Today, I was doing research for another article I was writing about credit cards for people with bad credit I landed on the site of First Premier, which is a company that specializes in working with people with bad credit. I was trying to find some of their qualifications for an unsecured credit card, and landed on their application page. I was surprised to see a big sign at the top that said “Due to Federal Credit Card Legislation this offer is only available until January 31. Apparently their credit card violates the new laws that are designed to protect consumers.
There has been a lot of debate over these new laws which are designed to protect consumers but many say they are just going to cost them money. These new laws will particularily impact unsecured credit cards for bad credit and credit cards for people who are carrying a lot of credit cards debt.
More on the new credit card legislation from around the blogosphere!
Reforms Considered for Hidden Credit Card Processing Fees
Merchants paid just shy of 60 billion dollars in interchange fees in 2008, an increase of 24% over 2005, according to a December 2009 report issued by the Federal Reserve Bank fo Kansas City, “An Update of Interchange Legislation in the … It’s unclear to me if this kind of legislation would help or hurt merchants. I accept credit cards, and I pay pretty heft fees for the privilege. If the legislation passes, do I want to lose sales by limiting which cards I would accept …
Fed Finalizes ‘Milestone’ Credit Card Reform Rules | ecreditdaily.com
The Federal Reserve today approved a final rule restricting interest rate hikes in the first year of credit card agreements with consumers, and unexpected increases on existing credit balances – except in the case of variable-indexed interest rates. … The Fed said it is a landmark rule – the core of the legislation signed by President Obama in May and dubbed the Credit Card Accountability Responsibility and Disclosure Act of 2009, or Credit CARD Act. …
Why Federal Credit Card Rate Caps Will Burn Consumers
Why Federal Credit Card Rate Caps Will Burn Consumers. Posted On: December 31, 2009. Consumers have been up in arms over escalating rates on their credit cards. They’ve complained to lenders, researched options on other credit card terms, … (CARD) Act of 2009 last May, and, in response to the promise of tighter restrictions, credit card companies scrambled to boost revenues by establishing rate increases prior to the February 2010 date for enacting the legislation. …
Credit Card Law Adversary Poised to be Senate Bank Panel Leader …
With regard to Johnson’s disapproval of the new credit card law in May last year, Ely expressed that the senator was “obviously sensitive” to the situation in his home state. … The bill, which was passed by the lower chamber in December last year, involves an overhaul of federal regulations of financial institutions. Johnson, on the other hand, is expected to protect the interest of community banks from falling under the weight of stricter laws. …
Joe Krier on the New Credit Card Legislation for Consumer Protection
By the way, if you are paying high interest rates on your credit cards, it is probably time you focused on repairing your credit. Why not enroll in Credit Repair College? It is the most affordable credit repair around! Let us teach you how to fix bad credit! If you find yourself saying, “I need to repair my credit!” we are here to help!
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