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Detailed text transcripts for TV channel - CNN - 20100220:14:32:00
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reduction in the promotional rates. maybe a reduction in rewards programs. reporter: that s already happening. roger found out his citi bank credit card was raising his interest rate for future purchases from 18.99% to 29.99%. they said it was due to no fault of my own. reporter: he was late with two payments in his 30-year history, before he received the notice of his future increase. so what was it like opening that letter from a lender you had worked with for 30 years and they re telling you they re going to jack up your interest rate? you know, i think this now, it is a faceless, compassionateless, exploitive institution. reporter: for its part, citi bank says, quote, price increases are necessary given the doubling of credit card losses and regulatory changes. kathleen has had to opt out of three credit cards because of impending interest rate hikes. it was scary for me because i work two jobs, i don t have a
rules. now, that s good news but what has happened before the deadline has consumers fuming. take a look. consumers have had it with their credit cards. i paid my bills on time. i ve been penalized for no reason. they don t care that i ve been with them for 30 years. and then i might have a history with them. that is the bottom line. reporter: kathleen dillon and rev rabd roger gench is dealing with the unintended koens conversations squenszs of credit card reform. facing consequences, they have changed theish shusz. among the new credit card rule, interest rates can t be raised on existing balances or on accounts that are less than a year old. and above the minimum payments must be applied to highest rate balances first. those changes will cost banks money, $11 billion each year, and lenders are looking for new sources of revenue. interest rates will be a little bit higher across the
happened before the deadline has consumers fuming. consumers have had it with their credit cards. i paid my bills on time. i ve been penalized for no reason. they don t care that i ve been with them for 30 years and i might have a history. that s the bottom line. kathleen dillon and reverend roger gench is dealing with the unintended consequences of credit card reform. facing tighter regulations, credit card issuers have been changing policies before the law goes into effect on monday. among the new credit card rules, interest rates can t be raised on interesting balances or on accounts that are less than a year hold. and above the minimum payments, must be applied to highest rate balances first. those changes will cost banks money, $11 billion each year. and lenders are looking for new sources of revenue. interest rates will be a little bit higher across the board. it will be harder for people to get cards. limits will be lower. and beyond that, card companies are looking at a
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