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 Looks like the Credit CARD Act of 2009 isn’t quite putting an end to all those sneaky and unfair credit card tricks. According to a recent Wall Street Journal article, credit card companies are still up to their old tricks, albeit in a different guise.
- Shortened payment periods. The CARD Act of 2009 mandates that credit card companies must allow at least 21 days between the time the bill is mailed and the payment due date, but apparently some companies aren’t adhering to that.
- Sunday due dates. The CARD Act attempts to force credit card companies not to process payments on Sundays, since there is no US Postal delivery, but some banks are saying they are open . for business regardless, and if due dates fall on a Sunday, they fall on a Sunday.
- Low-limit cards. Since the CARD Act prohibits issuers from charging the outsized fees for charging over the limit on low-limit cards, some issuers are creating new processing and overdraft fees.
- Fake inactivity fees. It’s being called an annual fee that is waived when the cardholder spends a certain minimum amount, but that sounds an awful lot like an inactivity fee.
- Rebate offers. Some card companies are offering to refund finance charges when users pay on time, but such offers can quickly – and unexpectedly – be revoked, only to leave the cardholder holding a much larger charge than he anticipated.
Avoiding these traps and pitfalls is simple, but not easy. It’s for reasons like these that you should avoid carrying a balance at all costs. If you can’t do that, then it may not be a bad idea to cut up the card altogether. Just don’t cancel the account.
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Check this out:
A Pasco County man was arrested Monday night after he allegedly violated a court’s protective order by sending his soon to be ex-wife requests to ‘friend’ him on Facebook.
HA!
Not only does Facebook make stalking easier, but it also makes violating restraining orders a snap! Something tells me that’s not going to be on any Facebook marketing content anytime soon.
He apparently admitted to “friending” his ex, but lord only know why. I guess it wasn’t a unanimous decision to split. it was also a costly action:
“Bruder was jailed on $5,000 bond.”
By the way, just in case you are on Facebook yourself and hadn’t noticed the pig along the right side of this site,
you can follow Simple Debt-Free Finance on Facebook now. You’ll get updates on posts from this blog and other blogs I read.
Will it change your life?
I won’t lie to you. Yes. It will change your life in ways you never thought possible. “Like” it and all of your wildest dreams will come true.
Just stalk me. Especially if you’re an ex-wife of mine. 
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 When Congress passed the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, it sought to put an end to unfair credit card practices. Those practices were largely centered around fees, interest rate hikes, and billing practices, but unintended consequences of the act are now being seen.
The CARD act has put the breaks on many fees and interest rate increases, but the act doesn’t prevent credit card issuers from creating new fees or cutting other perks. Credit card companies are making up the lost money by reigning in their reward programs. According to industry analysts, reward programs cost the credit card industry billions of dollars per year and those issuers are now saying they can no longer offset those losses with fees and higher rates due to the CARD Act.
Here’s what some credit card companies are doing with their rewards programs:
- Charging “redemption fees” on frequent flyer miles and hotel stays. Reward points may accrue the same as always, but it will cost you to trade them in.
- Raising the level of points required for certain rewards above the true cost of the item. For example, HSBC Premier offers a $50 gift card for California Pizza Kitchen for 6,000 points. This works out to $60 of spending, which is $10 over the price of the gift card!
- Slashing cash-back rewards. Both American Express and Chase have done this. For example, you may have previous earned 1.5% cash back for all purchases, and now you earn 1.25%.
- Adding annual fees to offset rewards.
While the Credit Card Accountability Responsibility and Disclosure Act may have led to some much needed reforms in what the Federal Reserve has called “unfair and deceptive” practices of credit card companies, it does come at a cost and credit card issuers are passing that cost on to the cardholders.
Unfortunately, there isn’t much the cardholder can do about this except shop around for a better deal or perhaps a reward program that better suits their spending. Credit card users should also keep a sharp eye on their terms and watch for changes to their existing rewards programs.
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This is a guest post from Jesse at ifixyouri.
 The iPhone can be a great device for doing just about anything, including handling personal finances. If you have signed a contract though and your iPhone breaks before the contracts runs up, it can cost you big. A new iPhone (even an older model) without the contract can easily cost over $500. That is a ton of money to the majority of people, including iPhone owners. The solution: repair services or if you feel savvy enough, DIY repairs.
The cost of a glass screen repair for the iPhone 3G and 3Gs is not too bad. The reason the cost can stay down is because the glass and LCD display are not glued together. This means that if you glass breaks, the LCD may be fine and therefore the cost of repair is minimal. For the 3G a DIY glass repair can cost $40 and for the 3Gs $60. For services, they typically double in price range.
It is different and much more costly for an iPhone 4 repair though because when the glass breaks the LCD goes with it, as they are glued together. The reason they are glued together is so dust and dirt does not get behind the glass. Considering how easily the glass can break this is kind of a bummer. A DIY repair costs about $130 and for the repair service it costs about $190. This is not cheap at all but compared to the $600 price tag it’s not too bad.
Organization is a key element when fixing a phone yourself. Some people may think it’s simple but speaking from experience I can say I’ve seen a number of people make things worse by not doing their research.
Overall these repair services are great because the generate a good deal of cash for local markets and save the user a great deal of money. By extending the life of your phone, computer or gaming system you are helping prevent e-waste. Electronic waste is a huge problem. While e-waste only occupies 2% of landfills in terms of volume, it makes up over 70% of what is toxic.
These facts should be noted before you throw an expensive gadget away. Many repair facilities will buy your device broken and there is a growing number of e-waste centers that will collect your e-junk.
Find more out about iPhone repair and start saving responsibly today.
Photo by cameronparkins.
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The information and opinions provided on this site do not constitute professional advice. This blog is intended to provide general information only about the author's own personal financial journey. While all information shared here is believed to be accurate, the owner/operator of this website specifically disclaims all warranties expressed, implied or statutory, regarding the accuracy, timeliness, and/or completeness of the information contained herein. You are advised to discuss your specific requirements with an independent financial adviser. All posts are © 2008-2011, Simple Debt Free Finance.
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Looks like the Credit CARD Act of 2009 isn’t quite putting an end to all those sneaky and unfair credit card tricks. According to a recent Wall Street Journal article, credit card companies are still up to their old tricks, albeit in a different guise.
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