Well, the credit card companies didn’t waste any time. Emboldened by the Senate’s passage of the new bankruptcy bill last week (also known as the “Buy the Government Now and Pay Later” Bill,) my credit card company today sent me “IMPORTANT AMENDMENTS TO YOUR COMMERCIAL CREDIT AGREEMENT.”
The first amendment is that they can immediately report late payments to the credit bureaus. I take this to mean, “We used to give you a little grace period and try to work things out with you, but now we’ll do our best to start causing you grief right away.”
The second amendment was even better. The old agreement on foreign currency transactions, for which they could charge you the actual wholesale rate for those currencies (which is what banks, i.e. credit card companies, get it for,) is now out the window. The new agreement is that they can charge you whatever they want to charge as an exchange rate, and then add up to three percent on top of that.
Just when you thought the credit card issuers couldn’t get any greedier, they fool you again.
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