Credit Card Law

Monday, February 22, 2010

The Credit Card Accountability, Responsibility and Disclosure (CARD) Act goes into effect today and writer Anya Kamenentz discusses the ramifications. Kamenentz is a staff writer for Fast Company and the author of the forthcoming book DIY U: Edupunks, Edupreneurs, and the Coming Transformation of Higher Education.

Comments [19]

Eugenia Renskoff from Williamsburgh, Brooklyn

I am so glad I don’t have a credit card anymore! After my GA mortgage fraud/foreclosure experience, I lost my excellent credit rating. That was quite an emotional and financial blow. Now I use cash—very little cash—because I am unemployed. Eugenia Renskoff

Feb. 22 2010 02:36 PM
Dale from Brooklyn

My credit union notified me recently that they were making my credit card variable, which concerns me some. Typically I think credit unions are less evil than banks, but this has got me wondering what they are up to.

Feb. 22 2010 11:00 AM
Dorothy from Chelsea

Regarding the Citibank lady - I too have a Citibank credit card which I pay through Citibank PC Banking from my Citibank checking account. I wonder if the lady is making a "payment" rather than a "transfer." My payments, transferred from my checking account are credited either immediately or the next day, depending on what time I make the transfer.

Feb. 22 2010 10:59 AM
Etienne Frossard from Brooklyn, NY

I too have had problems with Citibank.2 of my last 3 mailed payments have taken 10 days do be credited.

Feb. 22 2010 10:59 AM
Sarah from Brooklyn

I'd like to remind Douglas that sometimes emergancies happen, like unemployment, illness, unexpected family emergancies that require plane tickets and that is also how credit card debit gets racked up. People deserve a chance to get out from under thier debt.

Feb. 22 2010 10:58 AM
David from Lincoln Square

With all the talk, currently, about individuals walking away from their mortgage debt. Why aren't people walking away from their credit card debt without ramifications other than the prerequisite credit rating bang.

Feb. 22 2010 10:57 AM
karen from nj

The root of the problem: USURY. NJ used to prohibit usury by law. Banking across state lines negated those laws via a supreme court decision. Since we can all see what banking across state lines has done for us, heaven help us if health care starts crossing state lines....Also, even the bible prohibits usury. How do all the evangelical GOPers reconcile that one???

Feb. 22 2010 10:57 AM
John from Piermont

I feel sorry for the people working in the credit card industry. When you make your living primarily by tricking others into handing you their money (only incidentally providing any real service, and that primarily to justify your more profitable and less ethical activities), how can you have any sense of integrity or usefulness to others? Do these people think their customers' foolishness justifies their behavior? Where is their conscience?

Feb. 22 2010 10:56 AM
Kelly from Brooklyn

Is there anything we can do about the foreign fee that cards are starting to charge? I'm about to travel out of the country and not sure if I should use my credit card.


Feb. 22 2010 10:56 AM
William from NYC

Credit cards are as ubiquitous as cash now. It _is_ currency, and there should be some no surcharge method of payment with a debit card. No charge for the customer, but also the merchant. It is an effective tax on Americans. Even if you are a responsible customer and only pay with debit cards or pay your credit card bill before incurring any finance charge, the stores you buy from have to build in their credit card charges into their prices.

Of course, how or who should offer this is not an easy answer. But this is about currency and the government is the sole issuer of traditional physical currency.

Feb. 22 2010 10:55 AM

In anticipation of "CARD", my payment is going up $50/month. At this point, that will make it impossible for me to make my monthly payment.

You're so happy about the "deadbeats". What about those of us who are already in bad straits and for whom this just means disaster?

Feb. 22 2010 10:54 AM
Peter from New York City

My bank is suddenly asking for a blanket agreement, up front, for overcharges on my debit card. Is this legal?

Feb. 22 2010 10:52 AM
Zen from South Salem

Consumers are not the only victims of credit card company tricks. As a merchant who accepts credit cards I have been hit with many different fees and charges. If I do not settle my machine every day they charge me a higher rate. Those free rewards they give to customers are actualy charged to the merchant, and if the magnetic strip is worn they charge me more to key in a card.

Feb. 22 2010 10:52 AM

I've been getting bombarded with small print letters from the credit card companies, I'm sure they are in anticipation of these feeble laws.

Feb. 22 2010 10:49 AM
Robert from NYC

They can give Toyotas, the car that keeps going... and going... and going....

Feb. 22 2010 10:47 AM
the truth!! from BKNY

Funny Gary how everything comes back to being the current President's one ever complained so much about bush who literally got away with murder.. I imagine him at home laughing his butt off at you followers.

Feb. 22 2010 10:46 AM
douglas from brooklyn

I've got a crazy reform idea that just might work. Live within your means and stop buying crap.
Just crazy enough to work!

Feb. 22 2010 10:09 AM
Gary from Upper Left Side

These "changes" to credit card laws are complete bull****. Bottom line: banks are charging usurious interest rates, but borrowing from the public for practically nothing (both via the Fed's 0.75% discount rate and "paying" depositors essentially zero on checking/savings accounts, about 0.25%). With average interest rates on credit cards being 17%, banks have a 16.5% spread to work with. That's insane! Tony Soprano would never been so crass, and Obama and the Dems have put out these preposterous "protections for consumers" that are totally worthless.

Aren't "u-sur-y" for voting for Obama?

Feb. 22 2010 10:06 AM
eva from california

People might have missed a comment left on the WNYC board on Friday by "S." from Brooklyn (#34) in response to last Friday's show about grad school - which often leads to high levels of credit card debt.

The post concluded: "...once upon a time, knowledge was conceived of as something that was intimately connected to power, and that in many instances the humanities provide a space to accomplish something called critical thinking-a skill that is required to challenge systems of (TA labor) exploitation that occur within the (corporate) university and beyond."

Best comment on WNYC ever. Here in San Francisco, we have a free program that allows lay people like myself to study the classics under the tutelage of accomplished Latin and Greek enthusiasts (there are a lot of lawyers and engineers leading the group - you can't pay the rent here by reading Plato.)

This is not esoterica. The historical perspective found in "the great books" is tremendously helpful for understanding and coping with our rapidly changing economic and political landscape. It's also helped me to understand the historical relationship between debt and stable governments.

Feb. 22 2010 02:24 AM

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