Since we are on this subject why is the press hailing this credit card reform as something good when my rates more than doubled? I would say that this pretty much sums up the Obama presidency claims of lowering all kinds of living expenses and nothing happening then all expenses going up.
ditto. Rates nearly doubled for me too, even though I've not had a single overdue payment to my name.
The onliest good news I've been able to gleen from the blizzard of "important changes to your account" letters I've received from my them this past year is that somewhere along the way, they changed how the monthly payments are applied to the various portions of my balance. They used to pay off the balance with the lowest locked APR first, then next lowest, etc. Now they actually apply my payment first to the highest balance, then work their way down. Since I finished off an entire basement with a "3.9% for life" rate, then used the card for misc stuff along the way, part of my balance is at their current rate of 16.99%. So every normal purchase I've had over the last 2 years, has been accummulating at a higher percentage rate while my payments have all been applied towards the balance earning them the lowest rates.
