Many of you have probably received the propaganda on how the credit card companies were assisting in reform. ASSISTING IN REFORM; What a joke!!!!
Actually, everyone, should be writing a letter to the credit card companies on your dissatisfaction. I don't know about you, but with the interest rates so high, at this point, I can only pay off my card... So FYI, here is an example of a letter I just sent:
PO Box 17198
Subject: Important Information Changes in Acct.#
This is to inform you, do to the supposed reforms and still high interest rates, I will only be paying off my balance and no longer use this card for purchases.
It is so very unfortunate that so many banks couldn’t have given their customers positive breaks. I have always paid more than the minimum, yet the interest has gone up over the years.
Also, I feel all banks knew of the reforms and adjusted accordingly to fit their needs. One point comes to mind is charging interest.. ie changing from 30 day to 21 days.
So again, until I see some true changes to assist the customer, ie the one who pays the bill, I will more than likely not be making any future purchases.
Besides, who can even trust your organization when you put a paragraph likes this in your Cardmember Agreement:
“Amendments: We have the right to change the terms of this Agreement for any reason, and in any respect, by adding, deleting or modifying any provisions, including APRs, fees, the Minimum Payment and other terms. We can add a new provision without regard to whether the provision deals with a matter already address by this Agreement.”
Thanks for your consideration in advance,