Tuesday, March 27, 2007
The credit card industry...
Interesting interview tonight on Fresh Air (I generally find her interviews interesting) with Elizabeth Warren on some of the practices in the credit card industry. (Such as holding the right to change your interest rate/terms of your contract at any time for any reason, adding charges for whatever reason and taking them off if you are patient enough to wait on hold and ask them to do so, sending out pre-approved applications, changing payment due dates to try and catch people unaware, etc.)
You should listen. Most of this I knew, or suspected already. Just this last week I made my second call in two months to Citi Bank to have finance charges removed from my bill. Both months I had paid in full and on time and both months I got slapped with a finance charge. Accounting error? I doubt it -- they just wanted me to not catch that and make some money off me.
Klasinc&Loncar Duo (Just trying to help it get picked up by Google spiders, I maintain it for them)