Lengthy notices from all our credit cards?

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dm200
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Lengthy notices from all our credit cards?

Post by dm200 »

While we carry no continuing balances now on any of our credit cards, we have several (some mine, some my wife's and some joint). We seem to be getting a multi page, fine print notice of changes from all of our cards. These notices do not seem to highlight the changes - so it would be a big effort to figure out every word or number that changed. Someone told me there is some kind of new law/regulation that has recently gone into effect that has prompted these lengthy notices.

Anyone know what is happening? I assume that these changes are not unilaterally beneficial to the card holder! :oops:
mhalley
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Re: Lengthy notices from all our credit cards?

Post by mhalley »

Some changes went into effect Jan 1, don’t 5hink that would apply to recent changes. CC seem to tweak their agreements quite frequently, most often to their benefit. I think a lot are going toward eliminating the ability to sue, ie arbitration. Privacy changes also comes up a lot.
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alpenglow
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Re: Lengthy notices from all our credit cards?

Post by alpenglow »

Do you have a lot of cards from Citi? They are making significant changes (for the worse) to their cards.

See here:
https://www.marketwatch.com/story/citi- ... 2019-06-25
furwut
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Re: Lengthy notices from all our credit cards?

Post by furwut »

I’ll have to confess that I don’t spend a second reading any of them. I’m relying on Government and the Consumer Protection Financial Bureau to have my back. Should I be worried? :shock:

In 2012 Atlantic estimated it would take 76 work days to read all the Terms your are presented with over the course of a year.
https://www.theatlantic.com/technology/ ... ys/253851/

And these guys found it took 9 hours to read just the Terms and Conditions for the Amazon Kindle.
https://news.avclub.com/here-s-nine-hou ... 1798259191
UpperNwGuy
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Re: Lengthy notices from all our credit cards?

Post by UpperNwGuy »

I never read the notices.
Wakefield1
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Re: Lengthy notices from all our credit cards?

Post by Wakefield1 »

I think Bank of America is raising their late fees,new papers don't reference what the previous paper said. So I would have to drag out the old paper to see what's different on the new one.
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Abe
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Re: Lengthy notices from all our credit cards?

Post by Abe »

I recently received something like that from Citi double cash card. Something about a new "flex plan". I think it was for people who carry over a balance and it allowed you to pay out over several months. I think it said they give you 23 days before interest is charged. I was thinking we used to get more days than that before interest started. It was several pages of fine print. edited to add: I didn't think it would affect me since I always pay mine before interest starts.
Last edited by Abe on Wed Jul 03, 2019 5:32 pm, edited 1 time in total.
Slow and steady wins the race.
Wakefield1
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Re: Lengthy notices from all our credit cards?

Post by Wakefield1 »

UpperNwGuy wrote: Wed Jul 03, 2019 5:25 pm I never read the notices.
I must confess that I might throw some of them out!
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J G Bankerton
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Re: Lengthy notices from all our credit cards?

Post by J G Bankerton »

I got a notice that says if I want to keep my ability to sue I have to send them a snail mail optiing out of arbitration. I read all the fine print.
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Stinky
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Re: Lengthy notices from all our credit cards?

Post by Stinky »

dm200 wrote: Wed Jul 03, 2019 12:37 pm While we carry no continuing balances now on any of our credit cards, we have several (some mine, some my wife's and some joint). We seem to be getting a multi page, fine print notice of changes from all of our cards. These notices do not seem to highlight the changes - so it would be a big effort to figure out every word or number that changed. Someone told me there is some kind of new law/regulation that has recently gone into effect that has prompted these lengthy notices.

Anyone know what is happening? I assume that these changes are not unilaterally beneficial to the card holder! :oops:
I skim the notice to make sure that they're not imposing an annual fee on the credit card.

Then the notice goes in the trash.
It's a GREAT day to be alive - Travis Tritt
02nz
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Re: Lengthy notices from all our credit cards?

Post by 02nz »

American Express recently sent notices that it is changing how minimum payment due is calculated.
chevca
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Re: Lengthy notices from all our credit cards?

Post by chevca »

I'm also one that doesn't read the notices or updates. Like many Bogleheads, we pay the cards off monthly and i figure any changes aren't really going to change our use of the cards. Any changes that would affect us, I would find easier by my following of the accounts online. I figure then I would look into it. Has not happened yet even with yearly or more notice and update mailings.
BW1985
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Re: Lengthy notices from all our credit cards?

Post by BW1985 »

dm200 wrote: Wed Jul 03, 2019 12:37 pm While we carry no continuing balances now on any of our credit cards, we have several (some mine, some my wife's and some joint). We seem to be getting a multi page, fine print notice of changes from all of our cards. These notices do not seem to highlight the changes - so it would be a big effort to figure out every word or number that changed. Someone told me there is some kind of new law/regulation that has recently gone into effect that has prompted these lengthy notices.

Anyone know what is happening? I assume that these changes are not unilaterally beneficial to the card holder! :oops:
Were they Chase cards? They recently changed something about your litigation option to force arbitration unless you opt out, in which case they could close your cards I guess. Not something I'm worried about, Chase has always been good to me.
Chase the good life my whole life long, look back on my life and my life gone...where did I go wrong?
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bertilak
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Re: Lengthy notices from all our credit cards?

Post by bertilak »

alpenglow wrote: Wed Jul 03, 2019 5:04 pm Do you have a lot of cards from Citi? They are making significant changes (for the worse) to their cards.

See here:
https://www.marketwatch.com/story/citi- ... 2019-06-25
I like this one:
  • Citi attributed the choice to remove these perks to “sustained low usage.”
HAH! That would mean we should drop any insurance we only rely on for the occasional emergency. My house rarely burns down. I only occasionally run my car into a river. I live only on the edge of "Tornado Alley."
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
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J G Bankerton
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Re: Lengthy notices from all our credit cards?

Post by J G Bankerton »

BW1985 wrote: Thu Jul 04, 2019 9:30 am
dm200 wrote: Wed Jul 03, 2019 12:37 pm While we carry no continuing balances now on any of our credit cards, we have several (some mine, some my wife's and some joint). We seem to be getting a multi page, fine print notice of changes from all of our cards. These notices do not seem to highlight the changes - so it would be a big effort to figure out every word or number that changed. Someone told me there is some kind of new law/regulation that has recently gone into effect that has prompted these lengthy notices.

Anyone know what is happening? I assume that these changes are not unilaterally beneficial to the card holder! :oops:
Were they Chase cards? They recently changed something about your litigation option to force arbitration unless you opt out, in which case they could close your cards I guess. Not something I'm worried about, Chase has always been good to me.
You can keep your card and the right to sue too.
J G Bankerton wrote: Wed Jul 03, 2019 5:32 pm I got a notice that says if I want to keep my ability to sue I have to send them a snail mail optiing out of arbitration. I read all the fine print.
TravelGeek
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Re: Lengthy notices from all our credit cards?

Post by TravelGeek »

Stinky wrote: Thu Jul 04, 2019 9:04 am
I skim the notice to make sure that they're not imposing an annual fee on the credit card.

Then the notice goes in the trash.
Virtually all my credit cards are popular rewards/travel cards. I am fairly certain any meaningful change to the T&C, including an annual fee increase, will be highlighted on sites like DoctorOfCredit. I am scanning that site once a day for useful headlines and come across stories like the recent Citi benefits changes long before the official letter makes it into my mailbox or inbox.
KATNYC
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Re: Lengthy notices from all our credit cards?

Post by KATNYC »

Chase sent us several notices and when I finally made time to read them, it was about arbitration.
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