Tuesday, September 4, 2007

Is there such thing as a credit card with a fixed limit that never goes up?

Is there such thing as a credit card with a fixed limit that never goes up?

If anyone knows if such a credit card exists I would love to know.

The Answer : Credit Card interest rates are fixed.....your rate is given when you get the card. The problem is the fine print. Make a late payment or break a rule and they will raise the rate. This is part of those hidden charges that congress is working to pass laws about. Unfortunately, with the Democrats in control, the priority of this bill seems to have dropped out of site.By the way...this bill was just submitted to the Senate Banking commission my Sen. Levin (Michigan). Since he spends the vast majority of his time bashing Bush on his military decisions (Levin is had of that committee also), it's not likely this bill is going to move along very fast. And something I didn't know until I read this bill...he's not banning the practice of penalty interest rate increases...he's limiting them to 7%. Big deal!

No comments:

Post a Comment