Re: Chase credit card
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Posted by fatdove (22.214.171.124) on August 26, 2009 at 14:21:32:
In Reply to: Chase credit card posted by Eagle on August 25, 2009 at 11:32:51:
This is becoming common practice among credit issuing banks. "Eagle"did everything right with his Chase credit card account except run a monthly balance where Chase would profit when "Eagle" would pay minimum monthly payment. New credit card laws, active in 2010, will curb this practice except for variable rate cards.
If possible, pay off your credit balance and shop around for a better card service that offers a lower FIXED RATE interest. Try Bankrate.com , Yahoo financial pages sometimes will do an article on low interest cards. Many card issuing conglomerate banks are shifting to variable rates on their cards as a profit center in these shaky economic times.
Wiser move still is to pay off plastic debt, go to paying cash, buying what you need. The short term, unsecured credit market is going to be changing to benefit the banks and they may just screw themselves on this issue. Days of easy, unsecured credit are pretty much done for a few years to come.
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