Heads Up Card Holders!

Credit cards -- seems they are a necessary evil, but if I didn't have to have one, I wouldn't. Anyway, here is some information I would like to share with all just in case you are not already aware of what most of the major credit card companies are doing.

1. Most of you will get a notice from the credit card company - it may be one of those little sheets they conveniently tuck into your monthly statement that many of us don't bother to read. The one I got started out "Because of these difficult economic times, we find it necessary to raise the interest rate on your credit card." Excuse me!!! Because of the difficult economic times, they are going to raise rates????!!!! Makes a lot of sense! If you don't want to pay the higher interest rate, you have to notify them in writing by a certain date that you do not agree and you want your account closed. If, however, you use your card after that date, it will be the same as if you never notified them. Of course, you can call them and threaten to move your balance elsewhere. Maybe they will think your business is important enough to keep, but be prepared that they may not care and basically tell you tough stuff!

2. Some credit card companies are now going to charge an additional service fee every month if you have carried a large balance for an extended period of time. Of course, they will decide what the additional fee, large balance and extended period of time are.

3. Some credit card companies will now start charging interest from the day the charge is posted to your account, rather than giving you the 25 day grace period for which no interest was charged.

4. BE SURE TO CHECK YOUR STATEMENT WHEN YOU RECEIVE IT because several credit card companies will be changing your due date without notifying you first. If you miss your new due date, you will be charged a late fee, AND MORE THAN LIKELY, BE PUT INTO A HIGHER INTEREST RATE (UP TO 32.99% IN SOME CASES)!

5. CHECK YOUR CREDIT LIMIT! Some credit card companies are lowering limits without informing you first. In some cases, the new limits will be very near what your balance is. If you go over your limit, you will be charged "An Over the Limit Fee", plus again, more than likely be put into a higher interest rate!

They are sooooo sneaky and evil! The banks want us (the taxpayers) to bail them out of their problems, but then what do they turn around and do to us???!!! If Obamanation wants to "help the people", he needs to put a rein on these outrageous credit card charges!