T Nation

Credit Card Reform Reactions


As most of you are aware the Credit Card Reform Act of 2009 recently passed. Without going into detail, one of the main problems with the Act is good credit card customers will soon be subsidizing the risky customers. Some of the most talked about changes are....

No more grace periods on purchases (interest starts as soon as the card is swiped)

Charging Annual Fees (some cards have been doing this, but plenty do not)

Lowering Credit lines (which will hurt your credit score)

No more Rewards/Cashback perks

....As most of you are aware, good customers are called "deadbeats" by the CC industry. Hopefully the market will correct this by some niche CC company stepping in and gladly taking in all the good customers without changing the current set up. Sucks that I am possibly going to have to close out some of my older credit lines (also hurts score) to switch over to another company who doesn't try to jew me. Thoughts/Opinions


My parents own two companies that use their CCs heavily, and not a month has passed when they haven't paid them off in full. Other than the $40/year annual fee, the cards have never cost them a thing.

Now, they'll be canceling all of their CC accounts. It's total bullshit that the people who are good with their money get fucked because other people are bad with their money.


LOL at your ignorance.


Great fucking point, thanks for you input. I love when you do this BTW (you do it pretty regularly). Instead of being a dick, why don't you help all of us fucking morons out old wise one. You continue to be the cocksucker I pegged you for from day one.


Ha Ha this is hilarious...First you folks who buy everything with plastic kill the cash economy for all of us -FOREVER- and now you're bitching about losing your free lunch too ? WTF ?


It sucks man, One of my cards went from a 2000 credit limit to a 300 credit limit. another gave a cash back reward on gas. Now you get gifts instead and you accumulate points every time you use the card. Trouble is, the points you accumulate are so low in number, you would have to buy a freaking house to get one of the gifts.

For instance: a free hotel stay.

You would need approx. 6000 points to get one. Every time you send 100 bucks, you get approx. 200 points, which would mean you would have to spend 300 to get the free room.

edited: Ok, I take that back, it isn't such a bad deal, but I liked it when you got a percentage back against your balance, which was cool. Now they are stopping that as well.

And the people who are paying their cards off monthly are getting screwed also.


I don't get that if you're so established that you can pay your shit off every month, what does an elite credit score do for you? You likely don't go through car loans like a dumb 20-something and probably are smart enough not to be house poor and thus don't have the biggest and baddest? What's the big deal?

And "Gkhan", I'm 23 and have a perfect, albeit short, credit history. I carry balances though and am working to take care of that... admittedly at one point I did live outside my means but never missed a payment and am going to be completely debt free within 12 months... but I will say you must be exaggerating. I have 3 CC's, the highest is 5k credit limit, and none has been lowered. Be better at choosing CC's or else stop lying on the internet?

And the "free" gifts are to entice morons. And "fair"? Why should they offer shit? Personal responsibility, every man for himself.


I won't speak for Gkhan but a lot of the changes "I" spoke of won't take effect until Feb 2010, but credit limits have been lowered already by some companies.

A good credit score has lots of potential for better rates in other aspects of life (that is what concerns me the most); insurance, loans, mortgages (right now not a big deal obviously)

I will give you the rewards are to bring in suckers.

I guess what gets me fired up is we have to play the credit game (ok don't have to play but it's a lot harder to not participate) and the ones who actually have discipline are about to get screwed. To me it is the equiv. of us having to give up hard earned muscle to fatasses who can't stay out of the cookie jar.....


a loan is a loan, be it credit card, mortgage, student loan, whatever. It all kills the cash economy. But it's just like the subprime mess, why should those with discipline have to pay for others mistakes.

and, I am more concerned with the possible hit my credit will take if I they lower my limits or I decide to cancel a card because they charge an annual fee even tho I pay in full, on time, everytime. Could care less about the "free lunch"


Lol. My knees are sound and haven't creaked even a bit all my life, although I am only a year old as of yesterday.


Good for you.

Who's lying? One of my credit cards lowered it's credit limit. Has nothing to do with my credit rating. The other gave rebates on gas, cause it was a gas card....and it's stopping that. This is all part of the CC reform.

As far as "gifts" go, you are right.


here's an article about it. check out point 3. Even if you pay off your cc's each month, you are going to be screwed.


My only thought/opinion is that you are either an ignorant anti-semitic asshole, or just plain stupid. Get a clue and grow up.


Maybe not use credit cards and spend money you actually own?


While I'm quoting you, this is basically directed at everyone with a similar viewpoint.

This is getting ridiculous. It's been stated many times that we're not worried about the people who live outside of their means. We're pissed that the people who use credit cards responsibly (aka normally pay off their bills in full every month) are going to start getting charged in order to make up for those that use them irresponsibly. Just because I use a credit card doesn't mean I'm using money I don't have.

So the next time one of you fucktards wants to chime in with comments from the peanut gallery about how people using credit cards are irresponsible, use your head first and realize we're not talking about those people.


I agree from one side. It's not the responsible user's fault at all. But you can't deny that you didn't see the possible screw ups made by irresponsible people (and there are millions) when you got your credit card. And if you didn't, then maybe you shouldn't have gotten that plastic at all?


I like to think I live in a country that doesn't make me pay for others mistakes, which apparently isn't true anymore. All acountability is lost.

And besides, when I got my credit card (I only have 1) 6 years ago none of this was even being thought about.


Will this affect me in Canada as well? Because I just got a credit card so that I could start building my credit, but if I'm going to be charged interest the second I make a purchase it will be bye-bye Visa.


the changes you are talking about are the credit card companies response to the Credit CARD Act. they are trying to make up the profit they are going to lose once the act goes in to law. while i agree those "responses" to the act suck, the CC companies are the ones doing them not the act itself. The act itself was a good idea, it just didnt cover all the bases. the CC companies will find ways to make their money.



Because people were completely irresponsible with lines of credit and caused a fucking total economic collapse, everyone will be punished for it.

And by banning the practices that were absolutely out of hand in the first place, such as Retroactive interest rate increases, they are protecting people from getting completely fucked by credit companies (which they loved doing).

I'm not seeing the problem here.


I had two cards I used for purchases, one for internet shoping (so I didnt use my debit) and one for bussiness trips so I could get paid back from the school before the bill was due... both had the rates doubled and both cut my credit in half... so, I canceled them both and dont regret it at all... They want to try and get money from me for being responsible, f them... I'll just use my debit card....