Sunday, November 15, 2009
Surprise! Credit card issuers can drop you without notice - CharlotteObserver.com
The link above goes to a very clever article written by Eileen Ambrose of the Baltimore Sun that is appearing in the Charlotte Observer. How the Baltimore Sun did not premiere this article is beyond me, it is that good.
While we all understand that credit card companies do have the right to terminate an account at any time, Eileen Ambrose has noticed that rather than give a customer 45 days notice for a change in terms as the new credit card reform bill act demands, the credit card companies can just choose to terminate the credit card account with NO NOTICE!
This is kind of comical, a colossal loophole in the credit card reform bill of 2009 exposed by Eileen Ambrose of the Baltimore Sun. If a credit card company wants to change your terms, all they have to do is cancel your card. Should you reapply for a card, your terms will now be whatever the credit card company decides they want them to be.
This one loophole almost single handedly destroys the credit card reform bill of 2009.
Wow. How come I keep hearing we have all of these super intelligent "gang of rivals" in the white house when they seem to be getting schooled over and over again in the financial arena by the banks?
Is it all just a show?