26.99 % !!!!!!! Thats what my interest was ramped to

[UndertheOcean]

after Chase took over Washington Mutual , I just checked my statement today... thank god I have less than a $1000 on that card.

There should be an upper limit on this shit ...thieves.

I pity the people whose have to use the plastic or sacrifice groceries.

[leftofthedial]

1. The Joe Biden Memorial UsuriousCredit Card Rate!

[Statistical]

2. Write to the Vice President. He has worked a decade to ensure CC companies are protected.

Official Email Address: [e-mail]

[xchrom]

3. it's just fuckin horrifying. nt

[brentspeak]

4. It's criminal. And Congress is dragging their feet on the issue.

Just yesterday, Carolyn Maloney's proposed legislation to restrict banks and credit card companies just a tiny bit was postponed by committee until next year.

[soothsayer]

5. They're fixing this kind of in 2010. At least they won't be able to jack it up on past balances.

But where are the friggin' anti-usury laws????

[louis-t]

10. There is no such thing as usury anymore.

Repugs got rid of it. It was so annoying anyway, telling banks they couldn't charge whatever they want. The nerve!

[hfojvt]

6. What was your rate before?

Of course, I don't think it's a good idea to carry a balance on a card unless you have a very low balcon rate of less than 5%.

[UndertheOcean]

7. 0% for one year , then 9% the other year , and now this

I don't know if an Hospital bill affected my score or something , but still , the rate is still outrageous

[Statistical]

8. Sad thing is it would be easy for Congress to rein in this crap

1) Contracts are always forward looking not backward looking. So if they raise your rate it is for future purchases. The rate you bought stuff @ is the rate it stays.

2) No "funny billing" 2 statement average balance and junk like that. Just make it illegal.

3) Payments are ALWAYS applied to highest interest rate FIRST.

4) Add mandatory disclosure to statements. You have a $2200 balance at interest rate of 17.9%. Making the minimum payment of $29 will require 17 years to pay off the balance. Total financial charges will be $2820.

5) Place caps on late fees, and over limit fees. Make it impossible for over limit fees to happen when charge could be declined. Banks must decline charge if they know it will go over limit.

6) Lower usary limit to ????. I am not going to say something crazy like 5% but there has to be compramise somewhere. 17%? 19%? 15%?

7) Prohibit reducing credit line, or raising interest rate on unrelated events. No "automatic default" provisions.

[rucky]

11. For #6, the cap needs to be bound to an index by x%.

and I'll add 8: The FICO algorhythm becomes publicly disclosed. This is the method they use to determine your crediworthiness, interest rate, or even if you can rent an apartment, yet it's proprietary.

[Scout]

9. it sucks, and don't i know it

even if you get a cc with a decent fixed rate, there is nothing to stop them from selling your account to another bank, and then they can do whatever they damn well please.

[recoveringrepublican]

12. My mom just wrote me that they upped her's to 50! She had paid off the card, but they left $1

on the bill, and her next statement had interest at $1. She is not behind in any other bills or anything.

[aroach]

13. Same here

Won't be using the card again. Ever. Paying it off and getting rid of it. Will also never use any Chase product again. That card was at 9.99% before they took over.