Banks relieved they can still charge usurious credit card rates. Reform banks can love.

[flpoljunkie]

http://www.nytimes.com/2010/05/24/business/24reform.html?hp

Still it could have been worse. The Senate rejected rules that would have broken up big banks considered "too big to fail," or imposed limits on their size. Caps on how much banks can charge credit card holders to borrow also fell by the wayside. And the wall between trading and commercial banks, which was torn down in 1999, will not be going back up.

[donco6]

1. I switched to my credit union card - 7.5% interest.

And I ain't never goin' back.

[flpoljunkie]

4. If everyone could do that, it would be great.

[depakid]

10. One should also add that Credit Unions ARE limited BY LAW on the amount of interest they can charge

My recollection is 15% generally and 18% in certain limited and extraordinary circumstances.

[mwooldri]

11. Most likely because of State laws...

MOST states have a usury interest rate. There are some that have a very high usury rate, and there are those that don't have them. The three big culprits are Delaware, South Dakota and Utah.

Therefore whilst your card may be issued by one of the megabanks, it happens to be administered by a bank owned by that bank in a "bank interest friendly" state.

However your Credit Union is of course regulated by the State, because it was founded in the State and State laws govern.

There may be something that NCUA Credit Unions have to agree to about interest rates...

But bottom line is this: You are more likely to get better service, better rates and a overall better experience with a credit union rather than a megabank. Also if things go wrong in your personal life and you experience a cash shortfall, the credit union is much more likely to help you out than the megabank.

e.g. I've been with what is now Wells Fargo since 1999 (as First Union initially). This bank over its lifetime has never taken into consideration my circumstances and finances at any time. Despite having reasonable credit they have turned me down for credit cards, lines of credit and auto loans. Without question. I could have the worlds' most perfect credit score with them and they would probably still deny me credit. It appears I am on some kind of blacklist with them. The Credit Union - Summit Credit Union here in Greensboro - fantastic. They have been understanding when times have been rough, and provided what was needed to get through the sticky patches. As such, all of our family have an account with them. I have their savings, checking, car loan, visa card and line of credit with them... Wells Fargo only has my checking... and that's just as a backup.

[Autumn]

2. Sweeping reform,

well at least a little.

[depakid]

3. The payday & title sharks are pleased, too- as are the hedge fundmanagers who pay capital gains

the latter- at least for the time being. That might still change.

[indepat]

5. Once more a corrupt and venal corporatist Congress working hand-in-hand with the administration has

further enabled the corporate banksters and fraudsters to fleece and f*ck over we the people. :grr:

[flpoljunkie]

6. That's why we must demand public financing of their campaigns

Urge your member of Congress to cosponsor The Fair Elections Now Act.

https://secure3.convio.net/change/site/Advocacy?cmd=display&page=UserAction&id=579

[greencharlie]

7. my MAIN LIFE GOAL the next year...

is to pay off all my CC's and put them in the shredder.

A mortgage payment and a couple car payments and that's it. NO CREDIT!!

[Sebastian Doyle]

8. and according to our DLC'er friends

39% interest is "progressive reform". Just like mandatory payments to insurance billionaires. And corporations taking over your public schools.

[Jennicut]

9. I don't use a credit card. My husband has one. I refuse, I am awful with them.

The whole credit system in this country is screwed up, in that we must have a credit card in order to prove we can pay a bill on time. Oh well, my credit is not perfect but having the credit card makes things worse for me, always.

[amborin]

12. they're slapping each other on the back! "reform" is a joke!