REGISTER VIEWPOINT: Credit card reform starts with your brain

So credit card rules are more cardholder-friendly. As of Feb. 22, due dates can't be on weekends or holidays. There s
Sandusky Register Staff
May 13, 2010

 

So credit card rules are more cardholder-friendly.

As of Feb. 22, due dates can't be on weekends or holidays. There should be a little more time to pay before you're late. And your credit card statement has to tell you how long it will take you to pay off the card, and how much it will cost in interest, if you make only the minimum payment.

That last part is actually the most important, because it's information many cardholders seem to ignore, but which makes clear, in numbers, the ultimate cost of treating credit cards not as a convenience but as free money.

The reforms lost much of their teeth in advance, anyway, as credit card companies raised rates and penalties in anticipation of not being able to raise them any more. So the card people still have you where they want you.

We have to agree with our online commenters who said, in response to our Feb. 21 business page story, that cash is the way to go or, if not, pay your balance off every month. Some card companies still ding you for that by charging a "maintenance fee" to make up for the interest you're not paying -- hey, their profit has to come from somewhere -- so it's wise to remember the house always wins.

And the best credit card reform is still controlling with your card with your brain.