Tell the Big Banks: No Unfair Rate Hikes and Hidden Fees!
- signatures:
- deadline: February 22, 2010
- signature goal: 5,000
- Target: Citibank, Bank of America and Chase
- Sponsored by: Consumers Union
Congress passed the Credit CARD Reform Act last year – a bill that will stop big banks from abusive credit card rate hikes. Unfortunately, the law won't be implemented until February 22, 2010. That means the credit card industry will continue to squeeze their customers with arbitrary rate hikes and hidden fees as long as possible!
It's outrageous that the big banks are taking full advantage of the delay to hike interest rates on good customers' card balances. So let's take our anger straight to the credit card banks! They can't make money without us. Make sure they know you're fed up with their sudden rate hikes, higher fees and penalties, and other outrageous tricks.
Tell the three biggest card companies what you think of them, and that you won't use their plastic until they stop the abuses. The banks make big profit when you carry a card balance – what better way to let them know you want fair treatment then to stop charging!
Note: Please, make sure you don't include account numbers or other sensitive financial information in your comments – just your outrage!
Dear [Decision Maker],
I expect a fair deal on my credit cards. As such, you should not arbitrarily raise interest rates, fees and penalties on customers before the Credit CARD Act goes into effect in February 2010. Until your company publicly commits to immediately following these rules and stop sudden rate and fee hikes, I will not use my credit cards, and I will also urge others to do the same.
[Your personal comments will be added here.]
The sensible rules in the Credit CARD Act are designed to protect customers while being fair to the credit card banks. But many banks are hiking rates and fees before the law goes into effect. Good customers who pay on time each month are getting hit with rate hikes on their balances, new fees and penalties, variable interest rates and higher minimum payments. That's not fair to us, and that's not a good business practice for you.
During these tough economic times I expect the banks to work with customers -- not take advantage of them. Please publicly commit to following the intent of the Credit CARD Act immediately, and give us a fair deal on our credit cards.
Sincerely,
[Your name here]
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