The Credit Card Holders Bill of Rights has now been passed by the Senate.  Here’s a rundown of how these changes will affect the terms of service for cardholders.

1.)  Existing balances - Card Issuers will not be able to change the rate on your existing balances unless you are 60 days delinquent in your account.

2.) Payments - If you make more than the minimum payment on your credit card, the payment applies first to the balance that holds the highest interest rate on your card.  (For example if you took a cash advance at a higher rate than the rest of your purchases were set at, your higher than minimum payment would apply to the higher interest rate charge on your outstanding balance not only towards the lower rate that credit card companies get away with currently)

3.)  Teaser Rates - Credit Card Issuers cannot raise rates for the first year after you opened your account.  All promotional rates must last for at least 6 months.

4.)  Bills - Credit Card companies must give you your credit card bill 21 days before the due date.

5.)  Over Limit Fees - Credit Card companies cannot charge you over the limit fees on your cards unless you have actually signed up to allow such type of transactions.

6.)  Minors - If you are under 21 years of age, a credit card company must also obtain the signature of a parent or responsible adult who agrees to take responsibility for the debt unless the credit card company is given proof that the under 21 recipient can actually repay the credit charges.

7.)  Change of Terms - If a Credit Card company changes the terms of their cardholder terms they must give you a 45 day advance notice.

8.) Payment Option Fees - Credit Card companies cannot charge you fees to make your payment by mail, phone, bank transfer, or online payment except if it is an expediated service.

9.) Gift Cards - Any gift cards that are purchased must be available for use for a minimum of 5 years from the time of purchase of said card.

Likely the Credit Card companies will respond by charging higher merchant fees and take away levels of rewards in the case of reward cards that offer frequent flyer mileage and other rewards.  Banks love to make money and it is sure to take the changes out on the consumer and merchants.

Now more than ever is a time to review which companies truly have the best credit programs available.  It will also encourage a new round of consumers looking for the right credit card to use.  One way to make money off of this new trend is by setting up a Credit Card Broker business.  Click on the banner below and learn more.

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It is during tough times like these where we are all forced to examine ourselves and look for areas where we can improve as a person.  Whether it’s to become a more valued employee, have what it takes to start a business, be a better person to those around us or just become a more effective person.  Steven Covey’s book which was a runaway success entitled, ‘The Seven Habits of Highly Effective People’ can now be downloaded here for FREE.  This book helps put you at the top of your game and encourages you to shed any of those lazy habits that might be bringing you down.  How did this book affect your life?

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OK, for all you parents with newborn’s out there here is a deal that’s nearly free!  The ever popular Garanimals have Hooded Fleece Jackets and matching pants for a dollar a piece at Walmart.  You even have 97 cent shipping!  Stock up if you’d like and make sure your precious little bundle of joy is nice and warm during this rather harsh winter!  Here’s the link.

Technorati Tags: Baby Clothing, Big Discount, Infant Hoodies, Walmart Sale

Microsoft wants your web searches and they are willing to pay you handsomely for it in certain situations.  Case in point, ‘Ebay.’  Microsoft will allow you a total of 12 qualifying purchases on Ebay (they must be done separately in 12 separate sessions) and will discount your purchase price up to several hundred dollars depending on the total purchase price!   This requires setting up a Microsoft Rewards account and some tweaking of your Ebay account.  Visit Ebay’s instructions page for more details.

Qualifying Ebay products must be searched out through www.live.com.  Once you’ve typed in your product name in LIVE.com you’ll notice the Ebay banner ad that shows up in the search results at the top of the LIVE.com webpage for your searched item.  For search items to qualify, they must be ‘Buy It Now’ and must show the discount logo.

This works very well for those expensive items you might be buying through Ebay.  If only I had known about this when I bought my ADOBE CS3 Bundle!  I’m glad to be able to share this tip with you though and save you some serious money.

Technorati Tags: LIVE Ebay Discount, Microsoft Ebay Discount Program, save money