No hard cap on rates in Tories' new credit card rules

Not a bad start but I definitely would have liked to seen the actual interest rate issue being addressed. I do like the “can’t increase your limit with out your consent” part thing though. I hate when I get a letter telling me they’ve increased my limit without talking to me about it first. I also like the 21 day grace period before interest can be charged. I’m pretty sure my business amex does that and it annoys the hell out of me because I all ways get dinged for interest even though I pay my balance off every month.

I wonder if they have anything like the American bill regarding giving cards to people under the age of 21 and increases on interest rates if a person misses their payment. Those were a few items I liked in the US bill that I wish would be adopted here.

How do you mean?

So how come the wishy washy flippy floppy Liberals take a crack at it when they had the chance?

I actually thought that the grace period was law. I know both my cards do not charge me interest on new purchases as long as I pay my bill in full each month. I do agree with legislation not allowing them to increase your limit without your consent. Mine kept going up until I found out that simply having that larger credit available actually makes you a greater credit risk and prevented me from getting a line of credit I wanted at the time.

I disagree with no limit on interest amounts though. The US is going through a whole slew of banking scandals where companies offer low low intro rates then are legally allowed to jack them up to exorbitant amounts for any reason.

Credit companies should be legally prevented from charging over a certain % in interest and should be only allowed to raise those rates if the customer misses a payment on that specific card. Video late fees are being used by credit companies to jack a user up to the highest amount and thats not right.

Depends on the card, Amex is famous for charging from the time of purchase. Some companies also try to suck people in with a lower intrest rate but neglect to mention that they also charge from time of purhase which basicaly cancelled out the percent or two savings you thought you were getting.



Ya I had the same thing happen to me. I had 4 cards between my busines and personaly. After about 3 or 4 years I think I ended up with over 100 grand worth of avaible credit which my bank didn't think was so cool . On the bright side though I called each card company and told them if they valued me so much as a customer and wanted to reward me I would prefer to have a lower intrest rate as opposed to a high credit limit. All but one gave in and I ended up getting some where between 5 to 7 % off my intrest rates depending on the card.



Thats what I liked about the US bill. If I'm not mistaken I think under their proposed legislation you have to miss at least 2 payments before they can jack your intrest rate and even if they do as long as you make 6 payments after that on time they have lower it back down.

They had a credit expert on Jon Stewart a couple of nights ago detailing the dirty tricks companies are pulling off in the US just so they can charge that high interest rate, things like changing addresses so payments are late, sending bills so they arrive 1 or 2 days before they are due, and using BS things like late fees on video rentals as "proof" of consumer risk justifying jacking the rates up. I do as much of my banking online as possible so I can control

Quite frankly I'm of the opinion that customer service is gone to hell in a warp capable starship. My personal experiences with not only banks, but phone, internet, cable, shopping, etc just leaves exasperated.

Any law bringing companies in line is welcome.

It's a start and more than what has been offered by anyone else before them. It's pretty rare for new legislation to ever be a "silver bullet" answer to a problem that satisfies everyone. Most well thought out legislation comes out very much the same way this did, addressing some of the problem but not all of it.

Besides, I think capping interest would have been one hell of a blow to credit card companies. Not that I would necessarily disagree with looking at some type of control but to arbitrarily throw a cap out along with the other stipulations mentioned it would have drastically changed the way in which credit cards do business and I'm not a big believer in changing the rules in such a manner.

I'm against any cap what so ever. If you are foolish enough to sign up for it you should assume the risk/reward. The changes here as I read them make me solidly in the Flaherty camp and dead set against the counter proposal by the NDP/Liberal camp.

It's been a long time since I could say that about the cons.

They would not do anything to radicle as the banks and oil are there money in an election .

Half measure and bullshit.



It really pains me when the damn NDP call it for what it is.

If you have a problem with credit cards, cut them up. There problem solved. How about working on something more important like fair gas prices.

The problem with credit cards is that they are pretty much a nessesity these days. You can't rent anything or really prove a credit history without them.
That said, it would be nice to see good users rewarded and not soaked to help payu for the bad users.

Even so, you don't have to use them. If you need one to rent things then get one but pay your bill in cash. This is just another law to help people that can't control their own finances.

How so? The Liberals always wanted bigger corporate tax cuts than the Conservatives. Tell us how Harper favors oil companies. Did you not here Iggy reminding Canadians the importance of Alberta oil to Canada's economy on his last and only trip through Alberta?