Good question... I dunno what is the answer to your question. I'll do some Googling and get back to you if I got an anything. You should email the people at Discover Card as they probably can help you..

Problem is.. the Discover credit card companies have ALREADY done this in lieu of the new passing law. Just because they can't do it now, doesn't mean they didn't up till now, and from what I've read seems like a lot of companies already did just that. Rate jacked before the new law took effect so they wouldn't get in trouble..

So, consumers didn't win jack squat...

Universal default clauses were hardly a common occurrence and I am not even sure that ANY bank even still had them in place at the time the piece o'crap legislation was drafted..

The thing that appalls me is that the media is still selling the myth that this is a consumer-friendly change in law. They completely ignore the ripples that followed the rock being thrown into the pond...ripples that would not have existed but for the passage of crappy legislation...

These changes are positive changes for the consumer..

What the article and law makers and pretty much everyone other than.

Informed consumers experienced is rapid RJing for no reason, CLDing.

Because banks made stupid decisions and made the consumer pay and more..

Generally, these laws do exactly what happens when you turn a light.

On in a room with roaches. They scurry to the nearest darkness and continue..

Thats what banks are doing and whats sad is they are so brazen thanks to.

Their bought and paid for congressmen, they dont even hide it. Just a "We're.

Raising your APR to 40000% because you've been such a good customer this.

Past 12 years.. Enjoy!".

They may as well run ad with the CEOs of major banks giving everyone the finger..

Their actions have amounted to that anyway..

This post has been edited by.

Sonicanatidae.

: 14 January 2010 - 12:50 PM..

Hmmmm... that's a matter of opinion.

Creditworthy customers and those of us who are deadbeat cash back chasing PIFers.

Win nothing.

But I am certain CCARDA was never designed to benefit creditworthy customers in the first place, so....

This post has been edited by.

Nothingtolose.

: 14 January 2010 - 02:53 PM..

Consumers' win on Discover card rules!!!!!!!.

==================.

WITH APR's JACKED UP TO.

29.99%.

WHAT DOES IT MATTER WHAT A MINIMUM APR IS.

It sure is not going to be.

3.25%.

This post has been edited by.

GEORGE.

: 14 January 2010 - 08:42 PM..

REWARD FOR NEVER BEING EVEN ONE SINGLE DAY LATE>.

CLD/TOTAL CLOSURE/APR JACKAGE..

Law should set:.

- Maximum APR for universal default. Most people miss one payment, somewhere... one mistake shouldn't cripple their finances..

- Default rate kicks in 60 days after non-payment. (Late fees after 30 days are okay.).

- Maximum APR for initial card agreement. (If someone's credit stinks, maybe give them a low limit. Don't give them a 39.9% APR with a $300 fee on a $300 limit - that's ASKING for them to fall behind on their bills again...).

- Hard pull only counts when the consumer and bank (CCC) reaches an agreement on account terms. If the bank offers the consumer crappy terms (low limit, high APR, annual fees), this should NOT hurt the consumers credit score. The consumer should simply be allowed to refuse, and the application never happened. This might pressure banks to offer more favorable terms..

- Banks should NOT have the right to change APR at any time. Once agreed upon, APR is set in stone - unless the consumer defaults..

- Banks should NOT be able to decrease credit limits unless the consumer has proven they cannot manage their current limit by non-payment or going over limit frequently...

I want a class action suit. People of the US vs the bailout banks..

The goal of the suit? We ratejack the bailout loans (our tax money) from 0% to 39.99%...

Let's not be stupid here..

I hate the bailouts as much as anyone...but a couple facts/thoughts/opinions:.

1. If the bank has to pay more, we have to pay more, in fees, etc...it's just reality....

2. I'll avoid getting too political, but Obama's proposal "punishes" all banks, even the ones that have ALREADY paid back the funds.....

1. We'd have to pay higher fees regardless because banks chase profit to the exclusion.

Of all else, including common sense, customer service or even the appearance of humanity..

Since there is no hazard because DaddyCongress will just throw money at them:.

Why be cautious?.

Why care what the consumer thinks?.

Neither will improve the bottom line and thats ALL that matters to these "capts. of finance"..

The world can go to hell and they still get paid obscene amounts of money. They've proven.

This hubris time and again, most recently, starting about 18 months ago..

2. Obama is just the president. Congress is the major body here. The president.

Does not rule by fiat. He's not blameless, but you need to point that gun at.

Congress first...

Then join a CU..

I loathe big banks now. If everyone in this country joined a CU, then the govt called the bailout loans due... I'd laugh all the way to the bank..

...okay, maybe not to the bank.....

Congress needs to bust up all of these larger banks! Akin to what was done with AT&T back in the day.....

Too big to fail is just asking for the American taxpayers to be taken hostage!..

We all know there is a little old man sitting behind a screen who approves all Discover credit card transactions in real time. Sometimes he makes mistakes.....

I totally agree. HSBC has already sent me letters about prime rate. In addition, they RJ'd me, even though I have an excellent history wth them and my other creditors. I love how they threatened me with closing my account if I don't accept their changes...

+1.

There is a silver lining to this situation though; credit products will eventually disappear for a large portion of the population, which is not necessarily a bad thing..

In the past 2 weeks alone, I€™ve stood in line behind people in 4 different retail businesses making $1,000+ purchases (LCD TV€™s, furniture, etc) with cash! The fact someone would willingly carry around that much money in this day and age AND forfeit any rewards leads me to believe they have no credit resources available..

This post has been edited by.

Beancurd.

: 15 January 2010 - 11:19 PM..

I can only stand back and shake my head..

Ten years ago I had screwed up my credit sufficiently that I felt like I had placed a huge "kick me" sign on my back where Discover card companies were concerned. But what impressed me was that once I had cleaned up my act and kept my nose clean for 2 years, Discover card companies began to immediately respond..

Rather than continuing to grind my face in the mud because of past delinquencies (as some would suggest would be the case), they began to respond as one would expect firms to do in a rational, competitive marketplace and more attractive terms were offered on new accounts. At the 4 year mark, with 720+ scores, I had access to a full portfolio of credit at some of the best rates available..

There definitely have been some abusive practices, but by and large everything in my experience said the system was working fine. Work within the guidelines of your creditors and there were excellent opportunities through which to manage your finances and find great values..

I see the new rules and hamstringing banks in managing rates on clients who show credit weakness at a time when record numbers of customers are defaulting. To me, that ensures that banks are discouraged from offering the best rates and promotions that otherwise might be available. In my eyes, I'd rather a bank have the option to burn me bad if I run afoul of terms if, in exchange, it means that they'll take a chance with optimal terms. It's clear that recent regulatory moves have largely shut the door on 6% standard rates and 1-year 0% intro's with no fees..

Given how I prefer to use credit, that means hard bucks out of my pocket. Don't look for me to be declaring a "Win!" anytime soon...

What irks me, is this type of crap was business as usual..

Universal default is ludicrous at best...