Eighteen months in the making, Chase is launching a new Sapphire credit card aimed at the wealthy. Apparently, Chase has squeezed enough cash out of the 1,250,000 non-wealthy customers who are victims of the “no opt out, unilateral, 150% increase in payment requirement or double your interest rate for one year” change [...]
Posts Tagged ‘interest rate’
Gearing up for new FED Rules — “is not going to be easy.”
In a comment from Barbara, she quoted the following statement attributed to Peter Garuccio, a spokesman for the American Bankers Association (ABA), originally taken from an article in the Washington Independent entitled, “Congress Delays Credit Card Reform“:
“The changes will require card issuers to reprogram computers, retrain call-center employees, verify the legality of the new [...]
This afternoon President Obama will tell top executives from 14 credit card companies — including American Express, Bank of America, Discover, MasterCard and Visa — that greater consumer protections are coming for their customers, with or without their cooperation.
Chase, and the other credit card companies may have finally met the day of reckoning. There are a plethora of news stories on the meetings between President Obama and executives of the credit card companies. Here are a couple of interesting snippets:
NY Times:
President Obama threw his support on Thursday behind legislation that would keep banks [...]
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