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Author: anothersojourner Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308686  
Subject: Re: Credit Card Consumers Bill of Rights Date: 6/13/2000 12:47 PM
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NO MORE LATE FEE GAMES

Timliness in payment in determining late fees or account delinquencies are calculated by the date of the postmark or electronic funds transmission, not on when the bank received the funds. Any ambiguity due to a missing or illegible postmark will be decided in favor of the consumer. If the funds transfer is not subsequently honored by the customer's bank, then a late fee may apply.


This is the one which I like the most. There use to be a five day grace period from the stated due date on the bill, which i always perceived to be for postage delivery time. But now the trend seems to be that the postmark carries no validity even if it indicates a few days prior the date due, but arrived a day late or took a day to process after arriving the day due. Anyways, since the postmark carries contractual law implications, the least it can do is be an advocate for the consumer and represent timeliness honored.

I also like the one about no soliciting on campuses especially high schoolers and college students with no income.

And I think that our persoanl/credit information shall be held private.(PERIOD) Not if we as consumers take the initiative to write (not even able to call in this request, but required to write in) in a request to not share our personal/credit information for profit. It should be up to the credit card company's initiative to request from us that right to share our information and only after permission HAS BEEN RECEIVED are they allowed to share such info. As it is now (from my understanding) they have the right until told not to, which in my opinion has the law in their favor.

BUT, i'm curious how this becomes the primary focus for the Fools that we are. Yes, I believe these to be valid concerns to be addressed at the Credit Card Industry, but they can be easily side-stepped by not being a victim to the credit card industry. Simply control your cards instead of them controling you. Realize the money charged on any card is, until you pay it off, money you don't have. And as a result causes you to borrow from your future. Therefore, have balances that are easily managed with your income. Balances that can be paid off in full. If there is from time to time items too expensive and you choose to purchase them by credit card by choice or circumstance (internet) then be sure to pay them off in a timely manner before additional purchases are compounded on top of the large purchase. 'Timely manner' obviously varies, but i would state it as a period in which interest accrued doesn't override the value of the item and especially doesn't degrade your financial stability.

Even though I have opinions with the due date issues and wish that regulations would be more on the side of consumers; I also recognize that there is still sufficient time to pay at least the minimum due by the due date. So if payment depends on coinciding with a paycheck cycle simply call the creditor and they receptably change the billing cycle per request and while you have them on the phone request a lower interest rate.

Anyways, I've rambled enough I hope haven't stepped on anyone's toes concerning beating the creditors on their home court advantage. Remember they're in the business to make money. Make it your business to keep your money from them. The better we become as consumers at doing just this the more it will become in their favor to meet our requests/needs.

Fool On!

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