President To Sign CARD Act This Afternoon

President Obama is poised to sign the Credit Card Accountability Responsibility and Disclosure (CARD) Act this afternoon. Everyone celebrate by buying lots of steaks and hot dogs and fireworks this weekend. In cash. [AP] (Photo: northernplateguy)


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  1. sanjsrik says:

    This act has already been made completely useless, there are loopholes all over the act, this is the usual thing of government “looking” like it’s doing something when in reality it’s only playing semantic games.

    Someone needs to parse the language of the act itself where it says anything is allowed so long as it’s spelled out in the terms of the contract.

    Guess what CapitalOne did as soon as the act looked like it was going pass, renewed EVERYONE to a new terms of contract that gets around most of the loopholes in the act.


  2. Jeremy82465 says:

    Time to party like its . . . when were the credit card companies not screwing people again?

  3. Michael Belisle says:

    Also celebrate this weekend (or nine months from now?) by bringing your loaded, concealed handgun and/or rifle into your local National Park.

    • Darklighter says:

      @Michael Belisle: Yeah. I’m not really certain the CARD Act was worth this concession.

      • jfielder007 says:

        @Darklighter: You do understand that this only applies to concealed weapon permit holders in states where carrying the weapon in a state park is already legal? This doesn’t apply to rifles or anything like that. Anyone wanting to break the law by bringing a weapon would do so already.

    • FooSchnickens - Full of SCAR says:

      @Michael Belisle: I can hardly wait.

    • Trai_Dep says:

      @Michael Belisle: Considering the generous wattles of beer-gut fat that most Gun Show denizens have, aren’t any belt-holstered pistols that they wear concealed, when you think about it?

    • H3ion says:

      @Michael Belisle: Can you hit a credit card at 100 yards with your concealed assault weapon?

      • FooSchnickens - Full of SCAR says:

        @H3ion: I can come darn close. If it weren’t for this artificial spike in price and demand that the Obama administration brought about I’d be able to practice more. That does it, I’m going to the range tomorrow.

        • Trai_Dep says:

          @FooSchnickens: Well, technically, it was the wingnut TV news stations hyping the Oh NOES, Obama’s Thugs Will Steal Your GUNZ! blather that caused the spike in prices. Well, that and credulous, paranoid stupid people.
          Nice little scam for gun shop owners, though: stimulus works in mysterious ways!

  4. LabanDenter says:

    those evil credit card companies:

    Forcing people to use their evil cards, and then have the balls to ask for money.

    • CRNewsom says:

      @LabanDenter: Obvious troll is obvious.

      • LabanDenter says:


        Obivously someone that has no free will. And free thoughts of their own. And just thinks ‘their out to get me’.

        Or futhermore, any free will, because its far easier to blame someone ELSE, for your OWN problems. Then to take responsibility.

      • TomCoughlin says:

        @CRNewsom: You do realize that just calling someone a “troll” doesn’t actually refute their point, don’t you? It’s basically you saying “shut up” in lieu of crafting an actual argument or rebuttal. And yet people around here seem to believe that accusing another poster of being a troll automatically wins them the argument, instead of just making you look like a tool.

        • Darklighter says:

          @TomCoughlin: You don’t argue with trolls, since they have on interest in an actual discussion. You point them out so that people interested in discussion don’t waste their time arguing with trolls.

        • absentmindedjwc says:

          @TomCoughlin: You must be new here, welcome to the internet. Rule number 1: dont feed the trolls.

          • ZenMasterKel says:

            @absentmindedjwc: How is he a troll? Is everyone that disagrees with your opinion a troll? Am I a troll for calling someone a fat if they are indeed a fat? I should probably be gentle with my words, but if my statements are accurate and not designed to antagonize someone, then I don’t see the problem.

      • ZenMasterKel says:

        @CRNewsom: He’s a troll because he’s calling for personal responsibility? How dare he!

        The people that pay their bills and the mortgages are the ones getting screwed with all this bailout. The people that can’t afford to pay back their debts or mortgages should not be given a free pass when I and many others in this Country have been responsible. I’m all for stomping on predatory lending practices, but as long as that isn’t present, then people should be forced to reap what they sow.

        • CRNewsom says:

          @ZenMasterKel: No, he’s a troll because this piece of legislation has little to do with people not paying their bills. It has much more to do with the practices of the credit card industry to make the charging of fees a primary revenue stream.

          Example: Your money is due on the 5th*

          *The mail arrives at 3pm, but your bill is due at 2:45pm, if it arrives in the mail at 3pm, you will be charged a late fee.

          • DollaValueLIFO says:


            My Discover bill ends on the 5th of May and is due on the 7th of June. A day in which they do not accept payments. I never got this.

        • DollaValueLIFO says:


          His post seems trollish because it was snarky with no follow-up, no meat.

          Not to get all tin-foil hat on ya, but don’t you think the banks want us to be split into little rival clans in all of this, the “responsibles” and the “flat-screen, mcmansion, etc irresponsibles”.

          Forcing CC companies to provide timely billing, fair rate increases, etc. is not punishing anyone.

          • joepa1 says:

            @DollaValueLIFO: wrongamomgo… Seems fair to Leto raise rate when a customer becomes riskier. This law has now panices the banks to raise everyone rate and then maybe lower them foe the good customers. However once they get a taste of the higher rates banks may be slow to lower them.

    • Jeremy82465 says:

      @LabanDenter: Actually I have learned from experience that that statement is not far from the truth. When I went to attempt to get a new car, I was 18 at the time, I got turned away time and again, because I had no credit history. I was told many times “we could help you if you had bad credit, but you have none”. This was an issue because of just that thinking, I didnt want to use a credit card so I didnt get one, and it bit me many times, I also couldnt get my student loans without a co-signer. Somehow my credit score bottomed out father (due to a divorce) could sign for those but not a car loan. So yes, society forces you to use credit cards, to get a credit score, so that you can get essential things like a car, a house, an education.

      • Fist-o™ says:

        @Jeremy82465: Society forces you to believe you need to borrow for those things. OK, well- Car, you don’t need to borrow for. School? It’s more like based on your parents’ income or your income if your older. And for a house? any company that merely rejects you out of turn because of a low credit score isn’t looking at the full picture.

    • H3ion says:

      @LabanDenter: No, but permeating the economy to the point where it is almost impossible not to have at least one credit card, becoming what amounts to almost a public utility, and then employing bait and switch and other sharp tactics. When something becomes a necessity, the providers of that something either have to behave fairly or the government will step in.

      Michael Crichton made this argument in Jurassic Park. To paraphrase, what if you developed a cure for cancer and wanted to charge $100,000 a pill. You’d soon find that your application to the FDA was lost in some waste basket until you brought your price down to something reasonable.

      I hope that the credit card companies don’t take this opportunity to screw their customers because the legislation that just passed is mild compared to what could have passed.

  5. Prole says:

    I’m drafting a nice email to my credit company right now. Hmm, I think I can probably shrink it down to “Ha Ha!”

    • cmdrsass says:

      @Prole: With all the loopholes, the real joke is on you. Thanks Obama!

      • Trai_Dep says:

        @cmdrsass: Thank George Bush.
        He’s the guy that made it (and much, much more) possible!

      • trujunglist says:


        For what? Oh, I get it, every problem these days is because of Obama. Nevermind the fact that the credit card companies are the ones looking for the loopholes, right? I mean, Obama is just going around pointing out the loopholes for them so they can jump through. Shit, he fucking lights them on fire and has a dog go first just for some flair.

  6. Unsolicited Advice says:

    Why use cash? It is and has been safe to use credit cards. They’re safer than allowing direct access to your financial accounts, portable, protect you from theft and fraud, and offer huge protections. Accruing finance charges typically isn’t that bright, but most consumers aren’t either.

  7. Featherstonehaugh says:

    Time to go back to debit I guess?

    • bronsonw says:

      @Featherstonehaugh: I am always concerned about that. I have gotten a fraudulent charge on my credit card for hundreds of dollars that took months to resolve. I can’t imagine how much worse that situation would have been if that money was missing from my checking account instead of just being billed to my credit card. I have never used my debit card online because of that very situation. You can make up one-time use CC numbers for use with PayPal for online usage, but I really don’t like dealing with PayPal either. I will stick with my credit card and keep paying it off.

  8. dwneylonsr says:

    oh, and this bill also allows carry of weapons in Federal parks. FTW.

    • JGKojak says:

      And, FYI, The White House is a National Park. D’oh!

    • GC says:

      @dwneylonsr: Yeah, one more place to be scared of being shot by a psychopath! Rock on!

      • bronsonw says:

        @GC: I think that if a person is truly a psychopath, than the law allowing guns in the National Park would make no difference if they bring one or not. However, if a law-abiding person happens to have their gun at the park, maybe they could help take care of the psychopath…

        • Trai_Dep says:

          @bronsonw: More likely cower in a fetal ball on the floor of his SUV, mewling like a baby when confronted by a real risky situation as it dawns on him that it’s not a TV program.
          Sort of the same situation happens in a dojo when that guy that’s an expert at cracking 2x4s with his bare hands actually has to, y’know, spar.

          • dwneylonsr says:

            @Trai_Dep: Considering the thousands of defensive uses of weapons your comment makes no sense. Perhaps you should try using facts instead of feelings. But thanks for playing anyway.

            • Trai_Dep says:

              @dwneylonsr: #1 cause of gun-related household deaths aren’t freedom-hating ninjas being righteously executed by crack-shot home-owners, but because people accidentally perforate themselves or those they love, quick-draw.
              And, to the original point: having a loaded gun crammed down your pants doesn’t make you Steven Seagal, something most of you armchair Rambos don’t realize.
              > It’s different when boards can hit back.

        • DollaValueLIFO says:


          Because the murder/assault rate is so damn high in the National Parks. Blech….

  9. DeleteMyAccountPlease says:

    I would gladly fill the consumerist tip jar for this post, but I have no idea where to put my cash.

  10. consumer-warrior says:

    This may seem like something that will put constraints on credit card issuers but they are already working on ways to screw the consumer in other areas. Some of the credit card issuers are already saying they plan to reinstate the yearly usage fee which pretty much disappeared some time ago.

    Also some issuers already say they are going to eliminate the 30 day grace period before interest charges are applied to any credit card purchases. Instead interest will be added to the charge as soon as a credit card purchase is made. The card issuer already gets 3% to 6% of the total purchase price from the whoever accepts a credit card for payment. It’s not like they get nothing if the charge is paid in full prior to the 30 day grace period.

    They are all despicable vile opportunistic leeches. I pay off my credit card balance in full every month but if they start adding interest rates at the time of purchase I will start paying with cash only. Let them try to figure out how to add an extra charge to a cash payment. I wouldn’t put it beyond them to add a surcharge for cash purchases!!!!!!

  11. SarcasticDwarf says:

    When does the national parks and guns part go into effect? Just by reading the bill it is not obvious (there is no effective date, which would give it the default 9 month implementation, but on the other hand it is adjusting the CFR, which might make it immediate?).

  12. maztec says:

    Woo! Time to prepare to get shot in the national parks!