Actual on-air conversation today. Emphasis mine.
REPORTER: Let’s talk about interest rates first, for just a second. Credit card companies can change them for any reason or no reason whenever they want to. Under the terms of this bill, they would have to give you 45 days notice. That could give you the power to get a new credit card if you wanted to roll over that amount of money you have on the credit card so you wouldn’t have to pay the new amounts.
ANCHOR: Also you can get — they can just raise your interest rates for any reason.
REPORTER: That’s right. That’s what I was just saying. They can raise your rates for any reason or no reason. They have to give you notice but not the time frame involved. Under Maloney’s bill they’d have to give you the terms of the bill. They’d have to give you 45 days notice.
For the record, I don’t watch this station anymore. Someone emailed it to me. I double-checked the transcript and then posted.
What does it say when the person conducting the interview can’t be bothered to pay attention?
4 thoughts on “Anchor’s Away”
The other thing that has caught my attention is this:
The credit cards are experiencing record low prime rates, yet not passing it on to their customers that have cards tied to the prime. Like me.
WTF? If I have experienced a raise in my rate, which I have, when the prime went up..why the hell isn’t it going down when the prime drops?
Sorry, had to get that off my chest.
I do agree with your assessment of the interviewer.
You’ll get no defense of credit card companies from this camp!
I have discovered – tho – that if you call your credit card company and ask if there is anything they can do about your rates (assuming you have been a good customer), they are often willing to drop them. If the guy on the phone says no, ask for a manager or supervisor. Explain you’re getting showered with offers to transfer your balance to other cards.
Again, if you are a good customer for them, they tend to be inclined to drop rates to keep you.
I do that every couple of years..but this point in our economy, I don’t see it happening.
I just did it about 18 months ago.
My point is..if my rate is tied to the prime, which it is..shouldn’t it go down automatically?
I am never late and a good customer.
Yes, but that would be logical and fair.