US Credit Card Act

[slotplayer]

Last May the president signed the CARD act. (The Credit Card Accountability, Responsibility and Disclosure Act)

here are some excerpts that may affect players with key dates in bold

Debit Cards

Debit cards have never been all that profitable for banks, but new rules on overdraft charges mean banks will make even less. Starting in July 2010, new customers will not be allowed to overdraft using their debit cards unless they opt in ahead of time. Overdraft fee income had been a big profit center for banks.

To help make up the lost revenue, many banks may start charging annual fees for debit cards, probably in the $20 to $30 range, Moroney says. Or, banks might charge for other services, such as financial planning or linking accounts to help customers avoid the embarrassment of having their card declined at a store, Robertson says.


Prepaid and Gift Cards

The Credit CARD Act imposes prepurchase disclosure of certain fees, such as inactivity fees, associated with prepaid cards -- and mandates that the cards not expire before five years. The new rules for prepaid cards -- including gift certificates, reloadable prepaid cards and gift cards -- go into effect Aug. 22, 2010.

"In the past, some expired after a year -- if you still had money on it, you lost it," Straessle says. He predicts that, to make up for this lost revenue, issuers will start charging a higher upfront fee to get a prepaid card and also a higher fee to reload the card -- as high as the market will bear. "It will depend what they think they can do competitively," he says. "It's the logical place for additional revenue to happen because there are not many revenue sources in a prepaid cards program."

full article
xhttp://finance.yahoo.com/banking-budgeting/article/109236/how-the-credit-card-act-wil-affect-types-of-credit-cards?mod=bb-creditcards

 

[felicie]

I really liked the wording from my particular bank on overdraft protection opt in. They would cover debits at their own discretion which to me is maybe maybe not depending on if they liked your reason or where it was done. no thanks. Those kinds of decisions tend to really pith me off
Thank you

 

[footdr]

Got to love the U.S. Government ............

First, we were thrown to the wolves because once the Fed. Passed the law it didn't go into effect immediately, which gave Creditors ample time to increase interests, reduce credit, cancel cards BEFORE the law was effective.

By arbitrarily reducing credit limits at or near the amount owed on the card, they screwed up FICO scores when the cardholder's actual use of credit had not changed.

Now, they have done the same by passing Health Insurance Regulations that will not take effect for the most part until 2014. Again, giving the companies 4 years to repeatedly increase premiums to increase their profits in anticipation of losses they will incur beginning 2010-2014.

The least the GOv. could do was to put a cap on premium increases until 2014But, they aren't even worried about the cost of those of us who are covered under employer group plans or those able to afford individual plans.
Since they are only concerned with insuring the "uninsured", putting a cap on premiums until the full law takes effect just isn't a problem in their view.

As the wife of a Doctor and a person who has worked in Hospital Administration, has a degree in Health Information Management and over 30 years of experience including working for 2 of the largest V.A. Hospitals; I can attest to the fact that the recently passed Health Reform Bill will increase the federal deficit, increase the federal debt and cause an increase in private health insurance premiums.

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Here is a statement by a former Director of CBO DouglasHoltzEakin when asked "Could this really be true? How can the budget office give a green light to a bill that commits the federal government to spending nearly $1 trillion more over the next 10 years?"

Mr. Eakin replied:

"The answer, unfortunately, is that the budget office is required to take written legislation at face value and not second-guess the plausibility of what it is handed. So fantasy in, fantasy out.

In reality, if you strip out all the gimmicks and budgetary games and rework the calculus, a wholly different picture emerges: The health care reform legislation would raise, not lower, federal deficits, by $562 billion"

Goes to show how honest the present Administration and the Liberal News Media are. They continue to believe that all citizens are incapable of understanding the true implications of this Bill. So, if anyone reading this believed that the Democrats who were "no" votes changed to "yes" votes when the CBO final estimate was released, you are being decieved.

It is only the Obama Sheeple that continue to believe this bullshit!

 

[just play]

I'm in Massachusetts and we are required to have health insurance, if not we pay a heafty fine. When you file your taxes you have to prove you have health insurance, if not you pay. We have to pay around $800 for not having health insurance last year.

(Not sure if the fine is the same for everyone, but that was our fine.)

 

[gloria460]

It is only the Obama Sheeple that continue to believe this bullshit!

derail

WTH has this to do with credit cards.

Are you going to force feed us your rhetoric on every topic. you don't agree with what's going on and that's your right but people are not sheeple just like you're not a right wing nut.

your topic belongs in political rants where you've already started a thread even though one was already running.

You're not going to change anyone's mind or affliation thru insults or half truths. I've got 20 years as a nurse and Director of Nursing and do you know how many medicare HMOs we refuse bc they don't pay what they're suppose to or pay at all. They've deceived these people into believing they're getting the same thing as medicare and it's a bold face lie and I'm a little sick of people distorting the truth for their own political affliation or politician.

/derail

 

[footdr]

Sorry Gloria.......

your right the thread belongs under political rants. You can read my post under political rants if you wish. I am just trying to get people to look at the information available for the facts.

I commented regarding the Credit Card Act and the fact that it allowed Credit Card Issuers too much time to "position themselves" before the law took effect and related how the same thing has happened following the passage of Health Care Reform, premiums are being increased and will be allowed to increase over the next 4 years until the majority of Insurance regulations and rules go into effect.

I really don't see why you believe I have insulted anyone.
From my experience reading comments to mainstream news articles, those that voted for Obama seem to agree with everything he or the majority say. In doing so they are called "sheeple". I am a centrist, I tend to believe nothing until I research the facts for myself.

Sorry if you are offended, as you said I have my point of view and you have yours.

Unfortunately, you haven't made a case for your point of view but have disapproved of mine.

I look forward to information that supports your point of view