with standard APR� which is what is REQUIRED TO OBTAIN THE �0% special�!!!

Today, this type of fraud is fine, a great way to put money into the hands of shareholder and make slaves for life of the customers. Lets be sure that tomorrow, this fraud will be called the fraud that it is and be illegal.