The new CARD Act has been in place since 2/22/2010, how do you like it so far? I haven’t notice anything yet but I will be sure to check my credit card statement this month. Hopefully mint.com can help me out with that. I was blown away by the fact that even though the card act can help out a lot of people, it ultimately made the credit card business worse for everybody. The credit card company used this new law and gave them a lot more ways to charge their customers. It’s not sad anymore, it’s becoming a hilarious joke.
I always had a question about the contract that the credit card company send you. In that pamphlet, in those tiny text, you see a sentence that sounds like this, “credit card company can change any of it’s contract with their customer anytime they want as long as they send out a letter fifteen days before the changes happens.” These were the real cash cows for the credit card companies but now the CARD Act totally changed it or should I say they are being replaced.
The credit card company may charge for paper statement, inactive card, card membership, and god knows how many other tricks they have in their sleeves. So basically we solved a long lasting issue and it breeds a whole new can of new issues. I got love this free market stuff.
Anyway, to better prepare for for the future, I recommend these articles from Billshrink and Consumerist.
Maybe I should just do what my friend did, cancel all the credit card and be done with it.
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