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What's your credit card company charging you now?

[float=right]IMAGE(http://i279.photobucket.com/albums/kk143/nfsagan/credit-card.png)[/float]
President Obama signed the Credit CARD Act of 2009 into law May 22, 2009, following passage days earlier in the Senate and the House. The requirements are being phased in. The first batch took effect Aug. 20, 2009, and the majority of provisions started Feb. 22, 2010, while some begin in August and December 2010. Now is a good time to look at your statement and see what your credit card company is charging you on your balance.

Congresscritters successfully negotiated the delayed implementation schedule to allow credit card companies to structure their business so that they could continue to make the profits they had made in the past, despite the new regulations.

In my case, I was paying 7.99% APR on new purchases on my AT&T Universal Card last November.

They raised my rate to 14.99% APR in December for no reason other than they could, and raised again to 18.97% on February 1.

I usually call them when they raise my rate and they usually are willing to give me a better rate just for calling and asking. This time, they said there was no better rate available. No better rate than 18.97%!? Outrageous!

Just for laughs and giggles, interest due on a $5000 balance at that rate over one year is almost $1000. I wonder if you can get a better rate from the Winter Hill gang. Who can afford to borrow money at these rates?

What kind of rate do you have now? Can you live with your credit card company?

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