What to do while you wait for your credit card reform to kick in “If you’re unhappy with interest rate hikes, high fees, or other unappealing terms imposed by any of your current credit card issuers, you can take matters into your own hands and negotiate better terms.” [Consumer Reports Money]


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  1. Eric Hawley says:

    But what if you absolutely love 22.74% interest rates?

  2. FlyersFan says:

    Not with a BoA issued card. Those cocksuckers wont budge on anything. Which is why I am ridding myself of scummy companies all together.

    I was 1 day late on a payment (actually made the payment the day it was due but it didnt post till the following day) for the first and only time and my rate shot up from 9.99% to 21.99%. This was last year, before the credit fallout. These companies do not respect the people who keep them in business….you the consumers.

    • Anonymous says:

      @FlyersFan: @FlyersFan: Or you could take out a peer-to-peer loan on Prosper or Lending Club, pay off the BoA card, close any other accounts you have with them (not the credit card account, though) and never use them for anything ever again. That’s what I’m doing.

  3. wcnghj says:

    Please, somebody from consumers union, read this!!

    Do not tell people to buy credit scores from any of the CRA’s directly. They are useless ‘FAKO’ scores.


    RetailMeNot has some coupons.


    • bibliophibian says:

      @wcnghj: Clarification, please (sorry, it’s late, I’m tired) – the links you gave examples of places to get the non-useless, real scores, or examples of places to avoid because they sell useless ‘FAKO’ scores?

  4. Anonymous says:

    Same goes for Discover. I tried to get them to lower my 29.99% interest rate after they mailed me a balance transfer offer for 3% for 12 months. They were firm that there was “nothing they could do” to lower the rate. I asked if I could “transfer” my existing balance down to the 3% offer they sent me and they weren’t amused. I shredded the card and as soon as I can get it paid off I will do my best to never do business with them again.

  5. MooseOfReason says:

    Any advice for people who use debit cards and spend money they actually have?

    Oh right, they… don’t need any.

    • wcnghj says:

      @MooseOfReason: Why not use a credit card, rack up points/cashback and Pay In Full every night.

      • MooseOfReason says:

        @wcnghj: Are the rewards worth more than the money I pay in interest?

        I mean, if it’s “2% cashback on groceries” but they charge me 19% on the money I borrow to pay for the groceries… then I’d be losing money, wouldn’t I?

    • edosan says:

      @MooseOfReason: Thank you for filling the traditional “smug response” role for this credit card thread.

  6. Hands says:

    Last year I called my Regions Bank Visa office and said very plainly, “I’d like a lower rate on my card, please.” I hadn’t even identified myself at that point. Less than five minutes later I’d gone from 17.99% to 10.99%.

  7. S-the-K says:

    What should I do while I wait for Chairman O’s credit card “reform” to kick in and banks cutting or eliminating my credit limits and start charging annual fees and eliminate grace periods?

    Thank you, Chairman O, for making life more difficult for those who play by the rules and give deadbeats a free ride!

    • pax says:

      @S-the-K: You do know that most of the “small government” “free market”-loving Republicans voted for the bill, right?

      • MooseOfReason says:

        @pax: Funny, I’d say “small government free market-loving Republican” is an oxymoron. There are very few members of Congress who support reducing the size of our government.

        The majority of Republicans are not among them. They went along with Bush during his tenure and expanded the government, inflated the budget, and created new entitlement programs. They’re not for the free market or smaller government. All they want to do is cut taxes without a way to pay for the tax cuts.

        Low taxes follow low spending. We have to cut spending first.