WADR for those in romantic relationships with a banker and actually want it in the ass, the banking industry, aka: we caused the greatest depression since the last and are too big to fail this election cycle so we get money from the Fed for as close to nothing as is measurable and may or may not lend it to you for 33.3% plus fees, are, surprise, taking advantage of real, or will be real loopholes in the passed, but not litigated, totally ruled or commented, but well-monikered Credit Card Responsibility and Disclosure Act of 2009.
Duh? Just what do you think more than a million lobby dollars a day will buy in DC? Dinners? Jets? Sex? Condos in Puerto Rico? Elections? Sure, but the money is really for the details and the details are for loopholes.
Sure, the new law, aka: just another in a long string of Obama’s historic legislative achievements surely to pay off for one party this fall, has some truly wonderful consumer reform spins. Of course, only the banking industry has enough federally subsidized lawyers to turn reform into form instead of substance. The Wall Street Journal, not exactly a bastion of kiss ass progressive advocacy, has detailed some of the new ways the banking industry, aka: we aren’t as bad as Wall Street, because try harder to convince you we will love you in the morning, plus we offer KY jelly with each new qualifying account.
Here are some of the low lights from the low lifes:
- Annual fees are up 18%.
- Cash-advance and balance-transfer fees up 33%.
- Promoting “professional” cards – similar to corporate cards and almost identical to credit cards, but somehow, not under the new law.
- Issuing “rebate” cards – credit cards not covered by the law that issued at maximum allowable state rates which are promised to be rebated to very low rates until the nefarious bastards catch you doing something that violates line 47 on page 23 of their 6 point type disclosure at which point you are to assume the position.
- Shortening the billing cycle before late payment and higher charges.
- Setting the due date on a weekend or holiday, accepting payments, but not opening their mail.
- Charging “inactivity” fees.
- Charging upfront “processing” fees so that they can charge more than 25% of your credit limit before you’ve even used it.
Grab your ankles and smile.