Frickin' credit card companies

[Tab]

Not only is this not "latest breaking news", it's not even news anymore - this is nothing that hasn't happened a million-fold all over the nation. I can't wait until the credit card regs kick in next year.

We have a card HSBC (I don't mind using the bastard's name). It's not huge - I think it has $1,100 in credit or something small - I believe we got it for a specific use.

Anyway, somewhere we went $0.49 over the limit. Yes, 49 CENTS. Maybe a late fee pushed us over, maybe we just forgot, but it's only 49 CENTS.

Well.

Now the card has an over-limit charge of $39, yes 39 DOLLARS for going 49 CENTS over, and an INTEREST RATE of THIRTY PERCENT.

I grew up being taught that there were usury laws, because there used to be predatory lending, but if thirty-percent interest rates and thirty-nine dollar penalty fees for being just forty-nine cents over aren't usury, then I don't know what is.

[county worker]

1. I had it out with them on the phone. They told me that if I pay on the due date I would get a late

charge.

[gmoney]

2. They suck

I had their card for a while but stopped using it. They canceled me a few weeks ago for non-use.

[snappyturtle]

3. What is it about the cc regs that you can't wait for? I think they're

basically only required to tell you that in 45 days time you pay up or they up the interest rates. In summation: they will then only inform you in advance when they're going to screw you. imho

[AndyA]

5. Yeah, the "new" credit card regulations are wimpy at best.

They provide more protections for consumers, but consumers still have far fewer rights and protections by law than the credit card companies do.

Think about that next time you vote. We have the WRONG PEOPLE in office, they do not represent you and me, they represent the non-voting American corporations. :(

[KamaAina]

4. They're the worst

I closed mine at the end of last year. :grr:

[cagesoulman]

6. What is HSBC ?

4'33"

[RockaFowler]

8. Direct Merchants

We had the same problem. The only reason why we went over the limit was because we were 2 days late, so the late fee put us over the edge. Then they jacked us up to 28%. We asked them to lower it since we had never been late until then, but they refused. So, the minimum amount that was due only covered $20 of the principle. It's unbelievable.

[cagesoulman]

9. This is just crap.

I can't believe there isn't a way to fight these assholes.

[DebbieCDC]

7. Credit card companies are nothing more than another predatory lender

In the process of paying off all of mine through a debt management plan where the cc companies HAD to cut their interest rate as part of the deal and NO more fees can be charged. Once I have all these SOBs paid off I will never let myself fall into their trap again. A painful lesson I've had to learn.

[MercutioATC]

10. I understand your frustration, but over is over.

39 cents or 39 dollars, it triggers a overlimit fee...which is exactly what the contract says will happen.