WOW! What these credit card companies get away with is amazing! "70 percent of the credit card industry's revenue comes from interest and penalty rates." I think we need a major overhaul to protect consumers. Have you ever heard of a "double-cycle billing?" I bet if anyone else tried to do that they would be sued and lose!
Credit card companies: As rough as ever - Consumer Action found that almost half of the banks surveyed practiced what the group characterizes as "deceptive" methods of calculating interest. One is known as double-cycle billing - say you charge $1,000 one month, and pay off $900 on time, a bank may charge you interest on the full $1,000 in the next month and beyond until the remaining $100 is paid off.
A report from the Government Accountability Office estimated that about 70 percent of the credit card industry's revenue comes from interest and penalty rates.
That is what is going on with me right now on one particular card since September of last year. I am trying to get it paid off, so I keep on paying on the card, and not charging anything to it. Well, I think they know what I am doing because my interest rate has increased, and not my minimum payment has increased as well. It's funny that I got from having a $155 minimum payment at $5,000, to a $180 minimum payment at $3,900