Tuesday, August 25, 2009

Credit Card - Is it time to change cards?

Last week the first set of new rules governing the credit card industry went into effect. If you've got a credit card chances are that you have recently received communication from the company in that maddeningly small print they use to discourage you from reading! The credit card companies have been hustling to put rate increases and other penalties on the books prior to enactment of the legislation that requires them to give you significant warning of those practices. If you are in any doubt about your card being a good deal, availability of alternative cards or if you want some insight on beating the companies to the punch, then read Maybe It's Time to Change Credit Cards by Ron Lieber, published in the New York Times August 21.

I called my credit union (USAA) and got a great deal on a MC. I called Bank of America, informed them I was canceling my Visa and they offered me a significantly reduced interest rate. Pays to be informed - feels good too.

1 comment:

  1. I'm sure the credit card companies like the health insurance companies can get their way with congress - don't count on reform in either sector - they are profit driven.I got rid of credit cards three years ago.


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