tag:blogger.com,1999:blog-4912713243046142041.post7899654554444118196..comments2024-03-18T21:26:34.716-05:00Comments on TYWKIWDBI ("Tai-Wiki-Widbee"): Loopholes in the Credit CARD ActMinnesotastanhttp://www.blogger.com/profile/01382888179579245181noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4912713243046142041.post-43143470942332266702010-01-27T11:09:15.423-06:002010-01-27T11:09:15.423-06:00Your card company can lower your credit limit or c...<i>Your card company can lower your credit limit or close your card without giving you any warning at all... issuers tend to close cards that are inactive or aren't used very often...</i><br /><br />This holds for cards with regular, low balances as well - had a card used solely for subscription payments (~$50/mo) which never carried a balance for more than 30 days and it was summarily canceled by the issuer months ago.Z. Constantinehttp://blog.operator-speaking.com/noreply@blogger.comtag:blogger.com,1999:blog-4912713243046142041.post-73408646175393620542010-01-27T01:45:27.663-06:002010-01-27T01:45:27.663-06:00The act is really a detriment to those who use cre...The act is really a detriment to those who use credit to their own advantage. Banks will also not be allowed to apply payments to lower APR balances first - by this new law they must first apply ALL payments by default to the highest APR balance. So if you have a small, low APR balance, but you take an offer of a short-term, no-interest loan with a future higher-rate increase, the credit card companies don't really stand to make any money when you can't pay the no-rate loan off before it begins to accrue interest at the newer rate.<br /><br />To someone who manages credit well, a six-month $5,000 loan can be put to very good use in another investment, and be repaid before the loan starts to accrue interest. But because the new law essentially takes away any advantage for the credit companies, this type of offer will be harder and harder to come by.<br /><br />Oh well. As a good friend likes to say, "I like banks. They pay me well."Natehttps://www.blogger.com/profile/11122970078469438967noreply@blogger.com