Posted Monday, February 22, 2010
Monday is the day the world of credit cards changes. The changes are fairly substantial and a long time coming, according to consumer advocates. The new federal law provides greater consumer protections on when and how credit card companies can change interest rates, when they can impose fees, how payments are applied to debt, and it will now be much easier for cardholders to see how long it will take to pay off a bill if they only make the minimum payment. As the new rules go into effect Monday morning at 9, join Plain Dealer Consumer Affairs Columnist Sheryl Harris for an on-air user's guide to the Credit CARD Act.
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My wife has a Capitol One card that she does not use. She went to cancel it around the beginning of the year and was told that although she had no balance she would have to pay the annual fee applied to the account. She went back and forth with the customer service rep regarding the ridiculous fee and got nowhere. The card is now cancelled but we still receive a bill for an outstanding balance. Its these kinds of things that make me think that the credit card companies think they can do whatever they want.