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Detailed text transcripts for TV channel - CNN - 20100219:16:49:00

Playing by new rules, but what has happened before the changes has consumers fuming. gerri willis has the story. reporter: 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 that i might have a history with them. that s the bottom line. reporter: kathleen dill on and reverend roger gensher teelg with the unintended consequences of credit card reform. 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 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 board. it will be harder for people to get cards. limits ....

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Detailed text transcripts for TV channel - CNN - 20100219:16:50:00

Are looking at annual fees. a reduction in the promotional rates, maybe a reduction in rewards programs. reporter: that s already happening. roger found out his citibank credit card was raising his interest rate for future purchases from 18.99% to 20.99%. they said it was due to no fault of my own. reporter: he was late with two payments for his 30-year history before he reached the notice of his future increase. what was it like opening the letter from a lender you worked with for 30 years and they re telling you they are going to jack up your interest rates? i think now it is a faceless, compassionless, exploitive institution. reporter: for its part, citibank says, quote, price increases are necessary, giving the doubling of cred credit card losses and regulatory changes. kathleen has had to opt out of three credit cards because of impending interest rate hikes. ....

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